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作者：Steinwender, Claudia
作者单位：Massachusetts Institute of Technology (MIT)
摘要：This paper exploits a unique historical experiment to estimate how information frictions distort international trade: the establishment of the transatlantic telegraph in 1866. I use newly collected data on cotton prices, trade, and information flows from historical newspapers and find that the average and volatility of the transatlantic price difference fell after the telegraph, while average trade flows increased and became more volatile. Using a trade model in which exporters use the latest ...
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作者：Powell, David; Seabury, Seth
作者单位：RAND Corporation; University of Southern California; University of Southern California
摘要：Medical care represents an important component of workers' compensation benefits with the potential to improve health and post-injury labor outcomes, but little is known about the relationship between medical care spending and the labor outcomes of injured workers. We exploit the 2003-2004 California workers' compensation reforms which reduced medical spending disproportionately for workers incurring low back injuries. We link administrative claims data to earnings records for injured workers ...
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作者：Chahrour, Ryan; Jurado, Kyle
作者单位：Boston College; Duke University
摘要：The literature on belief-driven business cycles treats news and noise as distinct representations of agents' beliefs. We prove they are empirically the same. Our result lets us isolate the importance of purely belief-driven fluctuations. Using three prominent estimated models, we show that existing research understates the importance of pure beliefs. We also explain how differences in both economic environment and information structure affect the estimated importance of pure beliefs.
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作者：Na, Seunghoon; Schmitt-Grohe, Stephanie; Uribe, Martin; Yue, Vivian
作者单位：Purdue University System; Purdue University; Columbia University; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research; Emory University; Federal Reserve System - USA; Federal Reserve Bank - Atlanta
摘要：A salient characteristic of sovereign defaults is that they are typically accompanied by large devaluations. This paper presents new evidence of this empirical regularity known as the Twin Ds and proposes a model that rationalizes it as an optimal policy outcome. The model combines limited enforcement of debt contracts and downward nominal wage rigidity. Under optimal policy, default is shown to occur during contractions. The role of default is to free up resources for domestic absorption, and...
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作者：Alesina, Alberto; Stantcheva, Stefanie; Teso, Edoardo
作者单位：Harvard University; Bocconi University; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); Harvard University
摘要：Using new cross-country survey and experimental data, we investigate how beliefs about intergenerational mobility affect preferences for redistribution in France, Italy, Sweden, the United Kingdom, and the United States. Americans are more optimistic than Europeans about social mobility. Our randomized treatment shows pessimistic information about mobility and increases support for redistribution, mostly for equality af opportunity policies. We find strong political polarization, Left-wing res...
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作者：Lockwood, Lee M.
作者单位：University of Virginia; National Bureau of Economic Research
摘要：Despite facing significant uncertainty about their lifespans and health care costs, most retirees do not buy annuities or long-term care insurance. In this paper, I find that retirees' saving and insurance choices are highly inconsistent with standard life-cycle models in which people care only about their own consumption but match well models in which bequests are luxury goods. Bequest motives tend to reduce the value of insurance by reducing the opportunity cost of precautionary saving. The ...
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作者：Chyn, Eric
作者单位：University of Virginia
摘要：This paper provides new evidence on the effects of moving out of disadvantaged neighborhoods on the long-run outcomes of children. I study public housing demolitions in Chicago, which forced low-income households to relocate to less disadvantaged neighborhoods using housing vouchers. Specifically, I compare young adult outcomes of displaced children to their peers who lived in nearby public housing that was not demolished. Displaced children are more likely to be employed and earn more in youn...
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作者：Petrosky-Nadeau, Nicolas; Zhang, Lu; Kuehn, Lars-Alexander
作者单位：Federal Reserve System - USA; Federal Reserve Bank - San Francisco; University System of Ohio; Ohio State University; National Bureau of Economic Research; Carnegie Mellon University
摘要：Market economies are intrinsically unstable. The standard search model of equilibrium unemployment, once solved accurately with a globally nonlinear algorithm, gives rise endogenously to rare disasters. Intuitively, in the presence of cumulatively large negative shocks, inertial wages remain relatively high., and reduce profits. The marginal costs of hiring run into downward rigidity, which stems from the trading externality of the matching process, and fail to decline relative to profits. Ine...
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作者：Ausubel, Lawrence M.
作者单位：University System of Maryland; University of Maryland College Park
摘要：In a comment, Okamoto (2018) identifies and corrects a misspecification of the rationing rule in Ausubel (2004). This reply elaborates on the observation that the optimality of truthful bidding in dynamic auctions may be sensitive to the fine details of the rationing rule. It then discusses the wider role of sequential bid processing in restoring truthful bidding. (JET. D44)
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作者：Choi, Albert H.; Spier, Kathryn E.
作者单位：University of Virginia; Harvard University
摘要：Before filing suit, a plaintiff can take a financial position in a defendant firm. A short position benefits the plaintiff by transforming a negative expected-value claim into a positive expected-value one and by enhancing the claim's settlement value. If the capital market is less than strong-form efficient, the plaintiff also benefits directly from the decline in the defendant's stock price. When the defendant is privately informed about the case's merits, bargaining failures can arise. Whil...
