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作者：Michaillat, Pascal; Saez, Emmanuel
作者单位：University of London; London School Economics & Political Science; University of California System; University of California Berkeley
摘要：This article develops a model of unemployment fluctuations. The model keeps the architecture of the general-disequilibrium model of Barro and Grossman (1971) but takes a matching approach to the labor and product markets instead of a disequilibrium approach. On the product and labor markets, both price and tightness adjust to equalize supply and demand. Since there are two equilibrium variables but only one equilibrium condition on each market, a price mechanism is needed to select an equilibr...
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作者：Fillat, Jose L.; Garetto, Stefania
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Boston; Boston University
摘要：This article starts by unveiling a strong empirical regularity: multinational corporations exhibit higher stock market returns and earning yields than nonmultinational firms. Within nonmultinationals, exporters exhibit higher earning yields and returns than firms selling only in their domestic market. To explain this pattern, we develop a real option value model where firms are heterogeneous in productivity and have to decide whether and how to sell in a foreign market where demand is risky. S...
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作者：Piguillem, Facundo; Riboni, Alessandro
作者单位：Institut Polytechnique de Paris; Ecole Polytechnique
摘要：We study legislators who have a present bias for spending: they want to increase current spending and procrastinate spending cuts. We show that disagreement in legislatures can lead to policy persistence that attenuates the temptation to overspend. Depending on the environment, legislators' decisions to be fiscally responsible may either complement or substitute other legislators' decisions. When legislators have low discount factors, their actions are strategic complements. Thus, changes of t...
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作者：Kremer, Michael; Snyder, Christopher M.
作者单位：Brookings Institution; Dartmouth College; Harvard University; National Bureau of Economic Research
摘要：Preventives are sold ex ante, before disease status is realized, while treatments are sold ex post. Even if the mean of the ex ante distribution of consumer values is the same as that ex post, the shape of the distributions may differ, generating a difference between the surplus each product can extract. If, for example, consumers differ only in ex ante disease risk, then a monopolist would have more difficulty extracting surplus with a preventive than with a treatment because treatment consum...
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作者：Lewis, Randall A.; Rao, Justin M.
作者单位：Alphabet Inc.; Google Incorporated
摘要：Twenty-five large field experiments with major U.S. retailers and brokerages, most reaching millions of customers and collectively representing $2.8 million in digital advertising expenditure, reveal that measuring the returns to advertising is difficult. The median confidence interval on return on investment is over 100 percentage points wide. Detailed sales data show that relative to the per capita cost of the advertising, individual-level sales are very volatile; a coefficient of variation ...
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作者：Baicker, Katherine; Mullainathan, Sendhil; Schwartzstein, Joshua
作者单位：Harvard University; Harvard University
摘要：A fundamental implication of standard moral hazard models is overuse of low-value medical care because copays are lower than costs. In these models, the demand curve alone can be used to make welfare statements, a fact relied on by much empirical work. There is ample evidence, though, that people misuse care for a different reason: mistakes, or behavioral hazard.'' Much high-value care is underused even when patient costs are low, and some useless care is bought even when patients face the ful...
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作者：Squicciarini, Mara P.; Voigtlaender, Nico
作者单位：KU Leuven; University of California System; University of California Los Angeles; National Bureau of Economic Research
摘要：While human capital is a strong predictor of economic development today, its importance for the Industrial Revolution has typically been assessed as minor. To resolve this puzzling contrast, we differentiate average human capital (literacy) from upper-tail knowledge. As a proxy for the historical presence of knowledge elites, we use city-level subscriptions to the famous Encyclopedie in mid-18th century France. We show that subscriber density is a strong predictor of city growth after the onse...
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作者：Callander, Steven; Harstad, Bard
作者单位：Stanford University; University of Oslo
摘要：We develop a model of policy experimentation in federal systems in which heterogeneous districts choose both whether to experiment and the policies to experiment with. The prospect of informational spillovers implies that in the first best the districts converge in their policy choice. Strikingly, when authority is decentralized, the equilibrium predicts the opposite. The districts use their policy choice to discourage other districts from free-riding on them, thereby inefficiently minimizing ...
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作者：Wantchekon, Leonard; Klasnja, Marko; Novta, Natalija
作者单位：Princeton University; Princeton University; African School of Economics; International Monetary Fund
摘要：Using a unique data set on students from the first regional schools in colonial Benin, we investigate the effect of education on living standards, occupation, and political participation. Since both school locations and student cohorts were selected with very little information, treatment and control groups are balanced on observables. We can therefore estimate the effect of education by comparing the treated to the untreated living in the same village, as well as those living in villages wher...
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作者：Dal Bo, Ernesto; Finan, Frederico; Rossi, Martín A.
