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作者：Aladangady, Aditya
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：Rising home values also raise the cost of living, offsetting their impact on consumption. However, additional home equity collateral can loosen borrowing constraints, increasing spending for households that value their current endowment of housing highly. I use geographically linked microdata to exploit regional heterogeneity in housing markets and identify the causal effect of house price fluctuations on consumer spending. A $1 increase in home values leads to a $0.047 increase in spending fo...
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作者：Adam, Klaus; Marcet, Albert; Beutel, Johannes
作者单位：University of Mannheim; Centre for Economic Policy Research - UK; Autonomous University of Barcelona; Consejo Superior de Investigaciones Cientificas (CSIC); CSIC - Institut d'Analisi Economica (IAE); Barcelona School of Economics; ICREA; Centre for Economic Policy Research - UK; Deutsche Bundesbank
摘要：Investors' subjective capital gains expectations are a key element explaining stock price fluctuations. Survey measures of these expectations display excessive optimism (pessimism) at market peaks (troughs). We formally reject the hypothesis that this is compatible with rational expectations. We then incorporate subjective price beliefs with such properties into a standard asset-pricing model with rational agents (internal rationality). The model gives rise to boom-bust cycles that temporarily...
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作者：Chao, Yong; Yao, Chen; Ye, Mao
作者单位：University of Louisville; University of Warwick; University of Illinois System; University of Illinois Urbana-Champaign
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作者：Duflo, Esther
作者单位：Massachusetts Institute of Technology (MIT)
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作者：Mrazova, Monika; Neary, J. Peter
作者单位：University of Geneva; University of Oxford; Leibniz Association; Ifo Institut
摘要：We show that any well-behaved demand function can be represented by its demand manifold, a smooth curve that relates the elasticity and convexity of demand. This manifold is a sufficient statistic for many comparative statics questions; leads naturally to characterizations of new families of demand functions that nest most of those used in applied economics; and connects assumptions about demand structure with firm behavior and economic performance. In particular, the demand manifold leads to ...
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作者：Bursztyn, Leonardo; Fujiwara, Thomas; Pallais, Amanda
作者单位：University of Chicago; National Bureau of Economic Research; Princeton University; Canadian Institute for Advanced Research (CIFAR); Harvard University
摘要：Do single women avoid career-enhancing actions because these actions signal undesirable traits, like ambition, to the marriage market? While married and unmarried female MBA students perform similarly when their performance is unobserved by classmates (on exams and problem sets), unmarried women have lower participation grades. In a field experiment, single female students reported lower desired salaries and willingness to travel and work long hours on a real-stakes placement questionnaire whe...
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作者：Kleiner, Andreas; Moldovanu, Benny
作者单位：Arizona State University; Arizona State University-Tempe; University of Bonn
摘要：We analyze sequential, binary voting schemes in settings where several privately informed agents have-single-peaked preferences over a finite set of alternatives, and we focus on robust equilibria that do not depend on assumptions about the players' beliefs about each other. Our main results identify two intuitive conditions on binary voting trees, ensuring that sincere voting at each stage forms an ex post perfect equilibrium. In particular, we uncover a strong rationale for content-based age...
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作者：Johnson, William R.; Markel, Kelly
作者单位：University of Virginia
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作者：Lyons, Elizabeth; Zhang, Laurina
作者单位：University of California System; University of California San Diego; Western University (University of Western Ontario)
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作者：Blattman, Christopher; Jamison, Julian C.; Sheridan, Margaret
作者单位：University of Chicago; University of North Carolina; University of North Carolina Chapel Hill
摘要：We show that a number of noncognitive skills and preferences, including patience and identity, are malleable in adults, and that investments in them reduce crime and violence. We recruited criminally engaged men and randomized one-half to eight weeks of cognitive behavioral therapy designed to foster self-regulation, patience, and a noncriminal identity and lifestyle. We also randomized $200 grants. Cash alone and therapy alone initially reduced crime and violence, but effects dissipated over ...
