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作者：Kreiner, Claus Thustrup; Leth-Petersen, Soren; Skov, Peer Ebbesen
作者单位：University of Copenhagen
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作者：Manuelli, Rodolfo E.; Seshadri, Ananth
作者单位：Washington University (WUSTL); Federal Reserve System - USA; Federal Reserve Bank - St. Louis; University of Wisconsin System; University of Wisconsin Madison
摘要：Many new technologies display long adoption lags, and this is often interpreted as evidence of frictions inconsistent with the standard neoclassical model. We study the diffusion of the tractor in American agriculture between 1910 and 1960-a well-known case of slow diffusion-and show that the speed of adoption was consistent with the predictions of a simple neoclassical growth model. The reason for the slow rate of diffusion was that tractor quality kept improving over this period and, more im...
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作者：Nakamura, Emi; Steinsson, Jon
作者单位：Columbia University; Columbia University
摘要：We use rich historical data on military procurement to estimate the effects of government spending. We exploit regional variation in military buildups to estimate an open economy relative multiplier of approximately 1.5. We develop a framework for interpreting this estimate and relating it to estimates of the standard closed economy aggregate multiplier. The latter is highly sensitive to how strongly aggregate monetary and tax policy leans against the wind. Our open economy relative multiplier...
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作者：Hornung, Erik
作者单位：Leibniz Association; Ifo Institut; Max Planck Society
摘要：This paper analyzes long-term effects of skilled-worker immigration on productivity for the Huguenot migration to Prussia. In 1685, religiously persecuted French Huguenots settled in Brandenburg-Prussia and compensated for population losses due to plagues during the Thirty Years' War. We combine Huguenot immigration lists from 1700 with Prussian firm-level data on the value of inputs and outputs in 1802 in a unique database to analyze the effects of skilled immigration to places with underused...
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作者：Brown, Jason; Duggan, Mark; Kuziemko, Ilyana; Woolston, William
作者单位：United States Department of the Treasury; Stanford University; Princeton University; JP Morgan Chase & Company
摘要：To combat adverse selection, governments increasingly base payments to health plans and providers on enrollees' scores from risk-adjustment formulae. In 2004, Medicare began to risk-adjust capitation payments to private Medicare Advantage (MA) plans to reduce selection-driven overpayments. But because the variance of medical costs increases with the predicted mean, incentivizing enrollment of individuals with higher scores can increase the scope for enrolling overpriced individuals with costs ...
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作者：Isoni, Andrea; Poulsen, Anders; Sugden, Robert; Tsutsui, Kei
作者单位：University of Warwick; University of East Anglia; University of East Anglia; Frankfurt School Finance & Management
摘要：We investigate Schelling's hypothesis that payoff-irrelevant labels (cues) can influence the outcomes of bargaining games with communication. In our experimental games, players negotiate over the division of a surplus by claiming valuable objects that have payoff-irrelevant spatial locations. Negotiation occurs in continuous time, constrained by a deadline. In some games, spatial cues are opposed to principles of equality or efficiency. We find a strong tendency for players to agree on efficie...
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作者：Moll, Benjamin
作者单位：Princeton University
摘要：I develop a highly tractable general equilibrium model in which heterogeneous producers face collateral constraints, and study the effect of financial frictions on capital misallocation and aggregate productivity. My economy is isomorphic to a Solow model but with time-varying TFP. I argue that the persistence of idiosyncratic productivity shocks determines both the size of steady-state productivity losses and the speed of transitions: if shocks are persistent, steady-state losses are small bu...
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作者：Mayer, Christopher; Morrison, Edward; Piskorski, Tomasz; Gupta, Arpit
作者单位：Columbia University; Columbia University
摘要：We investigate whether homeowners respond strategically to news of mortgage modification programs. We exploit plausibly exogenous variation in modification policy induced by settlement of US state government lawsuits against Countrywide Financial Corporation, which agreed to offer modifications to seriously delinquent borrowers. Using a difference-in-differences framework, we find that Countrywide's monthly delinquency rate increased more than 0.54 percentage points-a 10 percent relative incre...
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作者：Falck, Oliver; Gold, Robert; Heblich, Stephan
作者单位：Leibniz Association; Ifo Institut; University of Munich; Leibniz Association; Ifo Institut; Leibniz Association; Institut fur Weltwirtschaft an der Universitat Kiel (IFW); University of Bristol; IZA Institute Labor Economics; Leibniz Association; Ifo Institut; Council of Scientific & Industrial Research (CSIR) - India; CSIR - Structural Engineering Research Center (SERC)
摘要：This paper analyzes the effects on voting behavior of information disseminated over the Internet. We address endogeneity in Internet availability by exploiting regional and technological peculiarities of the preexisting voice telephony network that hindered the roll-out of fixed-line infrastructure for high-speed Internet. We find negative effects of Internet availability on voter turnout, which we relate to a crowding-out of TV consumption and increased entertainment consumption. We find no e...
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作者：Tarozzi, Alessandro; Mahajan, Aprajit; Blackburn, Brian; Kopf, Dan; Krishnan, Lakshmi; Yoong, Joanne
作者单位：Pompeu Fabra University; Barcelona School of Economics; University of California System; University of California Los Angeles; Stanford University; Food & Agriculture Organization of the United Nations (FAO); National University of Singapore
摘要：We describe findings from the first large-scale cluster randomized controlled trial in a developing country that evaluates the uptake of a health-protecting technology, insecticide-treated bednets (ITNs), through micro-consumer loans, as compared to free distribution and control conditions. Despite a relatively high price, 52 percent of sample households purchased ITNs, highlighting the role of liquidity constraints in explaining earlier low adoption rates. We find mixed evidence of improvemen...
