-
作者：Berger, David; Bocola, Luigi; Dovis, Alessandro
作者单位：Duke University; Stanford University; University of Pennsylvania
摘要：This article studies the macroeconomic implications of imperfect risk sharing implied by a class of New Keynesian models with heterogeneous agents. The models in this class can be equivalently represented as a representative-agent economy with wedges. These wedges are functions of households' consumption shares and relative wages, and they identify the key cross-sectional moments that govern the impact of households' heterogeneity on aggregate variables. We measure the wedges using U.S. househ...
-
作者：Ganong, Peter; Noel, Pascal
作者单位：University of Chicago
摘要：There are three prevailing theories of mortgage default: strategic default (driven by negative equity), cash flow default (driven by negative life events), and double-trigger default (where both negative triggers are necessary). It has been difficult to compare these theories in part because negative life events are measured with error. We address this measurement error using a comparison group of borrowers with no strategic-default motive. Our central finding is that only 6% of underwater def...
-
作者：Moscona, Jacob; Sastry, Karthik A.
作者单位：Harvard University
摘要：This article studies how innovation reacts to climate change and shapes its economic impacts, focusing on U.S. agriculture. We show in a model that directed innovation can either mitigate or exacerbate climate change's potential economic damage depending on the substitutability between new technology and favorable climatic conditions. To empirically investigate the technological response to climate change, we measure crop-specific exposure to damaging extreme temperatures and crop-specific inn...
-
作者：Bilal, Adrien
作者单位：Harvard University; National Bureau of Economic Research; Centre for Economic Policy Research - UK
摘要：Unemployment rates differ widely across local labor markets. I offer new empirical evidence that high local unemployment emerges because of elevated local job-losing rates. Local employers, rather than local workers or location-specific factors, account for most of the spatial gaps in job stability. I propose a theory in which spatial differences in job loss emerge in equilibrium because of systematic differences between employers across local labor markets. The spatial sorting decisions of em...
-
作者：Buggle, Johannes; Mayer, Thierry; Sakalli, Seyhun Orcan; Thoenig, Mathias
作者单位：University of Vienna; Institut d'Etudes Politiques Paris (Sciences Po); University of London; King's College London; Centre for Economic Policy Research - UK; University of Lausanne; International Institute for Management Development (IMD); University of Oxford
摘要：We estimate the push and pull factors involved in the outmigration of Jews facing persecution in Nazi Germany from 1933 to 1941. Our empirical investigation makes use of a unique individual-level data set that records the migration history of the Jewish community in Germany over the period. Our analysis highlights new channels, specific to violent contexts, through which social networks affect the decision to flee. We estimate a structural model of migration where individuals base their migrat...
-
作者：Guarnieri, Eleonora; Tur-Prats, Ana
作者单位：University of Exeter; Leibniz Association; Ifo Institut; University of California System; University of California Merced
摘要：This article examines the relationship between ethnic-based gender norms and conflict-related sexual violence. We generate a novel dyadic data set that contains information on the ethnic identity of all the actors involved in ethnic civil conflicts around the world between 1989 and 2019 and their use of sexual violence. We exploit ethnographic information to construct a new male dominance index at the ethnicity level that captures deep-rooted gender norms. First, we find that male-dominant arm...
-
作者：Bowen, T. Renee; Dmitriev, Danil; Galperti, Simone
作者单位：University of California System; University of California San Diego; National Bureau of Economic Research
摘要：We study learning via shared news. Each period agents receive the same quantity and quality of firsthand information and can share it with friends. Some friends (possibly few) share selectively, generating heterogeneous news diets across agents. Agents are aware of selective sharing and update beliefs by Bayes's rule. Contrary to standard learning results, we show that beliefs can diverge in this environment, leading to polarization. This requires that (i) agents hold misperceptions (even mino...
-
作者：Fernandez-Villaverde, Jesus; Koyama, Mark; Lin, Youhong; Sng, Tuan-Hwee
作者单位：University of Pennsylvania; George Mason University; Xiamen University; National University of Singapore
摘要：Patterns of state formation have crucial implications for comparative economic development. Diamond (1997) famously argued that fractured land was responsible for China's tendency toward political unification and Europe's protracted polycentrism. We build a dynamic model with granular geographical information in terms of topographical features and the location of productive agricultural land to quantitatively gauge the effects of fractured land on state formation in Eurasia. We find that topog...
-
作者：Bai, Ying; Jia, Ruixue; Yang, Jiaojiao
作者单位：Chinese University of Hong Kong; University of California System; University of California San Diego; National Bureau of Economic Research; Centre for Economic Policy Research - UK
摘要：Scholars have argued that powerful individuals can exert influence on the path of a nation's development. Yet the process through which people can have an effect on macro-level political economy outcomes remains unclear. This study uses the deadliest civil war in modern history, the Taiping Rebellion (1850-1864), to elucidate how one person-Zeng Guofan-used his personal elite networks to organize an army to suppress the rebellion, and how these networks would affect the nation's power distribu...
-
作者：Christensen, Peter; Timmins, Christopher
作者单位：University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; Duke University
摘要：By constraining an individual's choice during a search, housing discrimination distorts sorting decisions away from true preferences and results in a ceteris paribus reduction in welfare. This study combines a large-scale field experiment with a residential sorting model to derive utility-theoretic measures of renter welfare loss associated with the constraints imposed by discrimination in the rental housing market. Results from experiments conducted in five cities show that key neighborhood a...
