Review of Economic Studies

最新文章

• Liquidity Traps, Prudential Policies, and International Spillovers AI翻译
  作者：Bianchi, Javier; Coulibaly, Louphou
  作者单位：Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; University of Wisconsin System; University of Wisconsin Madison; National Bureau of Economic Research
  摘要：We investigate optimal monetary and macroprudential policies in an open economy with aggregate demand externalities and an occasionally binding zero lower bound constraint. Our analysis highlights that the optimal policy balances output stabilization and capital flow management. When macroprudential policy is available, monetary policy stabilizes the output gap. By contrast, when macroprudential policy is not available, monetary policy is used prudentially. However, contrary to a widespread vi...
• Eliciting Multiple Prior Beliefs AI翻译
  作者：Abdellaoui, Mohammed; Colo, Philippe; Hill, Brian
  作者单位：Centre National de la Recherche Scientifique (CNRS); Hautes Etudes Commerciales (HEC) Paris; Swiss Federal Institutes of Technology Domain; ETH Zurich; University of Bern
  摘要：Despite the increasing importance of multiple priors in various domains of economics, choice-based incentive-compatible multiple-prior elicitation remains an open problem. This paper develops a solution, comprising a preference-based identification of a subject's probability interval for an event, and a method for eliciting it. The method applies under weak decision-theoretic assumptions, with no need for probabilistic sophistication. To demonstrate its feasibility, we implement it in three in...
• Devaluations, Deposit Dollarization, and Household Heterogeneity AI翻译
  作者：Ferrante, Francesco; Gornemann, Nils
  作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
  摘要：We study the aggregate and redistributive effects of currency devaluations in a small open economy model with leverage-constrained banks and heterogeneous households. Our framework captures three stylized facts about financial dollarization in emerging economies: (1) a sizable share of domestic deposits is denominated in foreign currency; (2) these deposits represent significant foreign currency liabilities for local banks; and (3) dollar deposits are mainly held by wealthier households. A dev...
• Affiliated Common Value Auctions with Costly Entry AI翻译
  作者：Murto, Pauli; Valimaki, Juuso
  作者单位：Aalto University
  摘要：Many auctions and procurement contests entail non-trivial bidding costs, which makes the bidders' participation decisions endogenous to the auction design. We analyse the effect of different auction rules on potential bidders' incentives to participate. We focus on first-price auctions with affiliated common values and a large pool of potential bidders. Our main interest is on auctions where the realized number of bidders is unknown at the bidding stage. In contrast to the standard case, both ...
• Jackknife Standard Errors for Clustered Regression AI翻译
  作者：Hansen, Bruce E.
  作者单位：University of Wisconsin System; University of Wisconsin Madison
  摘要：This article presents a theoretical case for replacement of conventional heteroskedasticity-consistent and cluster-robust variance estimators with jackknife variance estimators, in the context of linear regression with heteroskedastic and/or cluster-dependent observations. We examine the bias of variance estimation and the coverage probabilities of confidence intervals. Concerning bias, we show that conventional variance estimators have full downward worst-case bias, while our jackknife varian...
• Education and the Margins of Cyclical Adjustment in the Labour Market AI翻译
  作者：Doniger, Cynthia L.
  作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
  摘要：Allocative wages-the labour costs considered when deciding to form or dissolve a long-term employment relationship-are more sensitive to cyclical conditions for more educated workers. Specifically, college-educated workers' allocative wages are highly pro-cyclical, while high school dropouts' wages exhibit only moderate cyclicality. Further, as education increases, an increasing share of the sensitivity of allocative wages is driven by the persistent scarring effects of the cyclical position a...
• Inflation Risk and the Finance-Growth Nexus AI翻译
  作者：Corhay, Alexandre; Tong, Jincheng
  作者单位：University of Toronto
  摘要：When firms finance using long-term nominal debt issued by financial intermediaries, changes in expected inflation lead to a wealth transfer across sectors. Higher expected inflation decreases firms' real liabilities and default risk, which helps reduce debt overhang. However, it hurts intermediaries' real assets, leading to a contraction in credit supply. We theoretically demonstrate that intermediary financing conditions play a key role in the transmission of nominal shocks, influencing the p...
• Firm Quality Dynamics and the Slippery Slope of Credit Intervention AI翻译
  作者：Li, Wenhao; Li, Ye
  作者单位：University of Southern California; National Bureau of Economic Research; University of Washington; University of Washington Seattle
  摘要：A salient trend in crisis intervention has emerged in recent decades: government and central banks have offered funding directly to nonfinancial firms, bypassing banks and other credit intermediaries. We analyse the long-term consequences of such policies by focussing on firm quality dynamics. In a laissez-faire economy, firms with high productivity are more likely to survive crises than those with low productivity. The government funding support saves more firms but cannot be customized based...
• Contract Terms, Employment Shocks, and Default in Credit Cards AI翻译
  作者：Castellanos, Sara G.; Jimenez-Hernandez, Diego; Mahajan, Aprajit; Alcaraz Prous, Eduardo; Seira, Enrique
  作者单位：Bank of Mexico; Federal Reserve System - USA; Federal Reserve Bank - Chicago; University of California System; University of California Berkeley; National Bureau of Economic Research; Instituto Mexicano del Seguro Social; University of Notre Dame
  摘要：Regulatory concerns over a tension between expanding financial access and limiting default have led to significant restrictions on contract terms in a number of countries, despite limited evidence on their effectiveness. We use a large nation-wide RCT to examine new borrower responses to changes in interest rates and minimum payments for a credit card that accounted for 15% of all first-time formal loans in Mexico. Default rates were 19% over the 26 month experiment and a 30 pp decrease in int...
• Trauma at School: The Impacts of Shootings on Students' Human Capital and Economic Outcomes AI翻译
  作者：Cabral, Marika; Kim, Bokyung; Rossin-Slater, Maya; Schnell, Molly; Schwandt, Hannes
  作者单位：University of Texas System; University of Texas Austin; National Bureau of Economic Research; University of Connecticut; Stanford Medicine; Stanford University; Northwestern University; Northwestern University
  摘要：We examine how shootings at schools-an increasingly common form of gun violence in the States-impact the educational and economic trajectories of students. Using linked schooling and labor market data in Texas from 1992 to 2018, we compare within-student and across-cohort changes in outcomes following a shooting to those experienced by students at matched control schools. We find that school shootings increase absenteeism and grade repetition, reduce high school graduation, college enrollment,...