2015

最新文章

• Debt Relief and Debtor Outcomes: Measuring the Effects of Consumer Bankruptcy Protection AI翻译
  作者：Dobbie, Will; Song, Jae
  作者单位：Princeton University
  摘要：Consumer bankruptcy is one of the largest social insurance programs in the United States, but little is known about its impact on debtors. We use 500,000 bankruptcy filings matched to administrative tax and foreclosure data to estimate the impact of Chapter 13 bankruptcy protection on subsequent outcomes. Exploiting the random assignment of bankruptcy filings to judges, we find that Chapter 13 protection increases annual earnings by $5,562, decreases five-year mortality by 1.2 percentage point...
• Inequality, Leverage, and Crises AI翻译
  作者：Kumhof, Michael; Ranciere, Romain; Winant, Pablo
  作者单位：Bank of England; International Monetary Fund; Paris School of Economics
  摘要：The paper studies how high household leverage and crises can be caused by changes in the income distribution. Empirically, the periods 1920-1929 and 1983-2008 both exhibited a large increase in the income share of high-income households, a large increase in debt leverage of low-and middle-income households, and an eventual financial and real crisis. The paper presents a theoretical model where higher leverage and crises are the endogenous result of a growing income share of high-income househo...
• Self-Confirming Equilibrium and Model Uncertainty AI翻译
  作者：Battigalli, Pierpaolo; Cerreia-Vioglio, Simone; Maccheroni, Fabio; Marinacci, Massimo
  作者单位：Bocconi University; Bocconi University
  摘要：We analyze a notion of self-confirming equilibrium with non-neutral ambiguity attitudes that generalizes the traditional concept. We show that the set of equilibria expands as ambiguity aversion increases. The intuition is quite simple: by playing the same strategy in a stationary environment, an agent learns the implied distribution of payoffs, but alternative strategies yield payoffs with unknown distributions; increased aversion to ambiguity makes such strategies less appealing. In sum, a k...
• Capital Tax Reform and the Real Economy: The Effects of the 2003 Dividend Tax Cut AI翻译
  作者：Yagan, Danny
  作者单位：University of California System; University of California Berkeley; National Bureau of Economic Research
  摘要：This paper tests whether the 2003 dividend tax cut-one of the largest reforms ever to a US capital tax rate-stimulated corporate investment and increased labor earnings, using a quasi-experimental design and US corporate tax returns from years 1996-2008. I estimate that the tax cut caused zero change in corporate investment and employee compensation. Economically, the statistical precision challenges leading estimates of the cost-of-capital elasticity of investment, or undermines models in whi...
• More Money, More Problems? Can High Pay be Coercive and Repugnant? AI翻译
  作者：Ambuehl, Sandro; Niederle, Muriel; Roth, Alvin E.
  作者单位：Stanford University
• Falling Through the Cracks? Grade Retention and School Dropout among Children of Likely Unauthorized Immigrants AI翻译
  作者：Amuedo-Dorantes, Catalina; Lopez, Mary J.
  作者单位：California State University System; San Diego State University; Occidental College
• The Real Effects of Relational Contracts AI翻译
  作者：Blader, Steven; Gartenberg, Claudine; Henderson, Rebecca; Prat, Andrea
  作者单位：New York University; Harvard University; Columbia University
• (Indirect) Input Linkages AI翻译
  作者：Eslava, Marcela; Fieler, Ana Cecilia; Xu, Daniel Yi
  作者单位：Universidad de los Andes (Colombia); University of Pennsylvania; National Bureau of Economic Research; Duke University
• The Effect of Extended Unemployment Insurance Benefits: Evidence from the 2012-2013 Phase-Out AI翻译
  作者：Farber, Henry S.; Rothstein, Jesse; Valletta, Robert G.
  作者单位：Princeton University; University of California System; University of California Berkeley; Federal Reserve System - USA
• Lending Booms, Smart Bankers, and Financial Crises AI翻译
  作者：Thakor, Anjan
  作者单位：Washington University (WUSTL)