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作者：Hankins, Kristine W.; Momeni, Morteza; Sovich, David
作者单位：University of Kentucky; Tennessee Technological University
摘要：Captive finance subsidiaries create a channel for trade policy to affect consumer credit. Examining the impact of the Trump administration's metal tariffs on captive automobile lenders, we find that consumers received higher interest rates from captive lenders after the tariffs relative to unaffected noncaptive lenders. Further, we document a disparate impact on low-income borrowers and in areas with less lending competition. Our results suggest that tariffs may impact not only the price of go...
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作者：Mian, Atif; Straub, Ludwig; Sufi, Amir
作者单位：National Bureau of Economic Research
摘要：We develop a tractable framework for deficit and debt dynamics. A free lunch fiscal deficit-one that raises spending without higher future taxes-is sustainable without zero lower bound (ZLB) only when R < G-phi, where phi is the sensitivity of the interest rate to the debt level. With the ZLB, both high and low deficits can increase debt, as the latter weaken demand and reduce nominal growth at the ZLB. A rise in income inequality expands fiscal space outside the ZLB, but contracts it at the Z...
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作者：Hawkins, Amelia; Hollrah, Christopher; Miller, Sarah; Wherry, Laura r.; Aldana, Gloria; Wong, Mitchell
作者单位：Brandeis University; University of Michigan System; University of Michigan; National Bureau of Economic Research; New York University; University of California System; University of California Los Angeles; University of California Los Angeles Medical Center; David Geffen School of Medicine at UCLA
摘要：The Supplemental Security Income program uses a birth weight cutoff at 1,200 grams to determine eligibility. Using birth certificates linked to administrative records, we find low-income families of infants born just below the cutoff receive higher monthly cash benefits (equal to 27 percent of family income) at ages 0-2 with smaller benefits continuing through age 10. Yet we detect no improvements in health care use and mortality in infancy, nor in health and human capital outcomes as observed...
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作者：Adukia, Anjali; Feigenberg, Benjamin; Momeni, Fatemeh
作者单位：University of Chicago; National Bureau of Economic Research; IZA Institute Labor Economics; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; University of Chicago
摘要：School districts historically approached conflict resolution from the perspective that suspending disruptive students was necessary to protect their classmates, even if this caused harm to perceived offenders. Restorative practices (RP)-focusing on reparation, accountability, and shared ownership of disciplinary justice-are designed to address undesirable behavior without harming students. We study Chicago Public Schools' adoption of RP and find that suspensions and arrests decreased, driven b...
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作者：Atkeson, Andrew; Heathcote, Jonathan; Perri, Fabrizio
作者单位：University of California System; University of California Los Angeles; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
摘要：The US net foreign asset position declined sharply after 2007, reaching negative 60 percent of GDP by the third quarter of 2023. This deterioration primarily reflects a US-specific rise in corporate asset values that inflated the value of US equity liabilities to the rest of the world. To interpret these trends, we develop an international macro-finance model of flows, stocks, asset valuations, the current account, and the net foreign asset position. We find that the welfare impact of rising a...
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作者：Dechezlepretre, Antoine; Fabre, Adrien; Kruse, Tobias; Planterose, Bluebery; Chico, Ana sanchez; Stantcheva, Stefanie
作者单位：University of London; London School Economics & Political Science; Organisation for Economic Co-operation & Development (OECD); Centre National de la Recherche Scientifique (CNRS); Analysis Group Inc.; Harvard University; Centre for Economic Policy Research - UK; National Bureau of Economic Research
摘要：This paper explores global perceptions and understanding of climate change and policies, examining factors that influence support for climate action and the impact of different types of information. We conduct large-scale surveys with 40,000 respondents from 20 countries, providing new international data on attitudes toward climate change and respondents' socioeconomic backgrounds and lifestyles. We identify three key perceptions affecting policy support: perceived effectiveness of policies in...
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作者：Guo, Yingni; Shmaya, Eran
作者单位：Duke University; Northwestern University; State University of New York (SUNY) System; Stony Brook University
摘要：We study how to regulate a monopolistic firm using a robust-design, non-Bayesian approach. We derive a policy that minimizes the regulator's worst-case regret, where regret is the difference between the regulator's complete-information payoff and his realized payoff. When the regulator's payoff is consumers' surplus, he caps the firm's average revenue. When his payoff is the total surplus of both consumers and the firm, he offers a piece rate subsidy to the firm while capping the total subsidy...
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作者：Horton, John J.
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research
摘要：Firms posting job openings in an online labor market were randomly assigned minimum hourly wages. When facing a minimum wage, fewer firms hired, but those they did hire paid higher wages. Hours- worked fell substantially. Treated firms shifted to hiring more productive workers. Using the platform's imposition of a market-wide minimum wage after the experiment, I find that many of the experimental results also hold in equilibrium, including the substitution towards more productive workers. Howe...
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作者：Acharya, Sushant; Benhabib, Jess
作者单位：University of Melbourne; Centre for Economic Policy Research - UK; New York University; National Bureau of Economic Research
摘要：We show that in heterogeneous agent New Keynesian (HANK) economies with countercyclical risk, the natural interest rate is endogenous and co-moves with output, leaving the economy susceptible to self-fulfilling fluctuations. Unlike in representative agent New Keynesian models, the Taylor principle is not sufficient to guarantee uniqueness of equilibrium in HANK if risk is even mildly counter-cyclical: Multiple bounded equilibria exist, no matter how strongly monetary policy responds to changes...
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作者：Wiebe, Michael
摘要：Moretti ( (2021 (2021) reports a positive elasticity between technology cluster size and patenting, and uses an event study and instrumental variables regressions to justify a causal interpretation. The event study does not use the variation generated by inventors moving across cities, and the instrument is constructed incorrectly due to a coding error. I run a corrected event study and fix the coding error, and find null effects. The reported elasticity may not be causal.
