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作者：Begenau, Juliane; Bigio, Saki; Majerovitz, Jeremy; Vieyra, Matias
作者单位：National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research; University of California System; University of California Los Angeles; National Bureau of Economic Research; University of Notre Dame; Bank of Canada
摘要：Bank capital requirements are based on book values, which are slow to reflect losses. In this article, we develop a dynamic model of banks to study the interaction of regulation and delayed accounting. Our model explains four stylized facts: book and market values diverge during crises, the market-to-book ratio predicts future profitability, book leverage constraints rarely bind strictly even as market leverage fans out during crises, and banks delever gradually after net-worth shocks. We show...
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作者：Brandt, Loren; Kambourov, Gueorgui; Storesletten, Kjetil
作者单位：University of Toronto; University of Minnesota System; University of Minnesota Twin Cities
摘要：Labour productivity in manufacturing differs starkly across regions in China. We document that productivity, wages, and start-up rates of non-state firms have nevertheless experienced rapid unconditional regional convergence after 1995. To analyse these patterns, we construct a Hopenhayn model that incorporates location-specific capital wedges, output wedges, and entry barriers. Using Chinese Industry Census data, we estimate these wedges and examine their role in explaining differences in per...
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作者：Chen, Xiaohong; Gentry, Matthew; Li, Tong; Lu, Jingfeng
作者单位：Yale University; State University System of Florida; Florida State University; Vanderbilt University; National University of Singapore
摘要：We study identification and inference in first-price auctions with risk-averse bidders and selective entry, building on a flexible framework we call the Affiliated Signal with Risk Aversion (AS-RA) model. Assuming exogenous variation in either the number of potential bidders (N) or a continuous instrument (z) shifting opportunity costs of entry, we provide a sharp characterization of the nonparametric restrictions implied by equilibrium bidding. This characterization implies that risk neutrali...
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作者：Hartung, Benjamin; Jung, Philip; Kuhn, Moritz
作者单位：European Central Bank; Dortmund University of Technology; IZA Institute Labor Economics; University of Mannheim; Centre for Economic Policy Research - UK
摘要：A key question in labour market research is how the unemployment insurance system affects unemployment rates and labour market dynamics. We provide new answers to this old question by studying one of the largest unemployment insurance reforms in recent decades, the German Hartz reforms. On average, lower separation rates into unemployment account for 76% of declining unemployment after the reform, a fact unexplained by existing research focussing on job-finding rates. Exploiting institutional ...
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作者：Hosseini, Roozbeh; Kopecky, Karen; Zhao, Kai
作者单位：University System of Georgia; University of Georgia; Emory University; University of Connecticut
摘要：Using a dynamic panel approach, we provide empirical evidence that negative health shocks significantly reduce earnings. The effect is primarily driven by the participation margin and is concentrated among the less educated and those in poor health. Next, we develop a life-cycle model of labour supply featuring risky and heterogeneous frailty profiles that affect individuals' productivity, likelihood of access to social insurance, disutility from work, mortality, and medical expenses. Individu...
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作者：Ghosh, Arkadev; Kundu, Prerna; Lowe, Matt; Nellis, Gareth
作者单位：Duke University; University of British Columbia; University of California System; University of California San Diego
摘要：Non-family-based institutions for socializing young people may play a vital role in creating close-knit, inclusive communities. We study the potential for youth camps-integrating rituals, sports, and civics training-to strengthen intergroup cohesion. We randomly assigned Hindu and Muslim adolescent boys, from West Bengal, India, to 2-week camps or to a pure control arm. To isolate mechanisms, we cross-randomized collective rituals (such as singing the national anthem, wearing uniforms, chantin...
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作者：Blanchard, Emily J.; Bown, Chad P.; Johnson, Robert C.
作者单位：Dartmouth College; Center for Economic & Policy Research (CEPR); Peterson Institute for International Economics; University of Notre Dame; National Bureau of Economic Research
摘要：How do global value chain (GVC) linkages modify countries' incentives to impose import protection? Are these linkages important determinants of trade policy in practice? We develop a new approach to modelling tariff setting with GVCs, in which optimal policy depends on the nationality of value-added content embedded in home and foreign final goods. Theory predicts that discretionary tariffs will be decreasing in the domestic content of foreign-produced final goods and the foreign content of do...
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作者：Kawai, Kei; Nakabayashi, Jun; Ortner, Juan
作者单位：University of California System; University of California Berkeley; University of Tokyo; Kyoto University; Boston University
摘要：We study how incentive constraints can be relaxed by randomization in a repeated-game setting. Our study is motivated by the workings of a detected bidding cartel that adopted a protocol of keeping the winning bid secret from the designated losers when defection was a concern. Keeping the winning bid secret makes accurately undercutting the winning bid more difficult and makes defection less attractive as potential defectors risk not winning the auction even if they deviate. We formalize these...
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作者：Araujo, Rafael; Costa, Francisco; Sant'Anna, Marcelo
作者单位：Getulio Vargas Foundation; Getulio Vargas Foundation
摘要：This paper estimates the Brazilian Amazon's carbon-efficient forest cover-i.e. when farmers internalize the social cost of carbon. We propose a dynamic discrete choice land-use model and estimate it using a panel of land use and carbon stock of 5.7 billion pixels between 2008 and 2017. The business-as-usual scenario implies an inefficient release of 42 billion tons of CO2 in the long run, resulting from the deforestation of an area twice the size of France. A carbon tax that makes farmers inte...
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作者：Ale-Chilet, Jorge; Chen, Cuicui; Li, Jing; Reynaert, Mathias
作者单位：Universidad de los Andes - Chile; State University of New York (SUNY) System; University at Albany, SUNY; Tufts University; Communaute d'universites et etablissements de Toulouse (Comue); Universite Toulouse 1 Capitole; Toulouse School of Economics
摘要：We study collusion among firms against imperfectly monitored environmental regulation. Firms increase variable profits by violating regulation and reduce expected noncompliance penalties by violating jointly. We consider a case of three German automakers colluding to reduce the effectiveness of emissions control technology. By estimating a structural model of the European automobile industry from 2007 to 2018, we find that collusion lowers expected noncompliance penalties substantially and inc...
