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作者：Feenstra, Robert C.; Romalis, John
作者单位：University of California System; University of California Davis; National Bureau of Economic Research; University of Sydney
摘要：The unit values of internationally traded goods are heavily influenced by quality. We model this in an extended monopolistic competition framework where, in addition to choosing price, firms simultaneously choose quality subject to nonhomothetic demand. We estimate quality and quality-adjusted price indexes for 185 countries over 1984-2011. Our estimates are less sensitive to assumptions about the extensive margin of firms than are purely demand-side estimates. We find that quality-adjusted pr...
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作者：Kleven, Henrik Jacobsen; Landais, Camille; Saez, Emmanuel; Schultz, Esben
作者单位：University of London; London School Economics & Political Science; University of California System; University of California Berkeley; National Bureau of Economic Research
摘要：This article analyzes the effects of income taxation on the international migration and earnings of top earners using a Danish preferential foreigner tax scheme and population-wide Danish administrative data. This scheme, introduced in 1991, allows new immigrants with high earnings to be taxed at a preferential flat rate for a duration of three years. We obtain two main results. First, the scheme has doubled the number of highly paid foreigners in Denmark relative to slightly less paid-and the...
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作者：Yanagizawa-Drott, David
作者单位：Harvard University
摘要：This article investigates the role of mass media in times of conflict and state-sponsored mass violence against civilians. We use a unique village-level data set from the Rwandan genocide to estimate the impact of a popular radio station that encouraged violence against the Tutsi minority population. The results show that the broadcasts had a significant effect on participation in killings by both militia groups and ordinary civilians. An estimated 51,000 perpetrators, or approximately 10% of ...
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作者：Gennaioli, Nicola; Shleifer, Andrei; Vishny, Robert
作者单位：Bocconi University; Harvard University; University of Chicago
摘要：We introduce the model of asset management developed in Gennaioli, Shleifer, and Vishny (Money Doctors, Journal of Finance, forthcoming 2015) into a Solow-style neoclassical growth model with diminishing returns to capital. Savers rely on trusted intermediaries to manage their wealth (claims on capital stock), who can charge fees above costs to trusting investors. In this model, the ratio of financial income to GDP increases with the ratio of aggregate wealth to GDP. Both rise along the conver...
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作者：Gabaix, Xavier
作者单位：New York University
摘要：This article defines and analyzes a sparse max operator, which is a less than fully attentive and rational version of the traditional max operator. The agent builds (as economists do) a simplified model of the world which is sparse, considering only the variables of first-order importance. His stylized model and his resulting choices both derive from constrained optimization. Still, the sparse max remains tractable to compute. Moreover, the induced outcomes reflect basic psychological forces g...
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作者：Lehmann, Etienne; Simula, Laurent; Trannoy, Alain
作者单位：Universite Paris-Pantheon-Assas; Uppsala University; Aix-Marseille Universite; Centre National de la Recherche Scientifique (CNRS)
摘要：We investigate how potential tax-driven migrations modify the Mirrlees income tax schedule when two countries play Nash. The social objective is the maximin and preferences are quasi-linear in consumption. Individuals differ both in skills and migration costs, which are continuously distributed. We derive the optimal marginal income tax rates at the equilibrium, extending the Diamond-Saez formula. We show that the level and the slope of the semi-elasticity of migration (on which we lack empiri...
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作者：Eyster, Erik; Rabin, Matthew
作者单位：University of London; London School Economics & Political Science; Harvard University
摘要：Rationality leads people to imitate those with similar tastes but different information. But people who imitate common sources develop correlated beliefs, and rationality demands that later social learners take this correlation into account. This implies severe limits to rational imitation. We show that (i) in most natural observation structures besides the canonical single-file case, full rationality dictates that people must anti-imitate some of those they observe; and (ii) in every observat...
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作者：Caron, Justin; Fally, Thibault; Markusen, James R.
作者单位：Massachusetts Institute of Technology (MIT); Swiss Federal Institutes of Technology Domain; ETH Zurich; University of California System; University of California Berkeley; University of Colorado System; University of Colorado Boulder
摘要：International trade literature tends to focus heavily on the production side of general equilibrium, leaving us with a number of empirical puzzles. There is, for example, considerably less world trade than predicted by Heckscher-Ohlin-Vanek (HOV) models. Trade among rich countries is higher and trade between rich and poor countries lower than suggested by HOV and other supply-driven theories, and trade-to-GDP ratios are higher in rich countries. Our approach focuses on the relationship between...
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作者：Vavra, Joseph
作者单位：University of Chicago; National Bureau of Economic Research
摘要：Is monetary policy less effective at increasing real output during periods of high volatility than during normal times? In this article, I argue that greater volatility leads to an increase in aggregate price flexibility so that nominal stimulus mostly generates inflation rather than output growth. To do this, I construct price-setting models with volatility shocks and show these models match new facts in CPI micro data that standard price-setting models miss. I then show that these models imp...
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作者：Autor, David H.; Dorn, David; Hanson, Gordon H.; Song, Jae
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; University of Zurich; University of California System; University of California San Diego
摘要：We analyze the effect of exposure to international trade on earnings and employment of U.S. workers from 1992 through 2007 by exploiting industry shocks to import competition stemming from China's spectacular rise as a manufacturing exporter paired with longitudinal data on individual earnings by employer spanning close to two decades. Individuals who in 1991 worked in manufacturing industries that experienced high subsequent import growth garner lower cumulative earnings, face elevated risk o...
