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作者：Lyubich, Eva
摘要：There is substantial spatial heterogeneity in household carbon emissions. I leverage movers in two decades of administrative Decennial Census and American Community Survey data to estimate place effects-the amount by which carbon emissions change for the same household living in different places-for almost 1,000 cities and roughly 61,500 neighborhoods across the United States. I estimate that place effects account for 14-23 percent of overall heterogeneity. A change in neighborhood-level place...
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作者：Benetton, Matteo; Gavazza, Alessandro; Surico, Paolo
作者单位：University of California System; University of California Berkeley; University of London; London School Economics & Political Science; Centre for Economic Policy Research - UK
摘要：This paper examines how central bank policies influence mortgage pricing in the United Kingdom. It shows that lenders price discriminate by offering two-part tariffs of interest rates and origination fees, and during unconventional monetary policies like the Funding for Lending Scheme, lenders reduced interest rates while increasing fees. Using a model of mortgage demand and lender competition, we find that central bank policies increased mortgage lending. Additionally, banning origination fee...
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作者：Alan, Sule; Kubilay, Elif
作者单位：Cornell University; Cornell University; Ihsan Dogramaci Bilkent University; University of Essex
摘要：We test the effectiveness of a behavioral program grounded in the idea that status granting and self-persuasion might yield a robust behavioral change in disadvantaged adolescents. We enlist socially connected senior middle school students with high emotional intelligence as student-teachers and entrust them with delivering a curriculum to their junior peers. The program empowers student-teachers, leading them to improve their social environment. It reduces disciplinary incidents and antisoci...
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作者：Clayton, Christopher; Schaab, Andreas
作者单位：Yale University; National Bureau of Economic Research; University of California System; University of California Berkeley
摘要：Should central banks' inflation targets remain set in stone? We study a dynamic mechanism design problem between a government and a central bank. The central bank has persistent private information about structural shocks. Firms learn the state from the central bank's reports and form inflation expectations. A dynamic inflation target implements the full-information commitment allocation. The central bank is delegated the authority to adjust the target's level and flexibility one period in adv...
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作者：Jha, Akshaya; Leslie, Gordon
作者单位：Carnegie Mellon University; Monash University
摘要：Firms expect to recover the fixed costs required to start production by earning positive operating profits in subsequent periods. We develop a dynamic competitive benchmark that accounts for start-up costs, showing that static markups overstate the rents attributable to market power in an electricity market where generators frequently stop and start production in response to rooftop solar output. We demonstrate that the large-scale expansion of solar capacity can lead to increases in the colle...
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作者：Benigno, Gianluca; Fornaro, Luca; Wolf, Martin
作者单位：Centre for Economic Policy Research - UK; Barcelona School of Economics; Pompeu Fabra University; Centre de Recerca en Economia Internacional (CREI); University of St Gallen
摘要：We provide a model connecting the global saving glut to productivity growth. The key feature is that the tradable sector is the engine of growth of the economy. Capital flows from developing countries to the United States boost demand for US nontradable goods, inducing a reallocation of US economic activity from the tradable sector to the nontradable one. In turn, lower profits in the tradable sector lead firms to cut back investment in innovation. Since innovation in the United States determi...
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作者：Hartzmark, Samuel M.; Solomon, David H.
作者单位：Boston College
摘要：We demonstrate that predictable uninformed cash flows forecast aggregate market stock returns. Buying pressure from dividend payments (announced weeks prior) predicts higher value-weighted market returns, with returns for the top quintile of payment days four times higher than the lowest. This holds internationally and increases when reinvestment is high and market liquidity is low. We estimate a market-level price multiplier of 1.9. These results suggest price pressure is a widespread result ...
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作者：Yang, Frank
作者单位：Harvard University
摘要：A nested bundling strategy creates menus in which more expensive bundles include all the goods of less expensive ones. We study when nested bundling is optimal and determine which nested menu is optimal, when consumers differ in one dimension. We define a partial order on bundles by (i) set inclusion and (ii) sales quantity when sold alone. We show that, under quasi-concavity assumptions, if the undominated bundles with respect to this partial order are nested, then nested bundling is optimal....
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作者：Einav, Liran; Klopack, Ben; Mahoney, Neale
作者单位：Stanford University; National Bureau of Economic Research; Texas A&M University System; Texas A&M University College Station
摘要：We study one benefit to firms of selling subscriptions: the prospect that consumers will continue to pay for subscriptions they no longer value. We use comprehensive data from a large payment card network to document that months during which cards are replaced, when active renewal is required, are associated with much higher rates of cancellation. Using two stylized models of consumer inertia-driven by inattention or switching costs-we estimate that these cancellation frictions roughly double ...
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作者：Li, Ye
作者单位：University of Washington; University of Washington Seattle
摘要：The transition toward an intangible-intensive economy reshapes financial systems by creating a self-perpetuating savings glut in the production sector. As intangibles become increasingly important, firms hoard liquidity to finance investment in intangibles of limited pledgeability. Firms' savings feed cheap leverage to financial intermediaries and allow intermediaries to bid up asset prices, which in turn encourages firms to save more for asset creation. This paper develops a macrofinance mode...
