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作者：Gentzkow, Matthew
作者单位：University of Chicago
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作者：Gollier, Christian
作者单位：Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics
摘要：In a growing economy, investing in safe projects raises intergenerational inequalities. This deteriorates social welfare because of inequality aversion, as expressed by decreasing marginal utility of consumption. The social discount rate can be interpreted as the minimum rate of return that is necessary to compensate for the increased inequality generated by the investment. For an intuitive precautionary argument, this growth effect is reduced if growth is uncertain. To complete the picture, i...
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作者：Hlatshwayo, Sandile; Spence, Michael
作者单位：University of California System; University of California Berkeley
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作者：McGrattan, Ellen R.; Prescott, Edward C.
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Arizona State University; Arizona State University-Tempe
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作者：Brown, Jeffrey R.; Dimmock, Stephen G.; Kang, Jun-Koo; Weisbenner, Scott J.
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; National Bureau of Economic Research; Nanyang Technological University
摘要：Endowment payouts have become an increasingly important component of universities' revenues in recent decades. We study how universities respond to financial shocks to endowments and thus shed light on a number of existing models of endowment behavior. Endowments actively reduce payouts relative to their stated payout policies following negative, but not positive, shocks. This asymmetric behavior is consistent with endowment hoarding,especially among endowments whose current value is close to ...
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作者：Gorton, Gary; Ordonez, Guillermo
作者单位：Yale University; National Bureau of Economic Research; University of Pennsylvania
摘要：Short-term collateralized debt, private money, is efficient if agents are willing to lend without producing costly information about the collateral backing the debt. When the economy relies on such informationally insensitive debt, firms with low quality collateral can borrow, generating a credit boom and an increase in output. Financial fragility is endogenous; it builds up over time as information about counterparties decays. A crisis occurs when a (possibly small) shock causes agents to sud...
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作者：Greenstone, Michael; Hanna, Rema
作者单位：Massachusetts Institute of Technology (MIT); Harvard University; National Bureau of Economic Research
摘要：Using the most comprehensive developing country dataset ever compiled on air and water pollution and environmental regulations, the paper assesses India's environmental regulations with a difference-in-differences design. The air pollution regulations are associated with substantial improvements in air quality. The most successful air regulation resulted in a modest but statistically insignificant decline in infant mortality. In contrast, the water regulations had no measurable benefits. The a...
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作者：Fabra, Natalia; Reguant, Mar
作者单位：Universidad Carlos III de Madrid
摘要：We measure the pass-through of emissions costs to electricity prices. We perform both reduced-form and structural estimations based on optimal bidding in this market. Using rich micro-level data, we estimate the channels affecting pass-through in a flexible manner, with minimal functional form assumptions. Contrary to many studies in the general pass-through literature, we find that emissions costs are almost fully passed through to electricity prices. Since electricity is traded through high-...
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作者：Campante, Filipe R.; Quoc-Anh Do
作者单位：Harvard University; National Bureau of Economic Research
摘要：We show that isolated capital cities are robustly associated with greater levels of corruption across US states, in line with the view that this isolation reduces accountability. We then provide direct evidence that the spatial distribution of population relative to the capital affects different accountability mechanisms: newspapers cover state politics more when readers are closer to the capital, voters who live far from the capital are less knowledgeable and interested in state politics, and...
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作者：Chan, Hei Sing (Ron); Cropper, Maureen L.; Malik, Kabir
作者单位：University System of Maryland; University of Maryland College Park; The World Bank
