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作者：Auer, Raphael; Burstein, Ariel; Lein, Sarah; Vogel, Jonathan
作者单位：Bank for International Settlements (BIS); University of California System; University of California Los Angeles; University of Basel; Centre for Economic Policy Research - UK; University of California System; University of California Los Angeles
摘要：What are the unequal effects of changes in consumer prices on the cost of living? In the context of changes in import prices (driven by, e.g. changes in trade costs or exchange rates), most analyses focus on variation across households in initial expenditure shares on imported goods. However, the unequal welfare effects of non-marginal foreign price changes also depend on differences in how consumers substitute between imported and domestic goods, on which there is scant evidence. Using data f...
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作者：Koijen, Ralph S. J.; Richmond, Robert J.; Yogo, Motohiro
作者单位：University of Chicago; National Bureau of Economic Research; Centre for Economic Policy Research - UK; New York University; Princeton University
摘要：Based on an asset demand system, we develop a framework to quantify the impact of market trends and changes in regulation on asset prices, price informativeness, and the wealth distribution. Our leading applications are the transition from active to passive investment management and climate-induced shifts in asset demand. The transition from active to passive investment management had a large impact on equity prices but a small impact on price informativeness because capital did not flow from ...
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作者：Dupor, Bill; Karabarbounis, Marios; Kudlyak, Marianna; Mehkari, M. Saif
作者单位：Federal Reserve System - USA; Federal Reserve Bank - St. Louis; Federal Reserve System - USA; Federal Reserve Bank - Richmond; Federal Reserve System - USA; Federal Reserve Bank - San Francisco; University of Richmond
摘要：We use regional variation in the American Recovery and Reinvestment Act (2009-12) to analyse the effect of government spending on consumer spending. Our consumption data come from household-level retail purchases in the Nielsen scanner data and auto purchases from Equifax credit balances. We estimate that a $1 increase in county-level government spending increases local non-durable consumer spending by $0.29 and local auto spending by $0.09. We translate the regional consumption responses to a...
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作者：Raval, Devesh
摘要：Under the production approach to markup estimation, any flexible input should recover the markup. I test this implication using manufacturing datasets from Chile, Colombia, India, Indonesia, the U.S., and Southern Europe, as well as store-level data from a major U.S. retailer, and overwhelmingly reject that markups estimated using labour and materials have the same distribution. For every dataset, markups estimated using labour are negatively correlated with markups estimated using materials, ...
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作者：Davila, Eduardo; Hebert, Benjamin
作者单位：Yale University; National Bureau of Economic Research; Stanford University
摘要：This article studies the optimal design of corporate taxes when firms have private information about future investment opportunities and face financial constraints. A government whose goal is to efficiently raise a given amount of revenue from its corporate sector should attempt to tax unconstrained firms, which value resources inside the firm less than financially constrained firms. We show that a corporate payout tax (a tax on dividends and share repurchases) can both separate constrained an...
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作者：Torslov, Thomas; Wier, Ludvig; Zucman, Gabriel
作者单位：University of California System; University of California Berkeley; National Bureau of Economic Research
摘要：By exploiting new macroeconomic data known as foreign affiliates statistics, we show that affiliates of foreign multinational firms are an order of magnitude more profitable than local firms in a number of low-tax countries. Leveraging this differential profitability, we estimate that 36% of multinational profits are shifted to tax havens globally. US multinationals shift twice as much profit as other multinationals relative to the size of their foreign earnings. We analyse how the location of...
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作者：Bellemare, Charles; Sebald, Alexander
作者单位：Laval University; Copenhagen Business School
摘要：We derive bounds on the causal effect of belief-dependent preferences (reciprocity and guilt aversion) on choices in sequential two-player games without data on the (higher-order) beliefs of players. We show how informative bounds can be derived by exploiting a specific invariance property common to those preferences. We illustrate our approach by analysing data from an experiment conducted in Denmark. Our approach produces tight bounds on the causal effect of reciprocity in the games we consi...
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作者：Esponda, Ignacio; Vespa, Emanuel
作者单位：University of California System; University of California San Diego
摘要：We present an experimental framework to study the extent to which failures of contingent thinking explain classic anomalies in a broad class of environments, including overbidding in auctions and the Ellsberg paradox. We study environments in which the subject's choices affect payoffs only in some states but not in others. We find that anomalies are in large part driven by incongruences between choices in the standard presentation of each problem and a contingent presentation, which focuses th...
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作者：Nagy, David Krisztian
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作者：Batistich, Mary Kate; Bond, Timothy N.
作者单位：University of Notre Dame; Purdue University System; Purdue University
摘要：We assess the impact of a rapid rise in Japanese import competition on the growth in racial earnings and employment gaps during the 1970s and 80s. Using commuting zone level variation in exposure, we find Japanese competition led to a decrease in manufacturing employment and labour force participation for blacks. This was driven by a shift in demand for skill in manufacturing. The difference in effects between the 10th percentile most and least exposed commuting zone was equivalent to 36-46% o...
