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作者：Baron, Matthew; Verner, Emil; Xiong, Wei
作者单位：Cornell University; Massachusetts Institute of Technology (MIT); Princeton University; The Chinese University of Hong Kong, Shenzhen; National Bureau of Economic Research
摘要：We examine historical banking crises through the lens of bank equity declines, which cover a broad sample of episodes of banking distress with and without banking panics. To do this, we construct a new data set on bank equity returns and narrative information on banking panics for 46 countries over the period of 1870 to 2016. We find that even in the absence of panics, large bank equity declines are associated with substantial credit contractions and output gaps. Although panics are an importa...
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作者：Derenoncourt, Ellora; Montialoux, Claire
作者单位：University of California System; University of California Berkeley
摘要：The earnings difference between white and black workers fell dramatically in the United States in the late 1960s and early 1970s. This article shows that the expansion of the minimum wage played a critical role in this decline. The 1966 Fair Labor Standards Act extended federal minimum wage coverage to agriculture, restaurants, nursing homes, and other services that were previously uncovered and where nearly a third of black workers were employed. We digitize over 1,000 hourly wage distributio...
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作者：Altmejd, Adam; Barrios-Fernandez, Andres; Drlje, Marin; Goodman, Joshua; Hurwitz, Michael; Kovac, Dejan; Mulhern, Christine; Neilson, Christopher; Smith, Jonathan
作者单位：Stockholm School of Economics; Stockholm University; Stockholm University; University of London; London School Economics & Political Science; VATT Institute for Economic Research; Czech Academy of Sciences; Economics Institute of the Czech Academy of Sciences; Charles University Prague; Czech Academy of Sciences; Economics Institute of the Czech Academy of Sciences; Boston University; Princeton University; Leibniz Association; Leibniz Institut fur Wirtschaftsforschung Halle (IWH); RAND Corporation; University System of Georgia; Georgia State University
摘要：Family and social networks are widely believed to influence important life decisions, but causal identification of those effects is notoriously challenging. Using data from Chile, Croatia, Sweden, and the United States, we study within-family spillovers in college and major choice across a variety of national contexts. Exploiting college-specific admissions thresholds that directly affect older but not younger siblings' college options, we show that in all four countries a meaningful portion o...
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作者：Bhandari, Anmol; McGrattan, Ellen R.
作者单位：University of Minnesota System; University of Minnesota Twin Cities; National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
摘要：We develop a theory of sweat equity-the value of business owners' time and expenses to build customer bases, client lists, and other intangible assets. We discipline the theory using data from U.S. national accounts, business censuses, and brokered sales to estimate a value for sweat equity in the private business sector equal to 1.2 times U.S. GDP, which is about the same magnitude as the value of fixed assets in use in these businesses. For a typical owner, 26% of the sweat equity is transfe...
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作者：Le Barbanchon, Thomas; Rathelot, Roland; Roulet, Alexandra
作者单位：Bocconi University; University of Warwick; INSEAD Business School
摘要：We relate gender differences in willingness to commute to the gender wage gap. Using French administrative data on job search criteria, we first document that unemployed women have a lower reservation wage and a shorter maximum acceptable commute than their male counterparts. We identify indifference curves between wage and commute using the joint distributions of reservation job attributes and accepted job bundles. Indifference curves are steeper for women, who value commute around 20% more t...
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作者：Gopinath, Gita; Stein, Jeremy C.
作者单位：Harvard University; National Bureau of Economic Research
摘要：We explore the interplay between trade-invoicing patterns and the pricing of safe assets in different currencies. Our theory highlights the following points: (i) a currency's role as a unit of account for invoicing decisions is complementary to its role as a safe store of value; (ii) this complementarity can lead to the emergence of a single dominant currency in trade invoicing and global banking, even when multiple large candidate countries share similar economic fundamentals; (iii) firms in ...
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作者：Kim, Ryan
作者单位：Johns Hopkins University
摘要：I study how a credit crunch affects output price dynamics. I build a unique micro-level data set that combines scanner-level prices and quantities with producer information, including the producer's banking relationships, inventory, and cash holdings. I exploit the Lehman Brothers failure as a quasi-experiment and find that the firms facing a negative credit supply shock decrease their output prices approximately 15% more than their unaffected counterparts. I hypothesize that such firms reduce...
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作者：Coppola, Antonio; Maggiori, Matted; Neiman, Brent; Schreger, Jesse
作者单位：Harvard University; Stanford University; National Bureau of Economic Research; Centre for Economic Policy Research - UK; University of Chicago; Columbia University
摘要：Global firms finance themselves through foreign subsidiaries, often shell companies in tax havens, which obscures their true economic location in official statistics. We associate the universe of traded securities issued by firms in tax havens with their issuer's ultimate parent and restate bilateral investment positions to better reflect the financial linkages connecting countries around the world. Bilateral portfolio investment from developed countries to firms in large emerging markets is d...
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作者：Marinescu, Ioana; Skandalis, Daphne
作者单位：University of Pennsylvania; University of Copenhagen
摘要：How does unemployment insurance (UI) affect unemployed workers' search behavior? Search models predict that until benefit exhaustion, UI depresses job search effort and increases reservation wages. Over an unemployment spell, search effort should increase up to benefit exhaustion and stay high thereafter. Meanwhile, reservation wages should decrease up to benefit exhaustion and stay low thereafter. To test these predictions, we link administrative registers to data on job search behavior from ...
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作者：Bessone, Pedro; Rao, Gautam; Schilbach, Frank; Schofield, Heather; Toma, Mattie
作者单位：Massachusetts Institute of Technology (MIT); Harvard University; National Bureau of Economic Research; University of Pennsylvania
摘要：The urban poor in developing countries face challenging living environments, which may interfere with good sleep. Using actigraphy to measure sleep objectively, we find that low-income adults in Chennai, India, sleep only 5.5 hours a night on average despite spending 8 hours in bed. Their sleep is highly interrupted, with sleep efficiency-sleep per time in bed-comparable to those with disorders such as sleep apnea or insomnia. A randomized three-week treatment providing information, encouragem...
