Review of Economic Studies

最新文章

• Bilateral Trade Imbalances AI翻译
  作者：Cunat, Alejandro; Zymek, Robert
  作者单位：University of Vienna; Leibniz Association; Ifo Institut; International Monetary Fund
  摘要：If sectoral trade flows obey structural gravity, countries' bilateral trade imbalances are the result of macro trade imbalances, triangular trade, or pairwise asymmetric trade barriers. Using data for 40 major economies and the Rest of the World, we show that large and pervasive asymmetries in trade barriers are required to account for most of the observed variation in bilateral imbalances. A dynamic quantitative trade model suggests that eliminating these asymmetries would significantly reduc...
• House Price Dynamics, Optimal LTV Limits and the Liquidity Trap AI翻译
  作者：Ferrero, Andrea; Harrison, Richard; Nelson, Benjamin
  作者单位：Centre for Economic Policy Research - UK; University of Oxford; Bank of England
  摘要：This paper studies the optimal design of a macro-prudential instrument, a loan-to-value (LTV) limit, and its implications for monetary policy in a model with nominal rigidities and financial frictions. The analysis accounts for both an effective lower bound on the nominal interest rate and an upper bound on the ability of LTV limits to stimulate credit demand. The welfare-based loss function features a role for macro-prudential policy to enhance risk-sharing. Optimal LTV limits are strongly co...
• Discrimination in Hiring: Evidence from Retail Sales AI翻译
  作者：Benson, Alan; Board, Simon; Meyer-Ter-Vehn, Moritz
  作者单位：University of Minnesota System; University of Minnesota Twin Cities; University of California System; University of California Los Angeles
  摘要：We propose a simple model of racial bias in hiring that encompasses three major theories: taste-based discrimination, screening discrimination, and complementary production. We derive a test that can distinguish these theories based on the mean and variance of workers' productivity under managers of different pairs of races. We apply this test to study discrimination at a major U.S. retailer using data from 48,755 newly hired commission-based salespeople. White, black, and Hispanic managers wi...
• Career Spillovers in Internal Labour Markets AI翻译
  作者：Bianchi, Nicola; Bovini, Giulia; Li, Jin; Paradisi, Matteo; Powell, Michael
  作者单位：Northwestern University; National Bureau of Economic Research; European Central Bank; Bank of Italy; University of Hong Kong
  摘要：This article studies career spillovers across workers, which arise in firms with limited promotion opportunities. We exploit a 2011 Italian pension reform that unexpectedly tightened eligibility criteria for the public pension, leading to sudden, substantial, and heterogeneous retirement delays. Using administrative data on Italian private-sector workers, the analysis leverages cross-firm variation to isolate the effect of retirement delays among soon-to-retire workers on the wage growth and p...
• Under Suspicion: Trust Dynamics with Secret Undermining AI翻译
  作者：Kolb, Aaron; Madsen, Erik
  作者单位：Indiana University System; Indiana University Bloomington; IU Kelley School of Business; New York University
  摘要：We study how an organization should dynamically screen an agent of uncertain loyalty whom it suspects of committing damaging acts of undermining. The organization controls the stakes of the relationship, while the agent strategically times undermining, which can occur repeatedly and is detected only stochastically. The optimal commitment stakes policy exhibits both discreteness and gradualism, with distinct untrusted and trusted phases featuring gradually rising stakes during the untrusted pha...
• Voluntary Disclosure and Personalized Pricing AI翻译
  作者：Ali, S. Nageeb; Lewis, Greg; Vasserman, Shoshana
  作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Microsoft; Stanford University; National Bureau of Economic Research
  摘要：Firms have ever-increasing access to consumer data, which they use to personalize their advertising and to price discriminate. This raises privacy concerns. Policymakers have argued in response that consumers should be given control over their data, able to choose what to share and when. Since firms learn about a consumer's preferences both from what they do and do not disclose, the equilibrium implications of consumer control are unclear. We study whether such measures improve consumer welfar...
• Negative Nominal Interest Rates and the Bank Lending Channel AI翻译
  作者：Eggertsson, Gauti B.; Juelsrud, Ragnar E.; Summers, Lawrence H.; Getz Wold, Ella
  作者单位：Brown University; Norges Bank; BI Norwegian Business School; Harvard University
  摘要：We investigate the bank lending channel of negative nominal policy rates from an empirical and theoretical perspective. For the empirical results, we rely on Swedish data, including daily bank-level lending rates. We find that retail household deposit rates are subject to a lower bound (DLB). Empirically, once the DLB is met, the pass-through to mortgage lending rates and credit volumes is substantially lower and bank equity values decline in response to further policy rate cuts. We construct ...
• Left-Digit Bias at Lyft AI翻译
  作者：List, John A.; Muir, Ian; Pope, Devin; Sun, Gregory
  作者单位：University of Chicago; National Bureau of Economic Research; University of Chicago; Washington University (WUSTL)
  摘要：Left-digit bias (or 99-cent pricing) has been discussed extensively in economics, psychology, and marketing. Despite this, we show that the rideshare company, Lyft, was not using a 99-cent pricing strategy prior to our study. Based on observational data from over 600 million Lyft sessions followed by a field experiment conducted with 21 million Lyft passengers, we provide evidence of large discontinuities in demand at dollar values. Approximately half of the downward slope of the demand curve ...
• IQ, Expectations, and Choice AI翻译
  作者：D'Acunto, Francesco; Hoang, Daniel; Paloviita, Maritta; Weber, Michael
  作者单位：Georgetown University; Helmholtz Association; Karlsruhe Institute of Technology; Bank of Finland; University of Chicago
  摘要：We use administrative and survey-based micro data to study the relationship between cognitive abilities (IQ), the formation of inflation expectations, and the consumption plans of a representative male population. High-IQ men display 50% lower forecast errors for inflation than other men. High-IQ men, but not others, have consistent inflation expectations and perceptions over time. In terms of choice, only high-IQ men increase their consumption propensity when expecting higher inflation as the...
• Multinomial Logit Processes and Preference Discovery: Inside and Outside the Black Box AI翻译
  作者：Cerreia-Vioglio, Simone; Maccheroni, Fabio; Marinacci, Massimo; Rustichini, Aldo
  作者单位：Bocconi University; University of Minnesota System; University of Minnesota Twin Cities
  摘要：We provide two characterizations, one axiomatic and the other neuro-computational, of the dependence of choice probabilities on deadlines, within the widely used softmax representation p(t) (a, A)= e(u(a)/lambda(t) +) (alpha(alpha))/Sigma(b is an element of A)e (u(b)/lambda(t) + alpha(b)), where p(t) (a, A) is the probability that alternative a is selected from the set A of feasible alternatives if t is the time available to decide, lambda is a time-dependent noise parameter measuring the unit...