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作者：Aman-Rana, Shan; Minaudier, Clement
作者单位：West Virginia University
摘要：Digitization reforms have been hailed as an effective way of strengthening state capacity. However, digitization can also fundamentally reshape the organization of bureaucracies. Using a unique administrative dataset on agricultural taxation and surveys of local bureaucrats from Punjab, Pakistan, we show that digitization reforms can have unintended consequences for state capacity. We exploit the staggered rollout of the digitization of land records in Punjab to show that digitization had a ne...
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作者：Zenou, Yves; Zhou, Junjie
作者单位：Monash University; Tsinghua University
摘要：We develop a simple multilayer network model in which agents allocate effort across layers with heterogeneous structures, subject to an aggregate effort constraint. Incentives are shaped by agents' network positions within each layer, and equilibrium behavior reflects both within-and cross-layer interactions. We analyze how shocks propagate through the network and characterize optimal targeting interventions. Our results show that effective policy design must account for effort allocation acro...
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作者：Wittwer, Milena; Allen, Jason
作者单位：Columbia University; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); Bank of Canada; University of Wisconsin System; University of Wisconsin Madison
摘要：We explore how traders' equity capitalization influences asset prices in a framework that accounts for market power. In our model, traders with capital constraints engage in transactions in an imperfectly competitive market. We demonstrate that looser capital constraints elevate both asset prices and price impact, the latter diminishing market liquidity. Using Canadian Treasury auction data, we illustrate how to apply our model to quantify these effects. We estimate the shadow costs of capital...
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作者：Khanna, Gaurav; Murathanoglu, Emir; Theoharides, Caroline; Yang, Dean
作者单位：University of California System; University of California San Diego; University System of Ohio; Oberlin College; Amherst College; University of Michigan System; National Bureau of Economic Research; University of Michigan
摘要：We study how international migrant income prospects affect long-run development in origin areas. We leverage the 1997 Asian Financial Crisis exchange rate shocks in a shift-share identification strategy across Philippine provinces. Initial migrant income shocks are magnified six-fold over time, increasing domestic income, education levels, migrant skills, and high-skilled migration. Remarkably, 74.9 percent of long-run income gains come from domestic rather than migrant income. Trade driven im...
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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：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：Danieli, Oren; Nevo, Daniel; Walk, Itai; Weinstein, Bar; Zeltzer, Dan
作者单位：Tel Aviv University; University of California System; University of California Berkeley
摘要：The validity of instrumental variable (IV) designs is typically tested using two types of falsification tests. We characterize these tests as conditional independence tests between negative control variables - proxies for unobserved variables posing a threat to the identification - and the IV or the outcome. We describe the conditions variables must satisfy in order to serve as negative controls. We show these falsification tests examine not only independence and the exclusion restriction but ...
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作者：Garleanu, Nicolae; Panageas, Stavros; Zheng, Geoffery
摘要：We provide a model to explain how the interaction between the spot and lending markets for stocks can lead to abrupt changes in short selling activity. Furthermore, rational short sellers may choose to abandon the market even as mispricing widens. We document empirically that the dynamics of short selling are fat tailed and subject to abrupt changes, especially for the stocks that the model identifies as susceptible to such dynamics. (JEL G11, G12, G14, G41)
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作者：Okeke, Edward N.
摘要：Why do health facilities in developing countries do so poorly? This paper examines the role of financial constraints. I describe an experiment in which we surprised health workers in randomly selected public health clinics in Nigeria with a (sic)600,000 grant paid out in installments over one year. Its administration was left entirely to health workers. The award led to large productivity gains. Using expenditure data combined with novel textual data, I provide an explanation for these effects...
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作者：Basak, Deepal; Deb, Joyee; Kuvalekar, Aditya
作者单位：Indiana University System; Indiana University Bloomington; New York University; University of Essex
摘要：We study a canonical collective action game with incomplete information. Individuals attempt to coordinate to achieve a shared goal, while also facing a temptation to free-ride. More similar information can help them coordinate, but it can also exacerbate free-riding. Our main result shows that more similar information facilitates (impedes) achieving the common goal when it is sufficiently challenging (easy). We apply this insight to show why less powerful authoritarian governments may face la...
