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作者：Jackson, C. Kirabo
作者单位：Northwestern University; National Bureau of Economic Research
摘要：Teachers affect a variety of student outcomes through their influence on both cognitive and noncognitive skill. I proxy for students' noncognitive skill using non-test score behaviors. These behaviors include absences, suspensions, course grades, and grade repetition in ninth grade. Teacher effects on test scores and those on behaviors are weakly correlated. Teacher effects on behaviors predict larger impacts on high school completion and other longer-run outcomes than their effects on test sc...
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作者：Bianchi, Javier; Mendoza, Enrique G.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; National Bureau of Economic Research; University of Pennsylvania
摘要：Collateral constraints widely used in models of financial crises feature a pecuniary externality: Agents do not internalize how borrowing decisions made in good times affect collateral prices during a crisis. We show that under commitment the optimal financial regulator's plans are time inconsistent and study time-consistent policy. Quantitatively, this policy reduces sharply the frequency and magnitude of crises, removes fat tails from the distribution of asset returns, and increases social w...
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作者：Ilut, Cosmin; Kehrig, Matthias; Schneider, Martin
作者单位：Duke University; National Bureau of Economic Research; Centre for Economic Policy Research - UK; Stanford University
摘要：Concave hiring rules imply that firms respond more to bad shocks than to good shocks. They provide a unified explanation for several seemingly unrelated facts about employment growth in macro- and microdata. In particular, they generate countercyclical movement in both aggregate conditional macro volatility and cross-sectional micro volatility, as well as negative skewness in the cross section and in the time series at different levels of aggregation. Concave establishment-level responses of e...
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作者：Roessler, Christian; Shelegia, Sandro; Strulovici, Bruno
作者单位：California State University System; California State University East Bay; Pompeu Fabra University; Northwestern University
摘要：We consider collective decisions made by agents whose preferences and power depend on past events and decisions. Faced with an inefficient equilibrium and an opportunity to commit to a policy, can the agents reach an agreement on such a policy? We provide a consistency condition linking power structures in the dynamic setting and at the commitment stage. When the condition holds, commitment has no value: any agreement that may be reached at the outset coincides with the equilibrium without com...
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作者：Heckman, James J.; Lazear, Edward P.; Murphy, Kevin M.
作者单位：University of Chicago; Stanford University
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作者：Doraszelski, Ulrich; Jaumandreu, Jordi
作者单位：University of Pennsylvania; Boston University
摘要：Technological change can increase the productivity of the various factors of production in equal terms, or it can be biased toward a specific factor. We directly assess the bias of technological change by measuring, at the level of the individual firm, how much of it is labor augmenting and how much is factor neutral. To do so, we develop a framework for estimating production functions when productivity is multidimensional. Using panel data from Spain, we find that technological change is bias...
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作者：Shapiro, Bradley T.
作者单位：University of Chicago
摘要：Exploiting the discontinuity in advertising along the borders of television markets, I estimate that television advertising of prescription antidepressants exhibits significant positive spillovers on rivals' demand. I apply this identification in a demand model, where estimated parameters indicate significant and persistent spillovers driven by market expansion. Using the demand estimates to calibrate a stylized supply model, I explore the consequences of the positive spillovers on firm advert...
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作者：Heckman, James J.; Humphries, John Eric; Veramendi, Gregory
作者单位：University of Chicago; Yale University; Arizona State University; Arizona State University-Tempe
摘要：This paper estimates returns to education using a dynamic model of educational choice that synthesizes approaches in the structural dynamic discrete choice literature with approaches used in the reduced-form treatment effect literature. It is an empirically robust middle ground between the two approaches that estimates economically interpretable and policy-relevant dynamic treatment effects that account for heterogeneity in cognitive and noncognitive skills and the continuation values of educa...
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作者：Nicita, Alessandro; Olarreaga, Marcelo; Silva, Peri
作者单位：University of Geneva; University of Geneva; Kansas State University
摘要：This paper examines the extent to which tariff cooperation is observed among World Trade Organization members. With the help of a simple political economy model, we show that tariffs are positively correlated with the importer's market power when they are set noncooperatively but negatively correlated when set cooperatively. We use this prediction to empirically identify the extent of cooperation in the WTO and find that more than three-quarters of WTO members' tariffs are set noncooperatively.
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作者：Iaryczower, Matias; Shi, Xiaoxia; Shum, Matthew
作者单位：Princeton University; University of Wisconsin System; University of Wisconsin Madison; California Institute of Technology
摘要：We quantify the effect of deliberation on the decisions of US appellate courts. We estimate a model in which strategic judges communicate before casting their votes and then compare the probability of mistakes in the court with deliberation with a counterfactual of no communication. The model has multiple equilibria, and preferences and information parameters are only partially identified. We find that there is a range of parameters in the identified setwhen judges tend to disagree ex ante or ...
