-
作者：Schmidt, Lawrence; Timmermann, Allan; Wermers, Russ
作者单位：University of Chicago; University of California System; University of California San Diego; University System of Maryland; University of Maryland College Park
摘要：We study daily money market mutual fund flows at the individual share class level during September 2008. This fine granularity of data allows new insights into investor and portfolio holding characteristics conducive to run risk in cash-like asset pools. We find that cross-sectional flow data observed during the week of the Lehman failure are consistent with key implications of a simple model of coordination with incomplete information and strategic complementarities. Similar conclusions follo...
-
作者：Bustos, Paula; Caprettini, Bruno; Ponticelli, Jacopo
作者单位：University of Zurich; University of Chicago
摘要：We study the effects of the adoption of new agricultural technologies on structural transformation. To guide empirical work, we present a simple model where the effect of agricultural productivity on industrial development depends on the factor-bias of technical change. We test the predictions of the model by studying the introduction of genetically engineered soybean seeds in Brazil, which had heterogeneous effects on agricultural productivity across areas with different soil and weather char...
-
作者：Deaton, Angus
作者单位：Princeton University
-
作者：Budish, Eric; Roin, Benjamin N.; Williams, Heidi
作者单位：University of Chicago; Massachusetts Institute of Technology (MIT); Massachusetts Institute of Technology (MIT)
-
作者：Jeng, Leslie; Lerner, Josh
作者单位：Harvard University
-
作者：Martin, Susan F.
作者单位：Georgetown University
-
作者：Vermeulen, Philip
作者单位：European Central Bank
-
作者：Malmendier, Ulrike
作者单位：University of California System; University of California Berkeley; University of California System; University of California Berkeley
摘要：An important unresolved issue in the search literature is the question to what extent suboptimal search reflects traditional search frictions, and to what extent it reflects behavioral biases. The distinction is important for assessing welfare, predicting firm behavior, and making policy choices. In order to make progress on this question, we need a precise theoretical distinction and micro data. I argue that Schneider's (2016) analysis and data confirm and complement the main findings in Malm...
-
作者：Korinek, Anton; Simsek, Alp
作者单位：Johns Hopkins University; National Bureau of Economic Research; Massachusetts Institute of Technology (MIT); Centre for Economic Policy Research - UK
摘要：We investigate the role of macroprudential policies in mitigating liquidity traps. When constrained households engage in deleveraging, the interest rate needs to fall to induce unconstrained households to pick up the decline in aggregate demand. If the fall in the interest rate is limited by the zero lower bound, aggregate demand is insufficient and the economy enters a liquidity trap. In this environment, households' ex ante leverage and insurance decisions are associated with aggregate deman...
-
作者：Schmieder, Johannes F.; von Wachter, Till; Bender, Stefan
作者单位：Boston University; National Bureau of Economic Research; IZA Institute Labor Economics; University of California System; University of California Los Angeles; Centre for Economic Policy Research - UK; Deutsche Bundesbank
摘要：We estimate that unemployment insurance (UI) extensions reduce reemployment wages using sharp age discontinuities in UI eligibility in Germany. We show this effect combines two key policy parameters: the effect of UI on reservation wages and the effect of nonemployment durations on wage offers. Our framework implies if UI extensions do not affect wages conditional on duration, then reservation wages do not bind. We derive resulting instrumental variable estimates for the effect of nonemploymen...
