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作者：Berazneva, Julia; Byker, Tanya S.
作者单位：Middlebury College; Middlebury College
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作者：Collins, Courtney A.; Kaplan, Erin K.
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作者：Heissel, Jennifer A.
作者单位：Northwestern University
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作者：Tri Vi Dang; Gorton, Gary; Holmstroem, Bengt; Ordonez, Guillermo
作者单位：Columbia University; Yale University; National Bureau of Economic Research; Massachusetts Institute of Technology (MIT); University of Pennsylvania
摘要：Banks produce short-term debt for transactions and storing value. The value of this debt must not vary over time so agents can easily trade it at par like money. To produce money-like safe liquidity, banks keep detailed information about their loans secret, reducing liquidity if needed to prevent agents from producing costly private information about the banks' loans. Capital markets involve information revelation, so they produce risky liquidity. The trade-off between less safe liquidity and ...
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作者：Hart, Sergiu; Kremer, Ilan; Perry, Motty
作者单位：Hebrew University of Jerusalem; Hebrew University of Jerusalem; Hebrew University of Jerusalem; University of Warwick
摘要：An evidence game is a strategic disclosure game in which an informed agent who has some pieces of verifiable evidence decides which ones to disclose to an uninformed principal who chooses a reward. The agent, regardless of his information, prefers the reward to be as high as possible. We compare the setup in which the principal chooses the reward after the evidence is disclosed to the mechanism-design setup where he can commit in advance to a reward policy, and show that under natural conditio...
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作者：Malamud, Semyon; Rostek, Marzena
作者单位：Swiss Finance Institute (SFI); Swiss Federal Institutes of Technology Domain; Ecole Polytechnique Federale de Lausanne; Centre for Economic Policy Research - UK; University of Wisconsin System; University of Wisconsin Madison
摘要：Most assets are traded in multiple interconnected trading venues. This paper develops an equilibrium model of decentralized markets that accommodates general market structures with coexisting exchanges. Decentralized markets can allocate risk among traders with different risk preferences more efficiently, thus realizing gains from trade that cannot be reproduced in centralized markets. Market decentralization always increases price impact. Yet, markets in which assets are traded in multiple ex...
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作者：Chiappori, Pierre-Andre; Salanie, Bernard; Weiss, Yoram
作者单位：Columbia University; Tel Aviv University
摘要：We construct a model of household decision-making in which agents consume a private and a public good, interpreted as children's welfare. Children's utility depends on their human capital, which depends on the time their parents spend with them and on the parents' human capital. We first show that as returns to human capital increase, couples at the top of the income distribution should spend more time with their children. This in turn should reinforce assortative matching, in a sense that we ...
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作者：Andrabi, Tahir; Das, Jishnu; Khwaja, Asim Ijaz
作者单位：Claremont Colleges; Pomona College; The World Bank; Harvard University
摘要：We study the impact of providing school report cards with test scores on subsequent test scores, prices, and enrollment in markets with multiple public and private providers. A randomly selected half of our sample villages (markets) received report cards. This increased test scores by 0.11 standard deviations, decreased private school fees by 17 percent, and increased primary enrollment by 4.5 percent. Heterogeneity in the treatment impact by initial school test scores is consistent with canon...
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作者：Freeman, Richard B.
作者单位：Harvard University; National Bureau of Economic Research; National Bureau of Economic Research
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作者：Lundborg, Petter; Plug, Erik; Rasmussen, Astrid Wurtz
作者单位：Lund University; University of Amsterdam; Aarhus University
摘要：This paper introduces a new IV strategy based on IVF (in vitro fertilization) induced fertility variation among childless women to estimate the causal effect of having children on their career. For this purpose, we use administrative data on IVF treated women in Denmark. Because observed chances of IVF success do not depend on labor market histories, IVF treatment success provides a plausible instrument for childbearing. Our IV estimates indicate that fertility effects on earnings are: (i) neg...
