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作者：Mastrorocco, Nicola; Teso, Edoardo
作者单位：University of Bologna; Centre for Economic Policy Research - UK; Bocconi University; Northwestern University; National Bureau of Economic Research
摘要：We investigate how technologies that reduce the costs of monitoring by central authorities have shaped the historical transition from small patrimonial states to large bureaucratic organizations. Our analysis is based on a novel dataset that traces changes in the organizational structure and geographic presence of the U.S. federal government over the 19th century. To identify causal effects, we develop a new identification strategy that exploits the expansion of the railroad network as a sourc...
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作者：Bertolotti, Fabio
作者单位：European Central Bank; Bank of Italy
摘要：I examine the impact of patent term on R&D and innovation in the presence of policy anticipation, common in real-world settings. Using a difference-in-difference design, I exploit quasi-experimental variation in US patent term across technological fields due to the ratification of TRIPs agreements in 1995. Despite a general increase in average patent term, in most fields innovators faced a considerable probability of patent term reduction for future innovations. Three key findings emerge: (1) ...
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作者：Milgrom, Paul; Watt, Mitchell
作者单位：Stanford University; Monash University
摘要：We introduce markup equilibrium-an extension of Walrasian equilibrium in which consumers pay a fixed percentage markup over producer prices. In quasilinear markets, markup equilibria exist despite nonconvexities. They are resource-feasible and envy-free, incur no budget deficit, and require little more communication and computation than ordinary Walrasian equilibrium. The associated markup mechanism is asymptotically incentive-compatible. We also introduce a Bound-Form First Welfare Theorem, w...
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作者：Mendez, Esteban; Van Patten, Diana
作者单位：Yale University
摘要：We exploit a unique event to study the extent to which popular attitudes towards trade are driven by economic fundamentals. In 2007, Costa Rica put a free trade agreement (FTA) to a national referendum. With a single question on the ballot, 59% of Costa Rican adult citizens cast a vote on whether they wanted an FTA with the U.S. to be ratified or not. We merge disaggregated referendum results, which break new ground on anonymity-compatible voting data, with employer-employee, customs, and firm...
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作者：Jagadeesan, Ravi; Teytelboym, Alexander
作者单位：Stanford University; University of Oxford
摘要：This paper develops a theory of competitive equilibrium with indivisible goods based entirely on economic conditions on demand. The key idea is to analyze complementarity and substitutability between bundles of goods, rather than merely between goods themselves. This approach allows us to formulate sufficient and essentially necessary conditions for equilibrium existence-which unify settings with complements and settings with substitutes. Our analysis has implications for auction design.
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作者：De Fiore, Fiorella; Hoerova, Marie; Rogers, Ciaran; Uhlig, Harald
作者单位：Bank for International Settlements (BIS); Centre for Economic Policy Research - UK; European Central Bank; Hautes Etudes Commerciales (HEC) Paris; University of Chicago
摘要：We document dramatic changes in euro area interbank money markets during the financial and sovereign debt crises: unsecured borrowing declined across the euro area, while secured market haircuts on sovereign bonds increased, and bank borrowing from the European Central Bank rose in southern countries. We construct a quantitative general equilibrium model to assess the macroeconomic impact of these developments and the associated policy response. Our model features heterogeneous banks and sover...
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作者：Campos-Mercade, Pol; Goette, Lorenz; Graeber, Thomas; Kellogg, Alexandre; Sprenger, Charles
作者单位：Lund University; National University of Singapore; University of Zurich; Alphabet Inc.; Google Incorporated; California Institute of Technology
摘要：Existing tests of reference-dependent preferences assume universal loss aversion. This paper examines the implications of heterogeneity in gain-loss attitudes for such tests. In experiments on labour supply and exchange behaviour, we first measure gain-loss attitudes and then study a canonical treatment effect that distinguishes different models of reference dependence. We document substantial heterogeneity in gain-loss attitudes and evidence against universal loss aversion. Moreover, we find ...
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作者：Bertrand, Marianne; Bombardini, Matilde; Fisman, Raymond; Trebbi, Francesco; Yegen, Eyub
作者单位：University of Chicago; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); University of California System; National Bureau of Economic Research; University of California Berkeley; Boston University; Hong Kong University of Science & Technology
摘要：We examine how the rise of institutional ownership has influenced firms' political activities. We find that, after the acquisition of a large stake, a firm's political action committee giving mirrors more closely that of the acquiring investor. Consistent with a causal interpretation, this pattern is also observed for acquisitions driven by new index inclusions. The pattern is stronger when firms' management faces contentious proposals in shareholder meetings and may thus need institutional in...
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作者：Manzini, Paola; Mariotti, Marco; Ulku, Levent
作者单位：University of Bristol; University of London; Queen Mary University London; Instituto Tecnologico Autonomo de Mexico; Instituto Tecnologico Autonomo de Mexico
摘要：We define the (physical) opportunity cost of a choice x as the alternative that would be chosen if x were not available, and the opportunity cost of any unchosen alternative as x itself. The agent has preferences over pairs consisting of alternatives and their opportunity costs. Because costs affect choice and vice-versa, choice results from an intrapersonal equilibrium rather than from simple maximisation. In spite of significant rationality assumptions, the resulting behaviour can be highly ...
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作者：Coeurdacier, Nicolas; Oswald, Florian; Teignier, Marc
作者单位：University of Barcelona
摘要：How do cities grow in the process of structural transformation? To answer this question, we develop a multi-sector spatial equilibrium model with endogenous land use: land is used either for agriculture or housing. Urban land, densely populated due to commuting frictions, expands out of agricultural land. With low productivity and high subsistence needs, farmland is expensive, households cannot afford large homes and cities are very dense. Increasing productivity reallocates factors away from ...
