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作者：Huber, Kilian
作者单位：University of London; London School Economics & Political Science
摘要：Lending cuts by banks directly affect the firms borrowing from them, but also indirectly depress economic activity in the regions in which they operate. This paper moves beyond firm-level studies by estimating the effects of an exogenous lending cut by a large German bank on firms and counties. I construct an instrument for regional exposure to the lending cut based on a historic, postwar breakup of the bank. I present evidence that the lending cut affected firms independently of their banking...
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作者：Fryer, Roland G., Jr.
作者单位：Harvard University
摘要：I conducted a randomized field experiment in traditional public elementary schools in Houston, Texas designed to test the potential productivity benefits of teacher specialization. The average impact of encouraging schools to specialize their teachers on student achievement is -0.11 standard deviations per year on a combined index of math and reading test scores. I argue that the results are consistent with a model in which the benefits of specialization driven by sorting teachers into a subse...
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作者：Aizawa, Naoki; Kim, You Suk
作者单位：University of Wisconsin System; University of Wisconsin Madison; University of Minnesota System; University of Minnesota Twin Cities; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：This paper studies the impact of advertising as a channel for risk selection in Medicare Advantage. We provide evidence that insurer advertising is responsive to the gains from risk selection. Then we develop and estimate an equilibrium model of Medicare Advantage with advertising, allowing rich individual heterogeneity. Our estimates show that advertising is effective in attracting healthy individuals who are newly eligible for Medicare, contributing to advantageous selection into Medicare Ad...
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作者：Akee, Randall; Copeland, William; Costello, E. Jane; Simeonova, Emilia
作者单位：University of California System; University of California Los Angeles; Duke University; Johns Hopkins University
摘要：We examine the effects of a quasi-experimental unconditional household income transfer on child emotional and behavioral health and personality traits. Using longitudinal data, we find that there are large beneficial effects on children's emotional and behavioral health and personality traits during adolescence. We find evidence that these effects are most pronounced for children who start out with the lowest initial endowments. The income intervention also results in improvements in parental ...
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作者：Doraszelski, Ulrich; Lewis, Gregory; Pakes, Ariel
作者单位：University of Pennsylvania; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research; Microsoft; Harvard University
摘要：We document the evolution of the new market for frequency response within the UK electricity system over a six-year period. Firms competed in price while facing considerable initial uncertainty about demand and rival behavior. We show that prices stabilized over time, converging to a rest point that is consistent with equilibrium play. We draw on models of fictitious play and adaptive learning to analyze how this convergence occurs and show that these models predict behavior better than an equ...
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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：Lovo, Stefano; Spaenjers, Christophe
作者单位：Hautes Etudes Commerciales (HEC) Paris
摘要：We present an infinite-horizon model of endogenous trading in the art auction market. Agents make purchase and sale decisions based on the relative magnitude of their private use value in each period. Our model generates endogenous cross-sectional and time-series patterns in investment outcomes. Average returns and buy-in probabilities are negatively correlated with the time between purchase and resale (attempt). Idiosyncratic risk does not converge to zero as the holding period shrinks. Price...
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作者：Kaplan, Greg; Moll, Benjamin; Violante, Giovanni L.
作者单位：University of Chicago; National Bureau of Economic Research; Princeton University; Center for Economic & Policy Research (CEPR)
摘要：We revisit the transmission mechanism from monetary policy to household consumption in a Heterogeneous Agent New Keynesian (HANK) model. The model yields empirically realistic distributions of wealth and marginal propensities to consume because of two features: uninsurable income shocks and multiple assets with different degrees of liquidity and different returns. In this environment, the indirect effects of an unexpected cut in interest rates, which operate through a general equilibrium incre...
