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作者：Card, David; Mas, Alexandre; Moretti, Enrico; Saez, Emmanuel
作者单位：University of California System; University of California Berkeley; Princeton University
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作者：Chaney, Thomas; Sraer, David; Thesmar, David
作者单位：University of Chicago; Princeton University; Hautes Etudes Commerciales (HEC) Paris
摘要：What is the impact of real estate prices on corporate investment? In the presence of financing frictions, firms use pledgeable assets as collateral to finance new projects. Through this collateral channel, shocks to the value of real estate can have a large impact on aggregate investment. To compute the sensitivity of investment to collateral value, we use local variations in real estate prices as shocks to the collateral value of firms that own real estate. Over the 1993-2007 period, the repr...
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作者：Chatterjee, Satyajit; Eyigungor, Burcu
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Philadelphia
摘要：We advance quantitative-theoretic models of sovereign debt by proving the existence of a downward sloping equilibrium price function for long-term debt and implementing a novel method to accurately compute it. We show that incorporating long-term debt allows the model to match Argentina's average external debt-to-output ratio, average spread on external debt, the standard deviation of spreads, and simultaneously improve upon the model's ability to account for Argentina's other cyclical facts. ...
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作者：Martin, Alberto; Ventura, Jaume
作者单位：Centre de Recerca en Economia Internacional (CREI); Pompeu Fabra University
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作者：Bronnenberg, Bart J.; Dube, Jean-Pierre H.; Gentzkow, Matthew
作者单位：Tilburg University; University of Chicago
摘要：We study the long-run evolution of brand preferences, using new data on consumers' life histories and purchases of consumer packaged goods. Variation in where consumers have lived in the past allows us to isolate the causal effect of past experiences on current purchases, holding constant contemporaneous supply-side factors. We show that brand preferences form endogenously, are highly persistent, and explain 40 percent of geographic variation in market shares. Counterfactuals suggest that bran...
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作者：Gine, Xavier; Goldberg, Jessica; Yang, Dean
作者单位：The World Bank; University System of Maryland; University of Maryland College Park; University of Michigan System; University of Michigan; University of Michigan System; University of Michigan; National Bureau of Economic Research
摘要：We implemented a randomized field experiment in Malawi examining borrower responses to being fingerprinted when applying for loans. This intervention improved the lender's ability to implement dynamic repayment incentives, allowing it to withhold future loans from past defaulters while rewarding good borrowers with better loan terms. As predicted by a simple model, fingerprinting led to substantially higher repayment rates for borrowers with the highest ex ante default risk, but had no effect ...
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作者：Moscarini, Giuseppe; Postel-Vinay, Fabien
作者单位：Yale University; National Bureau of Economic Research; University of Bristol
摘要：We document a negative correlation, at business cycle frequencies, between the net job creation rate of large employers and the level of aggregate unemployment that is much stronger than for small employers. The differential growth rate of employment between initially large and small employers has an unconditional correlation of -0.5 with the unemployment rate, and varies by about 5 percent over the business cycle. We exploit several datasets from the United States, Denmark, and France, both r...
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作者：Acemoglu, Daron; Johnson, Simon; Robinson, James A.
作者单位：Massachusetts Institute of Technology (MIT); Massachusetts Institute of Technology (MIT); Harvard University
摘要：Military returns [reports of disease and death] serve to indicate to the restless wanderers of our race the boundaries which neither the pursuit of wealth nor the dreams of ambition should induce them to pass, and to proclaim in forcible language that man, like the elements, is controlled by a Power which hath said, Hither thou shalt come, but no further. - Tulloch, (1847, p. 259)
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作者：Ketcham, Jonathan D.; Lucarelli, Claudio; Miravete, Eugenio J.; Roebuck, M. Christopher
作者单位：Arizona State University; Arizona State University-Tempe; Cornell University; University of Pennsylvania; Universidad de los Andes - Chile; University of Texas System; University of Texas Austin
摘要：Under Medicare Part D, senior citizens choose prescription drug insurance offered by numerous private insurers. We examine nonpoor enrollees' actions in 2006 and 2007 using panel data. Our sample reduced overspending by $298 on average, with gains by 81 percent of them. The greatest improvements were by those who overspent most in 2006 and by those who switched plans. Decisions to switch depended on individuals' overspending in 2006 and on individual-specific effects of changes in their curren...
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作者：Baliga, Sandeep; Sjoestroem, Tomas
作者单位：Northwestern University; Rutgers University System; Rutgers University New Brunswick
摘要：Two players choose hawkish or dovish actions in a conflict game with incomplete information. An extremist, who can either be a hawk or a dove, attempts to manipulate decision making. If actions are strategic complements, a hawkish extremist increases the likelihood of conflict, and reduces welfare, by sending a public message which triggers hawkish behavior from both players. If actions are strategic substitutes, a dovish extremist instead sends a public message which causes one player to beco...
