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作者：Tanaka, Tomomi; Camerer, Colin F.; Nguyen, Quang
作者单位：Arizona State University; Arizona State University-Tempe; California Institute of Technology; Universite Lyon 2; Centre National de la Recherche Scientifique (CNRS)
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作者：Mian, Atif; Sufi, Amir; Trebbi, Francesco
作者单位：University of California System; University of California Berkeley; National Bureau of Economic Research; University of Chicago; University of British Columbia
摘要：We examine the effects of constituents, special interests, and ideology on congressional voting on two of the most significant pieces of legislation in US economic history. Representatives whose constituents experience a sharp increase in mortgage defaults are more likely to support the Foreclosure Prevention Act, especially in competitive districts. Interestingly, representatives are more sensitive to defaults of their own-party constituents. Special interests in the form of higher campaign c...
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作者：Low, Hamish; Meghir, Costas; Pistaferri, Luigi
作者单位：University of London; University College London; Yale University; Stanford University; National Bureau of Economic Research
摘要：We specify a life-cycle model of consumption, labor supply and job mobility in an economy with search frictions. We distinguish different sources of risk, including shocks to productivity, job arrival, and job destruction. Allowing for job mobility has a large effect on the estimate of productivity risk. Increases in the latter impose a considerable welfare loss. Increases in employment risk have large effects on output and, primarily through this channel, affect welfare. The welfare value of ...
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作者：Romer, Christina D.; Romer, David H.
作者单位：University of California System; University of California Berkeley
摘要：This paper investigates the impact of tax changes on economic activity. We use the narrative record, such as presidential speeches and Congressional reports, to identify the size, timing, and principal motivation for all major postwar tax policy actions. This analysis allows us to separate legislated changes into those taken for reasons related to prospective economic conditions and those taken for more exogenous reasons. The behavior of output following these more exogenous changes indicates ...
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作者：Williamson, Oliver E.
作者单位：University of California System; University of California Berkeley
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作者：Grosskopf, Brit; Sarin, Rajiv
作者单位：Texas A&M University System; Texas A&M University College Station
摘要：We investigate the impact of reputation in a laboratory experiment. We do so by varying whether the past choices of a long-run player are observable by the short-run players. Our framework allows for reputation to have either a beneficial or a harmful effect on the long-run player. We find that reputation is seldom harmful and its beneficial effects are not as strong as theory suggests. When reputational concerns are at odds with other-regarding preferences, we find the latter overwhelm the fo...
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作者：Lerner, Josh; Malmendier, Ulrike
作者单位：Harvard University; University of California System; University of California Berkeley; National Bureau of Economic Research
摘要：We analyze how contractibility affects contract design A major concern when designing research agreements is that researchers use their funding to subsidize other projects We show that, when research activities are not contractible, an option contract is optimal. The financing firm obtains the option to terminate the agreement and, in case of termination, broad property rights. The threat of termination deters researchers from cross-subsidization, and the cost of exercising the termination opt...
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作者：Lacko, James M.; Pappalardo, Janis K.
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作者：Orrenius, Pia M.; Zavodny, Madeline
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Dallas
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作者：Weyl, E. Glen
作者单位：Harvard University
摘要：I develop a general theory of monopoly pricing of networks. Platforms use insulating tariffs to avoid coordination failure, implementing any desired allocation. Profit maximization distorts in the spirit of A. Michael Spence (1975) by internalizing only network externalities to marginal users. Thus the empirical and prescriptive content of the popular Jean-Charles Rochet and Jean Tirole (2006) model of two-sided markets turns on the nature of user heterogeneity. I propose a more plausible, yet...
