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作者：Allen, Jason; Clark, Robert; Houde, Jean-Francois
作者单位：Bank of Canada; Queens University - Canada; University of Wisconsin System; University of Wisconsin Madison; National Bureau of Economic Research
摘要：We provide a framework for empirical analysis of negotiated-price markets. Using mortgage market data and a search and negotiation model, we characterize the welfare impact of search frictions and quantify the role of search costs and brand loyalty for market power. Search frictions reduce consumer surplus by $12/month/consumer, 28 percent of which can be associated with discrimination, 22 percent with inefficient matching, and 50 percent with search costs. Banks with large consumer bases have...
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作者：Morten, Melanie
作者单位：Stanford University; National Bureau of Economic Research
摘要：When people can self-insure via migration, they may have less need for informal risk sharing. At the same time, informal insurance may reduce the need to migrate. To understand the joint determination of migration and risk sharing, I study a dynamic model of risk sharing with limited commitment frictions and endogenous temporary migration. First, I characterize the model. Second, I structurally estimate the model using the new ICRISAT panel from rural India. Third, I introduce a rural employme...
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作者：Blundell, Richard; Pistaferri, Luigi; Saporta-Eksten, Itay
作者单位：University of London; University College London; University of London; London School Economics & Political Science; Stanford University; Tel Aviv University
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作者：Proto, Eugenio; Rustichini, Aldo; Sofianos, Andis
作者单位：University of Bristol; IZA Institute Labor Economics; Leibniz Association; Ifo Institut; University of Minnesota System; University of Minnesota Twin Cities; Ruprecht Karls University Heidelberg
摘要：We study how intelligence and personality affect the outcomes of groups, focusing on repeated interactions that provide the opportunity for profitable cooperation. Our experimental method creates two groups of subjects who have different levels of certain traits, such as higher or lower levels of Intelligence, Conscientiousness, and Agreeableness, but who are very similar otherwise. Intelligence has a large and positive long-run effect on cooperative behavior. The effect is strong when at the ...
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作者：Morelli, Massimo; Negri, Margherita
作者单位：Bocconi University; Centre for Economic Policy Research - UK; University of St Andrews
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作者：Adhvaryu, Achyuta; Fenske, James; Nyshadham, Anant
作者单位：University of Michigan System; University of Michigan; National Bureau of Economic Research; University of Warwick
摘要：We show that psychological well-being in adulthood varies with circumstance in early life. Combining a time series of real producer prices of cocoa with a nationally representative household survey in Ghana, we find that a one standard deviation rise in the cocoa price in early life decreases the likelihood of severe mental distress in adulthood by 3 percentage points (half the mean prevalence) for cohorts born in cocoa-producing regions relative to those born in other regions. Impacts on rela...
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作者：Davis, Donald R.; Dingel, Jonathan I.; Monras, Joan; Morales, Eduardo
作者单位：Columbia University; National Bureau of Economic Research; University of Chicago; Pompeu Fabra University; Center for Economic & Policy Research (CEPR); Princeton University
摘要：We provide measures of ethnic and racial segregation in urban consumption. Using Yelp reviews, we estimate how spatial and social frictions influence restaurant visits within New York City. Transit time plays a first-order role in consumption choices, so consumption segregation partly reflects residential segregation. Social frictions also affect restaurant choices: individuals are less likely to visit venues in neighborhoods demographically different from their own. While spatial and social f...
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作者：Mitchener, Kris James; Richardson, Gary
作者单位：Santa Clara University; Center for Economic & Policy Research (CEPR); Leibniz Association; Ifo Institut; National Bureau of Economic Research; University of California System; University of California Irvine
摘要：Interbank networks amplified the contraction in lending during the Great Depression. Panics induced banks in the hinterland to withdraw interbank deposits from Federal Reserve member banks located in reserve and central reserve cities. These correspondent banks responded by curtailing lending to businesses. Between the peak in the summer of 1929 and the banking holiday in the winter of 1933, interbank amplification reduced aggregate commercial bank lending by an estimated 15 percent.
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作者：Kiyotaki, Nobuhiro; Moore, John
作者单位：Princeton University; University of Edinburgh; University of London; London School Economics & Political Science
摘要：This paper presents a model of a monetary economy where there are differences in liquidity across assets. Money circulates because it is more liquid than other assets, not because it has any special function. The model is used to investigate how aggregate activity and asset prices fluctuate with shocks to productivity and liquidity and to examine what role government policy might have through open-market operations that change the mix of assets held by the private sector.
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作者：Kantor, Shawn; Whalley, Alexander
作者单位：State University System of Florida; Florida State University; National Bureau of Economic Research; University of Calgary
摘要：We use the late nineteenth-century establishment of agricultural experiment stations at preexisting land-grant colleges across the United States to estimate the importance of proximity to research for productivity growth. Our analysis reveals that proximity to newly opened permanent stations affected land productivity for about 20 years and then subsequently declined until becoming largely absent today. We conclude that spatial frictions substantially reduced the rate of return to public resea...
