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作者：Saez, Emmanuel; Stantcheva, Stefanie
作者单位：University of California System; University of California Berkeley; Harvard University
摘要：This paper proposes to evaluate tax reforms by aggregating money metric losses and gains of different individuals using generalized social marginal welfare weights. Optimum tax formulas take the same form as standard welfarist tax formulas by simply substituting standard marginal social welfare weights with those generalized weights. Weights directly capture society's concerns for fairness without being necessarily tied to individual utilities. Suitable weights can help reconcile discrepancies...
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作者：Angeletos, George-Marios; Iovino, Luigi; La'O, Jennifer
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; Bocconi University; Bocconi University; Columbia University
摘要：Does welfare improve when firms are better informed about the state of the economy and can thus better coordinate their production and pricing decisions? We address this question in an elementary business-cycle model that highlights how the dispersion of information can impede both kinds of decisions and, in this sense, be the source of both real and nominal rigidity. Within this context we develop a taxonomy for how the social value of information depends on the two rigidities, on the sources...
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作者：Calomiris, Charles W.; Pritchett, Jonathan
作者单位：Columbia University; Tulane University
摘要：Lincoln's election produced Southern secession, war, and abolition. Using a new dataset on slave sales, we examine connections between news and slave prices for the period 1856-1861. By August 1861, slave prices had declined by roughly one-third from their 1860 peak. That decline was similar for all age and sex cohorts and thus did not reflect expected emancipation without compensation. The decision to secede reflected beliefs that the North would not invade and that emancipation without compe...
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作者：Duggan, Mark; Garthwaite, Craig; Goyal, Aparajita
作者单位：Stanford University; National Bureau of Economic Research; Northwestern University; The World Bank
摘要：In 2005, as the result of a World Trade Organization mandate, India implemented a patent reform for pharmaceuticals that was intended to comply with the 1995 Trade-Related Aspects of Intellectual Property Rights (TRIPS). Exploiting variation in the timing of patent decisions, we estimate that a molecule receiving a patent experienced an average price increase of just 3-6 percent, with larger increases for more recently developed molecules and for those produced by just one firm when the patent...
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作者：Gorodnichenko, Yuriy; Weber, Michael
作者单位：University of California System; University of California Berkeley; University of Chicago
摘要：We show that after monetary policy announcements, the conditional volatility of stock market returns rises more for firms with stickier prices than for firms with more flexible prices. This differential reaction is economically large and strikingly robust to a broad array of checks. These results suggest that menu costs-broadly defined to include physical costs of price adjustment, informational frictions, etc.-are an important factor for nominal price rigidity at the micro level. We also show...
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作者：Munshi, Kaivan; Rosenzweig, Mark
作者单位：University of Cambridge; Yale University
摘要：We provide an explanation for the large spatial wage disparities and low male migration in India based on the trade-off between consumption smoothing, provided by caste-based rural insurance networks, and the income gains from migration. Our theory generates two key empirically verified predictions: (i) males in relatively wealthy households within a caste who benefit less from the redistributive (surplus-maximizing) network will be more likely to migrate, and (ii) males in households facing g...
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作者：Cockburn, Iain M.; Lanjouw, Jean O.; Schankerman, Mark
作者单位：Boston University; National Bureau of Economic Research; University of California System; University of California Berkeley; University of London; London School Economics & Political Science
摘要：Analysis of the timing of launches of 642 new drugs in 76 countries during 1983-2002 shows that patent and price regulation regimes strongly affect how quickly new drugs become commercially available in different countries. Price regulation delays launch, while longer and more extensive patent rights accelerate it. Health policy institutions and economic and demographic factors that make markets more profitable also speed up diffusion. The estimated effects are generally robust to controlling ...
