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作者：Ohanian, Lee E.; Restrepo-Echavarria, Paulina; Wright, Mark L. J.
作者单位：Stanford University; University of California System; University of California Los Angeles; National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve Bank - St. Louis; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
摘要：After World War II, international capital flowed into slow-growing Latin America rather than fast-growing Asia. This is surprising as, everything else equal, fast growth should imply high capital returns. This paper develops a capital flow accounting framework to quantify the role of different factor market distortions in producing these patterns. Surprisingly, we find that distortions in labor markets, rather than domestic or international capital markets, account for the bulk of these flows....
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作者：Weyl, E. Glen
作者单位：Microsoft
摘要：I appreciate the clarification of my work by Tan and Wright; regret the confusing way my equations were labeled, and intended them to be interpreted in the manner they suggest is correct.
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作者：Hershbein, Brad; Kahn, Lisa B.
作者单位：W.E. Upjohn Institute for Employment Research; IZA Institute Labor Economics; Yale University; National Bureau of Economic Research
摘要：We show that skill requirements in job vacancy postings differentially increased in MSAs that were hit hard by the Great Recession, relative to less - hard-hit areas. These increases persist through at least the end of 2015 and are correlated with increases in capital investments, both at the MSA and - firm levels. We also find that effects are most pronounced in - routine-cognitive occupations, which exhibit relative wage growth as well. We argue that this evidence is consistent with the rest...
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作者：Markevich, Andrei; Zhuravskaya, Ekaterina
作者单位：New Economic School; Paris School of Economics
摘要：We document substantial increases in agricultural productivity, industrial output, and peasants' nutrition in Imperial Russia as a result of the abolition of serfdom in 1861. Before the emancipation, provinces where serfs constituted the majority of agricultural laborers lagged behind provinces that primarily relied on free labor. The emancipation led to a significant but partial catch up. Better incentives of peasants resulting from the cessation of ratchet effect were a likely mechanism behi...
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作者：Antolin-Diaz, Juan; Rubio-Ramirez, Juan F.
作者单位：Emory University; Federal Reserve System - USA; Federal Reserve Bank - Atlanta
摘要：We identify structural vector autoregressions using narrative sign restrictions. Narrative sign restrictions constrain the structural shocks and/or the historical decomposition around key historical events, ensuring that they agree with the established narrative account of these episodes. Using models of the oil market and monetary policy, we show that narrative sign restrictions tend to be highly informative. Even a single narrative sign restriction may dramatically sharpen and even change th...
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作者：Tan, Hongru; Wright, Julian
作者单位：Sichuan University; National University of Singapore
摘要：Weyl (2010) shows that in multi-sided platform settings, profit maximization leads to classical and Spence distortions, with the Spence distortion providing a new explanation for why prices may sometimes he too high. (or too low) on platforms. However, the key formulas that Weyl gives comparing privately and socially optimal prices are misstated. Properly interpreted, his results only explain marginal incentives with respect to setting prices but not the total distortion in prices, which can b...
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作者：Bils, Mark; Klenow, Peter J.; Malin, Benjamin A.
作者单位：University of Rochester; Stanford University; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
摘要：Employment and hours are more cyclical than dictated by productivity and consumption. This intratemporal labor wedge can arise from product or labor market distortions. Based on employee wages, the literature has attributed the intratemporal wedge almost entirely to labor market distortions. Because wages may be smoothed versions of labor's true cyclical price, we instead examine the self-employed and intermediate inputs, respectively. For recent decades in the United States, we find price mar...
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作者：Mazzocco, Maurizio; Saini, Shiv
作者单位：University of California System; University of California Los Angeles; Adobe Systems Inc.
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作者：Wolitzky, Alexander
作者单位：Massachusetts Institute of Technology (MIT)
摘要：I develop a simple model of social learning in which players observe others' outcomes but not their actions. A continuum of players arrives continuously over time, and each player chooses once-and-for-all between a safe action (which succeeds with known probability) and a risky action (which succeeds with fixed but unknown probability, depending on the state of the world). The actions also differ in their costs. Before choosing, a player observes the outcomes of K earlier players. There is alw...
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作者：McCaig, Brian; Pavcnik, Nina
作者单位：Wilfrid Laurier University; Dartmouth College
摘要：We study the effects of a positive export shock on labor allocation between the informal, microenterprise sector and the formal firm sector in a low-income country. The United States-Vietnam Bilateral Trade Agreement led to large reductions in US tariffs on Vietnamese exports. We find that the share of manufacturing workers in Vietnam in the formal sector increased by 5 percentage points in response to the US tariff reductions. The reallocation was greater for workers in more internationally i...
