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作者：[Anonymous]
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作者：DeMarzo, PM; Kremer, I; Skrzypacz, A
作者单位：Stanford University
摘要：We study security-bid auctions in which bidders compete for an asset by bidding with securities whose payments are contingent on the asset's realized value. In formal security-bid auctions, the seller restricts the security design to an ordered set and uses a standard auction format (e.g., first- or second-price). In informal settings, bidders offer arbitrary securities and the seller chooses the most attractive bid, based on his belie, ex post. We characterize equilibrium and show that steepe...
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作者：Pagano, M; Volpin, PF
作者单位：University of Naples Federico II; University of London; London Business School
摘要：We analyze the political determinants of investor and employment protection. Our model predicts that proportional electoral systems are conducive to weaker investor protection and stronger employment protection than majoritarian systems. This prediction is consistent with international panel data evidence. The proportionality of the voting system is significantly and negatively correlated with shareholder protection in a panel of 45 countries, and positively correlated with employment protecti...
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作者：Catao, LAV; Solomou, SN
作者单位：International Monetary Fund; University of Cambridge
摘要：Using a new international dataset of trade-weighed exchange, rates, this paper highlights a neglected adjustment mechanism in the classical gold standard literature. Since gold-pegged countries traded extensively with economies operating more flexible monetary regimes and where parity change was a common adjustment device to systemic shocks, we show that such parity adjustments induced worldwide swings in nominal effective exchange rates. These translated into real exchange rate variations to ...
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作者：Alesina, A; Angeletos, GM
作者单位：Harvard University; National Bureau of Economic Research; Massachusetts Institute of Technology (MIT); National Bureau of Economic Research
摘要：Different beliefs about the fairness of social competition and what determines income inequality influence the redistributive policy chosen in a society. But the composition of income in equilibrium depends on tax policies. We show how the interaction between social beliefs and welfare policies may lead to multiple equilibria or multiple steady states. If a society believes that individual effort determines income, and that all have a right to enjoy the fruits of their effort, it will choose l...
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作者：Parry, IWH; Small, KA
作者单位：University of California System; University of California Irvine
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作者：Parker, JA; Preston, B
作者单位：Princeton University; Princeton University; Columbia University
摘要：This paper uses the consumption Euler equation to derive a decomposition of consumption growth into four sources. These four sources are new information, and three sources of predictable consumption growth: intertemporal substitution, changes in the preferences for consumption, and incomplete markets for consumption insurance. Using household-level data, we implement this decomposition for the average growth rate of consumption expenditures on nondurable goods in the United States from 1982 to...
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作者：De Sinopoli, F; Iannantuoni, G
作者单位：Universidad Carlos III de Madrid; University of Cambridge
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作者：Chay, KY; McEwan, PJ; Urquiola, M
作者单位：University of California System; University of California Berkeley; National Bureau of Economic Research; Wellesley College; Columbia University; Columbia University
摘要：Many programs reward or penalize schools based on students' average performance. Mean reversion is a potentially serious hindrance to the evaluation of such interventions. Chile's 900 Schools Program (P-900) allocated resources based on cutoffs in schools' mean test scores. This paper shows that transitory noise in average scores and mean reversion lead conventional estimation approaches to overstate the impacts of such programs. It further shows how a regression-discontinuity design can be us...
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作者：Grubb, FW
作者单位：University of Delaware
