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作者：Auer, Raphael; Burstein, Ariel; Lein, Sarah M.
作者单位：Bank for International Settlements (BIS); Centre for Economic Policy Research - UK; University of California System; University of California Los Angeles; University of Basel
摘要：We dissect the impact of a large and sudden exchange rate appreciation on Swiss border import prices, retail prices, and consumer expenditures on domestic and imported nondurable goods, following the removal of the EUR/CHF floor in January 2015. Cross-sectional variation in border price changes by currency of invoicing carries over to consumer prices and allocations, impacting retail prices of imports and competing domestic goods, as well as import expenditures. We provide measures of the sens...
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作者：Hebert, Benjamin; Woodford, Michael
作者单位：Stanford University; Columbia University
摘要：We derive a new cost of information in rational inattention problems, the neighborhood-based cost functions, starting from the observation that many settings involve exogenous states with a topological structure. These cost functions are uniformly posterior separable and capture notions of perceptual distance. This second property ensures that neighborhood-based costs, unlike mutual information, make accurate predictions about behavior in perceptual experiments. We compare the implications of ...
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作者：Brune, Lasse; Chyn, Eric; Kerwin, Jason
作者单位：Northwestern University; Dartmouth College; National Bureau of Economic Research; University of Minnesota System; University of Minnesota Twin Cities
摘要：We study a simple savings scheme that allows workers to defer receipt of part of their wages for three months at zero interest. The scheme significantly increases savings during the deferral period, leading to higher postdisbursement spending on lumpy goods. Two years later, after two additional rounds of the savings scheme, we find that treated workers have made permanent improvements to their homes. The popularity of the scheme implies a lack of good alternative savings options. The results ...
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作者：Lowe, Matt
作者单位：University of British Columbia
摘要：I estimate the effects of collaborative and adversarial intergroup contact. I randomly assigned Indian men from different castes to participate in cricket leagues or to serve as a control group. League players faced variation in collaborative contact, through random assignment to homogeneous-caste or mixed-caste teams, and adversarial contact, through random assignment of opponents. Collaborative contact increases cross-caste friendships and efficiency in trade, and reduces own-caste favoritis...
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作者：Grigsby, John; Hurst, Erik; Yildirmaz, Ahu
作者单位：Northwestern University; University of Chicago
摘要：Using administrative payroll data from the largest US payroll processing company, we measure the extent of nominal wage rigidity in the United States. The data allow us to define a worker's per-period base contract wage separately from other forms of compensation such as overtime premiums and bonuses. We provide evidence that firms use base wages to cyclically adjust the marginal cost of their workers. Nominal base wage declines are much rarer than previously thought with only 2 percent of job...
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作者：Perla, Jesse; Tonetti, Christopher; Waugh, Michael E.
作者单位：University of British Columbia; Stanford University; National Bureau of Economic Research; New York University
摘要：We study how opening to trade affects economic growth in a model where heterogeneous firms can adopt new technologies already in use by other ts in their home country. We characterize the growth rate using a summary statistic of the profit distribution: the mean -min ratio. Opening to trade increases the profit spread through increased export opportunities and foreign competition, induces more rapid technology adoption, and generates faster growth. Quantitatively, these forces produce large we...
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作者：Bourreau, Marc; Sun, Yutec; Verboven, Frank
作者单位：IMT - Institut Mines-Telecom; Institut Polytechnique de Paris; Telecom Paris; Ecole Nationale de la Statistique et de l'Analyse de l'Information (ENSAI); KU Leuven; Centre for Economic Policy Research - UK
摘要：We study a major new entry in the French mobile telecommunications market, followed by the introduction of fighting brands by the three incumbents. Using an empirical oligopoly model, we find that the incumbents' fighting brand strategies are difficult to rationalize as unilateral best responses. Instead, their strategies are consistent with a breakdown of tacit semi-collusion: before entry, the incumbents could successfully coordinate on restricting product variety to avoid cannibalization; a...
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作者：Dinerstein, Michael; Smith, Troy D.
作者单位：University of Chicago; National Bureau of Economic Research; Leibniz Association; Ifo Institut; RAND Corporation
摘要：School policies that cause a large demand shift between public and private schooling may cause some private schools to enter or exit the market. We study how the policy effects differ under a fixed versus changing market structure in the context of a public school funding reform in New York City. We find evidence of a reduction in private schools in response to the reform. Using a model of demand for and supply of private schooling, we estimate that 20 percent of the reform's effect on school ...
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作者：Brunnermeier, Markus; Palia, Darius; Sastry, Karthik A.; Sims, Christopher A.
作者单位：Princeton University; Rutgers University System; Rutgers University New Brunswick; Massachusetts Institute of Technology (MIT)
摘要：Is credit expansion a sign of desirable financial deepening or the prelude to an inevitable bust? We study this question in modern US data using a structural VAR model of 10 monthly frequency variables, identified by heteroskedasticity. Negative reduced-form responses of output to credit growth are caused by endogenous monetary policy response to credit expansion shocks. On average, credit and output growth remain positively associated. Financial stress shocks to credit spreads cause declines ...
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作者：Goncalves, Felipe; Mello, Steven
作者单位：University of California System; University of California Los Angeles; Dartmouth College; National Bureau of Economic Research
摘要：We estimate the degree to which individual police officers practice racial discrimination. Using a bunching estimation design and data from the Florida Highway Patrol, we show that minorities are less likely to receive a discount on their speeding tickets than White drivers. Disaggregating this difference to the individual police officer, we estimate that 42 percent of officers practice discrimination. We then apply our officer-level discrimination measures to various-policy-relevant questions...
