-
作者：Jiang, Zhengyang; Liu, Hongqi; Peng, Cameron; Yan, Hongjun
作者单位：Northwestern University; National Bureau of Economic Research; The Chinese University of Hong Kong, Shenzhen; The Chinese University of Hong Kong, Shenzhen; University of London; London School Economics & Political Science; Centre for Economic Policy Research - UK; DePaul University
摘要：We survey a large, representative sample of retail investors in China to elicit their memories of stock market investments and their return expectations. We merge these survey data with administrative transaction data to test a model in which investors selectively recall past experiences to form their beliefs. Our analysis uncovers new facts about investor memory and highlights similarity-based recall as a key mechanism of belief formation in financial markets. A rising market prompts investor...
-
作者：Gethin, Amory
作者单位：The World Bank
摘要：This article quantifies the role played by education in the reduction of global poverty. I propose tools for identifying the contribution of schooling to economic growth by income group, integrating imperfect substitution between skill groups into a macroeconomic growth decomposition. I bring this distributional growth accounting framework to the data by exploiting a new microdatabase representative of nearly all of the world's population, new estimates of the private returns to schooling, and...
-
作者：Brown, Christina; Kaur, Supreet; Kingdon, Geeta; Schofield, Heather
作者单位：University of Chicago; University of California System; University of California Berkeley; National Bureau of Economic Research; University of London; University College London; Cornell University
摘要：Schooling may build human capital not only by teaching academic skills but by expanding the capacity for cognition. We focus specifically on cognitive endurance: the ability to sustain effortful mental activity over a continuous stretch of time. As motivation, we document that globally and in the United States, the poor exhibit cognitive fatigue more quickly than the rich do across field settings; they also attend schools that offer fewer opportunities to practice thinking for continuous stret...
-
作者：Rao, Nirupama L.; Risch, Max
作者单位：University of Michigan System; University of Michigan; Carnegie Mellon University
摘要：A common concern surrounding minimum wage policies is their impact on independent businesses, which are often feared to be less able to bear or pass on cost increases. We examine how these typically small and medium-size firms accommodate minimum wage increases along product and labor market margins using a matched owner-firm-worker panel data set drawn from the universe of U.S. tax records over a 10-year period, and using state minimum wage changes as identifying variation. We find that on av...
-
作者：Biasi, Barbara; Lafortune, Julien; Schonholzer, David
作者单位：Yale University; University of California System; University of California Santa Cruz
摘要：This article identifies which investments in school facilities help students and which are valued by homeowners. Using novel data on school district bonds, test scores, and house prices across 29 U.S. states and a research design based on narrowly decided elections with staggered timing, we find that increased capital spending in schools significantly improves test scores and is efficient on average. However, the effects vary widely depending on the type of project and the characteristics of t...
-
作者：Mcgee, Dan
作者单位：Monash University
摘要：I develop a model of the social construction of race. Racial categories emerge from labor conflict when elites privilege intrinsically irrelevant traits to divide workers against each other and extract workers' surplus. I show that elites use color to grant unequal rights and track these rights across generations because it is heritable, observable, and relatively immutable. Depending on the demographic conditions the elites face, the system of racialization manifests either as ancestry-based ...
-
作者：Ding, Xiang
作者单位：Georgetown University
摘要：This article constructs the first global data set on intersectoral capital service expenditures. I use these data to disaggregate capital services and intermediate inputs in a dynamic multisector trade model. Steady-state allocations and responses to shocks are determined by a capital-augmented global input-output matrix. Two properties of the measured network deliver larger long-run consumption gains from globalization than existing estimates, as well as larger gains in more capital-intensive...
-
作者：Barwick, Panle Jia; Chen, Siyu; Fu, Chao; Li, Teng
作者单位：University of Wisconsin System; University of Wisconsin Madison; National Bureau of Economic Research; Centre for Economic Policy Research - UK; Jinan University; Sun Yat Sen University
摘要：Concerns about excessive mobile phone use among youth are mounting. We present estimates of behavioral and contextual peer effects, along with comprehensive evidence on how students' own and their peers' app usage affect academic performance, physical health, and labor market outcomes. Our analysis draws on administrative data from a Chinese university covering three student cohorts over four years. We exploit random roommate assignments, differential exposure to a policy shock (gaming restric...
-
作者：Bergeaud, Antonin; Guillouzouic, Arthur; Henry, Emeric; Malgouyres, Clement
作者单位：Hautes Etudes Commerciales (HEC) Paris; Centre for Economic Policy Research - UK; Centre National de la Recherche Scientifique (CNRS); Aix-Marseille Universite; Paris School of Economics; Institut d'Etudes Politiques Paris (Sciences Po); Institut Polytechnique de Paris; Centre National de la Recherche Scientifique (CNRS); ENSAE Paris
摘要：Introducing a new measure of scientific proximity between private firms and public research groups and exploiting a multibillion-euro financing program of academic clusters in France, we provide causal evidence of local spillovers from academic research to firms in the private sector. Our main estimate suggests that each 1 spent in academic research through this program spurred an additional 0.81 in private R&D expenditures. We also show that this shock increased the average quality of patents...
-
作者：Golosov, Mikhail; Krasikov, Ilia
作者单位：University of Chicago; Arizona State University; Arizona State University-Tempe
摘要：We study optimal nonlinear taxation of single and married households. Taxes on couples depend on the earnings of both spouses and are an example of multidimensional tax schedules. We develop novel analytical techniques to study properties of such taxes. We show that the optimal marginal taxes for married individuals are generally lower than for single individuals because resource sharing in couples provides socially valuable redistribution. Under realistic assumptions, the optimal tax rates fo...
