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作者：Hvide, Hans K.; Jones, Benjamin F.
作者单位：University of Bergen; Center for Economic & Policy Research (CEPR); Northwestern University; National Bureau of Economic Research
摘要：National policies take varied approaches to encouraging university-based innovation. This paper studies a natural experiment: the end of the professor's privilege in Norway, where university researchers previously enjoyed full rights to their innovations. Upon the reform, Norway moved toward the typical US model, where the university holds majority rights. Using comprehensive data on Norwegian workers, firms, and patents, we find a 50 percent decline in both entrepreneurship and patenting rate...
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作者：Thaler, Richard H.
作者单位：University of Chicago
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作者：Kolsrud, Jonas; Landais, Camille; Nilsson, Peter; Spinnewijn, Johannes
作者单位：University of London; London School Economics & Political Science; Stockholm University
摘要：This paper provides a simple, yet robust framework to evaluate the time profile of benefits paid during an unemployment spell. We derive sufficient-statistics formulae capturing the marginal insurance value and incentive costs of unemployment-benefits paid at different times during a spell. Our approach allows us to revisit separate arguments for inclining or declining profiles put forward in the theoretical literature and to identify welfare-improving-changes in the benefit profile that accou...
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作者：Cabral, Marika; Geruso, Michael; Mahoney, Neale
作者单位：University of Texas System; University of Texas Austin; University of Chicago
摘要：A central question in the debate over privatized Medicare is whether increased government payments to private Medicare Advantage (MA) plans generate lower premiums for consumers or higher profits for producers. Using difference-in-differences variation brought about by a sharp legislative change, we find that MA insurers pass through 45 percent of increased payments in lower premiums and an additional 9 percent in more generous benefits. We show that advantageous selection into MA cannot expla...
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作者：Amior, Michael; Manning, Alan
作者单位：Hebrew University of Jerusalem; University of London; London School Economics & Political Science
摘要：Differences in employment-population ratios across US commuting zones have persisted for many decades. We claim these disparities represent real gaps in economic opportunity for individuals of fixed characteristics. These gaps persist despite a strong migratory response, and we attribute this to high persistence in labor demand shocks. These trends generate a race between local employment and population: population always lags behind employment, yielding persistent deviations in employment rat...
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作者：Donaldson, Dave
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research
摘要：How large are the benefits of transportation infrastructure projects, and what explains these benefits? This paper uses archival data from colonial India to investigate the impact of India's vast railroad network. Guided by four results from a general equilibrium trade model, I find that railroads: (1) decreased trade costs and interregional price gaps; (2) increased interregional and international trade; (3) increased real income levels; and (4) that a sufficient statistic for the effect of r...
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作者：Shrinivas, Aditya; Fafchamps, Marcel
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; Stanford University
摘要：Mazzocco and Saini (2012) propose and implement a test of efficient risk sharing that allows for preference heterogeneity. They motivate their approach as yielding different results from those of a standard efficiency test with homogeneous preferences. We show that the standard efficiency test results are misreported in their paper and that the correctly reported results do not present as compelling a case for the importance of accounting for heterogeneous preferences.
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作者：Miao, Jianjun; Wang, Pengfei
作者单位：Boston University; Central University of Finance & Economics; Hong Kong University of Science & Technology
摘要：We provide a theory of rational stock price bubbles in production economies with infinitely-lived agents. Finns meet stochastic investment opportunities and face endogenous credit constraints. They are not fully committed to repaying debt. Credit constraints are derived from incentive constraints in optimal contracts which ensure default never occurs in equilibrium. Stock price bubbles can emerge through a positive feedback loop mechanism and cannot be ruled out by transversality conditions. T...
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作者：Halac, Marina; Yared, Pierre
作者单位：Yale University; Center for Economic & Policy Research (CEPR); Columbia University; National Bureau of Economic Research
摘要：Governments are present-biased toward spending. Fiscal rules are deficit limits that trade off commitment to not overspend and flexibility to react to shocks. We compare coordinated rules, chosen jointly by a group of countries, to uncoordinated rules. If governments' present bias is small, coordinated rules are tighter than uncoordinated rules: individual countries do not internalize the redistributive effect of interest rates. However, if the bias is large, coordinated rules are slacker: cou...
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作者：Persson, Petra; Rossin-Slater, Maya
作者单位：Stanford University; National Bureau of Economic Research; Research Institute of Industrial Economics (IFN)
摘要：Persson and Rossin-Slater (2018) find that prenatal exposure to family ruptures affects childhood and adult mental health, as well as infant physical health. We compare children whose relatives die within 280 days post-conception to children whose relatives die in the year after birth. Matsumoto correctly notes that defining the control group using actual birth dates can bias our estimates. Here, we redefine our control group using expected birth dates. The effects on mental health in childhoo...
