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作者：Hazell, Jonathon; Taska, Bledi
作者单位：University of London; London School Economics & Political Science
摘要：Wage rigidity is an important explanation for unemployment fluctuations. In benchmark models wages for new hires are key, but there is limited evidence on this margin. We use wages posted on vacancies, with job and establishment information, to measure the wage for new hires. We show that our measure of the wage for new hires is rigid downward and flexible upward, in two steps. First, wages change infrequently at the job level, and fall especially rarely. Second, wages do not respond to rises ...
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作者：Bursztyn, Leonardo; Handel, Benjamin; Jimenez-Duran, Rafael; Roth, Christopher
作者单位：University of Chicago; National Bureau of Economic Research; University of California System; University of California Berkeley; Bocconi University; Bocconi University; Leibniz Association; Ifo Institut; University of Cologne; Max Planck Society; Norwegian School of Economics (NHH); Centre for Economic Policy Research - UK
摘要：Individuals might experience negative utility from not consuming a popular product. With such externalities to nonusers, standard consumer surplus measures, which take aggregate consumption as given, fail to appropriately capture consumer welfare. We propose an approach to account for these externalities and apply it to estimate consumer welfare from two social media platforms: TikTok and Instagram. Incentivized experiments with college students indicate positive welfare based on the standard ...
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作者：Dillenberger, David; Segal, Uzi
作者单位：University of Pennsylvania; Boston College
摘要：Consider an economy with equal amounts of N types of goods, to be allocated to agents with strict quasi-convex preferences over lotteries. We show that ex ante, all Pareto-efficient allocations give almost all agents lotteries over at most two outcomes. Our results provide a simple criterion showing that many popular allocation mechanisms are ex ante inefficient. For the case of identical preferences, we establish existence of an efficient solution where all lotteries used are equally attracti...
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作者：Dhyne, Emmanuel; Kikkawa, Ayumu Ken; Komatsu, Toshiaki; Mogstad, Magne; Tintelnot, Felix
作者单位：European Central Bank; National Bank of Belgium; University of British Columbia; National Bureau of Economic Research; National Taiwan University; University of Chicago; Duke University
摘要：We quantify the firm responses and real wage effects of foreign demand shocks. We use Belgian microdata to construct firm-specific measures of demand shocks, which capture that firms pass on foreign demand shocks to domestic suppliers. Our estimates of firm responses to these shocks suggest that firms face upward-sloping labor supply curves and have sizable fixed labor costs. We specify a general equilibrium model with these features to quantify the aggregate effects of simulated tariff shocks...
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作者：Hughes, Niall
作者单位：University of London; King's College London
摘要：I study multidistrict legislative elections with two parties and two binary dimensions of policy. Strategic voters focus on the dimension where their district is most likely to be pivotal in the legislature. Anticipating this, candidates select different policies than they would in single-district elections. The final policy is (i) uniquely pinned down by voter preferences, (ii) preferred by a majority of districts on each dimension, and (iii) a Condorcet winner if one exists. These properties...
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作者：Braxton, J. Carter; Herkenhoff, Kyle; Rothbaum, Jonathan; Schmidt, Lawrence
作者单位：University of Wisconsin System; University of Wisconsin Madison; University of Minnesota System; University of Minnesota Twin Cities; National Bureau of Economic Research; Massachusetts Institute of Technology (MIT)
摘要：For whom has earnings risk changed, and why? We answer these questions by combining the Kalman filter and EM algorithm to estimate persistent and temporary earnings for every individual at every point in time. We apply our method to administrative earnings linked with survey data. We show that since the 1980s, persistent earnings risk rose by 12.5 percent for both employed and unemployed workers and the scarring effects of unemployment doubled. At the same time, temporary earnings risk decline...
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作者：Mian, Atif; Straub, Ludwig; Sufi, Amir
作者单位：National Bureau of Economic Research
摘要：We develop a tractable framework for deficit and debt dynamics. A free lunch fiscal deficit-one that raises spending without higher future taxes-is sustainable without zero lower bound (ZLB) only when R < G-phi, where phi is the sensitivity of the interest rate to the debt level. With the ZLB, both high and low deficits can increase debt, as the latter weaken demand and reduce nominal growth at the ZLB. A rise in income inequality expands fiscal space outside the ZLB, but contracts it at the Z...
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作者：Chyn, Eric; Daruich, Diego
作者单位：University of Texas System; University of Texas Austin; National Bureau of Economic Research; University of Southern California
摘要：This paper studies housing vouchers and urban redevelopment programs by incorporating neighborhood effects into a general equilibrium overlapping-generations model with endogenous location choice and child development. We calibrate the model using US data and estimate impacts of large-scale implementations of rental voucher and place-based subsidy policies. Our core finding is that vouchers generate long-run welfare gains by reducing inequality and generating skill improvements that offset hig...
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作者：Bucher-Koenen, Tabea; Hackethal, Andreas; Koenen, Johannes; Laudenbach, Christine
作者单位：Leibniz Association; Zentrum fur Europaische Wirtschaftsforschung (ZEW); University of Mannheim; Goethe University Frankfurt
摘要：Based on data gathered from 27,000 real-world meetings between financial advisors and clients of a large German bank, we show that advisors offer more self-serving advice to women, while men are more likely to receive sales fee rebates and less likely to be recommended expensive in-house multi-asset (IHMA) funds. Additional client and advisor surveys provide evidence consistent with statistical discrimination based on gender as a proxy for client financial sophistication, with female clients e...
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作者：Cattan, Sarah; Salvanes, Kjell G.; Tominey, Emma
作者单位：University of London; London School Economics & Political Science; Norwegian School of Economics (NHH); University of York - UK
摘要：High school students from non-elite backgrounds are less likely to have peers with elite-educated parents than their elite counterparts. This difference in social capital is a key driver of the high intergenerational persistence in elite education. We identify a positive elite peer effect on enrollment in elite programs and labor market earnings, then disentangle underlying mechanisms. Exploiting a lottery in assessment, a causal mediation analysis shows the overall positive peer effect reflec...
