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作者：Lee, Wooyong
作者单位：University of Technology Sydney
摘要：I study linear panel data models with predetermined regressors (such as lagged dependent variables) where coefficients are individual-specific, allowing for heterogeneity in the effects of the regressors on the dependent variable. I show that the model is not point-identified in a short panel context but rather partially identified, and I characterize the identified sets for the mean, variance, and CDF of the coefficient distribution. This characterization is general, accommodating discrete, c...
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作者：Bengui, Julien; Coulibaly, Louphou
作者单位：Swiss National Bank (SNB); University of Wisconsin System; University of Wisconsin Madison
摘要：Over the latest monetary policy tightening cycle, capital has been flowing from low-inflation countries to high-inflation countries. This pattern of capital flows is consistent with the predictions of an open-economy model with nominal rigidities where cost-push shocks generate an inflationary episode and capital flows freely across countries. Yet, by raising demand for domestic non-tradable goods and services, capital inflows cause unwelcome upward pressure on firms' costs in countries most s...
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作者：Brandon, Alec; Ferraro, Paul J.; List, John A.; Metcalfe, Robert D.; Price, Michael K.; Rundhammer, Florian
作者单位：Johns Hopkins University; University of Chicago; National Bureau of Economic Research; Columbia University; University of Alabama System; University of Alabama Tuscaloosa; University System of Georgia; Georgia State University
摘要：We formalize a research design to uncover the mechanisms underlying long-term reductions in energy consumption caused by a widely implemented nudge. We consider two channels: technology adoption and habit formation. Using data from 38 natural field experiments, we isolate the role of technology adoption by comparing treatment and control homes after the initial resident moves, which discontinues the treatment for a home. We find that fully half of energy reductions persist in the home after tr...
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作者：Parkhomenko, Andrii
作者单位：University of Southern California; Kyiv School of Economics
摘要：Why are job polarization and income inequality higher in large U.S. cities? I offer a new explanation: when house prices grow faster in large cities, middle-income households increasingly cannot afford to own a house there. They move to smaller cities and the middle of the income distribution in large cities hollows out, making them more polarized and unequal. I document that (1) cities with higher price growth experienced larger polarization and increase in inequality since 1980 and (2) middl...
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作者：Sood, Aradhya; Ehrman-Solberg, Kevin
作者单位：University of Toronto
摘要：Racial covenants in housing deeds were widely used in the United States during the early 20th century to segregate neighbourhoods. In 1948, the Supreme Court decision in Shelley v. Kraemer made racial covenants unenforceable in court, stopping short of prohibiting them entirely. We surmise that even after losing their judicial enforceability, such covenants could have shaped segregation if they served as a focal point for coordination on an initial equilibrium in neighbourhood formation, a con...
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作者：Kim, Paul H. S.; Li, Anran
作者单位：Michigan State University; University of Minnesota System; University of Minnesota Twin Cities; National Bureau of Economic Research
摘要：We study the role of public risk-sharing in markets where firms face substantial cost uncertainty, focusing on public reinsurance in health insurance. We develop a model where insurers internalize cost uncertainty through risk charges that raise effective marginal costs and create a role for reinsurance. Public reinsurance lowers both expected costs and cost volatility, particularly for smaller insurers, reducing prices and enhancing competition. Using an event study of staggered state-level r...
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作者：Le Grand, Francois; Martin-Baillon, Alais; Ragot, Xavier
作者单位：ESSEC Business School
摘要：We present a method to determine optimal monetary policy in heterogeneous-agent economies with nominal frictions and aggregate shocks, under various assumptions regarding fiscal policy. We analyze models with either sticky prices or sticky wages. In the sticky-price economy, when fiscal policy is optimally set, optimal monetary policy implements price stability. Inflation volatility remains low when fiscal policy follows empirically relevant rules. The inflation response is more pronounced whe...
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作者：Bazzi, Samuel; Ferrara, Andreas; Fiszbein, Martin; Pearson, Thomas; Testa, Patrick A.
作者单位：University of California System; University of California San Diego; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; Boston University; Syracuse University; Tulane University; Tulane University
摘要：This paper develops a new framework for understanding when and how migrants shape culture, applying it to the Confederate diaspora-a small migrant group that left a large cultural imprint. Southern Whites that migrated after the Civil War played a pivotal role in spreading Confederate symbols and racial norms across the U.S. by the early 20th century. Their far-reaching influence stemmed from two key conditions: (i) an ideological intensity rooted in their experiences of slavery, secession, an...
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作者：Jakobsen, Alexander M.
作者单位：Northwestern University
摘要：Studies have shown that the standard law of belief updating-Bayes' rule-is descriptively invalid in various settings. In this paper, I introduce and analyse a generalization of Bayes' rule-Coarse Bayesian updating-accommodating much of the empirical evidence. I characterize the model axiomatically, show how it generates several well-known biases, and derive its main implications in static and dynamic settings. Each axiom expresses a property of Bayes' rule but, conditional on the others, stops...
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作者：Agarwal, Nikhil; Somaini, Paulo
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; Stanford University
摘要：Consumer choices are constrained in many markets due to either supply-side rationing or information frictions. Examples include matching markets for schools and colleges; entry-level labour markets; limited brand awareness and inattention in consumer markets; and selective admissions to healthcare services. We analyse a general random utility model for consumer preferences that allows for endogenous characteristics and a reduced-form choice-set formation rule that can be derived from models of...
