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作者：Doniger, Cynthia L.
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：Allocative wages-the labour costs considered when deciding to form or dissolve a long-term employment relationship-are more sensitive to cyclical conditions for more educated workers. Specifically, college-educated workers' allocative wages are highly pro-cyclical, while high school dropouts' wages exhibit only moderate cyclicality. Further, as education increases, an increasing share of the sensitivity of allocative wages is driven by the persistent scarring effects of the cyclical position a...
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作者：Corhay, Alexandre; Tong, Jincheng
作者单位：University of Toronto
摘要：When firms finance using long-term nominal debt issued by financial intermediaries, changes in expected inflation lead to a wealth transfer across sectors. Higher expected inflation decreases firms' real liabilities and default risk, which helps reduce debt overhang. However, it hurts intermediaries' real assets, leading to a contraction in credit supply. We theoretically demonstrate that intermediary financing conditions play a key role in the transmission of nominal shocks, influencing the p...
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作者：Li, Wenhao; Li, Ye
作者单位：University of Southern California; National Bureau of Economic Research; University of Washington; University of Washington Seattle
摘要：A salient trend in crisis intervention has emerged in recent decades: government and central banks have offered funding directly to nonfinancial firms, bypassing banks and other credit intermediaries. We analyse the long-term consequences of such policies by focussing on firm quality dynamics. In a laissez-faire economy, firms with high productivity are more likely to survive crises than those with low productivity. The government funding support saves more firms but cannot be customized based...
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作者：Lewis, Daniel; Melcangi, Davide; Pilossoph, Laura
作者单位：University of London; University College London; Centre for Economic Policy Research - UK; Federal Reserve System - USA; Federal Reserve Bank - New York; Duke University
摘要：We estimate the unconditional distribution of the marginal propensity to consume (MPC) using clustering regression applied to the 2008 economic stimulus payments. By deviating from the standard approach of estimating MPC heterogeneity using interactions with observables, we can recover the full distribution of MPCs. We find households spent between 4 and 133% of the rebate within a quarter, and individual households used rebates for different goods. While many observable characteristics correl...
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作者：Tompsett, Anna
作者单位：Stockholm University; Royal Swedish Academy of Sciences; Beijer Institute of Ecological Economics; Stockholm University
摘要：Bridges are critical but sparse links in land transport networks. I exploit quasi-experimental variation in bridge construction over major rivers in the U.S. to measure the causal effects of land transport infrastructure. Bridges are more often built upstream than downstream of tributary confluences-where smaller rivers join larger rivers-generating local differences in connectivity. Local connectivity advantages have negative effects on per capita income. In contrast, more substantial changes...
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作者：Caoui, El Hadi; Steck, Andrew
作者单位：University of Toronto; University Toronto Mississauga; University of Toronto
摘要：In many industries, buyers diversify their supplier base to manage supplier disruption risk. We investigate the importance of such diversification as a determinant of demand and supplier entry in the context of the internet backbone, the worldwide network of undersea fibre-optic cables that underpins the internet. We specify a model of international bandwidth demand and cable operators' dynamic entry and supply choices. The model is estimated using novel data on cross-border data flows, prices...
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作者：Dutz, Deniz; Huitfeldt, Ingrid; Lacouture, Santiago; Mogstad, Magne; Torgovitsky, Alexander; Van Dijk, Winnie
作者单位：University of Chicago; National Bureau of Economic Research; Statistics Norway; Yale University
摘要：We show how to use randomized participation incentives to test and account for nonresponse bias in surveys. We first use data from a survey about labour market conditions, linked to full-population administrative data, to provide evidence of large differences in labour market outcomes between survey participants and nonparticipants, differences which would not be observable to an analyst who only has access to the survey data. These differences persist even after correcting for observable char...
