The American Economic Review

最新文章

• Disability Insurance and Health Insurance Reform: Evidence from Massachusetts AI翻译
  作者：Maestas, Nicole; Mullen, Kathleen J.; Strand, Alexander
  作者单位：RAND Corporation
• Tax Policy Issues in Designing a Carbon Tax AI翻译
  作者：Marron, Donald B.; Toder, Eric J.
  作者单位：Urban Institute
  摘要：A carbon tax is a promising tool for discouraging the greenhouse gas emissions that cause climate change. In principle, a well-designed tax could reduce the risk of climate change, minimize the cost of emissions reductions, encourage innovation in low-carbon technologies, and raise new public revenue. But designing a real-world carbon tax poses significant challenges. We analyze those challenges from a public finance perspective, emphasizing three tax policy design issues: setting the tax rate...
• Gender and Business Outcomes of Black and Hispanic New Entrepreneurs in the United States AI翻译
  作者：Mora, Marie T.; Davila, Alberto
  作者单位：University of Texas System; University of Texas Rio Grande Valley
• Together at Last: Trade Costs, Demand Structure, and Welfare AI翻译
  作者：Mrazova, Monika; Neary, J. Peter
  作者单位：University of Geneva; University of Surrey; University of London; London School Economics & Political Science; University of Oxford; Center for Economic & Policy Research (CEPR)
• Partnerships versus Corporations: Moral Hazard, Sorting, and Ownership Structure AI翻译
  作者：Kaya, Aya; Vereshchagina, Galina
  作者单位：University of Iowa; Arizona State University; Arizona State University-Tempe
  摘要：Team production takes advantage of technological complementarities but comes with the cost of free-ridership. When workers differ in skills, the choice of sorting pattern may be associated with a nontrivial trade-off between exploiting the technological complementarities and minimizing the cost of free-ridership. This paper demonstrates that whether such a trade-off arises depends (i) on how the power of incentives required for effort provision varies with workers' types, and (ii) on whether t...
• Reputation and Persistence of Adverse Selection in Secondary Loan Markets AI翻译
  作者：Chari, V. V.; Shourideh, Ali; Zetlin-Jones, Ariel
  作者单位：University of Minnesota System; University of Minnesota Twin Cities; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; University of Pennsylvania; Carnegie Mellon University
  摘要：The volume of new issuances in secondary loan markets fluctuates over time and falls when collateral values fall. We develop a model with adverse selection and reputation that is consistent with such fluctuations. Adverse selection ensures that the volume of trade falls when collateral values fall. Without reputation, the equilibrium has separation, adverse selection is quickly resolved, and trade volume is independent of collateral value. With reputation, the equilibrium has pooling and adver...
• Ambiguity Aversion with Three or More Outcomes AI翻译
  作者：Machina, Mark J.
  作者单位：University of California System; University of California San Diego
  摘要：Ambiguous choice problems which involve three or more outcome values can reveal aspects of ambiguity and ambiguity aversion which cannot be displayed in the classic two-outcome Ellsberg urn problems, and hence are not always captured by models designed to accommodate them. These aspects include Allais-type preferences over purely subjective acts, attitudes toward different sources involving different amounts of ambiguity, and attitudes toward ambiguity at different outcome levels. This paper p...
• Estimates of the Size and Source of Price Declines Due to Nearby Foreclosures AI翻译
  作者：Anenberg, Elliot; Kung, Edward
  作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; University of California System; University of California Los Angeles
  摘要：Using new data on real estate listings, we provide new evidence that foreclosures have a causal effect on nearby house prices and disentangle the effect into two sources: competition and disamenities. We identify the causal effect by showing that sellers respond to new REO listings in the exact week of listing, not a week before and not a week after. We disentangle competition and disamenity effects by examining the spillover effect across various stages of the foreclosure process. We find tha...
• Man-Bites-Dog Business Cycles AI翻译
  作者：Nimark, Kristoffer P.
  作者单位：Centre de Recerca en Economia Internacional (CREI); Pompeu Fabra University; Barcelona School of Economics
  摘要：The newsworthiness of an event is partly determined by how unusual it is and this paper investigates the business cycle implications of this fact. Signals that are more likely to be observed after unusual events may increase both uncertainty and disagreement among agents. In a simple business cycle model, such signals can explain why we observe (i) occasional large changes in macroeconomic aggregate variables without a correspondingly large change in underlying fundamentals, (ii) persistent pe...
• Mafia and Public Spending: Evidence on the Fiscal Multiplier from a Quasi-Experiment AI翻译
  作者：Acconcia, Antonio; Corsetti, Giancarlo; Simonelli, Saverio
  作者单位：University of Naples Federico II; University of Cambridge; Center for Economic & Policy Research (CEPR)
  摘要：A law issued to combat political corruption and Mafia infiltration of city councils in Italy has resulted in episodes of large, unanticipated, temporary contractions in local public spending. Using these episodes as instruments, we estimate the output multiplier of spending cuts at provincial level-controlling for national monetary and fiscal policy, and holding the tax burden of local residents constant-to be 1.5. Assuming that lagged spending is exogenous to current output brings the estimat...