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作者：Ai, Hengjie; Bansal, Ravi; Guo, Hongye; Yaron, Amir
作者单位：University of Wisconsin System; University of Wisconsin Madison; Duke University; National Bureau of Economic Research; University of Hong Kong; Bank of Israel
摘要：This paper develops an asset market-based test for preference for the timing of resolution of uncertainty. Our main theorem provides a characterization of preference for early resolution of uncertainty in terms of the risk premium realized during the period when the informativeness of macroeconomic announcements is resolved. Empirically, we find support for preference for early resolution of uncertainty based on evidence on the dynamics of the implied volatility of S&P 500 index options before...
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作者：Morchio, Iacopo; Moser, Christian
作者单位：University of Bristol; Columbia University; National Bureau of Economic Research; Centre for Economic Policy Research - UK; Leibniz Association; Ifo Institut
摘要：Using linked employer-employee data from Brazil, we document a significant gender pay gap, which is largely attributed to women working at lower-paying employers. To interpret this fact, we develop an equilibrium search model with endogenous firm pay, amenities, and hiring. We provide a constructive proof of identification of all model parameters. The estimated model suggests that amenities are important for both men and women, and that compensating differentials account for half of the gender...
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作者：Wittwer, Milena; Allen, Jason
作者单位：Columbia University; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); Bank of Canada; University of Wisconsin System; University of Wisconsin Madison
摘要：We explore how traders' equity capitalization influences asset prices in a framework that accounts for market power. In our model, traders with capital constraints engage in transactions in an imperfectly competitive market. We demonstrate that looser capital constraints elevate both asset prices and price impact, the latter diminishing market liquidity. Using Canadian Treasury auction data, we illustrate how to apply our model to quantify these effects. We estimate the shadow costs of capital...
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作者：Khanna, Gaurav; Murathanoglu, Emir; Theoharides, Caroline; Yang, Dean
作者单位：University of California System; University of California San Diego; University System of Ohio; Oberlin College; Amherst College; University of Michigan System; National Bureau of Economic Research; University of Michigan
摘要：We study how international migrant income prospects affect long-run development in origin areas. We leverage the 1997 Asian Financial Crisis exchange rate shocks in a shift-share identification strategy across Philippine provinces. Initial migrant income shocks are magnified six-fold over time, increasing domestic income, education levels, migrant skills, and high-skilled migration. Remarkably, 74.9 percent of long-run income gains come from domestic rather than migrant income. Trade driven im...
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作者：Aspelund, Karl M.; Russo, Anna
作者单位：Harvard University
摘要：Mechanisms that aim to reduce environmental degradation at low cost can be undermined when participants' conservation actions are not marginal to the incentive-or additional-as the lowest-cost participants may not be the highest social value. We investigate this challenge in the Conservation Reserve Program's auction mechanism for ecosystem services, linking bids to satellite-derived land use. Three-quarters of marginal auction winners are not additional. The heterogeneity in counterfactual la...
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作者：Jensen, Mathias Fjaellegaard; Zhang, Ning
作者单位：University of Oxford; Chinese University of Hong Kong
摘要：We use Danish administrative data to examine the effects of parental death on labor market outcomes. Leveraging the timing of sudden, first parental deaths and a matched-control difference-in-differences strategy, we find that men's earnings decline by 2 percent, while women's earnings decline by 3 percent following a parental death. Both women and men experience mental health deterioration, leading to increased use of psychological assistance and prescriptions for mental health conditions and...
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作者：Federle, Jonathan; Meier, Andre; Muller, Gernot J.; Mutschler, Willi; Schularick, Moritz
作者单位：Eberhard Karls University of Tubingen; Leibniz Association; Ifo Institut; Eberhard Karls University of Tubingen; Institut d'Etudes Politiques Paris (Sciences Po); Centre for Economic Policy Research - UK
摘要：We assemble a new dataset spanning 150 years and 60 countries to study the economic toll of war. A war of average intensity is associated with an output drop of close to 10 percent in the war-site economy, while consumer prices rise by approximately 20 percent. The capital stock, total factor productivity, and equity returns all decline sharply. The economic ramifications of war are not confined to the war site. The evidence points to adverse economic outcomes in other belligerent and third-pa...
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作者：Kono, Haruki; Saito, Kota; Sandroni, Alec
作者单位：Massachusetts Institute of Technology (MIT); California Institute of Technology
摘要：The random utility model (RUM), a cornerstone in economics, is typically studied under the assumption that choice frequencies of all alternatives are observable. In practice, however, some alternatives have unobservable choice frequencies and are commonly aggregated into a single category called an outside option. We study RUM in such environments and derive a finite, nonredundant system of inequality constraints on observed choice frequencies that characterizes RU-rationalizability. We show t...
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作者：Huitfeldt, Ingrid; Marone, Victoria; Waldinger, Daniel
作者单位：BI Norwegian Business School; Yale University; New York University
摘要：We study the problem of designing a dynamic reassignment mechanism when agents' preferences over objects change over time. In the context of Norway's system for (re)assigning patients to general practitioners (GPs), we provide direct evidence of misallocation under the current mechanism-patients waiting for each others' GPs, but who cannot trade-and estimate a structural model of GP-switching behavior to evaluate alternatives. Introducing top trading cycles (TTC) would, on average, reduce wait...
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作者：Huremovic, Kenan; Jimenez, Gabriel; Moral-benito, Enrique; Peydro, Jose-luis; Vega-redondo, Fernando
作者单位：IMT School for Advanced Studies Lucca; Banco de Espana
摘要：We show that bank shocks to firms propagate along the production network with stronger upstream than downstream effects. Our identification relies on (i) administrative datasets from Spain covering supplier-customer transactions and bank loans, (ii) bank credit supply shocks from the global financial crisis, and (iii) a general equilibrium model of a production network with financial frictions, estimated structurally. We find network propagation amplifies the impact of bank shocks on GDP growt...
