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作者：Azzimonti, Marina; de Francisco, Eva; Quadrini, Vincenzo
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Philadelphia; University System of Maryland; Towson University; University of Southern California
摘要：During the last three decades government debt has increased in most developed countries. During the same period we have also observed a significant liberalization of international financial markets. We propose a multicountry model with incomplete markets and show that governments may choose higher levels of debt when financial markets become internationally integrated. We also show that public debt increases with the volatility of uninsurable income (idiosyncratic risk). To the extent that the...
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作者：Martin, Ralf; Muuls, Mirabelle; de Preux, Laure B.; Wagner, Ulrich J.
作者单位：Imperial College London; Universidad Carlos III de Madrid
摘要：When regulated firms are offered compensation to prevent them from relocating, efficiency requires that payments be distributed across firms so as to equalize marginal relocation probabilities, weighted by the damage caused by relocation. We formalize this fundamental economic logic and apply it to analyzing compensation rules proposed under the EU Emissions Trading Scheme, where emission permits are allocated free of charge to carbon-intensive and trade-exposed industries. We show that this p...
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作者：Daughety, Andrew F.; Reinganum, Jennifer F.
作者单位：Vanderbilt University
摘要：A significant policy concern about the emerging plaintiff legal funding industry is that loans will undermine settlement. When the plaintiff has private information about damages, we find that the optimal (plaintiff-funder) loan induces all plaintiff types to make the same demand, resulting in full settlement; implementation may entail a very high repayment amount. Plaintiffs' attorneys with contingent-fee compensation benefit from such financing, as it eliminates trial costs. When the defenda...
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作者：Guttman, Ilan; Kremer, Ilan; Skrzypacz, Andrzej
作者单位：New York University; Hebrew University of Jerusalem; Hebrew University of Jerusalem; University of Warwick; Stanford University
摘要：We examine a dynamic model of voluntary disclosure of multiple pieces of private information. In our model, a manager of a firm who may learn multiple signals over time interacts with a competitive capital market and maximizes payoffs that increase in both period prices. We show (perhaps surprisingly) that in equilibrium later disclosures are interpreted more favorably even though the time the manager obtains the signals is independent of the value of the firm. We also provide sufficient condi...
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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：Goos, Maarten; Manning, Alan; Salomons, Anna
作者单位：KU Leuven; University of London; London School Economics & Political Science; University of London; London School Economics & Political Science; Utrecht University
摘要：This paper documents the pervasiveness of job polarization in 16 Western European countries over the period 1993-2010. It then develops and estimates a framework to explain job polarization using routine-biased technological change and offshoring. This model can explain much of both total job polarization and the split into within-industry and between-industry components.
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作者：Fairlie, Robert W.; Hoffmann, Florian; Oreopoulos, Philip
作者单位：University of California System; University of California Santa Cruz; University of British Columbia; University of Toronto; National Bureau of Economic Research; Canadian Institute for Advanced Research (CIFAR)
摘要：Administrative data from a large and diverse community college are used to examine if underrepresented minority students benefit from taking courses with underrepresented minority instructors. To identify racial interactions, we estimate models that include both student and classroom fixed effects and focus on students with limited choice in courses. We find that the performance gap in terms of class dropout rates and grade performance between white and underrepresented minority students falls...
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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：Ilut, Cosmin L.; Schneider, Martin
作者单位：Duke University; Stanford University; National Bureau of Economic Research
摘要：This paper studies a New Keynesian business cycle model with agents who are averse to ambiguity (Knightian uncertainty). Shocks to confidence about future TFP are modeled as changes in ambiguity. To assess the size of those shocks, our estimation uses not only data on standard macro variables, but also incorporates the dispersion of survey forecasts about growth as a measure of confidence. Our main result is that TFP and confidence shocks together can explain roughly two thirds of business cyc...
