The American Economic Review

最新文章

• Wage Inequality and Firm Growth AI翻译
  作者：Mueller, Holger M.; Ouimet, Paige P.; Simintzi, Elena
  作者单位：New York University; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research; European Corporate Governance Institute; University of North Carolina; University of North Carolina Chapel Hill; University of North Carolina School of Medicine; University of British Columbia
• Misallocation and the Distribution of Global Volatility AI翻译
  作者：Eden, Maya
  作者单位：The World Bank
  摘要：Decreasing returns at the macro level are an outcome of efficiency at the micro level. When inputs are scarce, an efficient economy carries out only the most productive projects; when inputs are abundant, the economy implements less productive projects as well. This link between decreasing returns and efficiency suggests that mis-allocation can reduce the extent of aggregate decreasing returns. I formalize this connection and establish two main results: (i) mis-allocation amplifies the volatil...
• The Welfare Effects of Coordinated Assignment: Evidence from the New York City High School Match AI翻译
  作者：Abdulkadiroglu, Atila; Agarwal, Nikhil; Pathak, Parag A.
  作者单位：Duke University; National Bureau of Economic Research; Massachusetts Institute of Technology (MIT)
  摘要：Coordinated single-offer school assignment systems are a popular education reform. We show that uncoordinated offers in NYC's school assignment mechanism generated mismatches. One-third of applicants were unassigned after the main round and later administratively placed at less desirable schools. We evaluate the effects of the new coordinated mechanism based on deferred acceptance using estimated student preferences. The new mechanism achieves 80 percent of the possible gains from a no-choice ...
• The Distributional Consequences of Large Devaluations AI翻译
  作者：Cravino, Javier; Levchenko, Andrei A.
  作者单位：University of Michigan System; University of Michigan; National Bureau of Economic Research; Centre for Economic Policy Research - UK
  摘要：We study the impact of large exchange rate devaluations on the cost of living at different points on the income distribution. Poor households spend relatively more on tradeable product categories and consume lower-priced varieties within categories. Changes in the relative price of tradeables and of lower-priced varieties affect the cost of living of low-income relative to high-income households. We quantify these effects following the 1994 Mexican devaluation and show that they can have large...
• The Cyclicality of Sales, Regular, and Effective Prices: Business Cycle and Policy Implications: Comment AI翻译
  作者：Gagnon, Etienne; Lopez-Salido, David; Sockin, Jason
  作者单位：Federal Reserve System - USA; University of Pennsylvania
  摘要：Coibion, Gorodnichenko, and Hong (2015) argue that the CPI underestimates the deceleration in consumer prices during economic downturns because the index fails to account for the reallocation of consumer spending from high-price to low-price stores. We show that their conclusion hinges on some nonstandard methodological choices, including an aggressive censoring of price adjustments and a treatment for missing observations that can leave out some of the price variation. Under our preferred met...
• Bidder Solicitation, Adverse Selection, and the Failure of Competition AI翻译
  作者：Lauermann, Stephan; Wolinsky, Asher
  作者单位：University of Bonn; Northwestern University
  摘要：We study a common value, first-price auction in which the number of bidders is endogenous: the seller (auctioneer) knows the value and solicits bidders at a cost. The number of bidders, which is unobservable, may thus depend on the true value. Therefore, being solicited conveys information. This solicitation effect may soften competition and impede information aggregation. Under certain conditions, there is an equilibrium in which the seller solicits many bidders, yet the resulting price is no...
• Repugnance Management and Transactions in the Body AI翻译
  作者：Healy, Kieran; Krawiec, Kimberly D.
  作者单位：Duke University; Duke University
• Tying the Double-Knot: The Role of Assets in Marriage Commitment AI翻译
  作者：Lafortune, Jeanne; Low, Corinne
  作者单位：Pontificia Universidad Catolica de Chile; University of Pennsylvania
• Culture, Ethnicity, and Diversity AI翻译
  作者：Desmet, Klaus; Ortuno-Ortin, Ignacio; Wacziarg, Romain
  作者单位：Southern Methodist University; Southern Methodist University; Centre for Economic Policy Research - UK; Universidad Carlos III de Madrid; University of California System; University of California Los Angeles; National Bureau of Economic Research
  摘要：We investigate the empirical relationship between ethnicity and culture, defined as a vector of traits reflecting norms, values, and attitudes. Using survey data for 76 countries, we find that ethnic identity is a significant predictor of cultural values, yet that within-group variation in culture trumps between-group variation. Thus, in contrast to a commonly held view, ethnic and cultural diversity are unrelated. Although only a small portion of a country's overall cultural heterogeneity occ...
• The Empirical Implications of the Interest-Rate Lower Bound AI翻译
  作者：Gust, Christopher; Herbst, Edward; Lopez-Salido, David; Smith, Matthew E.
  作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
  摘要：Using Bayesian methods, we estimate a nonlinear DSGE model in which the interest-rate lower bound is occasionally binding. We quantify the size and nature of disturbances that pushed the US economy to the lower bound in late 2008 as well as the contribution of the lower bound constraint to the resulting economic slump. We find that the interest-rate lower bound was a significant constraint on monetary policy that exacerbated the recession and inhibited the recovery, as our mean estimates imply...