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作者：Feigenbaum, James; Palmer, Maxwell; Schneer, Benjamin
作者单位：Boston University; National Bureau of Economic Research; Boston University; Harvard University
摘要：Does family history matter for policy making in democracies? Linking members of Congress (MCs) to the census, we observe countries of birth for members, their parents, and their grandparents, allowing us to measure ancestry for the politicians in office when U.S. immigration policy changed dramatically, from closing the border in the 1920s to reshaping admittance criteria in the 1960s. We find that legislators descended from immigrant parents or grandparents support more permissive immigration...
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作者：Miyauchi, Yuhei; Nakajima, Kentaro; Redding, Stephen J.
作者单位：Boston University; Hitotsubashi University; Stanford University; National Bureau of Economic Research; Centre for Economic Policy Research - UK
摘要：We develop a tractable quantitative framework for modeling the rich patterns of spatial mobility observed in smartphone data. We show that travel is frequently undertaken as part of a travel itinerary, defined as a journey starting and ending at home that can include more than one intermediate stop on a given day. We show that these travel itineraries provide microfoundations for consumption externalities and generate both complementarity and substitutability between locations. We show that th...
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作者：Vogel, Jonathan
作者单位：University of California System; University of California Los Angeles
摘要：What is the effect of the real minimum wage on wages and inequality? I develop a theory that nests the race between education and technology. The theory predicts that the effect of changes in minimum wages is initially small but grows over time. I present empirical evidence of these dynamic effects: the elasticity of real wages grows substantially over a three-year period. I show that minimum wages help rationalize a considerable decline in real wages of low-education workers in the 1980s and ...
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作者：Jiang, Zhengyang; Liu, Hongqi; Peng, Cameron; Yan, Hongjun
作者单位：Northwestern University; National Bureau of Economic Research; The Chinese University of Hong Kong, Shenzhen; The Chinese University of Hong Kong, Shenzhen; University of London; London School Economics & Political Science; Centre for Economic Policy Research - UK; DePaul University
摘要：We survey a large, representative sample of retail investors in China to elicit their memories of stock market investments and their return expectations. We merge these survey data with administrative transaction data to test a model in which investors selectively recall past experiences to form their beliefs. Our analysis uncovers new facts about investor memory and highlights similarity-based recall as a key mechanism of belief formation in financial markets. A rising market prompts investor...
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作者：Alsan, Marcella; Barnett, Arkey; Hull, Peter; Yang, Crystal S.
作者单位：University of Michigan System; University of Michigan; Brown University; Harvard University
摘要：A long-standing and influential view in U.S. correctional policy is that nothing works when it comes to rehabilitating incarcerated individuals. We revisit this hypothesis by studying an innovative law-enforcement-led program launched in the county jail of Flint, MI: Inmate Growth Naturally and Intentionally through Education (IGNITE). We develop an instrumental variables approach to estimate the effects of IGNITE exposure, leveraging quasi-random court delays that cause individuals to spend m...
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作者：Grossman, Gene M.; Helpman, Elhanan; Sabal, Alejandro
作者单位：Princeton University; Harvard University
摘要：Forward-looking investments determine the resilience of firms' supply chains. Such investments confer externalities on other firms in the production network. We compare the equilibrium and optimal allocations in a general equilibrium model with an arbitrary number of vertical production tiers. Our model features endogenous investments in protective capabilities, endogenous formation of supply links, and sequential bargaining over quantities and payments between firms in successive tiers. We de...
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作者：Risch, Max
作者单位：Carnegie Mellon University
摘要：Debates about the taxation of business owners often center on the distributional effects of these taxes, particularly the degree to which they affect workers. Drawing on a new linked owner-firm-worker data set created from U.S. administrative tax records, I analyze how an increase in the top marginal tax rate faced by business owners affected the earnings of their employees. I use panel difference-in-differences methods to compare the earnings of workers in similar firms but whose owners were ...
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作者：Budish, Eric
作者单位：University of Chicago
摘要：Satoshi Nakamoto (2008) invented a new kind of economic system that does not need the support of government or rule of law. Trust and security instead arise from a combination of cryptography and economic incentives, all in a completely anonymous and decentralized system. This article shows that Nakamoto's novel form of trust, while undeniably ingenious, is deeply economically limited. The core argument is three equations. A zero-profit condition on the quantity of honest blockchain trust supp...
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作者：Kaufmann, Marc; Andre, Peter; Koszegi, Botond
作者单位：Goethe University Frankfurt; University of Bonn
摘要：Many consumers care about climate change and other externalities associated with their purchases. We analyze the behavior and market effects of such socially responsible consumers in three parts. First, we develop a flexible theoretical framework to study competitive equilibria with rational consequentialist consumers. In violation of price taking, equilibrium feedback nontrivially dampens the impact of a person's consumption on aggregate consumption, undermining the motive to mitigate. This l...
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作者：Campos, Christopher; Kearns, Caitlin
作者单位：University of Chicago; National Bureau of Economic Research
摘要：Does a school district that expands school choice provide better outcomes for students than a neighborhood-based assignment system? This article studies the Zones of Choice (ZOC) program, a school choice initiative of the Los Angeles Unified School District (LAUSD) that created small high school markets in some neighborhoods but left attendance zone boundaries in place throughout the rest of the district. We study market-level effects of choice on student achievement and college enrollment usi...
