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作者：Hjort, Jonas; Li, Xuan; Sarsons, Heather
作者单位：University of London; University College London; Centre for Economic Policy Research - UK; University of Oslo; Hong Kong University of Science & Technology; University of British Columbia; National Bureau of Economic Research
摘要：Many employers link wages at establishments outside of the home region to the level at headquarters. We show this using new data on 1,200 multinationals' establishments across the world and linked employee-level data on their establishments in Brazil. Headquarters wage changes arising from minimum wage and exchange rate shocks are partially transmitted to workers employed in the same position abroad. Wage change transmission appears to be direct and results from firm-wide wage-setting procedur...
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作者：Choi, Jay Pil; Jeon, Doh-Shin; Whinston, Michael D.
作者单位：Michigan State University; Communaute d'universites et etablissements de Toulouse (Comue); Universite Toulouse 1 Capitole; Toulouse School of Economics; Massachusetts Institute of Technology (MIT)
摘要：We develop a leverage theory of tying in markets with network effects. When a monopolist in one market cannot perfectly extract surplus from consumers, tying can be a mechanism through which unexploited consumer surplus is used as a demand-side leverage to create a quasi-installed base advantage in another market characterized by network effects. Our mechanism does not require any precommitment to tying; rather, tying emerges as a best response that lowers the quality of tied-market rivals. W...
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作者：Fornaro, Luca; Romei, Federica
作者单位：Centre de Recerca en Economia Internacional (CREI); Barcelona School of Economics; Pompeu Fabra University; Centre for Economic Policy Research - UK; University of Oxford
摘要：We study optimal monetary policy during times of global scarcity of tradable goods. The optimal monetary response entails a surge in inflation, which helps rebalance production toward the tradable sector. While the inflation costs are fully borne domestically, however, the gains in terms of higher supply of tradable goods partly spill over to the rest of the world. National central banks may thus fall into a coordination trap and implement an excessively tight monetary policy causing an unnece...
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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：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：Eeckhout, Jan; Fu, Chunyang; Li, Wenjian; Weng, Xi
作者单位：Pompeu Fabra University; Centre de Recerca en Economia Internacional (CREI); Central University of Finance & Economics; Zhejiang University; Peking University
摘要：Should optimal income taxation change when firms have market power? We analyze how the planner can optimally tax labor income of workers and profits of entrepreneurs. We derive optimal tax rates that depend on markups and identify four distinct components: the Mirrleesian incentive effect, the Pigouvian tax correction of the negative externality of market power, redistribution through altered factor prices, and reallocation of output toward the most productive firms. We quantify the optimal ta...
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作者：Chetty, Raj; Friedman, John N.; Hendren, Nathaniel; Jones, Maggie R.; Porter, Sonya R.
作者单位：Harvard University; National Bureau of Economic Research; Brown University; Massachusetts Institute of Technology (MIT)
摘要：We construct a public atlas of mean outcomes in adulthood by childhood census tract. Outcomes vary sharply across neighborhoods: For children whose parents earn $27,000, the standard deviation of mean household income in adulthood is $10,420 across tracts within counties. Only half the variation in outcomes is explained by traditional measures of neighborhood opportunity like poverty rates. Experimental and quasi-experimental estimates indicate 60 percent of the variation in outcomes across ne...
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作者：Chen, Jaden Yang
作者单位：University of North Carolina; University of North Carolina Chapel Hill
摘要：This paper investigates a sequential social learning problem in which individuals face ambiguity about others' signal structures and have max-min expected utility preferences, thereby exhibiting ambiguity aversion. Unlike previous findings, which suggest that learning outcomes depend on the specifics of the learning environment, this study establishes information cascades as a robust outcome under ambiguity. With sufficient ambiguity, cascades arise almost surely, regardless of the statistical...
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作者：Sigstad, Henrik
作者单位：BI Norwegian Business School
摘要：Judge IV designs rely on monotonicity-each judge being weakly stricter than more lenient judges in all cases. I measure monotonicity in judicial panels in five different settings and find that it is violated in up to 50 percent of nonunanimous cases. The monotonicity violations are not detected by conventional tests, but they would typically induce little bias in judge IV estimates. (JEL C26, K41, K42, O17)
