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作者：[Anonymous]
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作者：Agrawal, Ajay; Goldfarb, Avi
作者单位：University of Toronto; National Bureau of Economic Research
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作者：Aghion, Philippe; Burgess, Robin; Redding, Stephen J.; Zilibotti, Fabrizio
作者单位：Harvard University; University of London; London School Economics & Political Science; University of Zurich
摘要：We study whether the effects on registered manufacturing output of dismantling the License Raj-a system of central controls regulating entry and production activity in this sector-vary across Indian states with different labor market regulations. The effects are found to be unequal across Indian states with different labor market regulations. In particular, following delicensing, industries located in states with pro-employer labor market institutions grew more quickly than those in pro-worker...
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作者：Fischer, Paul; Huddart, Steven
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：Research in sociology and ethics suggests that individuals adhere to social norms of behavior established by their peers. Within an agency framework, we model endogenous social norms by assuming that each agent's cost of implementing an action depends on the social norm for that action, defined to be the average level of that action chosen by the agent's peer group. We show how endogenous social norms alter the effectiveness of monetary incentives, determine whether it is optimal to group agen...
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作者：Hall, Robert E.; Milgrom, Paul R.
作者单位：Stanford University; Stanford University
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作者：Eggertsson, Gauti B.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：This paper suggests that the US recovery from the Great Depression was driven by a shift in expectations. This shift was caused by President Franklin Delano Roosevelt's policy actions. On the monetary policy side, Roosevelt abolished the gold standard and-even more importantly-announced the explicit objective of inflating the price level to pre-Depression, levels. On the fiscal policy side, Roosevelt expanded real and deficit spending, which made his policy objective credible. These actions vi...
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作者：Fostel, Ana; Geanakoplos, John
作者单位：George Washington University; Yale University; The Santa Fe Institute
摘要：We provide a pricing theory for emerging asset classes, like emerging markets, that are not yet mature enough to be attractive to the general public. We show how leverage cycles can cause contagion, flight to collateral, and issuance rationing in a frequently recurring phase we call the anxious economy. Our model provides an explanation for the volatile access of emerging economies to international financial markets, and,for three stylized facts we identify in emerging markets and high yield d...
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作者：Attanasio, Orazio; Low, Hamish; Sanchez-Marcos, Virginia
作者单位：University of London; University College London; University of Cambridge; Universidad de Cantabria
摘要：This paper studies the life-cycle labor supply of three cohorts of American women, born in the 1930s, 1940s, and 1950s. We focus on the increase in labor supply of mothers between the 1940s and 1950s cohorts. We construct a life-cycle model of female participation and savings, and calibrate the model to match the behavior of the middle cohort. We investigate which changes in the determinants of labor supply account for the increases in participation early in the life-cycle observed for the you...
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作者：Khwaja, Asim Ijaz; Mian, Atif
作者单位：Harvard University; University of Chicago; National Bureau of Economic Research
摘要：We examine the impact of liquidity shocks by exploiting cross-bank liquidity variation induced by unanticipated nuclear tests in Pakistan. We show that for the same firm borrowing from two different banks, its loan from the bank experiencing a 1 percent larger decline in liquidity drops by an additional 0.6 percent. While banks pass their liquidity shocks on to firms, large firms-particularly those with strong business or political ties-completely compensate this loss by additional borrowing t...
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作者：Farrell, Joseph; Shapiro, Carl
作者单位：University of California System; University of California Berkeley; University of California System; University of California Berkeley
摘要：We study the welfare economics of probabilistic patents that are licensed without a full determination of validity. We examine the social value of instead determining patent validity before licensing to downstream technology users, in terms of deadweight loss (ex post) and innovation incentives (ex ante). We relate the value of such pre-licensing review to the patent's strength, i.e., the probability it would hold up in court, and to the per-unit royalty at which it would be licensed. We then ...
