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作者：Burlig, Fiona; Preonas, Louis
作者单位：University of Chicago; National Bureau of Economic Research; University System of Maryland; University of Maryland College Park
摘要：Nearly 1 billion people still lack electricity access. Developing countries are investing billions of dollars in last-mile electrification, although evidence on its economic impacts is mixed. We estimate the development effects of rural electrification in the context of India's national electrification program, RGGVY (Rajiv Gandhi Grameen Vidyutikaran Yojana), which reached over 400,000 villages. Using regression-discontinuity and difference-in-differences designs, we estimate that RGGVY meani...
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作者：Baum-Snow, Nathaniel; Han, Lu
作者单位：University of Toronto; University of Wisconsin System; University of Wisconsin Madison
摘要：We perform a comprehensive neighborhood-level analysis of housing supply. Predictions of floor space and housing unit supply elasticities using our estimates average 0.5 and 0.3 across all urban neighborhoods in the United States, exhibiting greater variation within than between metro regions. New construction accounts for about 50% of unit supply responses, with important additional roles for teardowns and renovations. Supply responses grow with central business district distance mostly from ...
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作者：D'Arcy, Michelle; Nistotskaya, Marina; Olsson, Ola
作者单位：Trinity College Dublin; University of Gothenburg
摘要：Cadasters are public records of land ownership that facilitate clear assignment of property rights and land demarcation, thereby reducing transaction costs for economic agents and strengthening the state's capacity to tax. Macro-level research on the evolution of formal land registration has largely been lacking. Using a novel dataset on the emergence and development of state-administered cadasters in 159 countries over the past millennium, we analyze empirically the association between the de...
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作者：Alfaro, Ivan; Bloom, Nicholas; Lin, Xiaoji
作者单位：BI Norwegian Business School; Stanford University; University of Minnesota System; University of Minnesota Twin Cities
摘要：We show how real and financial frictions amplify, prolong, and propagate the negative impact of uncertainty shocks. We use a novel instrumentation strategy to address endogeneity in estimating the impact of uncertainty by exploiting differential firm exposure to exchange rate, policy, and energy price volatility. We show that financially constrained firms cut investment more than unconstrained firms following an uncertainty shock. We then build a general equilibrium heterogeneous firms model w...
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作者：Fudenberg, Drew; Lanzani, Giacomo; Strack, Philipp
作者单位：Massachusetts Institute of Technology (MIT); Harvard University; Yale University
摘要：We study agents who are more likely to remember some experiences than others but update beliefs as if the experiences they remember are the only ones that occurred. To understand the long-run effects of selective memory, we propose selective-memory equilibrium. We show that if the agent's behavior converges, their limit strategy is a selective-memory equilibrium, and we provide a sufficient condition for behavior to converge. We use this equilibrium concept to explore the consequences of sever...
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作者：Brunnermeier, Markus K.; Merkel, Sebastian; Sannikov, Yuliy
作者单位：Princeton University; University of Bristol; Stanford University
摘要：The price of a safe asset reflects not only the expected discounted future cash flows but also future service flows, since retrading allows partial insurance of idiosyncratic risk in an incomplete markets setting. This lowers the issuers' interest burden. As idiosyncratic risk rises during recessions, so does the value of the service flows bestowing the safe asset with a negative beta. The resulting exorbitant privilege resolves government debt valuation puzzles and allows the government to ru...
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作者：Dewatripont, Mathias; Tirole, Jean
作者单位：Universite Libre de Bruxelles; Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics
摘要：Scholars and civil society have argued that competition erodes supplier morality. This paper establishes a robust irrelevance result, whereby intense market competition does not crowd out consequentialist ethics; it thereby issues a strong warning against the wholesale moral condemnation of markets and procompetitive institutions. Intense competition, while not altering the behavior of profitable suppliers, may, however, reduce the standards of highly ethical suppliers or not-for-profits, rais...
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作者：Jeenas, Priit; Lagos, Ricardo
作者单位：Pompeu Fabra University; Centre de Recerca en Economia Internacional (CREI); Barcelona School of Economics; New York University
摘要：We study the effects of monetary policy-induced changes in Tobin's q on corporate investment and capital structure. We develop a theory of the mechanism, provide empirical evidence, evaluate the ability of the quantitative theory to match the evidence, and quantify the relevance for monetary transmission to aggregate investment.
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作者：Argente, David; Lee, Munseob; Moreira, Sara
作者单位：Yale University; University of California System; University of California San Diego; Northwestern University
摘要：We document that sales of individual products decline steadily throughout most of the product life cycle. Products quickly become obsolete as they face competition from newer products sold by competing firms and the same firm. We build a dynamic model that highlights an innovation-obsolescence cycle, where firms need to introduce new products to grow; otherwise, their portfolios become obsolete as rivals introduce their own new products. By introducing new products, however, firms accelerate t...
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作者：Gul, Faruk; Pesendorfer, Wolfgang; Zhang, Mu
作者单位：Princeton University
摘要：We provide conditions under which a market mechanism can be used to allocate indivisible goods efficiently. We consider an economy with no transfers and show the existence and efficiency of Walrasian equilibria in the corresponding pseudomarket with stochastic consumption. We demonstrate that constraints on minimum and maximum levels of individual consumption and aggregate constraints of the kind that are relevant in combinatorial allocation problems can be accommodated either by incorporating...
