-
作者：Angelucci, Manuela; Bennett, Daniel
作者单位：University of Texas System; University of Texas Austin; University of Southern California; University of Southern California
摘要：This study evaluates the impact of depression treatment on economic behavior in Karnataka, India. We cross -randomize pharmacotherapy and livelihoods assistance among 1,000 depressed adults and evaluate impacts on depression severity, socioeconomic outcomes, and several potential pathways. When combined, the interventions reduce depression severity, with benefits that persist after treatment concludes. Pharmacotherapy alone has a weaker effect that is only marginally significant and dissipates...
-
作者：Braghieri, Luca
作者单位：Bocconi University
摘要：A prominent argument in the political correctness debate is that people feel pressure to publicly espouse sociopolitical views they do not privately hold, and that such misrepresentations might render public discourse less vibrant and informative. This paper formalizes the argument in terms of social image and evaluates it experimentally in the context of college campuses. The results show that (i) social image concerns drive a wedge between the sensitive sociopolitical attitudes that college ...
-
作者：Piguillem, Facundo; Riboni, Alessandro
作者单位：Centre for Economic Policy Research - UK
摘要：Once established, government spending programs tend to continue. A commonly held view is that spending inertia leads to unsustainable debt, ultimately requiring fiscal adjustments such as sequestration. We show that by insuring against political turnover, inertia may reduce politicians' incentives to accumulate debt. However, large preexisting commitments and the prospect of future stabilization can lead to overspending to dilute past administrations' commitments. Finally, we show that politic...
-
作者：Bryan, Gharad; Karlan, Dean; Osman, Adam
作者单位：University of London; London School Economics & Political Science; Centre for Economic Policy Research - UK; Northwestern University; National Bureau of Economic Research; University of Illinois System; University of Illinois Urbana-Champaign
摘要：We experimentally study the impact of relatively large enterprise loans in Egypt. Larger loans generate small average impacts, , but machine learning using psychometric data reveals top performers ( those with the highest predicted treatment effects) ) substantially increase profits, , while profits drop for poor performers. The large differences imply that lender credit allocation decisions matter for aggregate income, , yet we find existing practice leads to substantial misallocation. We ar...
-
作者：Herbst, Daniel; Hendren, Nathaniel
作者单位：University of Arizona; Massachusetts Institute of Technology (MIT)
摘要：We examine whether adverse selection has unraveled private markets for equity and state-contingent debt contracts for financing higher education. Using survey data on beliefs , we show a typical college-goer would have to repay $1.64 in present value for every $1 of financing to overcome adverse selection in an equity market. We find that riskaverse college-goers are not willing to accept these terms , so markets unravel. We discuss why moral hazard , biased beliefs , and outside credit option...
-
作者：Kekre, Rohan; Lenel, Moritz
作者单位：National Bureau of Economic Research; Princeton University
摘要：We study a business cycle model of the international monetary system featuring a time -varying demand for safe dollar bonds , greater risk -bearing capacity in the United States than the rest of the world , and nominal rigidities. A flight to safety generates a dollar appreciation and decline in global output. Dollar bonds thus command a negative risk premium, and the United States holds a levered portfolio of capital financed in dollars. We quantify the effects of safety shocks and heterogene...
-
作者：Ellison, Martin; Lee, Sang Seok; O'Rourke, Kevin Hjortshoj
作者单位：University of Oxford; Ihsan Dogramaci Bilkent University; New York University; New York University Abu Dhabi
摘要：How did countries recover from the Great Depression? In this paper, we explore the argument that leaving the gold standard helped by boosting inflationary expectations, lowering real interest rates, and stimulating interest -sensitive expenditures. We do so for a sample of 27 countries, using modern nowcasting methods and a new dataset containing more than 230,000 monthly and quarterly observations for over 1,500 variables. In those cases where the departure from gold happened on well-defined ...
-
作者：Haghpanah, Nima; Kuvalekar, Aditya; Lipnowski, Elliot
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University of Essex; Yale University
摘要：A buyer procures a good owned by a group of sellers whose heterogeneous cost of trade is private information. The buyer must either buy the whole good or nothing , , and sellers share the transfer in proportion to their share of the good. We characterize the optimal mechanism: trade occurs if and only if the buyer's benefit of trade exceeds a weighted average of sellers' virtual costs. These weights are endogenous , , with sellers who are ex ante less inclined to trade receiving higher weight....
-
作者：Amador, Manuel; Bianchi, Javier
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; University of Minnesota System; University of Minnesota Twin Cities
摘要：We present a tractable dynamic general equilibrium model of self-fulfilling bank runs , where banks trade capital in competitive and liquid markets but remain vulnerable to runs due to a loss of creditor confidence. We characterize how the vulnerability of an individual bank depends on its leverage position and the economy-wide asset prices. We study the effect of credit easing policies , in the form of asset purchases. When a banking crisis is generated by runs , credit easing can reduce the ...
-
作者：Kim, Seongeun; Tertilt, Michele; Yum, Minchul
作者单位：Sejong University; University of Mannheim; University of Southampton
摘要：South Koreans appear to be preoccupied with their offspring's education and also have the lowest total fertility rate in the world. We propose a novel theory with status externalities and endogenous fertility connecting these facts, motivated by novel empirical evidence on private education spillovers. Using a quantitative model calibrated to Korea, we find that fertility would be 28 percent higher without the externality. We explore the effects of government policy: a pro-natal transfer or an...
