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作者：Dahl, Gordon B.; Knepper, Matthew
作者单位：University of California System; University of California San Diego; Norwegian School of Economics (NHH); National Bureau of Economic Research; Leibniz Association; Ifo Institut; Centre for Economic Policy Research - UK; Amazon.com
摘要：We study the labour market effects of permanent 30%-64% reductions on unemployment insurance benefits available in seven states. Leveraging linked firm-establishment data, we find that establishments based on reform states experience employment increases that are 0.8%-1.3% larger than those of the same firm's establishments in other states. Using a similar multi-state firm design, starting salaries are 1.2%-5.5% lower in reform states and posted salaries for the same job fall by 3.2%-3.5%. The...
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作者：Bachmann, Ruediger; Bayer, Christian; Stueber, Heiko; Wellschmied, Felix
作者单位：University of Michigan System; University of Michigan; Leibniz Association; Ifo Institut; University of Munich; IZA Institute Labor Economics; University of Bonn; Universidad Carlos III de Madrid
摘要：When employers face a trade-off between being large and paying low wages-and in this sense have monopsony power-some productive employers decide against building large business networks, forgo sales, and remain small. These decisions have adverse consequences for aggregate labour productivity. Using high-quality administrative data from Germany, we document that East German plants (compared to West German ones) face steeper size-wage curves, invest less in their business networks, remain small...
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作者：Montiel Olea, Jose Luis; Qiu, Chen; Stoye, Jorg
作者单位：Cornell University
摘要：We apply classical statistical decision theory to a large class of treatment choice problems with partial identification. We show that, in a general class of problems with Gaussian likelihood, all decision rules are admissible; it is maximin-welfare optimal to ignore all data; and, for severe enough partial identification, there are infinitely many minimax-regret optimal decision rules, all of which sometimes randomize the policy recommendation. We uniquely characterize the minimax-regret opti...
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作者：Dutz, Deniz; Huitfeldt, Ingrid; Lacouture, Santiago; Mogstad, Magne; Torgovitsky, Alexander; Van Dijk, Winnie
作者单位：University of Chicago; National Bureau of Economic Research; Statistics Norway; Yale University
摘要：We show how to use randomized participation incentives to test and account for nonresponse bias in surveys. We first use data from a survey about labour market conditions, linked to full-population administrative data, to provide evidence of large differences in labour market outcomes between survey participants and nonparticipants, differences which would not be observable to an analyst who only has access to the survey data. These differences persist even after correcting for observable char...
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作者：Ivanov, Ivan T.; Pettit, Luke; Whited, Toni M.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Chicago; George Mason University; University of Michigan System; University of Michigan; National Bureau of Economic Research
摘要：We use variation in state corporate income tax rates to re-examine the relation between taxes and corporate leverage. Contrary to prior research, corporate leverage rises after tax cuts for small private firms. An estimated dynamic equilibrium model shows that tax cuts make capital more productive and spur the use of leverage. Tax cuts also produce more distant default thresholds and lower credit spreads. These effects outweigh the lower interest tax deduction and lead to higher optimal levera...
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作者：Englander, Gabriel; Karp, Larry; Simon, Leo
作者单位：The World Bank; University of California System; University of California Berkeley
摘要：We model a fishery with potential congestion, in which firms obtain public and private signals about the location of the densest fish stock. We analytically determine the regions of parameter space where greater precision of public and/or private information increases welfare, and we examine the effects of two types of information sharing. Using high-resolution data from the world's largest fishery, we estimate the structural model. Point estimates imply that more precise private information r...
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作者：Kamat, Vishal; Norris, Samuel
作者单位：University of London; Queen Mary University London; University of British Columbia
摘要：We develop new robust discrete choice tools to learn about the average willingness to pay for a price subsidy and its effects on demand given exogenous, discrete variation in prices. Our starting point is a non-parametric, non-separable model of choice. We exploit the insight that our welfare parameters in this model can be expressed as functions of demand for the different alternatives. However, while the variation in the data reveals the value of demand at the observed prices, the parameters...
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作者：Abreu, Dilip; Manea, Mihai
作者单位：New York University; State University of New York (SUNY) System; Stony Brook University
摘要：We study a bargaining game in which a seller can trade with one of two buyers, who have values h and l (h>l). The outside option principle (OOP) predicts that, as players become patient, the seller trades with the high-value buyer with probability converging to 1 at a price converging to max(h/2,l). While this prediction is supported by the Markov perfect equilibrium (MPE), a wide range of trading outcomes may emerge in subgame perfect equilibria (SPEs): in the patient limit, the seller can ob...
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作者：Hartman-Glaser, Barney; Mayer, Simon; Milbradt, Konstantin
作者单位：University of California System; University of California Los Angeles; Carnegie Mellon University; Northwestern University
摘要：We develop a dynamic contracting theory of asset- and cash flow-based financing that demonstrates how firm, intermediary, and capital market characteristics jointly shape firms' financing constraints. A firm with imperfect access to equity financing covers financing needs through costly sources: an intermediary and retained cash. The firm's financing capacity is endogenously determined by either the liquidation value of assets (asset-based) or the intermediary's going-concern valuation of the ...
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作者：Myers, Sean
作者单位：University of Pennsylvania
摘要：This paper studies how municipal governments jointly manage spending, credit market borrowing, and a public employee pension system. I model governments as levered investors who must meet non-defaultable pension obligations and may value government spending more than citizens. I quantify the model using data on California cities, including a new record of fiscal emergencies, tax increases required to maintain essential city services. After the financial crisis depleted pension funds, cities en...
