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作者：Fowlie, Meredith; Greenstone, Michael; Wolfram, Catherine
作者单位：University of California System; University of California Berkeley; National Bureau of Economic Research; University of Chicago; University of California System; University of California Berkeley
摘要：A growing number of policies and programs aim to increase investment in energy efficiency, because conventional wisdom suggests that people fail to take up these investments even though they have positive private returns and generate environmental benefits. Many explanations for this energy efficiency gap have been put forward, but there has been surprisingly little field testing of whether the conventional wisdom is correct. This article reports on the results of an experimental evaluation of...
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作者：Hansen, Stephen; McMahon, Michael; Prat, Andrea
作者单位：University of Oxford; Centre for Economic Policy Research - UK; University of Oxford; University of Oxford; Centre for Economic Policy Research - UK; University of Oxford; Columbia University; Center for Economic & Policy Research (CEPR)
摘要：How does transparency, a key feature of central bank design, affect monetary policy makers' deliberations? Theory predicts a positive discipline effect and negative conformity effect. We empirically explore these effects using a natural experiment in the Federal Open Market Committee in 1993 and computational linguistics algorithms. We first find large changes in communication patterns after transparency. We then propose a difference-in-differences approach inspired by the career concerns lite...
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作者：Campante, Filipe; Yanagizawa-Drott, David
作者单位：Johns Hopkins University; National Bureau of Economic Research; University of Zurich
摘要：We study the impact of international long-distance flights on the global spatial allocation of economic activity. To identify causal effects, we exploit variation due to regulatory and technological constraints, which gives rise to a discontinuity in connectedness between cities at a distance of 6,000 miles. We show that improving an airport's position in the network of air links has a positive effect on local economic activity, as captured by satellite-measured night lights. We find that air ...
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作者：Sorkin, Isaac
作者单位：Stanford University; National Bureau of Economic Research
摘要：This article estimates workers' preferences for firms by studying the structure of employer-to-employer transitions in U.S. administrative data. The article uses a tool from numerical linear algebra to measure the central tendency of worker flows, which is closely related to the ranking of firms revealed by workers' choices. There is evidence for compensating differentials when workers systematically move to lower-paying firms in a way that cannot be accounted for by layoffs or differences in ...
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作者：Kueng, Lorenz
作者单位：Northwestern University; National Bureau of Economic Research
摘要：Using new transaction data, I find considerable deviations from consumption smoothing in response to large, regular, predetermined, and salient payments from the Alaska Permanent Fund. On average, the marginal propensity to consume (MPC) is 25% for nondurables and services within one quarter of the payments. The MPC is heterogeneous, monotonically increasing with income, and the average is largely driven by high-income households with substantial amounts of liquid assets, who have MPCs above 5...
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作者：Bayer, Patrick; Charles, Kerwin Kofi
作者单位：Duke University; National Bureau of Economic Research; University of Chicago
摘要：We present new evidence on the evolution of black-white earnings differences among all men, including both workers and nonworkers. We study two measures: (i) the level earnings gap-the racial earnings difference at a given quantile; and (ii) the earnings rank gap-the difference between a black man's percentile in the black earnings distribution and the position he would hold in the white earnings distribution. After narrowing from 1940 to the mid-1970s, the median black-white level earnings ga...
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作者：Bursztyn, Leonardo; Ferman, Bruno; Fiorin, Stefano; Kanz, Martin; Rao, Gautam
作者单位：University of Chicago; National Bureau of Economic Research; University of California System; University of California San Diego; The World Bank; Center for Economic & Policy Research (CEPR); Harvard University
摘要：This article provides field-experimental evidence on status goods. We work with an Indonesian bank that markets platinum credit cards to high-income customers. In a first experiment, we show that demand for the platinum card exceeds demand for a nondescript control product with identical benefits, suggesting demand for the pure status aspect of the card. Transaction data reveal that platinum cards are more likely to be used in social contexts, implying social image motivations. In a second exp...
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作者：Nakamura, Emi; Steinsson, Jon
作者单位：Columbia University
摘要：We present estimates of monetary non-neutrality based on evidence from high-frequency responses of real interest rates, expected inflation, and expected output growth. Our identifying assumption is that unexpected changes in interest rates in a 30-minute window surrounding scheduled Federal Reserve announcements arise from news about monetary policy. In response to an interest rate hike, nominal and real interest rates increase roughly one-for-one, several years out into the term structure, wh...
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作者：Chetty, Raj; Hendren, Nathaniel
作者单位：Stanford University; National Bureau of Economic Research; Harvard University
摘要：We estimate the causal effect of each county in the United States on children's incomes in adulthood. We first estimate a fixed effects model that is identified by analyzing families who move across counties with children of different ages. We then use these fixed effect estimates to (i) quantify how much places matter for intergenerational mobility, (ii) construct forecasts of the causal effect of growing up in each county that can be used to guide families seeking to move to opportunity, and...
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作者：Fieldhouse, Andrew J.; Mertens, Karel; Ravn, Morten O.
作者单位：Cornell University; Federal Reserve System - USA; Federal Reserve Bank - Dallas; Centre for Economic Policy Research - UK; University of London; University College London
摘要：We document the portfolio activity of federal housing agencies and provide evidence on its impact on mortgage markets and the economy. Through a narrative analysis, we identify historical policy changes leading to expansions or contractions in agency mortgage holdings. Based on those regulatory events that we classify as unrelated to short-run cyclical or credit market shocks, we find that an increase in mortgage purchases by the agencies boosts mortgage lending, in particular refinancing, and...
