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作者：Faccini, Renato; Lee, Seungcheol; Luetticke, Ralph; Ravn, Morten O.; Renkin, Tobias
作者单位：Bank of Korea; Eberhard Karls University of Tubingen; Centre for Economic Policy Research - UK; University of London; University College London
摘要：We argue that consumer credit spreads matter for household choices and that time-varying spreads have important distributional consequences. Studying Danish household data, we show that consumer credit spreads have heterogeneous impact on asset dynamics and consumption choices across the wealth distribution and that time-varying spreads induce a countercyclical marginal propensity to consume. We study a HANK model where banks provide consumer credit and corporate loans. Through countercyclical...
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作者：Kermani, Amir; Wong, Francis
作者单位：University of California System; University of California Berkeley; National Bureau of Economic Research; University of Munich
摘要：We show that higher rates of distressed home sales (i.e., foreclosures and short sales) among Black and Hispanic homeowners severely reduce realized housing returns for these groups-in particular, to a level below that realized by White homeowners. Yet absent financial distress, houses owned by minorities do not appreciate at substantially slower rates than houses owned by nonminorities. Racial differences in liquidity and income stability, which are imperfectly observed by lenders, are import...
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作者：Schneider, Sebastian O.; Sutter, Matthias
作者单位：Max Planck Society; University of Cologne; University of Innsbruck
摘要：Using new methods, we measure the intensities of higher-order risk preferences (prudence and temperance) in an incentivized experiment with 658 adolescents. Aligned with theory, we find that higher-order risk preferences are strongly related to field behavior, including prevention, health, addictive behavior, and financial decision-making. Most importantly, we show that ignoring prudence and temperance can yield misleading conclusions about the relation of risk preferences to field behavior, a...
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作者：Howitt, Peter
作者单位：Brown University
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作者：Wong, Horng Chern
作者单位：Stockholm University
摘要：I study how firm market power and worker bargaining power shape wages and welfare. Using French micro-data, I document patterns linking wages and firm market power that existing models cannot explain. A model in which firms produce vertically differentiated goods and share profits with workers explains those patterns. The model (i) reveals new challenges in estimating monopsony and bargaining power, proposing an alternative approach; (ii) shows that the passthrough of firm-specific shocks to w...
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作者：Adger, Chandon; Ross, Matthew B.; Sloan, Carly Will
作者单位：Texas A&M University System; Texas A&M University College Station; Northeastern University - China; United States Department of Defense; United States Army
摘要：The influence of on-the-job training and supervisors, especially in high-stakes settings like policing, is poorly understood. Examining a central behavior in the debate surrounding police reform, we investigate the impact of a field training officer (FTO) on a recruit's use of force. Leveraging a setting with conditional as-good-as-random assignment, we demonstrate a causal link between FTO and recruit use of force. A 1 standard deviation increase in FTO force propensity leads to a 14 to 18 pe...
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作者：Albert, Christoph; Glitz, Albrecht; Llull, Joan
作者单位：University of Turin; Collegio Carlo Alberto; Pompeu Fabra University; Barcelona School of Economics; Consejo Superior de Investigaciones Cientificas (CSIC); Barcelona School of Economics
摘要：This paper shows that the wage assimilation of immigrants is the result of the intricate interplay between individual skill accumulation and dynamic labor market equilibrium effects. When immigrants and natives are imperfect substitutes, rising immigrant inflows widen the wage gap between them. Using a production function framework in which workers supply both general and host-country-speciic skills, we show that this labor market competition channel explains about one-ifth of the large increa...
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作者：Johnson, Simon; Rachel, Lukasz; Wolfram, Catherine
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; University of London; University College London; Centre for Economic Policy Research - UK
摘要：What is the optimal response of a resource exporter when a price cap is imposed on its main export? This paper develops a dynamic framework incorporating stochastic prices, financial frictions, and market power to study this novel tool of statecraft. With the right design, a price cap can incentivize increased extraction, stabilizing prices in the global market. But the stabilizing effects diminish when there is leakage outside the cap. Consequently, weak enforcement of the policy worsens the ...
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作者：Gertler, Mark; Huckfeldt, Christopher; Trigari, Antonella
作者单位：New York University; National Bureau of Economic Research; National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve System Board of Governors; Bocconi University; Centre for Economic Policy Research - UK; Bocconi University
摘要：We revisit the role of temporary layoffs in the business cycle. While some have emphasized a stabilizing effect due to recall hiring, we quantify from the data an important countercyclical destabilizing effect due to loss-of-recall, whereby workers in temporary-layoff unemployment lose their job permanently. We develop a quantitative model allowing for endogenous flows of workers across employment and both temporary-layoff and jobless unemployment. The model captures both pre-and post-pandemi...
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作者：Carril, Rodrigo; Gonzalez-Lira, Andres; Walker, Michael S.
作者单位：Pompeu Fabra University; Barcelona School of Economics; Pontificia Universidad Catolica de Chile
摘要：We study the effects of intensifying competition for contracts in the context of US Defense procurement. Leveraging a discontinuous regulation that mandates agencies to publicize certain contract opportunities, we document that expanding the set of bidders reduces award prices but deteriorates post-award performance in terms of cost overruns and delays. We develop and estimate an auction model with endogenous entry and stochastic execution performance, in which the buyer endogenously chooses t...
