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作者：Choi, Jay Pil; Jeon, Doh-Shin; Whinston, Michael D.
作者单位：Michigan State University; Communaute d'universites et etablissements de Toulouse (Comue); Universite Toulouse 1 Capitole; Toulouse School of Economics; Massachusetts Institute of Technology (MIT)
摘要：We develop a leverage theory of tying in markets with network effects. When a monopolist in one market cannot perfectly extract surplus from consumers, tying can be a mechanism through which unexploited consumer surplus is used as a demand-side leverage to create a quasi-installed base advantage in another market characterized by network effects. Our mechanism does not require any precommitment to tying; rather, tying emerges as a best response that lowers the quality of tied-market rivals. W...
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作者：Allcott, Hunt; Cohen, Daniel; Morrison, William; Taubinsky, Dmitry
作者单位：Stanford University; National Bureau of Economic Research; Northwestern University; Cornerstone Research; University of California System; University of California Berkeley
摘要：We use public finance sufficient statistic approaches to characterize the welfare effects of nudges, such as simplified information and warning labels, in markets with taxes and endogenous prices. While many studies focus on average effects, we show that welfare also depends on how the nudge affects the variance of choice distortions, and average effects become irrelevant with zero pass-through or optimal taxes. We implement the framework with experiments evaluating automotive fuel economy lab...
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作者：Federico, Stefano; Hassan, Fadi; Rappoport, Veronica
作者单位：European Central Bank; Bank of Italy; Centre for Economic Policy Research - UK; University of London; London School Economics & Political Science
摘要：This paper identifies a credit-supply contraction that arises endogenously after trade liberalization. Banks with loan portfolios concentrated in sectors exposed to competition from China face an increase in nonperforming loans after China's entry into the World Trade Organization. As a result, they reduce the supply of credit to firms, irrespective of the firm's sector of operation. This cut in credit translates into lower employment, investment, and output. Through this mechanism, the financ...
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作者：Berndt, Antje; Duffie, Darrell; Zhu, Yichao
作者单位：Australian National University; Stanford University
摘要：For globally systemically important banks (GSIBs) with US headquarters, we find significant reductions in market-implied probabilities of government bailout after the Global Financial Crisis (GFC), along with roughly 170 percent higher wholesale debt financing costs for these banks after controlling for insolvency risk. Since the GFC, bank creditors appear to expect much larger losses in the event that a GSIB approaches insolvency. In this sense, we estimate a decline of too big to fail. (G01,...
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作者：Zenou, Yves; Zhou, Junjie
作者单位：Monash University; Tsinghua University
摘要：We develop a simple multilayer network model in which agents allocate effort across layers with heterogeneous structures, subject to an aggregate effort constraint. Incentives are shaped by agents' network positions within each layer, and equilibrium behavior reflects both within-and cross-layer interactions. We analyze how shocks propagate through the network and characterize optimal targeting interventions. Our results show that effective policy design must account for effort allocation acro...
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作者：Benson, Alan; Li, Danielle; Shue, Kelly
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; Yale University
摘要：We show that subjective assessments of employee potential contribute to gender gaps in promotion and pay. Using data on 29,809 management-track employees from a large retail chain, we find that women receive substantially lower potential ratings despite receiving higher performance ratings. Differences in potential ratings account for approximately half of the gender promotion gap. Women's lower potential ratings do not reflect accurate forecasts of future performance: Women subsequently outpe...
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作者：Fornaro, Luca; Romei, Federica
作者单位：Centre de Recerca en Economia Internacional (CREI); Barcelona School of Economics; Pompeu Fabra University; Centre for Economic Policy Research - UK; University of Oxford
摘要：We study optimal monetary policy during times of global scarcity of tradable goods. The optimal monetary response entails a surge in inflation, which helps rebalance production toward the tradable sector. While the inflation costs are fully borne domestically, however, the gains in terms of higher supply of tradable goods partly spill over to the rest of the world. National central banks may thus fall into a coordination trap and implement an excessively tight monetary policy causing an unnece...
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作者：Bursztyn, Leonardo; Handel, Benjamin; Jimenez-Duran, Rafael; Roth, Christopher
作者单位：University of Chicago; National Bureau of Economic Research; University of California System; University of California Berkeley; Bocconi University; Bocconi University; Leibniz Association; Ifo Institut; University of Cologne; Max Planck Society; Norwegian School of Economics (NHH); Centre for Economic Policy Research - UK
摘要：Individuals might experience negative utility from not consuming a popular product. With such externalities to nonusers, standard consumer surplus measures, which take aggregate consumption as given, fail to appropriately capture consumer welfare. We propose an approach to account for these externalities and apply it to estimate consumer welfare from two social media platforms: TikTok and Instagram. Incentivized experiments with college students indicate positive welfare based on the standard ...
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作者：Bai, Jie; Barwick, Panle Jia; Cao, Shengmao; Li, Shanjun
作者单位：Harvard University; National Bureau of Economic Research; University of Wisconsin System; University of Wisconsin Madison; Centre for Economic Policy Research - UK; Northwestern University; Stanford University
摘要：This paper studies the impact of quid pro quo (technology for market access) in facilitating knowledge spillovers and quality upgrading in the Chinese automobile industry. The identification strategy exploits within-product quality variation across a rich set of quality dimensions. We find affiliated domestic automakers adopt more similar quality strengths of their joint venture partners, consistent with knowledge spillovers. Additional analysis suggests worker flows and supplier networks medi...
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作者：Gagliardone, Luca; Gertler, Mark; Lenzu, Simone; Tielens, Joris
作者单位：New York University; New York University; Federal Reserve System - USA; Federal Reserve Bank - New York; European Central Bank; National Bank of Belgium; KU Leuven
摘要：We develop a bottom-up approach to estimate the slope of the primitive form of the New Keynesian Phillips curve, which features marginal cost as the real activity variable. Using quarterly micro data on prices, costs, and output, we estimate dynamic pass-through regressions that identify the slope as a function of primitive parameters. We find a high slope for the cost-based Phillips curve, which contrasts with the low estimates of the conventional output gap-based formulation found in the lit...
