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作者：Atkin, David
作者单位：Yale University
摘要：This paper explores the causes and consequences of regional taste differences. I introduce habit formation into a standard general equilibrium model. Household tastes evolve over time to favor foods consumed as a child. Thus, locally abundant foods are preferred in every region, as they were relatively inexpensive in prior generations. These patterns alter the correspondence between price changes and nutrition. For example, neglecting this relationship between tastes and agro-climatic endowmen...
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作者：Carvalho, Vasco; Gabaix, Xavier
作者单位：Pompeu Fabra University; Centre de Recerca en Economia Internacional (CREI); Barcelona School of Economics; New York University
摘要：We investigate the hypothesis that macroeconomic fluctuations are primitively the results of many microeconomic shocks. We define fundamental volatility as the volatility that would arise from an economy made entirely of idiosyncratic sectoral or firm-level shocks. Fundamental volatility accounts for the swings in macroeconomic volatility in the major world economies in the past half-century. It accounts for the great moderation and its undoing. The initial great moderation is due to a decreas...
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作者：Oster, Emily; Shoulson, Ira; Dorsey, E. Ray
作者单位：National Bureau of Economic Research; Georgetown University; Johns Hopkins University
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作者：Xie, Yu; Killewald, Alexandra
作者单位：University of Michigan System; University of Michigan; Harvard University
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作者：Basak, Suleyman; Pavlova, Anna
作者单位：University of London; London Business School
摘要：We consider an economy populated by institutional investors alongside standard retail investors. Institutions care about their performance relative to a certain index. Our framework is tractable, admitting exact closed-form expressions, and produces the following analytical results. We find that institutions tilt their portfolios towards stocks that compose their benchmark index. The resulting price pressure boosts index stocks. By demanding more risky stocks than retail investors, institution...
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作者：Bharadwaj, Prashant; Loken, Katrine Vellesen; Neilson, Christopher
作者单位：University of California System; University of California San Diego; University of Bergen; Yale University
摘要：This paper studies the effect of improved early life health care on mortality and long-run academic achievement in school. We use the idea that medical treatments often follow rules of thumb for assigning care to patients, such as the classification of Very Low Birth Weight (VLBW), which assigns infants special care at a specific birth weight cutoff. Using detailed administrative data on schooling and birth records from Chile and Norway, we establish that children who receive extra medical car...
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作者：Brollo, Fernanda; Nannicini, Tommaso; Perotti, Roberto; Tabellini, Guido
作者单位：Universitat d'Alacant; Bocconi University
摘要：This paper studies the effect of additional government revenues on political corruption and on the quality of politicians, both with theory and data. The theory is based on a political agency model with career concerns and endogenous entry of candidates. The data refer to Brazil, where federal transfers to municipal governments change exogenously at given population thresholds, allowing us to implement a regression discontinuity design. The empirical evidence shows that larger transfers increa...
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作者：Long, Jason; Ferrie, Joseph
作者单位：Wheaton College; Northwestern University; Northwestern University; National Bureau of Economic Research
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作者：Roberts, James W.; Sweeting, Andrew
作者单位：Duke University; National Bureau of Economic Research
摘要：A bidding process can be organized so that offers are submitted simultaneously or sequentially. In the latter case, potential buyers can condition their behavior on previous entrants' decisions. The relative performance of these mechanisms is investigated when entry is costly and selective, meaning that potential buyers with higher values are more likely to participate. A simple sequential mechanism can give both buyers and sellers significantly higher payoffs than the commonly used simultaneo...
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作者：Autor, David H.; Dorn, David
作者单位：Massachusetts Institute of Technology (MIT)
摘要：We offer a unified analysis of the growth of low-skill service occupations between 1980 and 2005 and the concurrent polarization of US employment and wages. We hypothesize that polarization stems from the interaction between consumer preferences, which favor variety over specialization, and the falling cost of automating routine, codifiable job tasks. Applying a spatial equilibrium model, we corroborate four implications of this hypothesis. Local labor markets that specialized in routine tasks...
