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作者：Lee, Hanbaek
作者单位：University of Cambridge
摘要：This paper studies how large firms' synchronized lumpy investments endogenously shape an economy's fragility to negative TFP shocks. I develop a heterogeneous-firm real business cycle model that matches the empirical interest rate elasticities of investment for both large and small firms. In the model, large firms' lumpy investments become persistently synchronized due to their low sensitivity to general equilibrium effects, generating investment surges. Following these surges, TFP-induced rec...
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作者：Mercier, Marion; Silve, Arthur; Tremblay-Auger, Benjamin
作者单位：Institut de Recherche pour le Developpement (IRD); Centre National de la Recherche Scientifique (CNRS); Universite PSL; Laboratoire dEconomie de Dauphine LEDa; Universite Paris-Dauphine; Laval University
摘要：States sometimes back rebellions abroad to signal resolve. We study this reputation-building logic in international relations, focusing on co-ethnic links between countries as an objective source of variation in a state's incentives to demonstrate resolve. We formally derive two interconnected predictions from the mechanism: (a) a state is more likely to endorse the uprising of a foreign group when facing a larger audience, resulting in (b) greater political inclusion for the group. We build a...
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作者：Hodler, Roland; Schaudt, Paul; Vesperoni, Alberto
作者单位：KU Leuven; University of London; King's College London
摘要：We study the feasibility of opening new mines in ethnically diverse countries without escalating the risk of conflict. We propose a theoretical model in which ethnic groups can organize themselves to fight at the national or the local level. Our model yields two key insights. First, peace cannot be guaranteed in the presence of ethnic segregation and spatial resource inequality. Second, once the peace-maximizing policies are implemented, local conflict risks depend on local resource rents and ...
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作者：Espinosa, Romain; Treich, Nicolas
作者单位：AgroParisTech; Institut Polytechnique de Paris; Centre National de la Recherche Scientifique (CNRS); Ecole Nationale des Ponts et Chaussees; Communaute d'universites et etablissements de Toulouse (Comue); INRAE; Universite Toulouse 1 Capitole; Toulouse School of Economics
摘要：We provide a nonanthropocentric rationale for implementing a levy on meat consumption due to animal-welfare considerations. It operates as a Pigouvian tax and addresses externalities on farmed animals. Under total utilitarianism, the levy is a subsidy when an animal's life is worth living, and a tax when it is not. The levy varies under alternative normative settings, illustrating the importance of population-ethics issues for the pricing of externalities in this context. Even under conservati...
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作者：Ronconi, Juan Pedro; Ramos-Toro, Diego
作者单位：Universidad de los Andes - Chile; Dartmouth College
摘要：This paper studies conscription's role in durably shaping attitudes and beliefs consistent with nation-building. We pair original survey data covering 29 cohorts of conscripts in Argentina with random variation in service emerging from a lottery. We find that serving in the military leads to a stronger national identity and social integration several decades after serving but does not affect civic behaviors such as voting or paying taxes. Value inculcation during service helps explain the base...
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作者：Fischer, Kai; Martin, Simon; Schmidt-Dengler, Philipp
作者单位：Vienna University of Economics & Business; University of Vienna
摘要：We study the effect of entry on the price distribution in the German retail gasoline market. Exploiting several hundred entries over five years in an event study design, we find that entry causes a persistent first-order stochastic shift in the price distribution for at least three years after entry. Prices at the top of the distribution change moderately or not at all, but prices at the left tail decrease by up to 13% (9%) of stations' gross margins after entry within a 1 km (2 km) radius. Th...
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作者：Binder, Carola; Kuang, Pei; Tang, Li
作者单位：University of Texas System; University of Texas Austin; University of Macau; University of Reading
摘要：We use a series of online surveys to study how US consumers' house price expectations respond to interest rate expectations. Communication about interest rates has little effect on average house price expectations, since households have heterogeneous beliefs about the relationship between interest rates and house prices. When coupled with an explanation of the mortgage rate channel, communication about interest rates has much larger effects on house price expectations. We also show that audio ...
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作者：Bandiera, Oriana; Buehren, Niklas; Goldstein, Markus; Rasul, Imran; Smurra, Andrea
作者单位：University of London; London School Economics & Political Science; The World Bank; University of London; University College London; University of London; London School Economics & Political Science
摘要：Adolescent girls across low-income countries face disadvantages stemming from limited agency over their bodies and barriers to investing in their human capital. We study how these outcomes are shaped in times of aggregate crisis, in the context of the 2014-2016 Ebola epidemic in Sierra Leone. This is a setting in which adolescent girls have long faced disadvantage because of a high prevalence of sexual exploitation and violence towards them. Our study is based around an evaluation of a club-ba...
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作者：Egorov, Georgy; Guriev, Sergei; Mironov, Maxim; Zhuravskaya, Ekaterina
作者单位：Northwestern University; University of London; London Business School; IE University; Paris School of Economics
摘要：Why do political campaigns so often yield unexpected results? We address this question by separately estimating the direct effect of a campaign on targeted voters and the indirect effect on others in the same social environment. Partnering with a local NGO during Argentina's 2023 presidential election, we randomized the distribution of leaflets providing an expert assessment of the likely consequences of certain proposals by the outsider candidate Javier Milei. Exploiting Argentina's unique su...
