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作者：Gopinath, Gita; Kalemli-Ozcan, Sebnem; Karabarbounis, Loukas; Villegas-Sanchez, Carolina
作者单位：Harvard University; National Bureau of Economic Research; University System of Maryland; University of Maryland College Park; Center for Economic & Policy Research (CEPR); University of Minnesota System; University of Minnesota Twin Cities; Universitat Ramon Llull; Escuela Superior de Administracion y Direccion de Empresas (ESADE)
摘要：Starting in the early 1990s, countries in southern Europe experienced low productivity growth alongside declining real interest rates. We use data for manufacturing firms in Spain between 1999 and 2012 to document a significant increase in the dispersion of the return to capital across firms, a stable dispersion of the return to labor, and a significant increase in productivity losses from capital misallocation over time. We develop a model with size-dependent financial frictions that is consi...
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作者：Kirkeboen, Lars; Leuven, Edwin; Mogstad, Magne
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作者：Dustmann, Christian; Schoenberg, Uta; Stuhler, Jan
作者单位：University of London; University College London; University of London; University College London; Universidad Carlos III de Madrid
摘要：By exploiting a commuting policy that led to a sharp and unexpected inflow of Czech workers to areas along the German-Czech border, we examine the impact of an exogenous immigration-induced labor supply shock on local wages and employment of natives. On average, the supply shock leads to a moderate decline in local native wages and a sharp decline in local native employment. These average effects mask considerable heterogeneity across groups: while younger natives experience larger wage effect...
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作者：Martin, Ian
作者单位：University of London; London School Economics & Political Science
摘要：I derive a lower bound on the equity premium in terms of a volatility index, SVIX, that can be calculated from index option prices. The bound implies that the equity premium is extremely volatile and that it rose above 20% at the height of the crisis in 2008. The time-series average of the lower bound is about 5%, suggesting that the bound may be approximately tight. I run predictive regressions and find that this hypothesis is not rejected by the data, so I use the SVIX index as a proxy for t...
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作者：Kelly, Morgan; Grada, Cormac O.
作者单位：University College Dublin
摘要：Although largely absent from modern accounts of the Industrial Revolution, watches were the first mass-produced consumer durable and were Adam Smith's preeminent example of technological progress. In fact, Smith makes the notable claim that watch prices may have fallen by up to 95% over the preceding century, a claim that this article attempts to evaluate. We look at changes in the reported value of over 3,200 stolen watches from criminal trials in the Old Bailey in London from 1685 to 1810. B...
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作者：Card, David; Cardoso, Ana Rute; Kline, Patrick
作者单位：University of California System; University of California Berkeley; Consejo Superior de Investigaciones Cientificas (CSIC); CSIC - Institut d'Analisi Economica (IAE); Barcelona School of Economics
摘要：There is growing evidence that firm-specific pay premiums are an important source of wage inequality. These premiums will contribute to the gender wage gap if women are less likely to work at high-paying firms or if women negotiate (or are offered) worse wage bargains with their employers than men. Using longitudinal data on the hourly wages of Portuguese workers matched with income statement information for firms, we show that the wages of both men and women contain firm-specific premiums tha...
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作者：Araujo, M. Caridad; Carneiro, Pedro; Cruz-Aguayo, Yyannu; Schady, Norbert
作者单位：Inter-American Development Bank; University of London; University College London; London School Economics & Political Science
摘要：We assigned two cohorts of kindergarten students, totaling more than 24,000 children, to teachers within schools with a rule that is as good as random. We collected data on children at the beginning of the school year and applied 12 tests of math, language, and executive function (EF) at the end of the year. All teachers were filmed teaching for a full day, and the videos were coded using the Classroom Assessment Scoring System (or CLASS). We find substantial classroom effects: A 1 standard de...
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作者：Boffa, Federico; Piolatto, Amedeo; Ponzetto, Giacomo A. M.
作者单位：Free University of Bozen-Bolzano; University of Barcelona; Pompeu Fabra University; Centre de Recerca en Economia Internacional (CREI); Barcelona School of Economics
摘要：This article explains why decentralization can undermine accountability and answers three questions: what determines if power should be centralized or decentralized when regions are heterogeneous? How many levels of government should there be? How should state borders be drawn? We develop a model of political agency in which voters differ in their ability to monitor rent-seeking politicians. We find that rent extraction is a decreasing and convex function of the share of informed voters, becau...
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作者：Malmendier, Ulrike; Nagel, Stefan
作者单位：National Bureau of Economic Research; University of California System; University of California Berkeley; University of California System; University of California Berkeley; National Bureau of Economic Research; University of Michigan System; University of Michigan; University of Michigan System; University of Michigan
摘要：How do individuals form expectations about future inflation? We propose that individuals overweight inflation experienced during their lifetimes. This approach modifies existing adaptive learning models to allow for age-dependent updating of expectations in response to inflation surprises. Young individuals update their expectations more strongly than older individuals since recent experiences account for a greater share of their accumulated lifetime history. We find support for these predicti...
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作者：Nagel, Stefan
作者单位：National Bureau of Economic Research; University of Michigan System; University of Michigan; Center for Economic & Policy Research (CEPR)
摘要：This article examines the link between the opportunity cost of money and time-varying liquidity premia of near-money assets. Higher interest rates imply higher opportunity costs of holding money and hence a higher premium for the liquidity service benefits of assets that are close substitutes for money. Consistent with this theory, short-term interest rates in the United States, United Kingdom, and Canada have a strong positive relationship with the liquidity premium of Treasury bills and othe...
