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作者：Anenberg, Elliot; Kung, Edward
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; University of California System; University of California Los Angeles
摘要：Using new data on real estate listings, we provide new evidence that foreclosures have a causal effect on nearby house prices and disentangle the effect into two sources: competition and disamenities. We identify the causal effect by showing that sellers respond to new REO listings in the exact week of listing, not a week before and not a week after. We disentangle competition and disamenity effects by examining the spillover effect across various stages of the foreclosure process. We find tha...
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作者：Nimark, Kristoffer P.
作者单位：Centre de Recerca en Economia Internacional (CREI); Pompeu Fabra University; Barcelona School of Economics
摘要：The newsworthiness of an event is partly determined by how unusual it is and this paper investigates the business cycle implications of this fact. Signals that are more likely to be observed after unusual events may increase both uncertainty and disagreement among agents. In a simple business cycle model, such signals can explain why we observe (i) occasional large changes in macroeconomic aggregate variables without a correspondingly large change in underlying fundamentals, (ii) persistent pe...
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作者：Acconcia, Antonio; Corsetti, Giancarlo; Simonelli, Saverio
作者单位：University of Naples Federico II; University of Cambridge; Center for Economic & Policy Research (CEPR)
摘要：A law issued to combat political corruption and Mafia infiltration of city councils in Italy has resulted in episodes of large, unanticipated, temporary contractions in local public spending. Using these episodes as instruments, we estimate the output multiplier of spending cuts at provincial level-controlling for national monetary and fiscal policy, and holding the tax burden of local residents constant-to be 1.5. Assuming that lagged spending is exogenous to current output brings the estimat...
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作者：Adsera, Alicia; Ferrer, Ana M.
作者单位：Princeton University; Princeton University; IZA Institute Labor Economics; University of Waterloo
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作者：Altonji, Joseph G.; Kahn, Lisa B.; Speer, Jamin D.
作者单位：Yale University; Yale University; Yale University
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作者：Rosenzweig, Mark R.; Udry, Christopher
作者单位：Yale University
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作者：Iversen, Jens; Soderstrom, Ulf
作者单位：Sveriges Riksbank
摘要：In an article published in the American Economic Review, Jon Steinsson (2008) argues that two sticky price models driven by real shocks can explain the observed persistence, volatility, and hump-shaped impulse response function of the real exchange rate. This comment shows, first, that correcting an error in one of Steinsson's models leads to substantially lower persistence and volatility of the real exchange rate; second, that Steinsson's models cannot match real exchange rate volatility rela...
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作者：Kalouptsidi, Myrto
作者单位：Princeton University
摘要：This paper explores the nature of fluctuations in world bulk shipping by quantifying the impact of time to build and demand uncertainty on investment and prices. We examine the impact of both construction lags and their lengthening in periods of high investment activity, by constructing a dynamic model of ship entry and exit. A rich dataset of secondhand ship sales allows for a new estimation strategy: resale prices provide direct information on value functions and allow their nonparametric es...
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作者：Kostol, Andreas Ravndal; Mogstad, Magne
作者单位：Statistics Norway; University of Bergen; University of London; University College London; Statistics Norway
摘要：Using a local randomized experiment that arises from a sharp discontinuity in Disability Insurance (DI) policy in Norway, we provide transparent and credible identification of how financial incentives induce DI recipients to return to work. We find that many DI recipients have considerable capacity to work that can be effectively induced by providing financial work incentives. We further show that providing work incentives to DI recipients may both increase their disposable income and reduce p...
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作者：Chetty, Raj; Friedman, John N.; Rockoff, Jonah E.
作者单位：Harvard University; Harvard University; Columbia University
摘要：Are teachers' impacts on students' test scores (value-added) a good measure of their quality? This question has sparked debate partly because of a lack of evidence on whether high value-added (VA) teachers improve students' long-term outcomes. Using school district and tax records for more than one million children, we find that students assigned to high-VA teachers are more likely to attend college, earn higher salaries, and are less likely to have children as teenagers. Replacing a teacher w...
