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作者：Bazzi, Samuel; Gaduh, Arya; Rothenberg, Alexander D.; Wong, Maisy
作者单位：Boston University; University of Arkansas System; University of Arkansas Fayetteville; RAND Corporation; University of Pennsylvania
摘要：We use a natural experiment in Indonesia to provide causal evidence on the role of - location-specific human capital and skill transferability in shaping the spatial distribution of productivity. From 1979-1988, the Transmigration Program relocated two million migrants from rural Java and Bali to new rural settlements in the Outer Islands. Villages assigned migrants from regions with more similar agroclimatic endowments exhibit higher rice productivity and nighttime light intensity one to two ...
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作者：Grenadier, Steven R.; Malenko, Andrey; Malenko, Nadya
作者单位：Stanford University; Massachusetts Institute of Technology (MIT); Boston College
摘要：We consider a problem where an uninformed principal makes a timing decision interacting with an informed but biased agent. Because time is irreversible, the direction of the bias crucially affects the agent's ability to credibly communicate information. When the agent favors late decision making, full information revelation often occurs. In this case, centralized decision making, where the principal retains authority and communicates with the agent, implements the optimal decision-making rule....
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作者：Levin, Jonathan; Skrzypacz, Andrzej
作者单位：Stanford University; Stanford University
摘要：The combinatorial clock auction has become popular for large-scale spectrum awards and other uses, replacing more traditional ascending or clock auctions. We describe some surprising properties of the auction, including a wide range of ex post equilibria with demand expansion, demand reduction, and predation. Our results obtain in a standard homogeneous good setting where bidders have well-behaved linear demand curves, and suggest some practical difficulties with dynamic implementations of the...
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作者：Bhutta, Neil; Keys, Benjamin J.
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; University of Chicago
摘要：Credit record panel data from 1999-2010 indicates that the likelihood of home equity extraction (borrowing, on average, about $40,000 against one's home) peaked in 2003 when mortgage rates reached historic lows. We estimate a 27 percent rise in extraction in response to a 100 basis point rate decline, and that house price growth amplifies this relationship. Differential responses to interest rates and home price appreciation by borrower age and credit score provide new evidence of financial fr...
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作者：Ito, Koichiro; Reguant, Mar
作者单位：University of Chicago; Northwestern University
摘要：We develop a framework to characterize strategic behavior in sequential markets under imperfect competition and restricted entry in arbitrage. Our theory predicts that these two elements can generate a systematic price premium. We test the model predictions using microdata from the Iberian electricity market. We show that the observed price differences and firm behavior are consistent with the model. Finally, we quantify the welfare effects of arbitrage using a structural model. In the presenc...
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作者：Blanchard, Olivier
作者单位：Peterson Institute for International Economics
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作者：Chandra, Amitabh; Finkelstein, Amy; Sacarny, Adam; Syverson, Chad
作者单位：Harvard University; National Bureau of Economic Research; Massachusetts Institute of Technology (MIT); Columbia University
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作者：Goel, Sharad; Rao, Justin M.; Shroff, Ravi
作者单位：Stanford University; Microsoft; New York University
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作者：Kim, Daehyun; Starks, Laura T.
作者单位：University of Texas System; University of Texas Austin; University of Texas System; University of Texas Austin
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作者：Blinder, Alan S.; Watson, Mark W.
作者单位：Princeton University; Princeton University
摘要：The US economy has performed better when the president of the United States is a Democrat rather than a Republican, almost regardless of how one measures performance. For many measures, including real GDP growth (our focus), the performance gap is large and significant. This paper asks why. The answer is not found in technical time series matters nor in systematically more expansionary monetary or fiscal policy under Democrats. Rather, it appears that the Democratic edge stems mainly from more...
