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作者：Bohren, J. Aislinn; Imas, Alex; Rosenberg, Michael
作者单位：University of Pennsylvania; Carnegie Mellon University
摘要：We model the dynamics of discrimination and show how its evolution can identify the underlying source. We test these theoretical predictions in a field experiment on a large online platform where users post content that is evaluated by other users on the platform. We assign posts to accounts that exogenously vary by gender and evaluation histories. With no prior evaluations, women face significant discrimination. However, following a sequence of positive evaluations, the direction of discrimin...
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作者：Kaur, Supreet
作者单位：University of California System; University of California Berkeley
摘要：This paper develops a new approach to test for downward wage rigidity by examining transitory shocks to labor demand (i.e., rainfall) across 600 Indian districts. Nominal wages rise during positive shocks but do not fall during droughts. In addition, transitory positive shocks generate ratcheting: after they have dissipated, wages do not adjust back down. Ratcheting reduces employment by 9 percent, indicating that rigidities distort employment levels. Inflation, which is unaffected by local ra...
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作者：Bassetto, Marco; Galli, Carlo
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Chicago; University of London; University College London
摘要：We study the information sensitivity of government debt denominated in domestic versus foreign currency: the former is subject to inflation risk and the latter to default. Default only affects sophisticated bond traders, whereas inflation concerns a larger and less informed group. Within a - two-period Bayesian trading game, differential information manifests itself in the secondary market, and we display conditions under which debt prices are more resilient to bad news even in the primary mar...
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作者：Martinez-Marquina, Alejandro; Niederle, Muriel; Vespa, Emanuel
作者单位：Stanford University; National Bureau of Economic Research; University of California System; University of California Santa Barbara
摘要：We propose a new channel to account for the difficulties of individuals with contingent reasoning: the presence of uncertainty. When moving from an environment with one state of known value to one with multiple possible values, two changes occur. First, the number of values to consider increases. Second, the value of the state is uncertain. We show in an experiment that this lack of certainty, or the loss of the Power of Certainty, impedes payoff maximization and that it accounts for a substan...
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作者：Chu, Chenghuan Sean; Rysman, Marc
作者单位：Boston University
摘要：We study the market for ratings agencies in the commercial mortgage backed securities sector leading up to and including the financial crisis of 2007-2008. Using a structural model adapted from the auctions literature, we characterize the incentives of ratings agencies to distort ratings in favor of issuers. We find an important equilibrium distortion, which decreased after the crisis. We study several counterfactual experiments motivated by recent policymaking in this industry.
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作者：Charoenwong, Ben; Kwan, Alan; Umar, Tarik
作者单位：National University of Singapore; University of Hong Kong; Rice University
摘要：The Dodd-Frank Act shifted regulatory jurisdiction over midsize investment advisers from the SEC to state-securities regulators. Client complaints against midsize advisers increased relative to those continuing under SEC oversight by 30 to 40 percent of the unconditional probability. Complaints increasingly cited fiduciary violations and rose more where state regulators had fewer resources. Advisers responding more to weaker oversight had past complaints, were located farther from regulators, ...
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作者：Rotemberg, Martin
作者单位：New York University
摘要：Subsidy programs have two countervailing effects on firms: direct gains for eligible firms and indirect losses for those whose competitors are eligible. In 2006, India changed the eligibility criteria for small-firm subsidies, and the sales of newly eligible firms grew by roughly 35 percent. Competitors of the newly eligible firms were affected, with almost complete crowd-out within products that were less internationally traded, but little crowd-out for more-traded products. The newly eligibl...
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作者：Frankel, Alexander; Kamenica, Emir
作者单位：University of Chicago
摘要：We examine ways to measure the amount of information generated by a piece of news and the amount of uncertainty implicit in a given belief. Say a measure of information is valid if it corresponds to the value of news in some decision problem. Say a measure of uncertainty is valid if it corresponds to expected utility loss from not knowing the state in some decision problem. We axiomatically characterize all valid measures of information and uncertainty. We show that if measures of information ...
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作者：Giroud, Xavier; Mueller, Holger M.
作者单位：Columbia University; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); New York University; European Corporate Governance Institute
摘要：Using confidential establishment-level data from the US Census Bureau's Longitudinal Business Database, this paper documents how local shocks propagate across US regions through firms' internal networks of establishments. Consistent with a model of optimal within-firm resource allocation, we find that establishment-level employment is sensitive to shocks in distant regions in which the establishment's parent firm is operating, and that the elasticity with respect to such shocks increases with ...
