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作者：Chari, V. V.; Kehoe, Patrick J.
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; University of London; University College London
摘要：A common view is that bailouts of firms by governments are needed to cure inefficiencies in private markets. We propose an alternative view: even when private markets are efficient, costly bankruptcies will occur and benevolent governments without commitment will bail out firms to avoid bankruptcy costs. Bailouts then introduce inefficiencies where none had existed. Although granting the government orderly resolution powers which allow it to rewrite private contracts improves on bailout outcom...
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作者：Ellison, Glenn; Swanson, Ashley
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; University of Pennsylvania
摘要：This paper uses data from the American Mathematics Competitions to examine the rates at which different high schools produce-high-achieving math students. There are large differences in the frequency with which students from seemingly similar schools reach high achievement levels. The distribution of unexplained school effects includes a thick tail of schools that produce many more high-achieving students than is typical. Several additional analyses suggest that the differences are not primari...
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作者：Emerick, Kyle; de Janvry, Alain; Sadoulet, Elisabeth; Dar, Manzoor H.
作者单位：Tufts University; University of California System; University of California Berkeley
摘要：We use a randomized experiment in India to show that improved technology enhances agricultural productivity by crowding in modern inputs and cultivation practices. Specifically, we show that a new rice variety that reduces downside risk by providing flood tolerance has positive effects on adoption of a more labor-intensive planting method, area cultivated, fertilizer usage, and credit utilization. We find that a large share of the expected gains from the technology comes from crowding in of ot...
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作者：Brynjolfsson, Erik; McElheran, Kristina
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; University of Toronto
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作者：Gentzkow, Matthew; Kamenica, Emir
作者单位：Stanford University; University of Chicago
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作者：Swoboda, Aaron; Feiler, Lauren
作者单位：Carleton College
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作者：Armenter, Roc; Koren, Miklos
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Philadelphia; Central European University; Centre for Economic Policy Research - UK
摘要：Blum, Claro, and Horstmann (2016) make two statements about the balls-and-bins model of Armenter and Koren (2014). First, that using firm-level shipment data changes some of our results. Second, that the balls-and-bins model is not an appropriate statistical method. We respond to the first statement and argue that the second statement is unfounded and unrelated to the first. Indeed, the work of Blum, Claro, and Horstmann (2016) is a perfect example of how to use balls-and-bins in a rich datase...
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作者：Golosov, Mikhail; Troshkin, Maxim; Tsyvinski, Aleh
作者单位：Princeton University; Cornell University; Yale University
摘要：We study optimal redistribution and insurance in a life-cycle economy with private idiosyncratic shocks. We characterize Pareto optima, show the forces determining optimal labor distortions, and derive closed form expressions for their limiting behavior. The labor distortions for high-productivity shocks are determined by the labor elasticity and the higher moments of the shock process; the labor distortions for low-productivity shocks are determined by the autocorrelation of the shock process...
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作者：Muehlenbachs, Lucija; Spiller, Elisheba; Timmins, Christopher
作者单位：University of Calgary; Environmental Defense Fund; Duke University
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作者：Garicano, Luis; Lelarge, Claire; Van Reenen, John
作者单位：University of London; London School Economics & Political Science; University of London; London School Economics & Political Science; Centre for Economic Policy Research - UK; European Central Bank; Bank of France; Massachusetts Institute of Technology (MIT); National Bureau of Economic Research
摘要：We show how size-contingent laws can be used to identify the equilibrium and welfare effects of labor regulation. Our framework incorporates such regulations into the Lucas (1978) model and applies it to France where many labor laws start to bind on firms with 50 or more employees. Using population data on firms between 1995 and 2007, we structurally estimate the key parameters of our model to construct counterfactual size, productivity, and welfare distributions. We find that the cost of thes...
