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作者：Montag, Felix
作者单位：New York University; Centre for Economic Policy Research - UK
摘要：Policy choices often create trade-offs between workers and consumers. I examine how foreign competition alters the consumer welfare and domestic employment effects of mergers. I construct a model incorporating consumer demand, endogenous product portfolios, and employment decisions. Applying the model to Whirlpool's acquisition of Maytag in the appliance industry, I compare the observed merger to a counterfactual acquisition by a foreign buyer. Although Whirlpool's acquisition decreased consum...
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作者：Schaede, Ursina; Mankki, Ville
作者单位：Tufts University; University of Jyvaskyla
摘要：We evaluate equity-efficiency trade-offs from admissions quotas by examining effects on output once beneficiaries start producing in the relevant industry. We estimate the impact of abolishing a 40 percent quota for male primary school teachers on their pupils' long-run outcomes. We combine this reform with the timing of union-bargained teacher retirements to isolate quasi-random variation in male quota teachers. Pupils exposed to male quota teachers transition more smoothly to postcompulsory ...
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作者：Kumar, Noor; Lee, Uyseok; Lowe, Matt; Ogunnote, Olaitan
作者单位：University of British Columbia
摘要：Weekly lotteries determine which politicians ask the UK prime minister a question in front of a male-dominated, noisy chamber. Lottery winners receive 4 percent higher vote margin in the next election, but women are 12 percent less likely to submit questions than same-cohort men. The gender gap does not close with lottery-induced experience asking a question, but it closes after a format change, with questions asked to a smaller, quieter audience. The switch differentially draws in women with ...
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作者：Bordalo, Pedro; Gennaioli, Nicola; Shleifer, Andrei; Terry, Stephen J.
作者单位：University of Oxford; Bocconi University; Harvard University
摘要：We embed diagnostic expectations in a workhorse neoclassical model with heterogeneous firms and risky debt. A realistic degree of overreaction estimated from US firms' earnings forecasts generates realistic credit cycles. Good times produce economic and financial fragility, predicting future disappointment of expectations, low bond returns, and investment declines. To generate the size of spread increases observed during 2007-2009, the model requires only moderate negative shocks. Diagnostic e...
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作者：Hankins, Kristine W.; Momeni, Morteza; Sovich, David
作者单位：University of Kentucky; Tennessee Technological University
摘要：Captive finance subsidiaries create a channel for trade policy to affect consumer credit. Examining the impact of the Trump administration's metal tariffs on captive automobile lenders, we find that consumers received higher interest rates from captive lenders after the tariffs relative to unaffected noncaptive lenders. Further, we document a disparate impact on low-income borrowers and in areas with less lending competition. Our results suggest that tariffs may impact not only the price of go...
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作者：Acharya, Sushant; Benhabib, Jess
作者单位：University of Melbourne; Centre for Economic Policy Research - UK; New York University; National Bureau of Economic Research
摘要：We show that in heterogeneous agent New Keynesian (HANK) economies with countercyclical risk, the natural interest rate is endogenous and co-moves with output, leaving the economy susceptible to self-fulfilling fluctuations. Unlike in representative agent New Keynesian models, the Taylor principle is not sufficient to guarantee uniqueness of equilibrium in HANK if risk is even mildly counter-cyclical: Multiple bounded equilibria exist, no matter how strongly monetary policy responds to changes...
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作者：Wiebe, Michael
摘要：Moretti ( (2021 (2021) reports a positive elasticity between technology cluster size and patenting, and uses an event study and instrumental variables regressions to justify a causal interpretation. The event study does not use the variation generated by inventors moving across cities, and the instrument is constructed incorrectly due to a coding error. I run a corrected event study and fix the coding error, and find null effects. The reported elasticity may not be causal.
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作者：Ba, Cuimin
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
摘要：This paper studies which misspecified models are likely to persist when decision-makers compare them with competing models. The main result characterizes such models based on two features that can be derived from primitives: The model's asymptotic accuracy in predicting the equilibrium distribution of observed outcomes and the tightness of the prior around such equilibria. Misspecified models can be robust, persisting against any arbitrary competing model-including the true model-despite decis...
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作者：Ager, Philipp; Goni, Marc; Salvanes, Kjell G.
作者单位：University of Mannheim; Centre for Economic Policy Research - UK; University of Bergen; Norwegian School of Economics (NHH)
摘要：This paper studies how gender-biased technological change in agriculture affected women's work in twentieth-century Norway. In the 1950s, dairy farms began widely adopting milking machines to replace milking cows by hand, a task typically performed by young women. We show that the machines pushed rural young women in dairy-intensive areas out of farming. The displaced women moved to cities where they acquired more education and found better-paying, skilled employment. Our results suggest that ...
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作者：Gowrisankaran, Gautam; Langer, Ashley; Reguant, Mar
作者单位：Columbia University; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research; University of Arizona
摘要：Natural gas has replaced coal as the dominant fuel for US electricity generation. However, utilities in regulated US states have retired coal more slowly than others. We build a structural model of rate-of-return regulation during an energy transition where utilities face trade-offs between lowering costs and maintaining and using legacy capacity. A regulated utility facing carbon taxes lowers short-run coal generation 48 percent as much as a cost minimizer would. Thirty years after a sudden e...
