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作者：Di Tella, Sebastian
作者单位：Stanford University
摘要：This paper proposes a flexible-price theory of the role of money in an economy with incomplete idiosyncratic risk sharing. When the risk premium goes up, money provides a safe store of value that prevents interest rates from falling, reducing investment. Investment is too high during booms when risk is low, and too low during slumps when risk is high. Monetary policy cannot correct this: money is superneutral and Ricardian equivalence holds. The optimal allocation requires the Friedman rule an...
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作者：Depetris-Chauvin, Emilio; Durante, Ruben; Campante, Filipe
作者单位：Pontificia Universidad Catolica de Chile; ICREA; Pompeu Fabra University; Barcelona School of Economics; Johns Hopkins University; National Bureau of Economic Research
摘要：We examine whether shared collective experiences help build a national identity, by looking at the impact of national football teams' victories in sub-Saharan Africa. We find that individuals surveyed in the days after an important victory of their country's national team are 37 percent less likely to identify primarily with their ethnic group, and 30 percent more likely to trust other ethnicities, than those interviewed just before. Crucially, national team achievements also reduce violence: ...
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作者：Basak, Deepal; Zhou, Zhen
作者单位：Indian School of Business (ISB); Tsinghua University
摘要：In a regime change game, privately informed agents sequentially decide whether to attack without observing others' previous actions. To dissuade them from attacking, a principal adopts a dynamic information disclosure policy, frequent viability tests. A viability test publicly discloses whether the regime has survived the previous attacks. When such tests are sufficiently frequent, in the unique cutoff equilibrium, agents never attack if the regime passes the latest test, regardless of their p...
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作者：Dubois, Pierre; Griffith, Rachel; O'Connell, Martin
作者单位：Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; University of London; London School Economics & Political Science; University of Manchester
摘要：Soda taxes aim to reduce excessive sugar consumption. We assess who is most impacted by soda taxes. We estimate demand using micro longitudinal data covering on-the-go purchases, and exploit the panel dimension to estimate individual-specific preferences. We relate these preferences and counterfactual predictions to individual characteristics and show that soda taxes are relatively effective at targeting the sugar intake of the young, are less successful at targeting the intake of those with h...
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作者：Farboodi, Maryam; Veldkamp, Laura
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; Centre for Economic Policy Research - UK
摘要：Big data financial technology raises concerns about market inefficiency. A common concern is that the technology might induce traders to extract others' information, rather than to produce information themselves. We allow agents to choose how much they learn about future asset values or about others' demands, and we explore how improvements in data processing shape these information choices, trading strategies and market outcomes. Our main insight is that unbiased technological change can expl...
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作者：Bahaj, Saleem; Foulis, Angus; Pinter, Gabor
摘要：The homes of firm owners are an important source of finance for ongoing businesses. We use UK microdata to show that a 1 pound increase in the value of the homes of a firm's directors increases the firm's investment by 0.03 pound. This effect is concentrated among firms whose directors' homes are valuable relative to the firm's assets, that are financially constrained, and that have directors who are personally highly levered. An aggregation exercise shows that directors' homes are as importan...
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作者：Flaaen, Aaron; Hortacsu, Ali; Tintelnot, Felix
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; University of Chicago; National Bureau of Economic Research
摘要：We estimate the price effect of US import restrictions on washers. The 2012 and 2016 antidumping duties against South Korea and China were accompanied by downward or minor price movements along with production relocation to other export platform countries. With the 2018 tariffs, on nearly all source countries, the price of washers increased nearly 12 percent. Interestingly, the price of dryers-not subject to tariffs-increased by an equivalent amount. Factoring in dryer prices and price increas...
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作者：Kapor, Adam J.; Neilson, Christopher A.; Zimmerman, Seth D.
作者单位：Princeton University; National Bureau of Economic Research; University of Chicago
摘要：This paper studies how welfare outcomes in centralized school choice depend on the assignment mechanism when participants are not fully informed. Using a survey of school choice participants in a strategic setting, we show that beliefs about admissions chances differ from rational expectations values and predict choice behavior. To quantify the welfare costs of belief errors, we estimate a model of school choice that incorporates subjective beliefs. We evaluate the equilibrium effects of switc...
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作者：Basak, Deepal; Deb, Joyee
作者单位：Indian School of Business (ISB); Yale University
摘要：We consider bargaining environments in which public opinion provides leverage by making compromises costly. Two parties make initial demands, before knowing the public opinion. If deadlocked, they can bargain again after public opinion forms, but suffer reputation costs if they compromise, i.e., scale back their demands. We show that in equilibrium, parties may choose to make incompatible demands initially and gamble over public opinion even though one or both parties must bear a cost later We...
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作者：Autor, David; Dorn, David; Hanson, Gordon; Majlesi, Kaveh
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; University of Zurich; Harvard University; Lund University; Monash University
摘要：Has rising import competition contributed to the polarization of US politics? Analyzing multiple measures of political expression and results of congressional and presidential elections spanning the period 2000 through 2016, we find strong though not definitive evidence of an ideological realignment in trade-exposed local labor markets that commences prior to the divisive 2016 (15 presidential election. Exploiting the exogenous component of rising import competition by China, we find that trad...
