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作者：Bernanke, Ben S.
作者单位：Brookings Institution
摘要：Credit markets, including the market for bank loans, are character-ized by imperfect and asymmetric information. These informational frictions can interact with other economic forces to produce periods of credit-market stress, in which intermediation is unusually costly and households and businesses have difficulty obtaining credit. A high level of credit-market stress, as in a severe financial crisis, may in turn produce a deep and prolonged recession. I present evidence that financial distre...
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作者：Banerjee, Abhijit; Hanna, Rema; Olken, Benjamin A.; Satriawan, Elan; Sumarto, Sudarno
作者单位：Massachusetts Institute of Technology (MIT); Harvard University; Gadjah Mada University
摘要：We compare how in-kind food assistance and an electronic voucher -based program affect the delivery of aid in practice. The Government of Indonesia randomized across 105 districts the transition from in-kind rice to approximately equivalent electronic vouchers redeemable for rice and eggs at a network of private agents. Targeted households received 46 percent more assistance in voucher areas. For the bottom 15 percent of households at baseline, poverty fell 20 percent. Voucher recipients recei...
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作者：Brot-Goldberg, Zarek; Layton, Timothy; Vabson, Boris; Wang, Adelina Yanyue
作者单位：University of Chicago; National Bureau of Economic Research; Harvard University; McKinsey & Company
摘要：We show in two natural experiments that default rules in Medicare Part D have large, persistent effects on enrollment and drug utili-zation of low-income beneficiaries. The implications of this phe-nomenon for welfare and optimal policy depend on the sensitivity of passivity to the value of the default option. Using random assignment to default options, we show that beneficiary passivity is extremely insensitive, even when enrolling in the default option would result in substantial drug consum...
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作者：Bach, Laurent; Bozio, Antoine; Guillouzouic, Arthur; Malgouyres, Clement
作者单位：ESSEC Business School; Paris School of Economics; Institut Polytechnique de Paris; Institut Polytechnique de Paris; ENSAE Paris; Centre National de la Recherche Scientifique (CNRS)
摘要：Boissel and Matray (2022) find that investment increased after 2013 in French firms facing higher dividend taxes. We identify an alteration in the code plotting the event study of the effect of this reform on investment. Using identical data and removing this alteration, we find differential pre-trends between treated and control firms. We also establish that the controls referred to as size growth, used in all the difference-in-difference specifications, effectively are controls for lagged in...
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作者：Caunedo, Julieta; Jaume, David; Keller, Elisa
作者单位：University of Toronto; Bank of Mexico; University of Exeter
摘要：We study differences in exposure to factor-biased technical change among occupations by providing the first measures of capital -em-bodied technical change (CETC) and of the elasticity of substitution between capital and labor at the occupational level. We document siz-able occupational heterogeneity in both measures, but quantitatively, it is the heterogeneity in factor substitutability that fuels workers' exposure to CETC. In a general equilibrium model of worker sorting across occupations, ...
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作者：Schmieder, Johannes F.; von Wachter, Till; Heining, Joerg
作者单位：Center for Economic & Policy Research (CEPR); Boston University; National Bureau of Economic Research; National Bureau of Economic Research; University of California System; University of California Los Angeles; Center for Economic & Policy Research (CEPR)
摘要：We document the sources behind the costs of job loss over the busi-ness cycle using administrative data from Germany. Losses in annual earnings after displacement are large, persistent, and highly cycli-cal, nearly doubling in size during downturns. A large part of the long-term earnings losses and their cyclicality is driven by declines in wages. Key to these long-lasting wage declines and their cyclical-ity are changes in employer characteristics, as displaced workers switch to lower-paying ...
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作者：Kashyap, Anil K.; Kovrijnykh, Natalia; Li, Jian; Pavlova, Anna
作者单位：National Bureau of Economic Research; University of Chicago; Center for Economic & Policy Research (CEPR); Arizona State University; Arizona State University-Tempe; Columbia University; University of London; London Business School
摘要：We propose a tractable model of asset management in which bench -marking arises endogenously, and analyze its welfare consequences. Fund managers' portfolios are not contractible and they incur pri-vate costs in running them. Incentive contracts for fund managers create a pecuniary externality through their effect on asset prices. Benchmarking inflates asset prices and creates crowded trades. The crowding reduces the effectiveness of benchmarking in incen-tive contracts for others, which fund ...
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作者：Liu, Shuo; Netzer, Nick
作者单位：Peking University; University of Zurich
摘要：Surveys measuring happiness or preferences generate discrete ordi-nal data. Ordered response models, which are used to analyze such data, suffer from an identification problem. Their conclusions depend on distributional assumptions about a latent variable. We propose using response times to solve that problem. Response times contain information about the distribution of the latent variable through a chronometric effect. Using an online survey experiment, we verify the chronometric effect. We t...
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作者：Chodorow-Reich, Gabriel; Karabarbounis, Loukas; Kekre, Rohan
作者单位：Harvard University; University of Minnesota System; University of Minnesota Twin Cities; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; University of Chicago
摘要：Greece experienced a boom until 2007, followed by a collapse of unprecedented magnitude and persistence. We assess the sources of the boom and the bust, using a rich estimated dynamic general equilibrium model. External demand and government consumption fueled the boom in production, whereas transfers fueled the boom in consumption. Different from the standard narrative, wages and prices declined substantially during the bust. Tax policy accounts for the largest fraction of the bust in product...
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作者：Antras, Pol; Redding, Stephen J.; Rossi-Hansberg, Esteban
作者单位：Harvard University; National Bureau of Economic Research; Princeton University; University of Chicago
摘要：We provide theory and evidence on the relationship between global-ization and pandemics. Business travel facilitates trade and travel leads to human interactions that transmit disease. Trade-motivated travel generates an epidemiological externality across countries. If infections lead to deaths, or reduce individual labor supply, we establish a general equilibrium social distancing effect, whereby increases in relative prices in unhealthy countries reduce travel to those countries. If agents i...
