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作者：Levinson, Arik
作者单位：Georgetown University; National Bureau of Economic Research
摘要：Regulations governing the energy efficiency of new buildings have become a cornerstone of US environmental policy. California enacted the first such codes in 1978 and has tightened them every few years since. I evaluate the resulting energy savings three ways: comparing energy used by houses constructed under different standards, controlling for building and occupant characteristics; examining how energy use varies with outdoor temperatures; and comparing energy used by houses of different vin...
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作者：Alvarez, Fernando; Le Bihan, Herve; Lippi, Francesco
作者单位：University of Chicago; European Central Bank; Bank of France; University of Sassari
摘要：We prove that the ratio of kurtosis to the frequency of price changes is a sufficient statistic for the real effects of monetary shocks, measured by the cumulated output response following the shock. The sufficient statistic result holds in a large class of models which includes Taylor (1980); Calvo (1983); Reis (2006); Golosov and Lucas (2007); Nakamura and Steinsson (2010); Midrigan (2011); and Alvarez and Lippi (2014). Several models in this class are able to account for the positive excess...
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作者：Sequeira, Sandra
作者单位：University of London; London School Economics & Political Science
摘要：This paper exploits quasi-experimental variation in tariffs in southern Africa to estimate trade elasticities. Traded quantities respond only weakly to a 30 percent reduction in the average nominal tariff rate. Trade flow data combined with primary data on firm behavior and bribe payments suggest that corruption is a potential explanation for the observed low elasticities. In contexts of pervasive corruption, even small bribes can significantly reduce tariffs, making tariff liberalization sche...
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作者：McKay, Alisdair; Nakamura, Emi; Steinsson, Jon
作者单位：Boston University; Columbia University; Columbia University
摘要：In recent years, central banks have increasingly turned to forward guidance as a central tool of monetary policy. Standard monetary models imply that far future forward guidance has huge effects on current outcomes, and these effects grow with the horizon of the forward guidance. We present a model in which the power of forward guidance is highly sensitive to the assumption of complete markets. When agents face uninsurable income risk and borrowing constraints, a precautionary savings effect t...
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作者：Schulz, Florian
作者单位：University of Washington; University of Washington Seattle
摘要：I present novel empirical evidence on the term structure of the equity risk premium. In contrast to previous research that documented high discount rates for the short-term component of the market portfolio, I show evidence for an unconditionally flat term structure of equity risk premia. The tension with previous literature arises largely as a result of differential treatments of heterogeneous investment taxes, manifested in micro evidence on abnormal equity returns on ex-dividend days, and l...
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作者：Galor, Oded; Ozak, Omer
作者单位：Brown University; Southern Methodist University
摘要：This research explores the origins of observed differences in time preference across countries and regions. Exploiting a natural experiment associated with the expansion of suitable crops for cultivation in the course of the Columbian Exchange, the research establishes that pre-industrial agro-climatic characteristics which were conducive to higher return to agricultural investment triggered selection, adaptation, and learning processes that generated a persistent positive effect on the preval...
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作者：Halac, Marina; Prat, Andrea
作者单位：Columbia University; University of Warwick; Columbia University; Columbia University
摘要：We present a novel theory of the employment relationship. A manager can invest in attention technology to recognize good worker performance. The technology may break and is costly to replace. We show that as time passes without recognition, the worker's belief about the manager's technology worsens and his effort declines. The manager responds by investing, but this investment is insufficient to stop the decline in effort and eventually becomes decreasing. The relationship therefore continues ...
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作者：Ramondo, Natalia; Rodriguez-Clare, Andres; Saborio-Rodriguez, Milagro
作者单位：University of California System; University of California San Diego; National Bureau of Economic Research; University of California System; University of California Berkeley; Universidad Costa Rica
摘要：Because of scale effects, idea-based growth models imply that larger countries should be much richer than smaller ones. New trade models share the same counterfactual feature. In fact, new trade models exhibit other counterfactual implications associated with scale effects: import shares decrease and relative income levels increase too steeply with country size. We argue that these implications are largely a result of the standard assumption that countries are fully integrated domestically. We...
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作者：Arnosti, Nick; Beck, Marissa; Milgrom, Paul
作者单位：Stanford University; Charles River Associates; Stanford University
摘要：We model an online display advertising environment in which performance advertisers can measure the value of individual impressions, whereas brand advertisers cannot. If advertiser values for ad opportunities are positively correlated, second-price auctions for impressions can be inefficient and expose brand advertisers to adverse selection. Bayesian-optimal auctions have other drawbacks: they are complex, introduce incentives for false-name bidding, and do not resolve adverse selection. We in...
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作者：Card, David; Giuliano, Laura
作者单位：University of California System; University of California Berkeley; National Bureau of Economic Research; University of Miami
摘要：We evaluate a tracking program in a large urban district where schools with at least one gifted fourth grader create a separate gifted/high achiever classroom. Most seats are filled by non-gifted high achievers, ranked by previous-year test scores. We study the program's effects on the high achievers using (i) a rank-based regression discontinuity design, and (ii) a between-school/cohort analysis. We find significant effects that are concentrated among black and Hispanic participants. Minoriti...
