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• The Design and Price of Information AI翻译
  作者：Bergemann, Dirk; Bonatti, Alessandro; Smolin, Alex
  作者单位：Yale University; Massachusetts Institute of Technology (MIT); University of Bonn
  摘要：A data buyer faces a decision problem under uncertainty. He can augment his initial private information with supplemental data from a data seller. His willingness to pay for supplemental data is determined by the quality of his initial private information. The data seller optimally offers a menu of statistical experiments. We establish the properties that any revenue-maximizing menu of experiments must satisfy. Every experiment is a non-dispersed stochastic matrix, and every menu contains a fu...
• Trade, Quality Upgrading, and Input Linkages: Theory and Evidence from Colombia AI翻译
  作者：Cecilia Fieler, Ana; Eslava, Marcela; Xi, Daniel Yi
  作者单位：University of Pennsylvania; National Bureau of Economic Research; Universidad de los Andes (Colombia); Duke University
  摘要：A quantitative model brings together theories linking international trade to quality, technology, and demand for skills. Standard effects of trade on importers and exporters are magnified through domestic input linkages. We estimate the model with data from Colombian manufacturing firms before the 1991 trade liberalization. A counterfactual trade liberalization is broadly consistent with post-liberalization data. It increases skill intensity from 12 to 16 percent, while decreasing sales. Impor...
• Unemployment Insurance as a Housing Market Stabilizer AI翻译
  作者：Hsu, Joanne W.; Matsa, David A.; Melzer, Brian T.
  作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; Northwestern University; National Bureau of Economic Research
  摘要：This paper studies the impact of unemployment insurance (UI) on the housing market. Exploiting heterogeneity in UI generosity across US states and over time, we find that UI helps the unemployed avoid mortgage default. We estimate that UI expansions during the Great Recession prevented more than 1.3 million foreclosures and insulated home values from labor market shocks. The results suggest that policies that make mortgages more affordable can reduce foreclosures even when borrowers are severe...
• Bid Shading and Bidder Surplus in the US Treasury Auction System AI翻译
  作者：Hortacsu, Ali; Kastl, Jakub; Zhang, Allen
  作者单位：University of Chicago; Princeton University; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); Federal National Mortgage Association (Fannie Mae)
  摘要：We analyze bidding data from uniform price auctions of US Treasury bills and notes between July 2009 and October 2013. Primary dealers consistently bid higher yields compared to direct and indirect bidders. We estimate a structural model of bidding that takes into account informational asymmetries introduced by the bidding system employed by the US Treasury. While primary dealers' estimated willingness-to-pay is higher than direct and indirect bidders', their ability to bid-shade is even highe...
• The Micro Origins of International Business-Cycle Comovement AI翻译
  作者：di Giovanni, Julian; Levchenko, Andrei A.; Mejean, Isabelle
  作者单位：ICREA; Pompeu Fabra University; Barcelona School of Economics; Centre de Recerca en Economia Internacional (CREI); Center for Economic & Policy Research (CEPR); University of Michigan System; University of Michigan; National Bureau of Economic Research; Universite Paris Saclay; Institut Polytechnique de Paris; Ecole Polytechnique; ENSAE Paris
  摘要：This paper investigates the role of individual firms in international business-cycle comovement using data covering the universe of French firm-level value added and international linkages over the period 1993-2007. At the micro level, trade and multinational linkages with a particular foreign country are associated with a significantly higher correlation between a firm and that foreign country. The impact of direct linkages on comovement at the micro level has significant macro implications. ...
• How Do Hours Worked Vary with Income? Cross-Country Evidence and Implications AI翻译
  作者：Bick, Alexander; Fuchs-Schuendeln, Nicola; Lagakos, David
  作者单位：Arizona State University; Arizona State University-Tempe; Goethe University Frankfurt; Center for Economic & Policy Research (CEPR); University of California System; University of California San Diego; National Bureau of Economic Research
  摘要：This paper builds a new internationally comparable database of hours worked to measure how hours vary with income across and within countries. We document that average hours worked per adult are substantially higher in low-income countries than in high-income countries. The pattern of decreasing hours with aggregate income holds for both men and women, for adults of all ages and education levels, and along both the extensive and intensive margin. Within countries, hours worked per worker are a...