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作者：Bekaert, Cherry
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作者：Bonfim, Diana; Ferreira, Miguel A.; Queiro, Francisco; Zhao, Sujiao (Emma)
作者单位：European Central Bank; Banco de Portugal; Universidade Catolica Portuguesa; Universidade Nova de Lisboa; Universidade do Porto
摘要：We measure how cuts to public procurement propagate through the banking system in a financial crisis. During the European sovereign debt crisis, the Portuguese government cut procurement spending by 4.3 percent of GDP. We find that this cut saddled banks with nonperforming loans from government contractors, which led to a persistent reduction in credit supply to other firms. We estimate a bank-level elasticity of credit supply with respect to procurement demand of 2.5. In a general equilibrium...
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作者：Johnson, Simon
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; Centre for Economic Policy Research - UK
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作者：Stanton, Christopher T.; Thomas, Catherine
作者单位：Harvard University; National Bureau of Economic Research; Centre for Economic Policy Research - UK; University of London; London School Economics & Political Science
摘要：Online labor platforms for short-term remote work have many more job seekers than available jobs. Despite their relative abundance, workers capture a substantial share of the surplus from transactions. We draw this conclusion from demand estimates that imply workers' wages include significant markups over costs and a survey that validates our surplus estimates. Workers retain a significant share of the surplus because demand-side search frictions and worker differentiation reduce direct compet...
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作者：Levy, Gilat; Razin, Ronny
摘要：This paper investigates the effect of voters' short-term memory on political outcomes by considering politics as a collective learning process. We find that short-term memory may lead to cycles of polarization and consensus across parties' platforms. Following periods of party consensus, short-term memory implies that there is little variation in voters' data and therefore limited information about the true state of the world. This in turn allows parties to further their own interests and henc...
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作者：Huitfeldt, Ingrid; Marone, Victoria; Waldinger, Daniel
作者单位：BI Norwegian Business School; Yale University; New York University
摘要：We study the problem of designing a dynamic reassignment mechanism when agents' preferences over objects change over time. In the context of Norway's system for (re)assigning patients to general practitioners (GPs), we provide direct evidence of misallocation under the current mechanism-patients waiting for each others' GPs, but who cannot trade-and estimate a structural model of GP-switching behavior to evaluate alternatives. Introducing top trading cycles (TTC) would, on average, reduce wait...
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作者：Huremovic, Kenan; Jimenez, Gabriel; Moral-benito, Enrique; Peydro, Jose-luis; Vega-redondo, Fernando
作者单位：IMT School for Advanced Studies Lucca; Banco de Espana
摘要：We show that bank shocks to firms propagate along the production network with stronger upstream than downstream effects. Our identification relies on (i) administrative datasets from Spain covering supplier-customer transactions and bank loans, (ii) bank credit supply shocks from the global financial crisis, and (iii) a general equilibrium model of a production network with financial frictions, estimated structurally. We find network propagation amplifies the impact of bank shocks on GDP growt...
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作者：Faccini, Renato; Lee, Seungcheol; Luetticke, Ralph; Ravn, Morten O.; Renkin, Tobias
作者单位：Bank of Korea; Eberhard Karls University of Tubingen; Centre for Economic Policy Research - UK; University of London; University College London
摘要：We argue that consumer credit spreads matter for household choices and that time-varying spreads have important distributional consequences. Studying Danish household data, we show that consumer credit spreads have heterogeneous impact on asset dynamics and consumption choices across the wealth distribution and that time-varying spreads induce a countercyclical marginal propensity to consume. We study a HANK model where banks provide consumer credit and corporate loans. Through countercyclical...
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作者：Kermani, Amir; Wong, Francis
作者单位：University of California System; University of California Berkeley; National Bureau of Economic Research; University of Munich
摘要：We show that higher rates of distressed home sales (i.e., foreclosures and short sales) among Black and Hispanic homeowners severely reduce realized housing returns for these groups-in particular, to a level below that realized by White homeowners. Yet absent financial distress, houses owned by minorities do not appreciate at substantially slower rates than houses owned by nonminorities. Racial differences in liquidity and income stability, which are imperfectly observed by lenders, are import...
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作者：Martin, Julien; Pesendorfer, Martin; Shannon, Jack
作者单位：University of London; London School Economics & Political Science
摘要：Common values auction models, where bidder decisions depend on noisy signals of common values, provide predictions about Bayesian Nash equilibrium (BNE) outcomes. In settings where these common values can be estimated, these predictions can be tested. We propose a series of tests, robust to assumptions about the signal structure, to determine whether the observed data could have been generated by a Bayesian Nash equilibrium. In the setting of oil and gas lease auctions in New Mexico, we find e...
