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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
摘要：We study choices of households deciding on consumption and allocation of spouses' time to work, leisure, and child care. With uncertainty, the allocation of goods and time over the life cycle also serves the purpose of smoothing marginal utility in response to shocks. Combining data on consumption, wages, hours of work, and time spent with children, we compute the sensitivity of consumption and time allocation to transitory and permanent wage shocks. We find that family labor supply responses ...
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作者：Chiappori, Pierre-Andre; Dias, Monica Costa; Meghir, Costas
作者单位：Columbia University; University of London; London School Economics & Political Science; Universidade do Porto; Yale University; National Bureau of Economic Research; IZA Institute Labor Economics
摘要：We develop an equilibrium life cycle model of education, marriage, labor supply, and consumption in a transferable utility context. Individuals start by choosing their investments in education anticipating returns in the marriage market and the labor market. They then match on the basis of the economic value of marriage and preferences. Equilibrium in the marriage market determines intrahousehold allocation of resources. Following marriage households (married or single) save, supply labor, and...
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作者：Magnac, Thierry; Pistolesi, Nicolas; Roux, Sebastien
作者单位：Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; European Central Bank; Bank of France
摘要：We propose an original model of human capital investments after leaving school in which individuals differ in their initial human capital obtained at school, their rates of return and costs of human capital investments, and their terminal values of human capital at an arbitrary date in the future. We derive a tractable reduced-form Mincerian model of log earnings profiles along the life cycle that is written as a linear factor model in which levels, growth, and curvature of earnings profiles a...
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作者：Lagakos, David; Moll, Benjamin; Porzio, Tommaso; Qian, Nancy; Schoellman, Todd
作者单位：University of California System; University of California San Diego; National Bureau of Economic Research; Centre for Economic Policy Research - UK; Northwestern University; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
摘要：This paper documents how life cycle wage growth varies across countries. We harmonize repeated cross-sectional surveys from a set of countries of all income levels and then measure how wages rise with potential experience. Our main finding is that experience-wage profiles are on average twice as steep in rich countries as in poor countries. In addition, more educated workers have steeper profiles than the less educated; this accounts for around one-third of cross-country differences in aggrega...
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作者：Johnston, Andrew C.; Mas, Alexandre
作者单位：University of California System; University of California Merced; Princeton University; National Bureau of Economic Research
摘要：We examine how a 16-week cut in potential unemployment insurance (UI) duration in Missouri affected search behavior of UI recipients and the aggregate labor market. Using a regression discontinuity design (RDD), we estimate marginal effects of maximum duration on UI and nonemployment spells of 0.45 and 0.25, respectively. We simulate the unemployment rate implied by the RDD estimates assuming no market-level externalities. The implied response closely approximates the decline in the unemployme...
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作者：Board, Simon; Lu, Jay
作者单位：University of California System; University of California Los Angeles
摘要：Buyers often search across sellers to learn which product best fits their needs. We study how sellers manage these search incentives through their disclosure strategies (e.g., product trials, reviews, and recommendations) and ask how competition affects information provision. If sellers can observe the beliefs of buyers or can coordinate their strategies, then there is an equilibrium in which sellers provide the monopoly level of information. In contrast, if buyers' beliefs are private, then t...
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作者：Einav, Liran; Farronato, Chiara; Levin, Jonathan; Sundaresan, Neel
作者单位：Stanford University; National Bureau of Economic Research; Harvard University; Microsoft
摘要：Auctions were very popular in the early days of internet commerce, but today online sellers mostly use posted prices. We model the choice between auctions and posted prices as a trade-off between competitive price discovery and convenience. Evidence from eBay fits the theory. We then show that the decline in auctions was not driven by compositional shifts in seller experience or items sold, but by changing seller incentives. We estimate the demand facing sellers and document falling sale proba...
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作者：Ortner, Juan; Chassang, Sylvain
作者单位：Boston University; New York University
摘要：We model criminal investigation as a principal-agent-monitor problem in which the agent can bribe the monitor to destroy evidence. Building on insights from Laffont and Martimort's 1997 paper, we study whether the principal can profitably introduce asymmetric information between agent and monitor by randomizing the monitor's incentives. We show that it can be the case, but the optimality of random incentives depends on unobserved preexisting patterns of private information. We provide a data-d...
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作者：Fisman, Raymond; Shi, Jing; Wang, Yongxiang; Xu, Rong
作者单位：Boston University; Jiangxi University of Finance & Economics; Macquarie University; University of Southern California; Renmin University of China
摘要：We study favoritism via hometown ties, a common source of favor exchange in China, in fellow selection of the Chinese Academies of Sciences and Engineering. Hometown ties to fellow selection committee members increase candidates' election probability by 39 percent, coming entirely from the selection stage involving an in-person meeting. Elected hometown-connected candidates are half as likely to have a high-impact publication as elected fellows without connections. CAS/CAE membership increases...
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作者：Amiti, Mary; Weinstein, David E.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York; Columbia University; National Bureau of Economic Research
摘要：We show that supply-side financial shocks have a large impact on firms' investment. We develop a new methodology to separate firm borrowing shocks from bank supply shocks using a vast sample of matched bank-firm lending data. We decompose aggregate loan movements in Japan for the period 1990-2010 into bank, firm, industry, and common shocks. The high degree of financial institution concentration means that individual banks are large relative to the size of the economy, which creates a role for...
