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作者：Aghion, Philippe
作者单位：INSEAD Business School; University of London; London School Economics & Political Science
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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：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：Garcia-Hombrados, Jorge; Jansen, Marcel; Martinez, Angel; Ozcan, Berkay; Rey-Biel, Pedro; Roldan-Mones, Antonio
作者单位：Autonomous University of Madrid; Universidad Carlos III de Madrid; IZA Institute Labor Economics; University of London; London School Economics & Political Science; New York University; New York University Abu Dhabi; Universitat Ramon Llull
摘要：The implementation of evidence-based policies hinges on the dissemination of evidence to policymakers, a process influenced by the attributes of the sender. We conducted a nationwide RCT with ideologically opposite think tanks, major newspapers, and a research institution with nonsalient ideology to communicate a nonideological, cost-effective policy to local policymakers. Results show a 65 percent increase in policy adoption when informing institutions align ideologically with policymakers. W...
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作者：Hahn, Robert W.; Hendren, Nathaniel; Metcalfe, Robert D.; Sprung-Keyser, Ben
作者单位：University of Oxford; Carnegie Mellon University; Massachusetts Institute of Technology (MIT); Columbia University; National Bureau of Economic Research; University of Pennsylvania
摘要：0
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作者：Mokyr, Joel
作者单位：Northwestern University; Northwestern University; Tel Aviv University
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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：Afrouzi, Hassan; Halac, Marina; Rogoff, Kenneth; Yared, Pierre
作者单位：Columbia University; National Bureau of Economic Research; Yale University; Centre for Economic Policy Research - UK; Harvard University; Columbia University
摘要：This paper studies the implications of central bank credibility for long-run inflation and inflation dynamics. We introduce central bank lack of commitment into a standard nonlinear New Keynesian economy with sticky-price monopolistically competitive firms. Inflation is driven by the interaction of lack of commitment and the economic environment. We show that long-run inflation increases following an unanticipated permanent increase in the labor wedge or decrease in the elasticity of substitut...
