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作者：Sommer, Kamila; Sullivan, Paul
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; American University
摘要：This paper studies the impact of the mortgage interest tax deduction on equilibrium house prices, rents, homeownership, and welfare. We build a dynamic model of the housing market that features a realistic progressive tax system in which owner-occupied housing services are tax-exempt and mortgage interest payments are tax-deductible. We simulate the effect of tax reform on the housing market. Eliminating the mortgage interest deduction causes house prices to decline, increases homeownership, d...
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作者：Bastos, Paulo; Silva, Joana; Verhoogen, Eric
作者单位：The World Bank; The World Bank; Columbia University
摘要：This paper examines the relationship between the destination of exports and the input prices paid by firms, using detailed customs and firm-product-level data from Portugal. Both ordinary least squares regressions and an instrumental-variable strategy using exchange-rate movements (interacted with. indicators for initial exports) as a source of variation in destinations indicate that exporting to richer countries leads firms to pay higher prices for inputs, other things equal. The results are ...
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作者：Dobbie, Will; Cioldin, Jacob; Yang, Crystal S.
作者单位：Princeton University; National Bureau of Economic Research; Stanford University; Harvard University
摘要：Over 20 percent of prison and jail inmates in the United States are currently awaiting trial, but little is known about the impact of pretrial detention on defendants. This paper uses the detention tendencies of quasi-randomly assigned bail judges to estimate the causal effects of retrial detention on subsequent defendant outcomes. Using data from administrative court and tax records, we find that pretrial detention significantly increases the probability of conviction, primarily through an in...
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作者：Ray, Debraj; Robson, Arthur
作者单位：New York University; University of Warwick; Simon Fraser University
摘要：Alphabetical name order is the norm for joint publications in. economics. However, alphabetical order confers greater benefits on the first author. In a two-author model, we introduce and study certified random order: the uniform randomization of names made universally known by a commonly understood symbol. Certified random order (i) distributes the gain from first authorship evenly over the alphabet; (ii) allows either author to signal when contributions are extremely unequal; (iii) will inva...
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作者：Okamoto, Noriaki
作者单位：Keio University
摘要：Ausubel (2004) introduces a new ascending-bid auction rule for multiple homogeneous objects, called the Ausubel auction, which is a dynamic counterpart of the Vickrey auction. He claims that in the Ausubel auction with private values, sincere bidding by all bidders is an ex post perfect equilibrium. However, we show that this claim does not hold in general by providing a counterexample. We then modify the Ausubel auction so that sincere bidding by all bidders is an ex post perfect equilibrium....
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作者：Luttmer, Erzo F. P.; Samwick, Andrew A.
作者单位：Dartmouth College; National Bureau of Economic Research
摘要：Policy uncertainty reduces individual welfare when individuals have limited opportunities to mitigate or insure against the resulting consumption fluctuations. We field an original survey to measure the degree of perceived policy uncertainty in Social Security benefits and to estimate the impact of this uncertainly on individual welfare. Our central estimates show that on average individuals are willing to forgo 6 percent of the benefits they are supposed to get under current law to remove the...
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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：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：Culp, Christopher L.; Nozawa, Yoshio; Veronesi, Pietro
作者单位：Johns Hopkins University; University of Geneva; Federal Reserve System - USA; Federal Reserve System Board of Governors; University of Chicago; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR)
摘要：We present a novel empirical benchmark for analyzing credit risk using pseudo firms that purchase traded assets financed with equity and zero-coupon bonds. By no-arbitrage, pseudo bonds are equivalent to Treasuries minus put options on pseudo firm assets. Empirically, like corporate spreads, pseudo bond spreads are large, countercyclical, and predict lower economic growth. Using this framework, we find that bond market illiquidity, investors' overestimation of default risks, and corporate fric...
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作者：Fuest, Clemens; Peichl, AndreasA; Siegloch, Sebastian
作者单位：University of Munich; Leibniz Association; Ifo Institut; Leibniz Association; Ifo Institut; IZA Institute Labor Economics; Leibniz Association; Zentrum fur Europaische Wirtschaftsforschung (ZEW); University of Mannheim
摘要：This paper estimates the incidence of corporate taxes on wages using a 20-year panel of German municipalities exploiting 6,800 tax changes for identification. Using event study designs and difference-in-differences models, we find that workers bear about one-half of the total tax burden. Administrative linked employer-employee data allow its to estimate heterogeneous firm and worker effects. Our findings highlight the importance of labor market institutions and profit-shifting opportunities fo...
