-
作者：Sadler, Evan
作者单位：Columbia University
摘要：I propose a general theory of strategic network formation based on increasing marginal linking costs and vertical heterogeneity among the players. In the spirit of revealed preference, I describe the entire set of graphs that can be stable, without making any parametric assumptions about players' preferences. Stable graphs feature assortativity and clustering, and I highlight conditions that lead to hierarchies and cliquish behavior. Extensions shed light on which findings are robust and which...
-
作者：Di Tella, Sebastian; Hebert, Benjamin; Kurlat, Pablo; Wang, Qitong
作者单位：Stanford University; National Bureau of Economic Research; University of Southern California
摘要：We use equity returns to construct a time-varying measure of the zero-beta interest rate: the expected return of a stock portfolio orthogonal to the stochastic discount factor. In contrast to safe rates, the zero-beta rate fits the aggregate consumption Euler equation remarkably well both unconditionally and conditional on monetary policy shocks and is high, volatile, and persistent enough to explain the average return and most of the volatility of the market portfolio. The puzzle is why safe ...
-
作者：Espinosa, Miguel; Stanton, Christopher
作者单位：Bocconi University; Leibniz Association; Ifo Institut; Harvard University; National Bureau of Economic Research
摘要：This paper examines how training affects productivity across hierarchical layers within organizations. After a randomized training program for frontline employees at a government agency, trained workers' output increased while their requests for managerial assistance fell. This freed managers to focus on strategic tasks-particularly managers with the strongest connections to trained employees. A structural model of organizational hierarchy shows that spillovers to managers account for approxim...
-
作者：Inoue, Atsushi; Kilian, Lutz
作者单位：Vanderbilt University; Federal Reserve System - USA; Federal Reserve Bank - Dallas; Centre for Economic Policy Research - UK
摘要：We provide evidence that the quantitative importance of the Haar prior for posterior impulse response inference has been overstated. How sensitive posterior inference is to the Haar prior depends on the width of the identified set. This width depends not only on how much the identified set is narrowed by the identifying restrictions but also on the data through the reduced-form model parameters. Hence, the role of the Haar prior can be assessed only on a case-by-case basis. We show by example ...
-
作者：Ricks, Michael David; Kay, Owen
作者单位：University of Nebraska System; University of Nebraska Lincoln; Federal Reserve System - USA; Federal Reserve Bank - Dallas
摘要：Pigouvian subsidies are efficient, but output subsidies with uncertain or limited durations are not Pigouvian. We show that optimal time-limited policies must also subsidize investment to correct externalities generated after the output subsidy ends. Furthermore, an output subsidy's optimal duration is characterized by the change in production when it ends. In the wind energy industry, we find that power generation decreases by 5%-10% after the end of facilities' 10-year eligibility for the Re...
-
作者：Low, Hamish; Pistaferri, Luigi
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Chicago; University of London; London School Economics & Political Science; Centre for Economic Policy Research - UK; Stanford University; Stanford University; National Bureau of Economic Research
摘要：We show the extent of screening errors made in disability insurance awards using matched survey-administrative data. False rejections are widespread, with large gender differences. Work-disabled women are 12.8 percentage points more likely to be rejected than work-disabled men, controlling for health conditions, occupation, and demographics. Gender differences arise because women are assessed with more residual work capacity. We model the Social Security Administration (SSA) decision-making pr...
-
作者：Ellingsen, Tore; Mohlin, Erik
作者单位：Stockholm School of Economics; Lund University
摘要：We develop and test a model of social duties. The model distinguishes unconditional duties to take or avoid certain actions from conditional duties that depend on the actions' payoffs. It also distinguishes strict duties (must do) from liberal duties (ought to do). The disutility associated with duty violation depends on the duty's strictness and is proportional to the externality the violation causes. The model rationalizes behavioral patterns that are incompatible with consequentialist prefe...
-
作者：Ghosh, Arkadev
作者单位：Duke University
摘要：This paper implements a field experiment in India to study whether the effects of religious diversity on productivity and attitudes depend on a firm's production technology. I randomly assigned Hindu and Muslim workers at a manufacturing plant in West Bengal to mixed or homogeneous teams. Production tasks are categorized as high or low dependency based on the degree of continuous coordination required. Mixed teams are less productive than homogeneous teams in high-dependency tasks, but this ef...
-
作者：Guo, Rufei; Yi, Junjian; Zhang, Junsen; Zhang, Ning
作者单位：Wuhan University; Peking University; Zhejiang University; Chinese University of Hong Kong
摘要：We develop a generalized theory of rationed fertility to analyze treatment effect heterogeneity in the child quantity-quality trade-off. An exogenous increase in fertility can be either desired or undesired. We derive a positive rationing income effect on child quality for desired fertility increases but a negative rationing income effect for undesired fertility increases. We propose an econometric framework to identify treatment effects of desired and undesired fertility increases and estimat...
-
作者：Gagnon, Nickolas; Bosmans, Kristof; Riedl, Arno
作者单位：Aarhus University; Maastricht University
摘要：We conduct experiments on an online platform to investigate the causal effect of gender discrimination on labor supply decisions. Controlling for the piece-rate wage, we find that workers who face explicit negative gender-discriminatory wage inequality supply substantially less labor compared with workers who face gender-neutral wage inequality. We also examine the effect of positive discrimination, differences between men and women, and the impact of implicit rather than explicit discriminati...
