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作者：Farboodi, Maryam
作者单位：National Bureau of Economic Research; Massachusetts Institute of Technology (MIT); Centre for Economic Policy Research - UK
摘要：I study a model of the financial sector in which intermediation among debt-financed banks gives rise to an endogenous core-periphery network. Endogenous intermediation generates excessive systemic risk in the financial network. Financial institutions have incentives to capture intermediation spreads through strategic borrowing and lending decisions. By doing so, they tilt the division of surplus along an intermediation chain in their favor, while at the same time reducing aggregate surplus. Th...
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作者：Alder, Simeon D.; Lagakos, David; Ohanian, Lee
作者单位：University of Wisconsin System; University of Wisconsin Madison; Boston University; National Bureau of Economic Research; University of California System; University of California Los Angeles
摘要：No region of the United States fared worse over the postwar period than the Rust Belt. This paper analyzes how much of its decline can be accounted for by the persistent labor market conflict that characterized Rust Belt union-management relations. We develop a multisector, multiregion, dynamic general equilibrium model in which labor market conflict leads to strikes, wage premia, lower investment, and lower productivity growth. These lead to shrinking Rust Belt industries and to workers movin...
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作者：Pegoraro, Stefano
作者单位：University of Notre Dame
摘要：I characterize the dynamics of incentives in an optimal contract with investment delegation, moral hazard, and uncertainty about the agent's productivity. The principal increases the agent's incentives after good performance in order to delegate more capital to an agent with higher perceived productivity, thus implementing a convex pay-for-performance scheme. Moreover, the principal commits to reduce the agent's future incentives in order to mitigate ex ante investment distortions. Methodologi...
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作者：Anton, Miguel; Ederer, Florian; Gine, Mireia; Schmalz, Martin
作者单位：University of Navarra; IESE Business School; Yale University; National Bureau of Economic Research; European Corporate Governance Institute; University of Oxford; Centre for Economic Policy Research - UK; Leibniz Association; Ifo Institut
摘要：We present a mechanism based on managerial incentives through which common ownership affects product market outcomes. Firm-level variation in common ownership causes variation in managerial incentives and productivity across firms, which leads to intraindustry and intrafirm cross-market variation in prices, output, markups, and market shares that is consistent with empirical evidence. The organizational structure of multiproduct firms and the passivity of common owners determine whether higher...
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作者：Bernini, Andrea; Facchini, Giovanni; Testa, Cecilia
作者单位：University of Oxford; Centre for Economic Policy Research - UK; University of Nottingham; IZA Institute Labor Economics; University of Nottingham
摘要：The Voting Rights Act of 1965 redefined race relations in the United States. Yet evidence on its effect on Black office holding remains scant. Using novel data on Black elected officials between 1962 and 1980, we assess the impact of the Voting Rights Act on the racial makeup of local governments in the Deep South. Exploiting predetermined differential exposure of Southern counties to the mandated federal intervention, we show that the latter fostered local Black office holding, particularly i...
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作者：Waldinger, Maria
作者单位：Leibniz Association; Ifo Institut
摘要：Recent studies consistently find important economic effects of year-to-year weather fluctuations. I study the economic effects of long-term and gradual climate change over 250 years in the Little Ice Age (1600-1850), during which people and economies had time to adapt. Results show significant negative economic effects of long-term climate change. Temperature impacted the economy through its effect on agricultural productivity and mortality. To adapt to the Little Ice Age, economies increased ...
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作者：Kaur, Supreet; Kremer, Michael; Mullainathan, Sendhil
作者单位：University of California System; University of California Berkeley; University of Chicago
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作者：Mayshar, Joram; Moav, Omer; Pascali, Luigi
作者单位：Hebrew University of Jerusalem; University of Warwick; Reichman University; Pompeu Fabra University; Barcelona School of Economics
摘要：The conventional theory about the origin of the state is that the adoption of farming increased land productivity, which led to the production of food surplus. This surplus was a prerequisite for the emergence of tax-levying elites and, eventually, states. We challenge this theory and propose that hierarchy arose as a result of the shift to dependence on appropriable cereal grains. Our empirical investigation, utilizing multiple data sets spanning several millennia, demonstrates a causal effec...
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作者：Loertscher, Simon; Muir, Ellen V.
作者单位：University of Melbourne; Stanford University
摘要：We provide a parsimonious and unified explanation for randomized selling mechanisms widely used in practice yet commonly perceived as puzzling. Optimality of randomization in the form of conflation and rationing implies that revenue under market-clearing pricing is nonconcave. Randomization is implementable via opaque pricing and underpricing. Relative to market-clearing pricing, randomization increases the equilibrium quantity and quality of goods sold and, consequently, may increase consumer...
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作者：Williamson, Stephen
作者单位：Western University (University of Western Ontario)
摘要：A model of banking and means of payment is constructed to analyze the effects of the introduction of central bank digital currency (CBDC). That CBDC is interest bearing is not an advantage, as replacement of physical currency with CBDC does not expand the attainable set of equilibrium allocations. CBDC can increase welfare by competing with private means of payment and shifting safe assets from the private banking sector to what is effectively a narrow banking facility. This uses the aggregate...
