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作者：Gourinchas, Pierre-Olivier; Rey, Helene
作者单位：University of California System; University of California Berkeley; National Bureau of Economic Research; Princeton University
摘要：We explore the implications of a country's external constraint for the dynamics of net foreign assets, returns, and exchange rates. Deteriorations in external accounts imply future trade surpluses (trade channel) or excess returns on the net foreign portfolio (valuation channel). Using a new data set on U. S. gross external positions, we find that stabilizing valuation effects contribute 27 percent of the cyclical external adjustment. Our approach has asset- pricing implications: external imba...
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作者：Aguiar, Mark; Gopinath, Gita
作者单位：University of Rochester; Harvard University; National Bureau of Economic Research
摘要：Emerging market business cycles exhibit strongly countercyclical current accounts, consumption volatility that exceeds income volatility, and sudden stops in capital inflows. These features contrast with developed small open economies. Nevertheless, we show that a standard model characterizes both types of markets. Motivated by the frequent policy regime switches observed in emerging markets, our premise is that these economies are subject to substantial volatility in trend growth. Our method...
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作者：Jacquet, Nicolas L.; Tan, Serene
作者单位：Singapore Management University; National University of Singapore
摘要：This paper endogenizes the market structure of an economy with heterogeneous agents who want to form bilateral matches in the presence of search frictions and when utility is nontransferable. There exist infinitely many marketplaces, and each agent chooses which marketplace to be in: agents get to choose not only whom to match with but also whom they meet with. Perfect segmentation is obtained in equilibrium, where agents match with the first person they meet. All equilibria have the same matc...
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作者：Agarwal, Sumit; Liu, Chunlin; Souleles, Nicholas S.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Chicago; Nevada System of Higher Education (NSHE); University of Nevada Reno; University of Pennsylvania; National Bureau of Economic Research
摘要：We use a new panel data set of credit card accounts to analyze how consumers responded to the 2001 federal income tax rebates. We estimate the monthly response of credit card payments, spending, and debt, exploiting the unique, randomized timing of the rebate disbursement. We find that, on average, consumers initially saved some of the rebate, by increasing their credit card payments and thereby paying down debt. But soon afterward their spending increased, counter to the permanent income mode...
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作者：Avery, Rosemary; Kenkel, Donald; Lillard, Dean R.; Mathios, Alan
作者单位：Cornell University; National Bureau of Economic Research
摘要：We study the impact of smoking cessation product advertising. To measure potential exposure, we link survey data on magazine-reading habits and smoking behavior with an archive of print advertisements. We find that smokers who are exposed to more advertising are more likely to attempt to quit and to successfully quit. While some increased
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作者：List, John A.
作者单位：University of Chicago; National Bureau of Economic Research
摘要：The dictator game represents a workhorse within experimental economics, frequently used to test theory and to provide insights into the prevalence of social preferences. This study explores more closely the dictator game and the literature's preferred interpretation of its meaning by collecting data from nearly 200 dictators across treatments that varied the action set and the origin of endowment. The action set variation includes choices in which the dictator can take money from the other pla...
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作者：Fisman, Raymond; Miguel, Edward
作者单位：Columbia University; National Bureau of Economic Research; University of California System; University of California Berkeley
摘要：We study cultural norms and legal enforcement in controlling corruption by analyzing the parking behavior of United Nations officials in Manhattan. Until 2002, diplomatic immunity protected UN diplomats from parking enforcement actions, so diplomats' actions were constrained by cultural norms alone. We find a strong effect of corruption norms: diplomats from high-corruption countries (on the basis of existing survey-based indices) accumulated significantly more unpaid parking violations. In 20...
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作者：Oberholzer-Gee, Felix; Strumpf, Koleman
作者单位：Harvard University; University of Kansas
摘要：For industries ranging from software to pharmaceuticals and entertainment, there is an intense debate about the appropriate level of protection for intellectual property. The Internet provides a natural crucible to assess the implications of reduced protection because it drastically lowers the cost of copying information. In this paper, we analyze whether file sharing has reduced the legal sales of music. While this question is receiving considerable attention in academia, industry, and Congre...
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作者：Kaplow, Louis; Shavell, Steven
作者单位：Harvard University; National Bureau of Economic Research
摘要：How should moral sanctions and moral rewards-the moral sentiments involving feelings of guilt and of virtue-be employed to govern individuals' behavior if the objective is to maximize social welfare? In the model that we examine, guilt is a disincentive to act and virtue is an incentive because we assume that they are negative and positive sources of utility. We also suppose that guilt and virtue are costly to inculcate and are subject to certain constraints on their use. We show that the mora...
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作者：Calvet, Laurent E.; Campbell, John Y.; Sodini, Paolo
作者单位：Imperial College London; National Bureau of Economic Research; Harvard University; Stockholm School of Economics; Sveriges Riksbank
摘要：This paper investigates the efficiency of household investment decisions using comprehensive disaggregated Swedish data. We consider two main sources of inefficiency: underdiversification (down) and nonparticipation in risky asset markets (out). While a few households are very poorly diversified, most Swedish households outperform the Sharpe ratio of their domestic stock index through international diversification. Financially sophisticated households invest more efficiently but also more aggr...
