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作者：Papadia, Andrea; Schioppa, Claudio A.
作者单位：University of York - UK; Leibniz Association; DIW Berlin - Deutsches Institut fur Wirtschaftsforschung; Universite Libre de Bruxelles
摘要：We investigate how internal distribution motives can affect the implementation of an important macroeconomic policy: capital controls. To do this, we study one of history's largest debt repatriations, which took place under strict capital controls in 1930s Germany, providing a wealth of quantitative and historical evidence. We show that the authorities kept private repatriations under strict control, thus avoiding detrimental macroeconomic effects, while allowing discretionary repatriations in...
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作者：Baldauf, Markus; Mollner, Joshua
作者单位：University of British Columbia; Northwestern University
摘要：When seeking to trade in over-the-counter markets, institutional investors typically restrict both the number of potential counterparties they contact and the information they disclose (e.g., by requesting two-sided rather than one-sided quotes). We rationalize these important facts in a model featuring endogenous front-running. Although an additional contact intensifies competition and aids in finding a natural counterparty, it also intensifies information leakage-which can be costly if it he...
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作者：Bruhn, Jesse; Greenberg, Kyle; Gudgeon, Matthew; Rose, Evan K.; Shem-Tov, Yotam
作者单位：Brown University; National Bureau of Economic Research; Tufts University; IZA Institute Labor Economics; University of Chicago; University of California System; University of California Los Angeles
摘要：As millions of soldiers deployed to Iraq or Afghanistan between 2001 and 2021, Veteran Affairs Disability Compensation payments quadrupled and the veteran suicide rate rose rapidly. We estimate the causal contribution of combat deployments to declining veteran well-being. Deployments increase injuries, combat deaths, and disability compensation, but we find limited effects on suicide, deaths of despair, financial health, incarceration, or education. Our estimates suggest that deployment cannot...
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作者：DellaVigna, Stefano; Kim, Woojin; Linos, Elizabeth
作者单位：University of California System; University of California Berkeley; National Bureau of Economic Research; Harvard University
摘要：Governments increasingly use randomized controlled trials (RCTs) to test innovations, yet we know little about how they incorporate results into policymaking. We study 30 US cities that ran 73 RCTs with a national nudge unit. Cities adopt a nudge treatment into their communications in 27% of the cases. We find that the strength of the evidence and key city features do not strongly predict adoption; instead, the largest predictor is whether the RCT was implemented using preexisting communicatio...
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作者：Kapor, Adam; Karnani, Mohit; Neilson, Christopher
作者单位：Yale University; Massachusetts Institute of Technology (MIT)
摘要：We study the welfare and human capital impacts of colleges' (non)participation in Chile's centralized higher-education platform, leveraging administrative data and two policy changes: the introduction of a large scholarship program and the inclusion of additional institutions, which raised the number of on-platform slots by approximately 40%. We first show that the expansion of the platform raised on-time graduation rates. We then develop and estimate a model of college applications, offers, w...
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作者：Bisin, Alberto; Verdier, Thierry
作者单位：New York University; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR)
摘要：We provide an abstract model of the interaction between culture and political institutions. The model is designed to study the political economy of elites and civil society on the determination of long-run socioeconomic activity. We characterize conditions such that the cultural traits of elites and civil society and the institutions determining their relative political power complement (substitute) each other, giving rise to a multiplier effect that amplifies (dampens) their combined ability ...
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作者：Ganimian, Alejandro J.; Muralidharan, Karthik; Walters, Christopher R.
作者单位：New York University; University of California System; University of California San Diego; University of California System; University of California Berkeley
摘要：We use a large-scale randomized experiment to study the impact of augmenting staffing in the world's largest public early-childhood program: India's Integrated Child Development Services. Adding a worker doubled net preschool instructional time and led to increases of 0.28 sigma and 0.46 sigma in math and language test scores after 18 months for children who remained enrolled in the program and 0.13 sigma and 0.10 sigma for all children enrolled at baseline. Rates of stunting and severe malnut...
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作者：Lerner, Josh; Seru, Amit; Short, Nicholas; Sun, Yuan
作者单位：Harvard University; Stanford University; Princeton University; Shanghai University of Finance & Economics
摘要：We explore the evolution of financial innovation using US finance patents. Patented financial innovations are substantial and increasingly economically important. Their subject matter has changed, consistent with the industry's shift toward household investors and borrowers. Information technology (IT) and other nonfinancial firms drove the surge in financial patenting. The location of innovation shifted, with banks moving activity away from states with tight financial regulation and high-tech...
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作者：Burkhauser, Richard V.; Corinth, Kevin; Elwell, James; Larrimore, Jeff
作者单位：National Bureau of Economic Research; University of Texas System; University of Texas Austin; IZA Institute Labor Economics; American Enterprise Institute for Public Policy Research; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：We evaluate progress in the War on Poverty as President Lyndon B. Johnson defined it, which established a 20% baseline poverty rate and adopted an absolute standard. While the official poverty rate fell from 19.5% in 1963 to 10.5% in 2019, our absolute full-income poverty measure-which uses a fuller income measure and updates thresholds only for inflation-fell from 19.5% to 1.6%. However, we also show that relative poverty reductions have been modest. Additionally, government dependence increa...
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作者：Chang, Minsu; Chen, Xiaohong; Schorfheide, Frank
作者单位：Seoul National University (SNU); Yale University; University of Pennsylvania; National Bureau of Economic Research
摘要：We develop a state-space model with a transition equation that takes the form of a functional vector autoregression (VAR) and stacks macroeconomic aggregates and a cross-sectional density. The measurement equation captures the error in estimating log densities from repeated cross-sectional samples. The log densities and their transition kernels are approximated by sieves, which leads to a finite-dimensional VAR for macroeconomic aggregates and sieve coefficients. With this model, we study the ...
