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作者：Brancaccio, Giulia; Kang, Karam
作者单位：New York University; National Bureau of Economic Research; University of Wisconsin System; University of Wisconsin Madison
摘要：This paper shows that product design shapes search frictions and that intermediaries leverage this channel to increase their rents in the context of the U.S. municipal bond market. The majority of bonds are designed via negotiation between a local government and its underwriter. They are then traded in a decentralized market, where the underwriter often also acts as an intermediary. Exploiting variations in state regulations that limit government officials' conflicts of interest, we provide ev...
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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...
