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作者：Balboni, Clare; Burgess, Robin; Olken, Benjamin A.
作者单位：University of London; London School Economics & Political Science; Massachusetts Institute of Technology (MIT)
摘要：Environmental externalities-uncompensated damages imposed on others-lie at the root of climate change, pollution, deforestation and biodiversity loss. Empirical evidence is limited, however, as to how externalities drive private decision making. We study one such behaviour, illegal tropical forest fires, using 15 years of daily satellite data covering over 107,000 fires across Indonesia. Weather-induced variation in fire spread risk and variation in who owns surrounding land allow us to identi...
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作者：Adusumilli, Karun; Eckardt, Dita
作者单位：University of Pennsylvania; University of Warwick
摘要：We study the use of Temporal-Difference learning for estimating the structural parameters in dynamic discrete choice models. Our algorithms are based on the conditional choice probability approach but use functional approximations to estimate various terms in the pseudo-log-likelihood function. We suggest two approaches: The first-linear semi-gradient-provides approximations to the recursive terms using basis functions. The second-Approximate Value Iteration-builds a sequence of approximations...
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作者：Korovkin, Vasily; Makarin, Alexey; Miyauchi, Yuhei
作者单位：Pompeu Fabra University; Barcelona School of Economics; Massachusetts Institute of Technology (MIT); Boston University
摘要：How do localized conflicts disrupt supply chains and prompt firms to reorganize them? How do these forces affect firm-level and aggregate economic activity? Using firm-to-firm Ukrainian railway-shipment data before and during the 2014 Russia-Ukraine conflict, we document that firms with prior supplier and buyer exposure to the conflict areas substantially decreased their output. Simultaneously, firms reorganized their production linkages away from partners directly or indirectly exposed to the...
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作者：Coeurdacier, Nicolas; Oswald, Florian; Teignier, Marc
作者单位：University of Barcelona
摘要：How do cities grow in the process of structural transformation? To answer this question, we develop a multi-sector spatial equilibrium model with endogenous land use: land is used either for agriculture or housing. Urban land, densely populated due to commuting frictions, expands out of agricultural land. With low productivity and high subsistence needs, farmland is expensive, households cannot afford large homes and cities are very dense. Increasing productivity reallocates factors away from ...
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作者：Castellanos, Sara G.; Jimenez-Hernandez, Diego; Mahajan, Aprajit; Alcaraz Prous, Eduardo; Seira, Enrique
作者单位：Bank of Mexico; Federal Reserve System - USA; Federal Reserve Bank - Chicago; University of California System; University of California Berkeley; National Bureau of Economic Research; Instituto Mexicano del Seguro Social; University of Notre Dame
摘要：Regulatory concerns over a tension between expanding financial access and limiting default have led to significant restrictions on contract terms in a number of countries, despite limited evidence on their effectiveness. We use a large nation-wide RCT to examine new borrower responses to changes in interest rates and minimum payments for a credit card that accounted for 15% of all first-time formal loans in Mexico. Default rates were 19% over the 26 month experiment and a 30 pp decrease in int...
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作者：Cullen, Zoe; Li, Shengwu; Perez-Truglia, Ricardo
作者单位：Harvard University; University of California System; University of California Los Angeles
摘要：Firms are allowed to use aggregate data on market salaries to set pay, a practice known as salary benchmarking. Using national payroll data, we study firms that gain access to a tool that reveals market benchmarks for each job title. Using a difference-in-differences design, we find that the benchmark information reduces salary dispersion by 25%. Thus, salary dispersion must stem partly from aggregate uncertainty about the salaries offered by other firms. Our model formalizes how salary disper...
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作者：Freyberger, Joachim
作者单位：University of Bonn
摘要：An important class of structural models studies the determinants of skill formation and the optimal timing of interventions. In this article, I provide new identification results for these models and investigate the effects of seemingly innocuous scale and location restrictions on parameters of interest. To do so, I first characterize the identified set of all parameters without these additional restrictions and show that important policy-relevant parameters are point identified under weaker a...
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作者：Ivanov, Ivan T.; Pettit, Luke; Whited, Toni M.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Chicago; George Mason University; University of Michigan System; University of Michigan; National Bureau of Economic Research
摘要：We use variation in state corporate income tax rates to re-examine the relation between taxes and corporate leverage. Contrary to prior research, corporate leverage rises after tax cuts for small private firms. An estimated dynamic equilibrium model shows that tax cuts make capital more productive and spur the use of leverage. Tax cuts also produce more distant default thresholds and lower credit spreads. These effects outweigh the lower interest tax deduction and lead to higher optimal levera...
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作者：Harari, Mariaflavia; Wong, Maisy
作者单位：University of Pennsylvania; National Bureau of Economic Research
摘要：Developing countries face massive urbanization and slum upgrading is a popular policy to improve shelter for many. Yet, preserving slums at the expense of formal developments can raise concerns of misallocation of land. We estimate causal, long-term impacts of the 1969-84 KIP programme, which provided basic upgrades to 5 million residents covering 25% of land in Jakarta, Indonesia. We assemble high-resolution data on programme boundaries and 2015 outcomes and address programme selection bias t...
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作者：Itskhoki, Oleg; Mukhin, Dmitry
作者单位：Harvard University; University of London; London School Economics & Political Science
摘要：Trade wars and financial sanctions are again becoming an increasingly common part of the international economic landscape, and the dynamics of the exchange rate are often used in real time to evaluate the effectiveness of sanctions and policy responses. We show that sanctions limiting a country's exports or freezing its assets depreciate the exchange rate, while sanctions limiting imports appreciate it, even when both types of policies have exactly the same effect on real allocations, includin...
