-
作者：Bedard, K; Deschênes, O
作者单位：University of California System; University of California Santa Barbara
摘要：During the World War H and Korean War era, the U.S. military freely distributed cigarettes to overseas personnel and provided low-cost tobacco products on domestic military bases. In fact, even today the military continues to sell subsidized tobacco products on its bases. Using a variety of instrumental variables approaches to deal with nonrandom selection into the military and into smoking, we provide substantial evidence that cohorts with higher military participation rates subsequently suff...
-
作者：Diamond, DW; Rajan, RG
作者单位：University of Chicago; International Monetary Fund
摘要：We examine the role of banks in the transmission of monetary policy. In economies where banks use real demand deposits to finance their lending, fluctuations in the tinting of production can force banks to scramble for real liquidity, or even fail, which can greatly affect lending and aggregate output. The adverse effect on output can be reduced if banks finance with nominal deposits. Nominal deposits also open a financial liquidity channel for monetary policy to affect real activity. The bank...
-
作者：Weber, RA
作者单位：Carnegie Mellon University
摘要：Previous experiments using the minimum-effort coordination game reveal a striking regularity-large groups never coordinate efficiently. Given the frequency with which large real-world groups, such as firms, face similarly difficult coordination problems, this poses an important question: Why do we observe large, successfully coordinated groups in the real world when they are so difficult to create in the laboratory? This paper presents one reason. The experiments show that, even though efficie...
-
作者：Chang, YS; Hong, JH
作者单位：Seoul National University (SNU); Federal Reserve System - USA; Federal Reserve Bank - Richmond; University of Pennsylvania; Federal Reserve System - USA; Federal Reserve Bank - Philadelphia
-
作者：Bergstrom, TC
作者单位：University of California System; University of California Santa Barbara
-
作者：Bernhardt, D; Hughson, E; Kutsoati, E
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; University of Colorado System; University of Colorado Boulder; Tufts University
摘要：This paper investigates how noisy evaluation of worker skills affects human capital investments and hiring. Individuals distort investments toward skills that most managers can evaluate. Dynamically, when workers become managers, managerial expertise can become increasingly skewed over time, raising investment distortions and reducing output. If firms select managerial expertise strategically, efficient investments can be retrieved when (a) identifying whether workers' skills matter more than ...
-
作者：George, LM; Waldfogel, J
作者单位：City University of New York (CUNY) System; Hunter College (CUNY); University of Pennsylvania
-
作者：Morris, S; Shin, HS; Tong, H
作者单位：Princeton University; Bank of England
-
作者：Van Den Berg, GJ; Lindeboom, M; Portrait, F
作者单位：Vrije Universiteit Amsterdam; Vrije Universiteit Amsterdam
-
作者：Schmitz, PW
作者单位：University of Cologne
摘要：The property rights approach to the theory of the firm suggests that ownership structures are chosen in order to provide ex ante investment incentives, while bargaining is ex post efficient. In contrast, transaction cost economics emphasizes ex post inefficiencies. In the present paper, a party may invest and acquire private information about the default payoff that it can realize on its own. Inefficient rent seeking can overturn prominent implications of the property rights theory. In particu...
