Review of Economic Studies

最新文章

• When is Separate Sales Optimal? AI翻译
  作者：Kwak, Changhyun
  作者单位：Academia Sinica - Taiwan
  摘要：This paper studies a multi-product monopolist facing a privately informed consumer with additive and type-increasing valuations. Separate monopoly pricing is robustly optimal with respect to the type distribution if and only if the marginal rate of substitution between each pair of goods is monotone. This result is obtained by extending the conventional Myersonian approach.
• Skill-Replacing Technology and Bottom-Half Inequality AI翻译
  作者：Danieli, Oren
  作者单位：Tel Aviv University
  摘要：I propose a model of skill-replacing routine-biased technological change (SR-RBTC). In this model, technology substitutes for the use of skill in routine tasks, in contrast to standard RBTC models, which assume that technology replaces the workers themselves. The SR-RBTC model explains three key trends that are inconsistent with standard RBTC models: (1) why specifically middle wages declined even though workers in routine occupations are dispersed across the entire bottom half of the wage dis...
• Income Inequality and Job Creation AI翻译
  作者：Doerr, Sebastian; Drechsel, Thomas; Lee, Donggyu
  作者单位：Bank for International Settlements (BIS); National Bureau of Economic Research; University System of Maryland; University of Maryland College Park; Center for Economic & Policy Research (CEPR); Federal Reserve System - USA; Federal Reserve Bank - New York
  摘要：We propose a novel channel through which rising income inequality affects job creation and macroeconomic outcomes. High-income households save relatively more in stocks and bonds but less in bank deposits. A rising top income share thereby increases the relative financing cost for bank-dependent firms, which in turn create fewer jobs compared to other firms. Exploiting variation in top income shares across US states and an instrumental variable strategy, we provide evidence for this channel. W...
• The Dynamics of Verification when Searching for Quality AI翻译
  作者：Li, Zihao; Libgober, Jonathan
  作者单位：Columbia University; University of Southern California
  摘要：An agent samples projects over time, observing quality for each, while a principal can select at most one. The principal values quality, whereas the agent only wants a project chosen. Transfers are unavailable, but the principal can verify quality by paying a cost. We fully characterize the dynamics of verification by determining optimal mechanisms for this problem. With a low verification cost and a long horizon, the optimal mechanism involves a deterministic selection rule that initially dis...
• Input Sourcing under Climate Risk: Evidence from US Manufacturing Firms AI翻译
  作者：Blaum, Joaquin; Esposito, Federico; Heise, Sebastian
  作者单位：Boston University; Fordham University; Federal Reserve System - USA; Federal Reserve Bank - New York
  摘要：We study the effect of risk on how firms organize their supply chains. We use transaction-level data on U.S. manufacturing imports to construct a novel measure of input sourcing risk based on the historical volatility of ocean shipping times. Our measure isolates the unexpected component of shipping times that is induced by weather conditions along more than 331,000 maritime routes. We first document that unexpected shipping delays significantly reduce importers' sales, profits, and employment...
• A Model of Multiple Hypothesis Testing AI翻译
  作者：Viviano, Davide; Wuthrich, Kaspar; Niehaus, Paul
  作者单位：Harvard University; University of California System; University of California San Diego
  摘要：Multiple hypothesis testing (MHT) practices vary widely, without consensus on which are appropriate when. This article provides an economic foundation for these practices designed to capture leading examples, such as regulatory approval on the basis of clinical trials. MHT adjustments are appropriate in our framework to the extent that research costs are invariant to the number of hypotheses. Control of average size, as for example via a Bonferroni correction, emerges in the limit case where a...
• Narratives about the Macroeconomy AI翻译
  作者：Andre, Peter; Haaland, Ingar; Roth, Christopher; Wiederholt, Mirko; Wohlfart, Johannes
  作者单位：Goethe University Frankfurt; Norwegian School of Economics (NHH); Norwegian University of Science & Technology (NTNU); University of Cologne; University of Munich
  摘要：We study narratives about the macroeconomy-the stories people tell to explain macroeconomic phenomena-in the context of a historic surge in inflation. In our empirical analysis, we field surveys with more than 10,000 U.S. households and 100 academic experts, measure economic narratives in open-ended questions, and represent them as directed acyclic graphs. Households' narratives are strongly heterogeneous, coarser than experts' narratives, focus more on the supply than the demand side, and oft...
• Counterfactual Identification and Latent Space Enumeration in Discrete Outcome Models AI翻译
  作者：Gu, Jiaying; Russell, Thomas M.; Stringham, Thomas
  作者单位：University of Toronto; Carleton University; Texas A&M University System; Texas A&M University College Station
  摘要：This article provides a unified framework for studying the identification of counterfactual parameters in a general class of discrete outcome models, allowing for endogenous regressors and multidimensional latent variables, all without parametric distributional assumptions. Our main theoretical result is that, when the covariates are discrete, the infinite-dimensional latent variable distribution can be replaced with a finite-dimensional version that is equivalent from an identification perspe...
• Melons as Lemons: Asymmetric Information, Consumer Learning and Seller Reputation AI翻译
  作者：Bai, Jie
  作者单位：Harvard University
  摘要：Quality provision is often low in many developing markets, and firms commonly lack a reputation for quality. This article examines this issue both theoretically and empirically in the context of retail watermelon markets in China. I first demonstrate the existence of significant asymmetric information on quality between sellers and buyers, as well as the absence of a quality premium at baseline. To explain this, I develop a theoretical model that highlights the role of consumer beliefs and cos...
• Worker Mobility in Production Networks AI翻译
  作者：Cardoza, Marvin; Grigoli, Francesco; Pierri, Nicola; Ruane, Cian
  作者单位：International Monetary Fund; International Monetary Fund; European Central Bank; Central Bank of Ireland
  摘要：This paper documents that production networks play an essential role in the job search and matching process. We document five facts about worker mobility in production networks using employer-employee data matched with the universe of firm-to-firm transactions for the Dominican Republic: (1) workers move between buyers and suppliers almost twice as much as predicted by standard labour market characteristics, (2) movers between buyers and suppliers experience larger earnings increases than othe...