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作者：Fieler, Ana Cecilia; Eaton, Jonathan
作者单位：Yale University; National Bureau of Economic Research; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：Welfare depends on the quantity, quality, and range of goods consumed. We use trade data, which report the quantities and prices of the individual goods that countries exchange, to learn about how the gains from trade and growth break down into these different margins. Our general equilibrium model, in which both quality and quantity contribute to consumption and to production, captures (i) how prices increase with importer and exporter per capita income, (ii) how the range of goods traded ris...
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作者：Abel, Andrew B.; Panageas, Stavros
作者单位：University of Pennsylvania; University of California System; University of California Los Angeles
摘要：Government debt can be rolled over forever without primary surpluses in some stochastic economies, including some economies that are dynamically efficient. In an overlapping-generations model with constant growth rate, g, of labor-augmenting productivity, and with shocks to the durability of capital, we show that along a balanced growth path, the maximum sustainable ratio of bonds to capital is attained when the risk-free interest rate, r f, equals g. Furthermore, this maximal ratio maximizes ...
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作者：Garin, Andrew; Koustas, Dmitri; Mcpherson, Carl; Norris, Samuel; Pecenco, Matthew; Rose, Evan K.; Shem-Tov, Yotam; Weaver, Jeffrey
作者单位：Carnegie Mellon University; National Bureau of Economic Research; University of Chicago; University of California System; University of California Berkeley; University of British Columbia; Brown University; University of Chicago; University of California System; University of California Los Angeles; University of Southern California
摘要：We study the effect of incarceration on wages, self-employment, and taxes and transfers in North Carolina and Ohio using two quasi-experimental research designs: discontinuities in sentencing guidelines and random assignment to judges. Across both states, incarceration generates short-term drops in economic activity while individuals remain in prison. As a result, a year-long sentence decreases cumulative earnings over five years by 13%. Beyond five years, however, there is no evidence of lowe...
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作者：Adusumilli, Karun
作者单位：University of Pennsylvania
摘要：We provide a decision-theoretic analysis of bandit experiments under local asymptotics. Working within the framework of diffusion processes, we define suitable notions of asymptotic Bayes and minimax risk for these experiments. For normally distributed rewards, the minimal Bayes risk can be characterized as the solution to a second-order partial differential equation (PDE). Using a limit of experiments approach, we show that this PDE characterization also holds asymptotically under both parame...
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作者：Fernandez-Villaverde, Jesus; Hurtado, Samuel; Nuno, Galo
作者单位：University of Pennsylvania; National Bureau of Economic Research; Centre for Economic Policy Research - UK; Banco de Espana
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作者：Butters, R. Andrew; Dorsey, Jackson; Gowrisankaran, Gautam
作者单位：Indiana University System; Indiana University Bloomington; IU Kelley School of Business; University of Texas System; University of Texas Austin; Columbia University; National Bureau of Economic Research; Centre for Economic Policy Research - UK
摘要：Renewable energy and battery storage are seen as complementary technologies that can together facilitate reductions in carbon emissions. We develop and estimate a framework to calculate the equilibrium effects of large-scale battery storage. Using data from California, we find that the first storage unit breaks even by 2024 without subsidies when the renewable energy share reaches 50%. Equilibrium effects are important: the first 5000 MWh of storage capacity would reduce wholesale electricity ...
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作者：Carnehl, Christoph; Schneider, Johannes
作者单位：Bocconi University; Bocconi University; Universidad Carlos III de Madrid
摘要：Is more novel research always desirable? We develop a model in which knowledge shapes society's policies and guides the search for discoveries. Researchers select a question and how intensely to study it. The novelty of a question determines both the value and difficulty of discovering its answer. We show that the benefits of discoveries are nonmonotone in novelty. Knowledge expands endogenously step-by-step over time. Through a dynamic externality, moonshots-research on questions more novel t...
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作者：Bonneton, Nicolas; Sandmann, Christopher
作者单位：Vanderbilt University; University of London; London School Economics & Political Science
摘要：This paper studies assortative matching in a non-stationary search-and-matching model with non-transferable payoffs. Non-stationarity entails that the number and characteristics of agents searching evolve endogenously over time. Assortative matching can fail in non-stationary environments under conditions for which Morgan (1995) and Smith (2006) show that it occurs in the steady state. This is due to the risk of worsening match prospects inherent to non-stationary environments. The main contri...
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作者：Chiovelli, Giorgio; Michalopoulos, Stelios; Papaioannou, Elias
作者单位：Universidad de Montevideo; Brown University; Centre for Economic Policy Research - UK; National Bureau of Economic Research; University of London; London Business School
摘要：Landmines affect the lives of millions in many conflict-ridden communities long after the end of hostilities. However, there is little research on the role of demining. We examine the economic consequences of landmine removal in Mozambique, the only country to transition from heavily contaminated in 1992 to mine-free in 2015. First, we present the self-assembled georeferenced catalog of areas suspected of contamination, along with a detailed record of demining operations. Second, the event-stu...
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作者：Chernozhukov, Victor; Demirer, Mert; Duflo, Esther; Fernandez-Val, Ivan
作者单位：Massachusetts Institute of Technology (MIT); Massachusetts Institute of Technology (MIT); Massachusetts Institute of Technology (MIT); Boston University
