-
作者：Giglio, Stefano; Kelly, Bryan
作者单位：Yale University; National Bureau of Economic Research; University of Chicago; National Bureau of Economic Research
摘要：We document a form of excess volatility that is difficult to reconcile with standard models of prices, even after accounting for variation in discount rates. We compare prices of claims on the same cash flow stream but with different maturities. Standardmodels impose precise internal consistency conditions on the joint behavior of long- and short-maturity claims and these are strongly rejected in the data. In particular, long-maturity prices are significantly more variable than justified by th...
-
作者：Cantoni, Davide; Dittmar, Jeremiah; Yuchtman, Noam
作者单位：University of Munich; Leibniz Association; Ifo Institut; Centre for Economic Policy Research - UK; University of London; London School Economics & Political Science; National Bureau of Economic Research; University of California System; University of California Berkeley
摘要：Using novel microdata, we document an important, unintended consequence of the Protestant Reformation: a reallocation of resources from religious to secular purposes. To understand this process, we propose a conceptual framework in which the introduction of religious competition shifts political markets where religious authorities provide legitimacy to rulers in exchange for control over resources. Consistent with our framework, religious competition changed the balance of power between secula...
-
作者：Shi, Shouyong; Delacroix, Alain
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University of Quebec; University of Quebec Montreal
摘要：To answer the question in the title, this article characterizes the socially efficient organization of the market with search frictions. The efficient organization depends on the relative elasticity in the supply between the two sides of the market, the costs of participating in the market and organizing trade, and the (a) symmetry in matching. We also show that the social optimum can be implemented by a realistic market equilibrium where the organizers set up trading sites to direct the other...
-
作者：Chetty, Raj; Hendren, Nathaniel
作者单位：Stanford University; National Bureau of Economic Research; Harvard University
摘要：We show that the neighborhoods in which children grow up shape their earnings, college attendance rates, and fertility and marriage patterns by studying more than 7 million families who move across commuting zones and counties in the United States. Exploiting variation in the age of children when families move, we find that neighborhoods have significant childhood exposure effects: the outcomes of children whose families move to a better neighborhood-as measured by the outcomes of children alr...
-
作者：Dell, Melissa; Querubin, Pablo
作者单位：Harvard University; National Bureau of Economic Research; New York University
摘要：This study uses discontinuities in U.S. strategies employed during the Vietnam War to estimate their causal impacts. It identifies the effects of bombing by exploiting rounding thresholds in an algorithm used to target air strikes. Bombing increased the military and political activities of the communist insurgency, weakened local governance, and reduced noncommunist civic engagement. The study also exploits a spatial discontinuity across neighboring military regions that pursued different coun...
-
作者：Dickstein, Michael J.; Morales, Eduardo
作者单位：New York University; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); Princeton University; National Bureau of Economic Research; Leibniz Association; Ifo Institut
摘要：Much of the variation in international trade volume is driven by firms' extensive margin decisions of whether to participate in export markets. We evaluate how the information potential exporters possess influences their decisions. We estimate a model of export participation in which firms weigh the fixed costs of exporting against the forecasted profits from serving a foreign market. We adopt a moment inequality approach, placing weak assumptions on firms' expectations. The framework allows u...
-
作者：Breza, Emily; Kaur, Supreet; Shamdasani, Yogita
作者单位：Harvard University; National Bureau of Economic Research; University of California System; University of California Berkeley; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
摘要：Relative-pay concerns have potentially broad labor market implications. In a month-long experiment with Indian manufacturing workers, we randomize whether coworkers within production units receive the same flat daily wage or differential wages according to their (baseline) productivity ranks. When coworkers' productivity is difficult to observe, pay inequality reduces output by 0.45 standard deviations and attendance by 18 percentage points. It also lowers coworkers' ability to cooperate in th...
-
作者：de Ree, Joppe; Muralidharan, Karthik; Pradhan, Menno; Rogers, Halsey
作者单位：The World Bank; University of California System; University of California San Diego; National Bureau of Economic Research; University of Amsterdam; Vrije Universiteit Amsterdam; Tinbergen Institute
摘要：How does a large unconditional increase in salary affect the performance of incumbent employees in the public sector? We present experimental evidence on this question in the context of a policy change in Indonesia that led to a permanent doubling of teacher base salaries. Using a large-scale randomized experiment across a representative sample of Indonesian schools that accelerated this pay increase for teachers in treated schools, we find that the large pay increase significantly improved te...
-
作者：Piketty, Thomas; Saez, Emmanuel; Zucman, Gabriel
作者单位：University of California System; University of California Berkeley; University of California System; University of California Berkeley; National Bureau of Economic Research; National Bureau of Economic Research
摘要：This article combines tax, survey, and national accounts data to estimate the distribution of national income in the United States since 1913. Our distributional national accounts capture 100% of national income, allowing us to compute growth rates for each quantile of the income distribution consistent with macroeconomic growth. We estimate the distribution of both pretax and posttax income, making it possible to provide a comprehensive view of how government redistribution affects inequality...
-
作者：Alsan, Marcella; Wanamaker, Marianne
作者单位：National Bureau of Economic Research; University of Tennessee System; University of Tennessee Knoxville; IZA Institute Labor Economics
摘要：For 40 years, the Tuskegee Study of Untreated Syphilis in the Negro Male passively monitored hundreds of adult black men with syphilis despite the availability of effective treatment. The study's methods have become synonymous with exploitation and mistreatment by the medical profession. To identify the study's effects on the behavior and health of older black men, we use an interacted difference-in-difference-in-differences model, comparing older black men to other demographic groups, before ...
