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作者：Hastings, Justine S.; Shapiro, Jesse M.
作者单位：Brown University; National Bureau of Economic Research; University of Chicago
摘要：We formulate a test of the fungibility of money based on parallel shifts in the prices of different quality grades of a commodity. We embed the test in a discrete-choice model of product quality choice and estimate the model using panel microdata on gasoline purchases. We find that when gasoline prices rise, consumers substitute to lower octane gasoline, to an extent that cannot be explained by income effects. Across a wide range of specifications, we consistently reject the null hypothesis th...
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作者：Bloom, Nicholas; Eifert, Benn; Mahajan, Aprajit; McKenzie, David; Roberts, John
作者单位：Stanford University; National Bureau of Economic Research; The World Bank
摘要：A long-standing question is whether differences in management practices across firms can explain differences in productivity, especially in developing countries where these spreads appear particularly large. To investigate this, we ran a management field experiment on large Indian textile firms. We provided free consulting on management practices to randomly chosen treatment plants and compared their performance to a set of control plants. We find that adopting these management practices raise...
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作者：Walker, W. Reed
作者单位：University of California System; University of California Berkeley
摘要：This article uses linked worker-firm data in the United States to estimate the transitional costs associated with reallocating workers from newly regulated industries to other sectors of the economy in the context of new environmental regulations. The focus on workers rather than industries as the unit of analysis allows me to examine previously unobserved economic outcomes such as nonemployment and long-run earnings losses from job transitions, both of which are critical to understanding the ...
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作者：Crepon, Bruno; Duflo, Esther; Gurgand, Marc; Rathelot, Roland; Zamora, Philippe
作者单位：Institut Polytechnique de Paris; ENSAE Paris; Massachusetts Institute of Technology (MIT); Paris School of Economics
摘要：This article reports the results from a randomized experiment designed to evaluate the direct and indirect (displacement) impacts of job placement assistance on the labor market outcomes of young, educated job seekers in France. We use a two-step design. In the first step, the proportions of job seekers to be assigned to treatment (0%, 25%, 50%, 75%, or 100%) were randomly drawn for each of the 235 labor markets (e.g., cities) participating in the experiment. Then, in each labor market, eligib...
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作者：Kojima, Fuhito; Pathak, Parag A.; Roth, Alvin E.
作者单位：Stanford University; Massachusetts Institute of Technology (MIT); National Bureau of Economic Research
摘要：Accommodating couples has been a long-standing issue in the design of centralized labor market clearinghouses for doctors and psychologists, because couples view pairs of jobs as complements. A stable matching may not exist when couples are present. This article's main result is that a stable matching exists when there are relatively few couples and preference lists are sufficiently short relative to market size. We also discuss incentives in markets with couples. We relate these theoretical r...
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作者：Kacperczyk, Marcin; Schnabl, Philipp
作者单位：New York University; National Bureau of Economic Research; New York University; Center for Economic & Policy Research (CEPR)
摘要：We examine the risk-taking behavior of money market funds during the financial crisis of 2007-2010. We find that (1) money market funds experienced an unprecedented expansion in their risk-taking opportunities; (2) funds had strong incentives to take on risk because fund inflows were highly responsive to fund yields; (3) funds sponsored by financial intermediaries with more money fund business took on more risk; and (4) funds suffered runs as a result of their risk taking. This evidence sugges...
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作者：Kalai, Adam; Kalai, Ehud
摘要：For two-person complete-information strategic games with transferable utility, all major variable-threat bargaining and arbitration solutions coincide. This confluence of solutions by luminaries such as Nash, Harsanyi, Raiffa, and Selten, is more than mere coincidence. Staying in the class of two-person games with transferable unility, the article presents a more complete theory that expands their solution. Specifically, it presents: (1) a decomposition of a game into cooperative and competiti...
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作者：Weyl, E. Glen; Tirole, Jean
作者单位：University of Chicago; Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics
摘要：What is the best way to reward innovation? While prizes avoid deadweight loss, intellectual property (IP) selects high social surplus projects. Optimal innovation policy thus trades off the ex ante screening benefit and the ex post distortion. It solves a multidimensional screening problem in the private information held by the innovator: research cost, quality, and market size of the innovation. The appropriate degree of market power is never full monopoly pricing and is determined by measura...
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作者：Caliendo, Lorenzo; Rossi-Hansberg, Esteban
作者单位：Yale University; Princeton University
摘要：A firm's productivity depends on how production is organized. To understand this relationship we develop a theory of an economy where firms with heterogeneous demands use labor and knowledge to produce. Entrepreneurs decide the number of layers of management and the knowledge and span of control of each agent. As a result, in the theory, heterogeneity in demand leads to heterogeneity in productivity and other firms' outcomes. We use the theory to analyze the impact of international trade on or...
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作者：Finkelstein, Amy; Taubman, Sarah; Wright, Bill; Bernstein, Mira; Gruber, Jonathan; Newhouse, Joseph P.; Allen, Heidi; Baicker, Katherine
作者单位：National Bureau of Economic Research; Massachusetts Institute of Technology (MIT); Harvard University
摘要：In 2008, a group of uninsured low-income adults in Oregon was selected by lottery to be given the chance to apply for Medicaid. This lottery provides an opportunity to gauge the effects of expanding access to public health insurance on the health care use, financial strain, and health of low-income adults using a randomized controlled design. In the year after random assignment, the treatment group selected by the lottery was about 25 percentage points more likely to have insurance than the co...
