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作者：Acemoglu, D; Ventura, J
作者单位：Massachusetts Institute of Technology (MIT)
摘要：We show that even in the absence of diminishing returns in production and technological spillovers, international trade leads to a stable world income distribution. This is because specialization and trade introduce de facto diminishing returns: countries that accumulate capital faster than average experience declining export prices, depressing the rate of return to capital and discouraging further accumulation. Because of constant returns to capital accumulation from a global perspective, the...
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作者：Glaeser, EL; Shleifer, A
作者单位：Harvard University
摘要：A central requirement in the design of a legal system is the protection of law enforcers from coercion by litigants through either violence or bribes. The higher the risk of coercion, the greater the need for protection and control of law enforcers by the state. Such control, however, also makes law enforcers beholden to the state, and politicizes justice. This perspective explains why, starting in the twelfth and thirteenth centuries, the relatively more peaceful England developed trials by i...
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作者：Gross, DB; Souleles, NS
作者单位：University of Pennsylvania; National Bureau of Economic Research
摘要：This paper utilizes a unique data set of credit card accounts to analyze how people respond to credit supply. Increases in credit limits generate an immediate and significant rise in debt, counter to the Permanent-Income Hypothesis. The MPC out of liquidity is largest for people starting near their limit, consistent with binding liquidity constraints. However, the MPC is significant even for people starting well below their limit, consistent with precautionary models. Nonetheless, there are ot...
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作者：Acemoglu, D; Zilibotti, F
作者单位：Massachusetts Institute of Technology (MIT)
摘要：Many technologies used by the LDCs are developed in the OECD economies and are designed to make optimal use of the skills of these richer countries' workforces. Differences in the supply of skills create a mismatch between the requirements of these technologies and the skills of LDC workers, and lead to low productivity in the LDCs. Even when all countries have equal access to new technologies, this technology-skill mismatch can lead to sizable differences in total factor productivity and outp...
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作者：Lazear, EP
作者单位：Stanford University; Stanford University
摘要：Classroom education has public good aspects. The technology is such that when one student disrupts the class, learning is reduced for all other students. A disruption model of educational production is presented. It is shown that optimal class size is larger for better-behaved students, which helps explain why it is difficult to find class size effects in the data. Additionally, the role of discipline is analyzed and applied to differences in performance of Catholic and public schools. An empi...
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作者：Barberis, N; Huang, M; Santos, T
作者单位：University of Chicago; National Bureau of Economic Research; Stanford University
摘要：We study asset prices in an economy where investors derive direct utility not only from consumption but also from fluctuations in the value of their financial wealth. They are loss averse over these fluctuations, and the degree of loss aversion depends on their prior investment performance. We find that our framework can help explain the high mean, excess volatility, and predictability of stock returns, as well as their low correlation with consumption growth. The design of our model is influe...
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作者：Madrian, BC; Shea, DF
作者单位：University of Chicago
摘要：This paper analyzes the impact of automatic enrollment on 401(k) savings behavior. We have two key findings. First, 401(k) participation is significantly higher under automatic enrollment. Second, a substantial fraction of 401(k) participants hired under automatic enrollment retain both the default contribution rate and fund allocation even though few employees hired before automatic enrollment picked this particular outcome. This default behavior appears to result from participant inertia and...
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作者：O'Donoghue, T; Rabin, M
作者单位：Cornell University; University of California System; University of California Berkeley
摘要：Recent models of procrastination due to self-control problems assume that a procrastinator considers just one option and is unaware of her self-control problems. We develop a model where a person chooses from a menu of options and is partially aware of her self-control problems. This menu model replicates earlier results and generates new ones. A person might forgo completing an attractive option because she plans to complete a more attractive but never-to-be-completed option. Hence, providing...
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作者：Rajan, RG; Zingales, L
作者单位：University of Chicago; National Bureau of Economic Research
摘要：In the formative stages of their businesses, entrepreneurs have to provide incentives for employees to protect, rather than steal, the source of organizational rents. We study how the entrepreneur's response to this problem determines the organization's internal structure, growth, and its eventual size. Large, steep hierarchies will predominate in physical-capital-intensive industries, and will have seniority-based promotion policies. By contrast, flat hierarchies will prevail in human-capital...
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作者：Meyer, BD; Rosenbaum, DT
作者单位：Northwestern University; Northwestern University; University of North Carolina; University of North Carolina Greensboro; University of North Carolina; University of North Carolina Greensboro; National Bureau of Economic Research
摘要：During 1984-1996, welfare and tax policy were changed to encourage work by single mothers. The Earned Income Tax Credit was expanded, welfare benefits were cut, welfare time limits were added, and welfare cases were terminated. Medicaid for the working poor was expanded, as were training programs and child care. During this same time period there were unprecedented increases in the employment and hours of single mothers. We show that a large share of the increase in work by single mothers can ...
