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作者：Anderson, Eric; Rebelo, Sergio; Wong, Arlene
作者单位：Northwestern University; National Bureau of Economic Research; Centre for Economic Policy Research - UK; University of Sydney
摘要：In this article, we provide direct evidence on the behaviour of markups in the retail sector across space and time. Markups are measured using gross margins. We consider three levels of aggregation: the retail sector as a whole, the firm, and the product level. We find that: (1) markups are relatively stable over time and mildly procyclical; (2) there is a large regional dispersion in markups; (3) there is a positive cross-sectional correlation between local income and local markups; and (4) d...
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作者：Albertini, Julien; Poirier, Arthur; Terriau, Anthony
作者单位：Universite Lyon 2; Ecole Normale Superieure de Lyon (ENS de LYON); Universite Jean Monnet; Universite Lyon 1; Centre National de la Recherche Scientifique (CNRS); emlyon business school; Centre National de la Recherche Scientifique (CNRS); Laboratoire dEconomie de Dauphine LEDa; Institut de Recherche pour le Developpement (IRD); Laboratoire dEconomie de Dauphine LEDa; Universite PSL; Universite Paris-Dauphine; Laboratoire dEconomie de Dauphine LEDa; Le Mans Universite
摘要：As a complement to the federal earned income tax credit (EITC), some states offer their own EITC, typically calculated as a percentage of the federal EITC. In this paper, we analyse the effect of state EITC on education using policy discontinuities at US state borders. Our estimates reveal that an increase in the state EITC leads to a statistically significant increase in the high school dropout rate. We then use a life-cycle matching model with directed search and endogenous educational choic...
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作者：Jamilov, Rustam; Monacelli, Tommaso
作者单位：University of Oxford; Bocconi University; Centre for Economic Policy Research - UK
摘要：How do movements in the distributions of bank size and income affect the macroeconomy? To answer this question, we develop a dynamic general equilibrium model with heterogeneous financial intermediaries, incomplete markets, and aggregate uncertainty. We find that market incompleteness and uninsured idiosyncratic bank rate of return risk generate minimal concentration in the bank net worth distribution, leading to an as-if result, whereby the economy behaves as if it had a representative bank. ...
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作者：Kwon, Spencer Y.; Tang, Johnny
作者单位：Brown University; Cornell University
摘要：What characteristics of news generate over-or-underreaction? We study the asset-pricing consequences of diagnostic expectations, a model of belief formation based on the representativeness heuristic, in a setting where news events are drawn from categories with extreme distributions of fundamentals. Our model predicts greater overreaction to news belonging to categories with more extreme outliers, or tail events. We test our theory on a comprehensive database of corporate news that includes ne...
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作者：Taschereau-Dumouchel, Mathieu
作者单位：Cornell University
摘要：This article studies the efficient allocation in an economy in which firms are connected through input-output linkages and must pay a fixed cost to produce. When economic conditions are poor, some firms might decide not to operate, thereby severing the links with their neighbours and changing the structure of the production network. Since producers benefit from having access to additional suppliers, nearby firms tend to operate, or not, together. As a result, the production network features cl...
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作者：Rosen, Adam M.; Ura, Takuya
作者单位：Duke University; University of California System; University of California Davis
摘要：We provide a finite sample inference method for the structural parameters of Manski's semiparametric binary response model under a conditional median restriction. This is achieved by exploiting distributional properties of observable outcomes conditional on the observed sequence of exogenous variables. Moment inequalities conditional on the size n sequence of exogenous covariates are constructed, and the proposed test statistic is a monotone function of violations of the corresponding sample m...
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作者：Bardhi, Arjada; Guo, Yingni; Strulovici, Bruno
作者单位：New York University; Duke University; Northwestern University
摘要：Do workers from social groups with comparable productivity distributions obtain comparable lifetime earnings? We study how a small amount of early-career discrimination propagates over time when workers' productivity is revealed through employment. In breakdown learning environments that primarily track on-the-job failures, such discrimination spirals into a substantial lifetime earnings gap for groups of comparable productivity, whereas in breakthrough learning environments that track success...
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作者：Farboodi, Maryam; Veldkamp, Laura
作者单位：National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research; Center for Economic & Policy Research (CEPR)
摘要：In a data economy, transactions of goods and services generate data, which is stored, traded and depreciates. How are the economics of this economy different from traditional production economies? How do these differences matter for measurement of GDP, firm values, depreciation rates, welfare and externalities? We incorporate active experimentation and data as an intangible asset to devise a tractable recursive representation of the data economy. The model rationalizes why apps are often free ...
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作者：Grimm, Maximilian; Jorda, Oscar; Schularick, Moritz; Taylor, Alan M.
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; Federal Reserve System - USA; Federal Reserve Bank - San Francisco; University of California System; University of California Davis; Centre for Economic Policy Research - UK; Bank of England; Columbia University; National Bureau of Economic Research
摘要：Do periods of persistently loose monetary policy increase financial fragility and the likelihood of a financial crisis? This is a central question for policymakers, yet the literature does not provide systematic empirical evidence about this link at the aggregate level. In this article, we fill this gap by analysing long-run historical data. We find that when the stance of monetary policy is accommodative over an extended period, the likelihood of financial turmoil in the medium term increases...
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作者：Tuttle, Cody
作者单位：University of Texas System; University of Texas Austin
摘要：I study racial disparities in the criminal justice system by analysing abnormal bunching in the distribution of crack-cocaine amounts used in federal sentencing. I compare cases sentenced before and after the Fair Sentencing Act, a 2010 law that changed the 10-year mandatory minimum threshold for crack-cocaine from 50 g to 280 g. First, I find that after 2010, there is a sharp increase in the fraction of cases sentenced at 280 g (the point that now triggers a 10-year mandatory minimum), and th...
