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作者：Rampini, Adriano A.
作者单位：Duke University
摘要：This paper studies how the durability of assets affects financing. We show that more durable assets require larger down payments making them harder to finance, because durability affects the price of assets and hence the overall financing need more than their collateral value. Durability affects technology adoption, the choice between new and used capital, and the rent versus buy decision. Constrained firms invest in less durable assets and buy used assets. More durable assets are more likely ...
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作者：Martinez-Marquina, Alejandro; Niederle, Muriel; Vespa, Emanuel
作者单位：Stanford University; National Bureau of Economic Research; University of California System; University of California Santa Barbara
摘要：We propose a new channel to account for the difficulties of individuals with contingent reasoning: the presence of uncertainty. When moving from an environment with one state of known value to one with multiple possible values, two changes occur. First, the number of values to consider increases. Second, the value of the state is uncertain. We show in an experiment that this lack of certainty, or the loss of the Power of Certainty, impedes payoff maximization and that it accounts for a substan...
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作者：Ganong, Peter; Noel, Pascal
摘要：Using de-identified bank account data, we show that spending drops sharply at the large and predictable decrease in income arising from the exhaustion of unemployment insurance (UI) benefits. We use the high-frequency response to a predictable income decline as a new test to distinguish between alternative consumption models. The sensitivity of spending to income we document is inconsistent with rational models of liquidity-constrained households, but is consistent with behavioral models with ...
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作者：Fudenberg, Drew; Rayo, Luis
作者单位：Northwestern University; Center for Economic & Policy Research (CEPR)
摘要：A principal specifies time paths of effort provision, task allocation, and knowledge transfer for a cash-constrained apprentice, who is free to walk away at any time. In the optimal contract the apprentice pays for training by working for low or no wages and by working inefficiently hard. The apprentice can work on both knowledge-complementary and knowledge-independent tasks. We study the optimal time path of effort distortions and their impact on the knowledge transfer, and analyze the effect...
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作者：Anderson, Haelim; Paddrik, Mark; Wang, Jessie Jiaxu
作者单位：Federal Deposit Insurance Corporation (FDIC); Office of Financial Research; United States Department of the Treasury; Arizona State University; Arizona State University-Tempe
摘要：The National Banking Acts (NBAs) of 1863-1864 established rules governing the amounts and locations of interbank deposits, thereby reshaping the bank networks. Using unique data on bank balance sheets and detailed interbank deposits in 1862 and 1867 in Pennsylvania, we study how the NBAs changed the network structure and quantify the effect on financial stability in an interbank network model. We find that the NBAs induced a concentration of interbank deposits at both the city and bank levels,...
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作者：Diamond, Rebecca; McQuade, Tim; Qian, Franklin
作者单位：Stanford University; National Bureau of Economic Research; Stanford University
摘要：Using a 1994 law change, we exploit quasi-experimental variation in the assignment of rent control in San Francisco to study its impacts on tenants and landlords. Leveraging new data tracking individuals' migration, we find rent control limits renters' mobility by 20 percent and lowers displacement from San Francisco. Landlords treated by rent control reduce rental housing supplies by 15 percent by selling to owner-occupants and redeveloping buildings. Thus, while rent control prevents displac...
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作者：Autor, David; Kostol, Andreas; Mogstad, Magne; Setzler, Bradley
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; Norges Bank; Statistics Norway; University of Chicago
摘要：There is no evaluation of the consequences of Disability Insurance (DI) receipt that captures the effects on households' net income and consumption expenditure, family labor supply, or benefits from other programs. Combining detailed register data from Norway with an instrumental variables approach based on random assignment to appellant judges, we comprehensively assess how DI receipt affects these understudied outcomes. To consider the welfare implications of the findings from this instrumen...
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作者：Becker, Sascha O.; Pascali, Luigi
作者单位：University of Warwick; Leibniz Association; Ifo Institut; IZA Institute Labor Economics; Pompeu Fabra University; Barcelona School of Economics
摘要：We study the role of economic incentives in shaping the coexistence of Jews, Catholics, and Protestants, using novel data from Germany for 1,000+ cities. The Catholic usury ban and higher literacy rates gave Jews a specific advantage in the moneylending sector. Following the Protestant Reformation (1517), the Jews lost these advantages in regions that became Protestant. We show (i) a change in the geography of anti-Semitism with persecutions of Jews and anti-Jewish publications becoming more c...
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作者：Bocola, Luigi; Dovis, Alessandro
作者单位：Stanford University; University of Pennsylvania
摘要：This paper investigates the role of self-fulfilling expectations in sovereign bond markets. We consider a model of sovereign borrowing featuring endogenous debt maturity, risk-averse lenders, and self-fulfilling crises a la Cole and Kehoe (2000). In this environment, interest rate spreads are driven by both fundamental and nonfundamental risk. These two sources of risk have contrasting implications for the maturity structure of debt chosen by the government. Therefore, they can be indirectly i...
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作者：Fetzer, Thiemo
作者单位：University of Warwick
摘要：This paper documents a significant association between the exposure of an individual or area to the UK government's austerity-induced welfare reforms begun in 2010, and the following: the subsequent rise in support for the UK Independence Party, an important correlate of Leave support in the 2016 UK referendum on European Union membership; broader individual-level measures of political dissatisfaction; and direct measures of support for Leave. Leveraging data from all UK electoral contests sin...
