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作者：Keister, Todd; Sanches, Daniel
作者单位：Rutgers University System; Rutgers University New Brunswick; Federal Reserve System - USA; Federal Reserve Bank - Philadelphia
摘要：We study how introducing a central bank digital currency affects equilibrium allocations and welfare in an environment where both currency and bank deposits are used in exchange. We highlight an important policy tradeoff: while a digital currency tends to improve efficiency in exchange, it may also crowd out bank deposits, raise banks' funding costs, and decrease investment. We derive conditions under which targeted digital currencies, which compete only with physical currency or only with ban...
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作者：Alvarez, Fernando; Borovickova, Katarina; Shimer, Robert
作者单位：University of Chicago; Federal Reserve System - USA; Federal Reserve Bank - Richmond
摘要：We develop an economic model of transitions in and out of employment. Heterogeneous workers switch employment status when the net benefit from working, a Brownian motion with drift, hits optimally chosen barriers. This implies that the duration of jobless spells for each worker has an inverse Gaussian distribution. We allow for arbitrary heterogeneity across workers and prove that the distribution of inverse Gaussian distributions is partially identified from the duration of two non-employment...
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作者：[Anonymous]
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作者：[Anonymous]
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作者：Giupponi, Giulia; Landais, Camille
作者单位：Bocconi University; University of London; London School Economics & Political Science
摘要：Short-time work (STW) policies provide subsidies for hour reductions to workers in firms experiencing temporary shocks. They are the main policy tool used to support labour hoarding during downturns and were aggressively used during the coronavirus disease 2019 (COVID-19) pandemic. Yet, very little is known about their employment and welfare consequences. This article leverages unique administrative social security data from Italy and quasi-experimental variation in STW policy rules to offer e...
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作者：Angeletos, George-Marios; Lorenzoni, Guido; Pavan, Alessandro
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; Northwestern University; Centre for Economic Policy Research - UK
摘要：Entrepreneurs and venture capitalists are concerned about investors' beliefs in asset markets because these beliefs shape the value of a potential IPO and the possibility to expand. Investors' beliefs, on the other hand, can be influenced by start-up activity insofar as the latter contains valuable information about eventual profitability. This two-way feedback is shown to generate excessive, non-fundamental, waves in start-up activity, IPOs, and asset prices. Policies that lean against the wi...
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作者：Battaglia, Marianna; Gulesci, Selim; Madestam, Andreas
作者单位：Universitat d'Alacant; Trinity College Dublin; Stockholm University
摘要：A widely held view is that small firms in developing countries are prevented from making profitable investments by lack of access to credit and insurance markets. One solution is to provide repayment flexibility in credit contracts. Repayment flexibility eases both the credit constraint, as it allows for increased spending during the start-up phase, and offers insurance, in case of fluctuations in income. In a field experiment among traditional microfinance clients and larger collateralized bo...
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作者：Dutta, Rohan
作者单位：McGill University; Universite de Montreal
摘要：The strategic importance of commitment in bargaining is widely acknowledged. Yet disentangling its role from key features of canonical models, such as proposal power and reputational concerns, is difficult. This paper introduces a model of bargaining with strategic commitment at its core. Following Schelling (1956, The American Economic Review, vol. 46, 281-306), commitment ability stems from the costly nature of concession and is endogenously determined by players' demands. Agreement is immed...
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作者：Aghion, Philippe; Bergeaud, Antonin; Boppart, Timo; Klenow, Peter J.; Li, Huiyu
作者单位：Universite PSL; College de France; INSEAD Business School; University of London; London School Economics & Political Science; Hautes Etudes Commerciales (HEC) Paris; Center for Economic & Policy Research (CEPR); Stockholm University; University of St Gallen; Stanford University; National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve Bank - San Francisco
摘要：Growth has fallen in the U.S. amid a rise in firm concentration. Market share has shifted to low labour share firms, while within-firm labour shares have actually risen. We propose a theory linking these trends in which the driving force is falling overhead costs of spanning multiple products or a rising efficiency advantage of large firms. In response, the most efficient firms (with higher markups) spread into new product lines, thereby increasing concentration and generating a temporary burs...
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作者：Arkhangelsky, Dmitry; Imbens, Guido W.
作者单位：Stanford University; National Bureau of Economic Research
摘要：We develop a new approach for estimating average treatment effects in observational studies with unobserved group-level heterogeneity. We consider a general model with group-level unconfoundedness and provide conditions under which aggregate balancing statistics-group-level averages of functions of treatments and covariates-are sufficient to eliminate differences between groups. Building on these results, we re-interpret commonly used linear fixed-effect regression estimators by writing them i...
