-
作者：Strausz, Roland
作者单位：Humboldt University of Berlin
摘要：Crowdfunding provides innovation in enabling entrepreneurs to contract with consumers before investment. Under aggregate demand uncertainty, this improves screening for valuable projects. Entrepreneurial moral hazard and private cost information threatens this benefit. Crowdfunding's after-markets enable consumers to actively implement deferred payments and thereby manage moral hazard. Popular crowdfunding platforms offer schemes that allow consumers to do so through conditional pledging behav...
-
作者：Handel, Benjamin; Kolstad, Jonathan
作者单位：University of California System; University of California Berkeley; National Bureau of Economic Research; University of California System; University of California Berkeley
-
作者：Besley, Timothy; Folke, Olle; Persson, Torsten; Rickne, Johanna
作者单位：University of London; London School Economics & Political Science; University of London; London School Economics & Political Science; Uppsala University; Stockholm University; Research Institute of Industrial Economics (IFN)
摘要：We develop a model where party leaders choose the competence of politicians on the ballot to trade off electoral success against their own survival. The predicted correlation between the competence of party leaders and followers is strongly supported in Swedish data. We use a novel approach, based on register data for the earnings of the whole population, to measure the competence of all politicians in 7 parties, 290 municipalities, and 10 elections (for the period 1982-2014). We ask how compe...
-
作者：Pongou, Roland; Defo, Barthelemy Kuate; Dimbuene, Zacharie Tsala
作者单位：University of Ottawa; Universite de Montreal; Statistics Canada
-
作者：Lise, Jeremy; Robin, Jean-Marc
作者单位：University of Minnesota System; University of Minnesota Twin Cities; University of London; University College London
摘要：We develop an equilibrium model of on-the-job search with ex ante heterogeneous workers and firms, aggregate uncertainty, and vacancy creation. The model produces rich dynamics in which the distributions of unemployed workers, vacancies, and worker-firm matches evolve stochastically over time. We prove that the surplus function, which fully characterizes the match value and the mobility decision of workers, does not depend on these distributions. This result means the model is tractable and ca...
-
作者：Nishimura, Hiroki; Ok, Efe A.; Quah, John K. -H.
作者单位：University of California System; University of California Riverside; New York University; New York University; Johns Hopkins University; National University of Singapore
摘要：We develop a version of Afriat's theorem that is applicable in a variety of choice environments beyond the setting of classical consumer theory. This allows us to devise tests for rationalizability in environments where the set of alternatives is not the positive orthant of a Euclidean space and where the rationalizing utility function is required to satisfy properties appropriate to that environment. We show that our results are applicable, amongst others, to choice data on lotteries, conting...
-
作者：Di Maggio, Marco; Kermani, Amir; Keys, Benjamin J.; Piskorski, Tomasz; Ramcharan, Rodney; Seru, Amit; Yao, Vincent
作者单位：Harvard University; University of California System; University of California Berkeley; University of Pennsylvania; Columbia University; University of Southern California; Stanford University; University System of Georgia; Georgia State University
摘要：Exploiting variation in the timing of resets of adjustable-rate mortgages (ARMs), we find that a sizable decline in mortgage payments (up to 50 percent) induces a significant increase in car purchases (up to 35 percent). This effect is attenuated by voluntary deleveraging. Borrowers with lower incomes and housing wealth have significantly higher marginal propensity to consume. Areas with a larger share of ARMs were more responsive to lower interest rates and saw a relative decline in defaults ...
-
作者：Bernard, Andrew B.; Boler, Esther Ann; Massari, Renzo; Reyes, Jose-Daniel; Taglioni, Daria
作者单位：Dartmouth College; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research; Imperial College London; The World Bank
摘要：Two identical firms who start exporting in different months, one each in January and December, will report dramatically different exports for the first calendar year. This partial-year effect biases down first-year export levels and biases up first-year export growth rates. For Peruvian exporters, the partial-year bias is large: first-year export levels are understated by 54 percent and the first-year growth rate is overstated by 112 percentage points. Correcting the partial-year effect dramat...
-
作者：Hebert, Benjamin; Schreger, Jesse
作者单位：Stanford University; Columbia University; National Bureau of Economic Research
摘要：A fundamental question in international macroeconomics is why governments repay their debt to foreign creditors, given the limited recourse available to those creditors. The seminal paper of Eaton and Gersovitz (1981) argues that reputation concerns are sufficient to ensure that sovereigns repay their debt. In a famous critique, Bulow and Rogoff (1989a) demonstrate that reputation alone cannot sustain sovereign borrowing in equilibrium, without some other type of default cost or punishment. Th...
-
作者：Brandt, Loren; Van Biesebroeck, Johannes; Wang, Luhang; Zhang, Yifan
作者单位：University of Toronto; KU Leuven; Centre for Economic Policy Research - UK; Xiamen University; Chinese University of Hong Kong
摘要：We examine the effects of trade liberalization in China on the evolution of markups and productivity of manufacturing firms. Although these dimensions of performance cannot be separately identified when firm output is measured by revenue, detailed price deflators make it possible to estimate the average effect of tariff reductions on both. Several novel findings emerge. First, cuts in output tariffs reduce markups, but raise productivity. Second, pro-competitive effects are most important amon...
