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作者：Bolton, Patrick; Santos, Tano; Scheinkman, Jose A.
作者单位：Columbia University; Princeton University; National Bureau of Economic Research
摘要：We propose an origination-and-contingent-distribution model of banking, in which liquidity demand by short-term investors (banks) can be met with cash reserves (inside liquidity) or sales of assets (outside liquidity) to long-term investors (hedge funds and pension funds). Outside liquidity is a more efficient source, but asymmetric information about asset quality can introduce a friction in the form of excessively early asset trading in anticipation of a liquidity shock, excessively high cash...
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作者：Barreca, Alan I.; Guldi, Melanie; Lindo, Jason M.; Waddell, Glen R.
作者单位：Tulane University; State University System of Florida; University of Central Florida; University of Oregon; National Bureau of Economic Research
摘要：We reconsider the effect of very low birth weight classification on infant mortality. We demonstrate that the estimates are highly sensitive to the exclusion of observations in the immediate vicinity of the 1,500-g threshold, weakening the confidence in the results originally reported in Almond, Doyle, Kowalski, and Williams (2010).
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作者：Dube, Arindrajit; Kaplan, Ethan; Naidu, Suresh
作者单位：University of Massachusetts System; University of Massachusetts Amherst; University System of Maryland; University of Maryland College Park; Stockholm University; Columbia University; National Bureau of Economic Research
摘要：We estimate the impact of coups and top-secret coup authorizations on asset prices of partially nationalized multinational companies that stood to benefit from U.S.-backed coups. Stock returns of highly exposed firms reacted to coup authorizations classified as top-secret. The average cumulative abnormal return to a coup authorization was 9% over 4 days for a fully nationalized company, rising to more than 13% over 16 days. Precoup authorizations accounted for a larger share of stock price inc...
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作者：Malamud, Ofer; Pop-Eleches, Cristian
作者单位：University of Chicago; National Bureau of Economic Research; Columbia University
摘要：This paper uses a regression discontinuity design to estimate the effect of home computers on child and adolescent outcomes by exploiting a voucher program in Romania. Our main results indicate that home computers have both positive and negative effects on the development of human capital. Children who won a voucher to purchase a computer had significantly lower school grades but show improved computer skills. There is also some evidence that winning a voucher increased cognitive skills, as me...
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作者：Chetty, Raj; Friedman, John N.; Olsen, Tore; Pistaferri, Luigi
作者单位：Harvard University; National Bureau of Economic Research; Stanford University
摘要：We show that the effects of taxes on labor supply are shaped by interactions between adjustment costs for workers and hours constraints set by firms. We develop a model in which firms post job offers characterized by an hours requirement and workers pay search costs to find jobs. We present evidence supporting three predictions of this model by analyzing bunching at kinks using Danish tax records. First, larger kinks generate larger taxable income elasticities. Second, kinks that apply to a la...
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作者：Alvarez, Fernando E.; Lippi, Francesco; Paciello, Luigi
作者单位：University of Chicago; National Bureau of Economic Research; University of Sassari
摘要：We study the price-setting problem of a firm in the presence of both observation and menu costs. The firm optimally decides when to review costly information on the adequacy of its price. Upon each review, the firm chooses whether to adjust its price, one or more times, before the next price review. Each price adjustment entails paying a menu cost. The firm's choices map into several statistics: the frequency of price reviews, the frequency of price adjustments, the size distribution of price ...
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作者：Antras, Pol; Costinot, Arnaud
作者单位：Harvard University; National Bureau of Economic Research; Massachusetts Institute of Technology (MIT)
摘要：This paper develops a simple model of international trade with intermediation. We consider an economy with two islands and two types of agents, farmers and traders. Farmers can produce two goods, but to sell these goods in centralized (Walrasian) markets, they need to be matched with a trader, and this entails costly search. In the absence of search frictions, our model reduces to a standard Ricardian model of trade. We use this simple model to contrast the implications of changes in the integ...
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作者：Matsa, David A.
作者单位：Northwestern University
摘要：This article analyzes the effect of competition on a supermarket firm's incentive to provide product quality. In the supermarket industry, product availability is an important measure of quality. Using U.S. Consumer Price Index microdata to track inventory shortfalls, I find that stores facing more intense competition have fewer shortfalls. Competition from Walmart-the most significant shock to industry market structure in half a century-decreased shortfalls among large chains by about a third...
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作者：Diamond, Douglas W.; Rajan, Raghuram G.
作者单位：University of Chicago; National Bureau of Economic Research
摘要：Is there any need to clean up a banking system by closing some banks and forcing others to sell assets if the risk of a crisis becomes high? Impaired banks that may be forced to sell illiquid assets in the future have private incentives to hold, rather than sell, those assets Anticipating a potential fire sale, liquid buyers expect high returns, reducing their incentive to lend. Privately optimal trading decisions therefore lead to a worse fire sale and a larger drop in lending than is necessa...
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作者：Benabou, Roland; Tirole, Jean
作者单位：Princeton University; National Bureau of Economic Research; Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics
摘要：We develop a theory of moral behavior, individual and collective, based on a general model of identity in which people care about who they are and infer their own values from past choices. The model sheds light on many empirical puzzles inconsistent with earlier approaches. Identity investments respond nonmonotonically to acts or threats, and taboos on mere thoughts arise to protect beliefs about the priceless value of certain social assets. High endowments trigger escalating commitment and a ...
