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作者：Cespa, Giovanni; Vives, Xavier
作者单位：Centre for Economic Policy Research - UK; University of Navarra; IESE Business School
摘要：Lack of market transparency can impair the liquidity provision of nonstandard liquidity suppliers and make liquidity demand increasing in illiquidity. This can yield strategic complementarities and induce multiple equilibria. Then an initial dearth of liquidity may degenerate into a liquidity rout (as in a flash crash), and traders faced with the largest cost of trading are those trading more intensely at equilibrium. An increase in order flow transparency and/or in the mass of dealers who are...
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作者：Barr, Andrew; Castleman, Benjamin
作者单位：Texas A&M University System; Texas A&M University College Station; University of Virginia
摘要：A college degree offers a pathway to economic mobility for low-income students. Using a multisite randomized controlled trial combined with administrative and survey data, we demonstrate that intensive advising during high school and college significantly increases bachelor's degree attainment among lower-income students. We leverage unique data on preadvising college preferences and causal forest methods to show that these gains are primarily driven by improvements in initial enrollment quali...
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作者：Colonnelli, Emanuele; Neto, Valdemar Pinho; Teso, Edoardo
作者单位：University of Chicago; National Bureau of Economic Research; Centre for Economic Policy Research - UK; Getulio Vargas Foundation; Bocconi University; Northwestern University; Bocconi University
摘要：We study how individual political views shape firm behavior and labor market outcomes using new microdata from Brazil. We first show that business owners are considerably more likely to employ copartisan workers. This phenomenon is in part driven by the overlapping of political and social networks. Multiple tests-surveys, event studies, analyses of wage premia and promotions within the firm, and afield experiment-further highlight how business owners' political preferences directly influence f...
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作者：Starc, Amanda; Wollmann, Thomas g.
作者单位：Northwestern University; National Bureau of Economic Research; University of Chicago
摘要：Entry represents a fundamental threat to cartels. We study the extent and effect of this behavior in the largest price-fixing case in US history, which involves generic drug manufacturing. We link information on the cartel's internal operations to regulatory filings and market data. There is a substantial increase in entry after cartel formation, but regulatory approvals delay most entrants by two to four years. We estimate a structural model and simulate counterfactual equilibria. Absent entr...
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作者：Pellegrino, Bruno
作者单位：Columbia University; Leibniz Association; Ifo Institut
摘要：I present a new theory of oligopoly and markups in general equilibrium, based on an innovative, scalable hedonic demand system, which I take to the data for the universe of US public firms. In my model, firms compete in a network of product market rivalries that emerge endogenously out of the characteristics of the products they supply. I estimate that consumer surplus is almost three times as large as profits; decompose firm-level markups into metrics of quality-adjusted productivity and mark...
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作者：Clayton, Christopher; Dos Santos, Amanda; Maggiori, Matteo; Schreger, Jesse
作者单位：Yale University; Columbia University; Stanford University; National Bureau of Economic Research; Centre for Economic Policy Research - UK; Columbia University; National Bureau of Economic Research
摘要：We empirically characterize how China is internationalizing its bond market by staggering the entry of different types of foreign investors into its domestic market and propose a dynamic reputation model to explain this strategy. Our framework rationalizes China's strategy as trying to build credibility as a safe issuer while reducing the cost of capital flight. We use our framework to shed light on China's response to episodes of capital outflows. (JEL E44, F38, G12, G15, G23, O16, P34)
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作者：Algan, Yann; Dalvit, Nicolo; Do, Quoc-Anh; Le Chapelain, Alexis; Zenou, Yves
作者单位：Hautes Etudes Commerciales (HEC) Paris; Centre for Economic Policy Research - UK; The World Bank; Monash University; Leibniz Association; Ifo Institut; University of Southampton
摘要：We examine how social interactions and friendships shape students' political opinions in a natural experiment at Sciences Po, a leading French university specializing in social and political sciences. The quasi-random assignment of students into short-term integration groups before their academic curriculum reduces political opinion gaps and fosters friendship formation. Using same-group membership as an instrumental variable for friendship, we find that friendship reduces opinion differences ...
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作者：Okeke, Edward N.
摘要：Why do health facilities in developing countries do so poorly? This paper examines the role of financial constraints. I describe an experiment in which we surprised health workers in randomly selected public health clinics in Nigeria with a (sic)600,000 grant paid out in installments over one year. Its administration was left entirely to health workers. The award led to large productivity gains. Using expenditure data combined with novel textual data, I provide an explanation for these effects...
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作者：Abeler, Johannes; Huffman, David; Raymond, Collin
作者单位：University of Oxford; Leibniz Association; Ifo Institut; Cornell University; Cornell University
摘要：Using field and laboratory experiments, we demonstrate that the complexity of incentive schemes and worker bounded rationality can affect effort provision. This is because some attributes of the incentives become opaque; that is, workers do not take them into account. In our setting, workers overprovide effort relative to a fully rational benchmark, improving efficiency. We identify contract features, and facets of worker cognitive ability, that matter for opacity. We find that even relatively...
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作者：Gourinchas, Pierre-olivier; Ray, Walker; Vayanos, Dimitri
作者单位：University of California System; University of California Berkeley; Centre for Economic Policy Research - UK; Federal Reserve System - USA; Federal Reserve Bank - Chicago; University of London; London School Economics & Political Science; University of Cambridge
摘要：We develop a two-country model in which currency and bond markets are populated by different investor clienteles, and segmentation is partly overcome by arbitrageurs with limited capital. Risk premia in our model are time-varying, connected across markets, and consistent with the empirical violations of uncovered interest parity and expectations hypothesis. Through risk premia, large-scale bond purchases lower domestic and foreign bond yields and depreciate the currency, and short-rate cuts lo...
