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作者：Muralidharan, Karthik; Singh, Abhijeet; Ganimian, Alejandro J.
作者单位：University of California System; University of California San Diego; National Bureau of Economic Research; Stockholm School of Economics; New York University
摘要：We study the impact of a personalized technology-aided after-school instruction program in middle-school grades in urban India using a lottery that provided winners with free access to the program. Lottery winners scored 0.370 sigma higher in math and 0.23 sigma higher in Hindi over just a 4.5-month period. IV estimates suggest that attending the program, for 90 days would increase math and Hindi test scores by 0.6 sigma and 0.390 sigma respectively. We find similar absolute test score gains f...
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作者：Bhamra, Harjoat S.; Uppal, Raman
作者单位：Imperial College London; Center for Economic & Policy Research (CEPR)
摘要：Households with familiarity biases tilt their portfolios toward a few risky assets. The resulting mean-variance loss from portfolio underdiversification is equivalent to only a modest reduction of about 1 percent per year in a household's portfolio return. However, once we consider also the effect of familiarity biases on the asset-allocation and intertemporal consumption-savings decisions, the welfare loss is multiplied by a factor of four. In general equilibrium, the suboptimal decisions of ...
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作者：Bordalo, Pedro; Coffman, Katherine; Gennaioli, Nicola; Shleifer, Andrei
作者单位：University of Oxford; Harvard University; Bocconi University; Bocconi University; Harvard University
摘要：We conduct laboratory experiments that explore how gender stereotypes shape beliefs about ability of oneself and others in different categories of knowledge. The data reveal two patterns. First, men's and women's beliefs about both oneself and others exceed observed ability on average, particularly in difficult tasks. Second, overestimation of ability by both men and women varies across categories. To understand these patterns, we develop a model that separates gender stereotypes from misestim...
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作者：Jones, Benjamin F.
作者单位：Northwestern University; National Bureau of Economic Research
摘要：Human capital differences across countries can appear large or small depending on measurement methods. This Reply clarifies key assumptions and conceptual distinctions across accounting approaches. Accounting-based arguments for small human capital differences are difficult to sustain. By contrast, large human capital differences are theoretically and empirically coherent. Non-accounting arguments against large human capital variation are examined and their weaknesses pinpointed. This Reply al...
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作者：Azoulay, Pierre; Fons-Rosen, Christian; Zivin, Joshua S. Graff
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; University of California System; University of California Merced; University of California System; University of California San Diego
摘要：We examine how the premature death of eminent life scientists alters the vitality of their fields. While the flow of articles by collaborators into affected fields decreases after the death of a star scientist, the flow of articles by non-collaborators increases markedly. This surge in contributions from outsiders draws upon a different scientific corpus and is disproportionately likely to be highly cited. While outsiders appear reluctant to challenge leadership within a field when the star is...
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作者：David, Joel M.; Venkateswaran, Venky
作者单位：University of Southern California; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; New York University
摘要：We develop a methodology to disentangle sources of capital mis-allocation, i.e., dispersion in value-added/capital. It measures the contributions of technological! informational frictions and a rich class of firm-specific factors. An application to Chinese manufacturing firms reveals that adjustment costs and uncertainty, while significant, explain only a modest fraction of the dispersion, which stems largely from other factors: a component correlated with productivity and a fixed effect. Adju...
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作者：Jentsch, Carsten; Lunsford, Kurt G.
作者单位：Dortmund University of Technology; Federal Reserve System - USA; Federal Reserve Bank - Cleveland
摘要：Mertens and Ravn (2013) estimateimpulse response functions (MPS) from income tax changes in a structural vector autoregression (SVAR) by using narrative accounts of tax liability changes as proxy variables. To produce confidence intervals for their IRFs, they use a residual-based wild bootstrap, which has subsequently become popular in the proxy SVAR literature. We argue that their wild bootstrap is not valid, producing confidence intervals that are much too small. Using a residual-based movin...
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作者：[Anonymous]
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作者：Adrian, Tobias; Boyarchenko, Nina; Giannone, Domenico
作者单位：International Monetary Fund; Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：We study the conditional distribution of GDP growth as a function of economic and financial conditions. Deteriorating financial conditions are associated with an increase in the conditional volatility and a decline in the conditional mean of GDP growth, leading the lower (pantiles of GDP growth to vary with, financial conditions and the upper (pantiles' to he stable over time. Upside risks to GDP growth are low in most periods while downside risks increase as financial conditions become tighte...
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作者：Carvalho, Vasco M.; Grassi, Basile
作者单位：University of Cambridge; Centre for Economic Policy Research - UK; Alan Turing Institute; Bocconi University; Bocconi University
摘要：Do large firm dynamics drive the business cycle? We answer this question by developing a quantitative theory of aggregate fluctuations caused by firm-level disturbances alone. We show that a standard heterogeneous firm dynamics setup already contains in it a theory of the business cycle, without appealing to aggregate shocks. We offer an analytical characterization of the law of motion of the aggregate state in this class of models, the firm size distribution, and show that aggregate output an...
