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作者：Kehoe, Patrick J.; Lopez, Pierlauro; Midrigan, Virgiliu; Pastorino, Elena
作者单位：Stanford University; Federal Reserve System - USA; Federal Reserve Bank - Cleveland; New York University; Stanford University; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
摘要：Recent work has demonstrated that existing solutions of the unemployment volatility puzzle are at odds with the procylicality of the opportunity cost of employment, the cyclicality of wages, and the volatility of risk-free rates. We propose a model of business cycles that is immune to these critiques by incorporating two key features. First, we allow for preferences that generate time-varying risk over the business cycle to account for observed fluctuations in asset prices. Second, we introduc...
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作者：Beuermann, Diether W.; Jackson, C. Kirabo; Navarro-Sola, Laia; Pardo, Francisco
作者单位：Inter-American Development Bank; Northwestern University; Stockholm University; University of Texas System; University of Texas Austin
摘要：To explore whether schools' causal impacts on test scores measure their overall impact on students, we exploit plausibly exogenous school assignments and data from Trinidad and Tobago to estimate the causal impacts of individual schools on several outcomes. Schools' impacts on high-stakes tests are weakly related to impacts on important outcomes such as arrests, dropout, teen motherhood, and formal labour market participation. To examine if parents' school preferences are related to these caus...
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作者：Dasaratha, Krishna
作者单位：Yale University
摘要：We study a model of innovation with a large number of firms that create new technologies by combining several discrete ideas. These ideas are created via private investment and spread between firms. Firms face a choice between secrecy, which protects existing intellectual property, and openness, which facilitates learning from others. Their decisions determine interaction rates between firms, and these interaction rates enter our model as link probabilities in a learning network. Higher intera...
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作者：Allen, Jason; Clark, Robert; Hickman, Brent; Richert, Eric
作者单位：Bank of Canada; Queens University - Canada; Washington University (WUSTL); University of Chicago
摘要：The FDIC resolves insolvent banks with scoring auctions. Although the structure of the scoring rule is known to bidders, they are uncertain about how the FDIC trades off different bid components. Scoring-rule uncertainty motivates bidders to submit multiple bids for the same failed bank. To evaluate the effects of uncertainty and multiple bidding for FDIC costs, we develop a methodology for analysing multidimensional bidding when the auctioneer's scoring weights are unknown to bidders. We esti...
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作者：Berger, David; Dew-Becker, Ian; Giglio, Stefano
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作者：Curello, Gregorio; Sinander, Ludvig
作者单位：University of Bonn; University of Oxford
摘要：We study the susceptibility of committee governance (e.g. by boards of directors), modelled as the collective determination of a ranking of a set of alternatives, to manipulation of the order in which pairs of alternatives are voted on-agenda-manipulation. We exhibit an agenda strategy called insertion sort that allows a self-interested committee chair with no knowledge of how votes will be cast to do as well as if she had complete knowledge. Strategies with this regret-freeness property are c...
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作者：Jin, Lawrence; Tang, Rui; Ye, Han; Yi, Junjian; Zhong, Songfa
作者单位：National University of Singapore; Hong Kong University of Science & Technology; Lingnan University; Peking University
摘要：We examine path dependency in physician decisions in an emergency department setting, and find that physicians' treatment decisions for the current and previous patients are positively correlated. We show that the positive autocorrelation is higher when the current patient is of greater medical uncertainty or more similar to the previous patient in terms of observed characteristics and when the physician is less experienced or more fatigued. We then show that these patterns are highly consiste...
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作者：Cestone, Giacinta; Fumagalli, Chiara; Kramarz, Francis; Pica, Giovanni
作者单位：City St Georges, University of London; University of London; London Business School; Bocconi University; Bocconi University; Institut Polytechnique de Paris; ENSAE Paris; Universita della Svizzera Italiana
摘要：We explore how business groups use internal labour markets (ILMs) in response to changing economic conditions. We show that following the exit of a large industry competitor, group-affiliated firms expand, and gain market share by increasing their reliance on the ILM to ensure swift hiring, especially of technical managers and skilled blue collar workers. The ability to take advantage of this shock to growth opportunities is greater in firms with closer access to their affiliates' human capita...
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作者：Enke, Benjamin; Rodriguez-Padilla, Ricardo; Zimmermann, Florian
作者单位：Harvard University; National Bureau of Economic Research; University of Bonn; University of Bonn
摘要：Throughout the Western world, people's policy views are correlated across domains in a strikingly similar fashion. This article proposes that what partly explains the structure of ideology is moral universalism: the extent to which people exhibit the same level of altruism and trust towards strangers as towards in-group members. In new large-scale multinational surveys, heterogeneity in universalism descriptively explains why some people support redistribution, health care, environmental prote...
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作者：Rogoff, Kenneth; You, Yang
作者单位：Harvard University; University of Hong Kong
摘要：Can massive online retailers such as Amazon and Alibaba issue digital tokens that potentially compete with bank debit accounts? There is a long history of trading stamps and loyalty points, but new technologies are poised to sharply raise the significance of redeemable assets as a store of value. Here, we develop a simple stylized model of redeemable tokens that can be used to study sales and pricing strategies for issuing tokens, including ICOs. Our central finding is that platforms can poten...
