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作者：Stevenson, Betsey; Wolfers, Justin
作者单位：University of Michigan System; University of Michigan; University of Michigan System; University of Michigan
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作者：Koren, Miklos; Tenreyro, Silvana
作者单位：Central European University; University of London; London School Economics & Political Science
摘要：Economies at early stages of development are frequently shaken by large changes in growth rates, whereas advanced economies tend to experience relatively stable growth rates. To explain this pattern, we propose a model of technological diversification. Production makes use of input-varieties that are subject to imperfectly correlated shocks. Endogenous variety adoption by firms raises average productivity and provides diversification benefits against variety-specific shocks. Firm-level and agg...
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作者：Field, Erica; Pande, Rohini; Papp, John; Rigol, Natalia
作者单位：Duke University; Harvard University; Massachusetts Institute of Technology (MIT)
摘要：Do the repayment requirements of the classic microfinance contract inhibit investment in high-return but illiquid business opportunities among the poor? Using a field experiment, we compare the classic contract which requires that repayment begin immediately after loan disbursement to a contract that includes a two-month grace period. The provision of a grace period increased short-run business investment and long-run profits but also default rates. The results, thus, indicate that debt contra...
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作者：Correia, Isabel; Farhi, Emmanuel; Nicolini, Juan Pablo; Teles, Pedro
作者单位：Banco de Portugal; Universidade Catolica Portuguesa; Harvard University; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; Universidad Torcuato Di Tella
摘要：When the zero lower bound on nominal interest rates binds, monetary policy cannot provide appropriate stimulus. We show that, in the standard New Keynesian model, tax policy can deliver such stimulus at no cost and in a time-consistent manner. There is no need to use inefficient policies such as wasteful public spending or future commitments to low interest rates. (JEL E12, E43, E52, E62, H20)
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作者：Hendel, Igal; Nevo, Aviv
作者单位：Northwestern University
摘要：We study intertemporal price discrimination when consumers can store for future consumption needs. We offer a simple model of demand dynamics, which we estimate using market-level data. Optimal pricing involves temporary price reductions that enable sellers to discriminate between price sensitive consumers, who stockpile for future consumption, and less price-sensitive consumers, who do not stockpile. We empirically quantify the impact of intertemporal price discrimination on profits and welfa...
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作者：Autor, David H.; Dorn, David; Hanson, Gordon H.
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; University of California System; University of California San Diego
摘要：We analyze the effect of rising Chinese import competition between 1990 and 2007 on US local labor markets, exploiting cross-market variation in import exposure stemming from initial differences in industry specialization and instrumenting for US imports using changes in Chinese imports by other high-income countries. Rising imports cause higher unemployment, lower labor force participation, and reduced wages in local labor markets that house import-competing manufacturing industries. In our m...
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作者：Calzolari, Giacomo; Denicolo, Vincenzo
作者单位：University of Bologna; University of Leicester; University of Bologna
摘要：We analyze firms that compete by means of exclusive contracts and market-share discounts (conditional on the seller's share of customers' total purchases). With incomplete information about demand, firms have a unilateral incentive to use these contractual arrangements to better extract buyers' informational rents. However, exclusive contracts intensify competition, thus reducing prices and profits and (in all Pareto undominated equilibria) increasing welfare. Market-share discounts, by contra...
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作者：Voigtlaender, Nico; Voth, Hans-Joachim
作者单位：University of California System; University of California Los Angeles; Pompeu Fabra University
摘要：We analyze the emergence of the first socioeconomic institution in history limiting fertility: west of a line from St. Petersburg to Trieste, the European Marriage Pattern (EMP) reduced childbirths by approximately one-third between the fourteenth and eighteenth century. To explain the rise of EMP we build a two-sector model of agricultural production-grain and livestock. Women have a comparative advantage in animal husbandry. After the Black Death in 1348-1350, land abundance triggered a shif...
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作者：Kopczuk, Wojciech
作者单位：Columbia University
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作者：Shiller, Robert J.
作者单位：Yale University
