The American Economic Review

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• Infrequent Portfolio Decisions: A Solution to the Forward Discount Puzzle AI翻译
  作者：Bacchetta, Philippe; van Wincoop, Eric
  作者单位：University of Lausanne; Swiss Finance Institute (SFI); University of Virginia
  摘要：A major puzzle in international finance is that high interest rate currencies tend to appreciate (forward discount puzzle). Motivated by the fact that only a small fraction of foreign currency holdings is actively managed, we calibrate a two-country model in which agents make infrequent portfolio decisions. We show that the model can account for the forward discount puzzle. It can also account for several related empirical phenomena, including that of delayed overshooting. We also show that ma...
• Beyond Markets and States: Polycentric Governance of Complex Economic Systems AI翻译
  作者：Ostrom, Elinor
  作者单位：Indiana University System; Indiana University Bloomington; Arizona State University; Arizona State University-Tempe
• Trade Agreements as Endogenously Incomplete Contracts AI翻译
  作者：Horn, Henrik; Maggi, Giovanni; Staiger, Robert W.
  作者单位：Research Institute of Industrial Economics (IFN); Yale University; National Bureau of Economic Research; Stanford University
  摘要：We propose a model of trade agreements in which contracting is costly, and as a consequence the optimal agreement may be incomplete. In spite of its simplicity, the model yields rich predictions on the structure of the optimal trade agreement and how this depends on the fundamentals of the contracting environment. We argue that taking contracting costs explicitly into account can help explain a number of key features of real trade agreements.
• Doing Well by Doing Good? Green Office Buildings AI翻译
  作者：Eichholtz, Piet; Kok, Nils; Quigley, John M.
  作者单位：Maastricht University; University of California System; University of California Berkeley
• Is a Donor in Hand Better than Two in the Bush? Evidence from a Natural Field Experiment AI翻译
  作者：Landry, Craig E.; Lange, Andreas; List, John A.; Price, Michael K.; Rupp, Nicholas G.
  作者单位：University of North Carolina; East Carolina University; University System of Maryland; University of Maryland College Park; University of Chicago; National Bureau of Economic Research; University of Tennessee System; University of Tennessee Knoxville; University of Tennessee System; University of Tennessee Knoxville
  摘要：This study examines why people initially give to charities, why they remain committed to the cause, and what factors attenuate these influences. Using an experimental design that links donations across distinct treatments separated in time, we present several results. For example, previous donors are more likely to give, and contribute more, than other donor types. Yet, how previous donors were acquired is critical: agents initially attracted by an economic mechanism are more likely to continu...
• Debt Consolidation and Fiscal Stabilization of Deep Recessions AI翻译
  作者：Corsetti, Giancarlo; Kuester, Keith; Meier, Andre; Mueller, Gernot J.
  作者单位：European University Institute; Federal Reserve System - USA; Federal Reserve Bank - Philadelphia; International Monetary Fund; University of Bonn
• The Great Recession: Lessons from Microeconomic Data AI翻译
  作者：Mian, Atif; Sufi, Amir
  作者单位：University of California System; University of California Berkeley; National Bureau of Economic Research; University of Chicago; National Bureau of Economic Research
• Endogenous Verifiability and Relational Contracting AI翻译
  作者：Kvaloy, Ola; Olsen, Trond E.
  作者单位：Universitetet i Stavanger; Norwegian School of Economics (NHH)
• Performance Pay and Teachers' Effort, Productivity, and Grading Ethics AI翻译
  作者：Lavy, Victor
  作者单位：Hebrew University of Jerusalem; National Bureau of Economic Research; University of London
  摘要：This paper presents evidence about the effect of individual monetary incentives on English and math teachers in Israel. Teachers were rewarded with cash bonuses for improving their students' performance in high-school matriculation exams. The main identification strategy is based on measurement error in the assignment to treatment variable that produced a randomized treatment sample. The incentives led to significant improvements in test taking rates, conditional pass rates, and mean test scor...
• Spousal Control and Intra-Household Decision Making: An Experimental Study in the Philippines AI翻译
  作者：Ashraf, Nava
  作者单位：Harvard University
  摘要：I elicit causal effects of spousal observability and communication on financial choices of married individuals in the Philippines. When choices are private, men put money into their personal accounts. When choices are observable, men commit money to consumption for their own benefit. When required to communicate, men put money into their wives' account. These strong treatment effects on men, but not women, appear related more to control than to gender: men whose wives control household savings...