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作者：Caucutt, Elizabeth; Lochner, Lance; Mullins, Joseph; Park, Youngmin
作者单位：Western University (University of Western Ontario); University of Minnesota System; University of Minnesota Twin Cities; Bank of Canada
摘要：Families invest time, home goods/services, and market-based childcare in their children. We study these investments, focusing on the role of parental human capital and the substitutability of inputs in skill production. We develop a relative demand estimation strategy that uses intratemporal optimality to estimate the substitutability and relative productivity of inputs. We show how relative demand restrictions simplify and improve estimation of the dynamics of skill production. We estimate th...
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作者：Aparisi de Lannoy, Leo; Bhandari, Anmol; Evans, David; Golosov, Mikhail; Sargent, Thomas
作者单位：University of Chicago; University of Minnesota System; University of Minnesota Twin Cities; University of Oregon; New York University
摘要：We study optimal public portfolios in a class of macro-finance models that includes widely used specifications of households' risk and liquidity preferences, market structures for financial assets, and trading frictions. An optimal portfolio hedges fluctuations in interest rates, primary surpluses, and income inequalities. We express an optimal portfolio in terms of statistics that are functions only of macro and financial market data. An application to US data shows that hedging interest rate...
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作者：Santacreu, Ana Maria
作者单位：Federal Reserve System - USA
摘要：I develop a quantitative theory of bilateral trade agreements with intellectual property (IP) provisions in a multicountry growth model. The model's dynamics are driven by innovation and technology licensing. Imperfect IP enforcement leads to reduced royalty payments and growth. Governments negotiate tariffs and IP enforcement through Nash bargaining. Gains from the trade agreement vary along the transition. Developing countries experience short-term losses, while developed countries gain in b...
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作者：Madsen, Erik; Vellodi, Nikhil
作者单位：New York University; Paris School of Economics
摘要：We study how regulating data usage impacts innovation in digital markets. Platforms commonly use proprietary data about third-party sellers to inform their own competing offerings, dampening incentives for innovation. We model this interaction and characterize how data usage restrictions reshape these incentives. An outright ban on data usage may boost or curtail innovation, depending on the thickness of the right tail of demand for new products. More flexible rules controlling when and what d...
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作者：Falk, Armin; Kosse, Fabian; Pinger, Pia
作者单位：University of Bonn; University of Wurzburg; University of Cologne
摘要：Inequality of opportunity occurs when children of equal academic performance are sent to different-quality schools because their parents differ in socioeconomic status. We demonstrate that children from low-socioeconomic status (SES) families are significantly less likely to enter the academic track, even after conditioning on prior school performance. We then provide causal evidence that a low-intensity mentoring program can improve the education outcomes of low-SES children and reduce inequa...
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作者：Doepper, Hendrik; MacKay, Alexander; Miller, Nathan H.; Stiebale, Joel
作者单位：University of Virginia; Georgetown University
摘要：We analyze the evolution of markups for consumer products in the United States from 2006 to 2019. Using detailed data on prices and quantities for products in more than 100 distinct categories, we obtain a panel of markups, marginal costs, and flexible consumer preferences. Our empirical strategy uses separate random coefficients logit models for each category and year and an assumption that firms set prices to maximize profits. We find that markups increased by about 30% on average over the s...
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作者：Khantadze, Davit; Kremer, Ilan; Skrzypacz, Andrzej
作者单位：Hebrew University of Jerusalem; University of Warwick; Stanford University
摘要：We consider a Bayesian persuasion model in which multiple receivers take one action each. We compare simultaneous procedures with sequential ones. In a simultaneous procedure, all the receivers act simultaneously following the realization of a single public signal. In a sequential procedure, receivers receive information and take actions sequentially. We characterize the conditions under which the optimal sequential procedure leads to a higher payoff and characterize the optimal ordering of ac...
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作者：Hirano, Tomohiro; Toda, Alexis Akira
作者单位：University of London; Royal Holloway University London; Emory University
摘要：Asset price bubbles are situations where asset prices exceed the fundamental values defined by the present value of dividends. This paper presents a conceptually new perspective: the necessity of bubbles. We establish the bubble necessity theorem in a plausible general class of economic models: with faster long-run economic growth (G) than dividend growth (Gd) and counterfactual long-run autarky interest rate (R) below dividend growth, all equilibria are bubbly with nonnegligible bubble sizes ...
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作者：Ahrsjo, Ulrika; Meghir, Costas; Palme, Marten; Schnabel, Marieke
作者单位：Stockholm School of Economics; Yale University; National Bureau of Economic Research; IZA Institute Labor Economics; Centre for Economic Policy Research - UK; Stockholm University; Leibniz Association; Ifo Institut; University of London; University College London
摘要：We examine the intergenerational effect of education policy on crime. Using administrative data that link outcomes across generations with crime records, we show that the Swedish comprehensive school reform, gradually implemented between 1949 and 1962, reduced conviction rates both for the generation directly affected and for their sons. The reduction occurred across several types of crime. Mediation analysis suggests that the key channels include increased parental educational attainment and ...
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作者：Benabou, Roland; Tirole, Jean
作者单位：Princeton University; National Bureau of Economic Research; Centre for Economic Policy Research - UK; IZA Institute Labor Economics; Communaute d'universites et etablissements de Toulouse (Comue); Universite Toulouse 1 Capitole; Toulouse School of Economics
摘要：We analyze how private decisions and optimal public policies are shaped by personal and societal preferences, material incentives, and social norms. We show how incentives interact with honor and stigma, deriving optimal taxation. We then analyze the expressive role of law as embodying society's values and when it calls for a weakening or a strengthening of incentives. The law should be softened when it signals agents' willingness to contribute to the public good and toughened when it signals ...
