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作者：Amador, Manuel; Weill, Pierre-Olivier
作者单位：Stanford University; National Bureau of Economic Research; University of California System; University of California Los Angeles
摘要：We study the effect of releasing public information about productivity or monetary shocks using a micro-founded macroeconomic model in which agents learn from the distribution of nominal prices. While a public release has the direct beneficial effect of providing new information, it also has the indirect adverse effect of reducing the informational efficiency of the price system. We show that the negative indirect effect can dominate. Thus, the public information release may increase uncertain...
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作者：Propper, Carol; Van Reenen, John
作者单位：Imperial College London; University of Bristol; University of London; London Business School
摘要：In many sectors, pay is regulated to be equal across heterogeneous geographical labor markets. When the competitive outside wage is higher than the regulated wage, there are likely to be falls in quality. We exploit panel data from the population of English hospitals in which regulated pay for nurses is essentially flat across the country. Higher outside wages significantly worsen hospital quality as measured by hospital deaths for emergency heart attacks. A 10 percent increase in the outside ...
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作者：Costinot, Arnaud; Vogel, Jonathan
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; Columbia University
摘要：This paper develops tools and techniques to analyze the determinants of factor allocation and factor prices in economies with a large number of goods and factors. The main results of our paper characterize sufficient conditions for robust monotone comparative statics predictions in a Roy-like assignment model. These general results are then used to generate new insights about the consequences of globalization.
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作者：Rossi-Hansberg, Esteban; Sarte, Pierre-Daniel; Owens, Raymond, III
作者单位：Princeton University; Federal Reserve System - USA; Federal Reserve Bank - Richmond
摘要：Using data compiled from concentrated residential urban revitalization programs implemented in Richmond, Virginia, between 1999 and 2004, we study residential externalities. We estimate that housing externalities decrease by half approximately every 1,000 feet. On average, land prices in neighborhoods targeted for revitalization rose by 2-5 percent at an annual rate above those in a control neighborhood. These increases translate into land value gains of between $2 and $6 per dollar invested i...
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作者：Heathcote, Jonathan; Storesletten, Kjetil; Violante, Giovanni L.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; University of Oslo; New York University; National Bureau of Economic Research
摘要：In recent decades, American workers have faced a rising college premium, a narrowing gender gap, and increasing wage volatility. This paper explores the quantitative and welfare implications of these changes. The framework is an incomplete-markets life cycle model in which individuals choose education, intrafamily time allocation, and savings. Given the observed history of the U. S. wage structure, the model replicates key trends in cross-sectional inequality in hours worked, earnings, and con...
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作者：Chen, Daniel L.
作者单位：University of Chicago
摘要：This paper tests a model in which group identity in the form of religious intensity functions as ex post insurance. I exploit relative price shocks induced by the Indonesian financial crisis to demonstrate a causal relationship between economic distress and religious intensity (Koran study and Islamic school attendance) that is weaker for other forms of group identity. Consistent with ex post insurance, credit availability reduces the effect of economic distress on religious intensity, religio...
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作者：Farhi, Emmanuel
作者单位：Harvard University; Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics
摘要：This paper is a normative investigation of the properties of optimal capital taxation in the neoclassical growth model with aggregate shocks and incomplete markets. The model features a representative-agent economy with linear taxes on labor and capital. I first allow the government to trade only a real risk-free bond. Optimal policy has the following features: labor taxes fluctuate very little, capital taxes are volatile and feature a positive (negative) spike after a negative (positive) shoc...
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作者：Greenstone, Michael; Hornbeck, Richard; Moretti, Enrico
作者单位：Massachusetts Institute of Technology (MIT); Harvard University; University of California System; University of California Berkeley
摘要：We quantify agglomeration spillovers by comparing changes in total factor productivity (TFP) among incumbent plants in winning counties that attracted a large manufacturing plant and losing counties that were the new plant's runner-up choice. Winning and losing counties have similar trends in TFP prior to the new plant opening. Five years after the opening, incumbent plants' TFP is 12 percent higher in winning counties. This productivity spillover is larger for plants sharing similar labor and...
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作者：Waldinger, Fabian
作者单位：University of Warwick
摘要：I investigate the effect of faculty quality on PhD student outcomes. To address the endogeneity of faculty quality I use exogenous variation provided by the expulsion of mathematics professors in Nazi Germany. Faculty quality is a very important determinant of short- and long-run PhD student outcomes. A one-standard-deviation increase in faculty quality increases the probability of publishing the dissertation in a top journal by 13 percentage points, the probability of becoming a full professo...
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作者：Acemoglu, Daron
作者单位：Massachusetts Institute of Technology (MIT)
摘要：This paper studies whether labor scarcity encourages technological advances, that is, technology adoption or innovation, for example, as claimed by Habakkuk in the context of nineteenth-century United States. I define technology as strongly labor saving if technological advances reduce the marginal product of labor and as strongly labor complementary if they increase it. I show that labor scarcity encourages technological advances if technology is strongly labor saving and will discourage them...
