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作者：Song, Wenting; Stern, Samuel
作者单位：Bank of Canada; University of Michigan System; University of Michigan
摘要：This paper provides empirical evidence of the importance of firm attention to macroeconomic dynamics. We construct a text-based measure of attention to macroeconomic news and document that attention is polarized across firms and countercyclical. Differences in attention lead to asymmetric responses to monetary policy: expansionary monetary shocks raise the market values of attentive firms more than those of inattentive firms, and contractionary shocks lower the values of attentive firms by les...
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作者：Kehrig, Matthias; Vincent, Nicolas
作者单位：National Bureau of Economic Research; Duke University; Center for Economic & Policy Research (CEPR); Universite de Montreal; HEC Montreal
摘要：We document that most dispersion in marginal revenue products of inputs occurs across plants within firms rather than between firms. This is commonly thought to reflect misallocation: dispersion is bad. However, we show that eliminating frictions hampering internal capital markets in a multi-plant firm model may in fact increase productivity dispersion and raise output: dispersion can be good. This arises as firms optimally stagger investment activity across their plants over time to avoid rai...
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作者：Becker, Anke
作者单位：Harvard University
摘要：This article studies the origins and function of customs and norms that intend to keep women from being promiscuous. Using large-scale survey data from more than 100 countries, I test the anthropological theory that a particular form of pre-industrial subsistence-pastoralism-favoured the adoption of such customs and norms. Pastoralism was characterized by frequent and often extended periods of male absence from the settlement, implying difficulties in monitoring women's behaviour and larger in...
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作者：Tabellini, Marco; Magistretti, Giacomo
作者单位：Harvard University; National Bureau of Economic Research; International Monetary Fund
摘要：In this paper, we study the effects of economic integration with democratic partners on democracy. We assemble a large country-level panel dataset from 1960 to 2015, and exploit improvements in air, relative to sea, transportation to derive a time-varying instrument for economic integration. We find that economic integration with democracies increases countries' democracy scores, whereas the impact of economic integration with non-democracies is muted. Results are stronger when democratic part...
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作者：Albertini, Julien; Poirier, Arthur; Terriau, Anthony
作者单位：emlyon business school; Centre National de la Recherche Scientifique (CNRS); Ecole Normale Superieure de Lyon (ENS de LYON); Universite Claude Bernard Lyon 1; Universite Jean Monnet; Universite Lyon 2; Universite PSL; Universite Paris-Dauphine; Centre National de la Recherche Scientifique (CNRS); Institut de Recherche pour le Developpement (IRD); Laboratoire dEconomie de Dauphine LEDa; Le Mans Universite
摘要：As a complement to the federal earned income tax credit (EITC), some states offer their own EITC, typically calculated as a percentage of the federal EITC. In this paper, we analyse the effect of state EITC on education using policy discontinuities at US state borders. Our estimates reveal that an increase in the state EITC leads to a statistically significant increase in the high school dropout rate. We then use a life-cycle matching model with directed search and endogenous educational choic...
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作者：Jamilov, Rustam; Monacelli, Tommaso
作者单位：University of Oxford; Bocconi University; Centre for Economic Policy Research - UK
摘要：How do movements in the distributions of bank size and income affect the macroeconomy? To answer this question, we develop a dynamic general equilibrium model with heterogeneous financial intermediaries, incomplete markets, and aggregate uncertainty. We find that market incompleteness and uninsured idiosyncratic bank rate of return risk generate minimal concentration in the bank net worth distribution, leading to an as-if result, whereby the economy behaves as if it had a representative bank. ...
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作者：Kwon, Spencer Y.; Tang, Johnny
作者单位：Brown University; Cornell University
摘要：What characteristics of news generate over-or-underreaction? We study the asset-pricing consequences of diagnostic expectations, a model of belief formation based on the representativeness heuristic, in a setting where news events are drawn from categories with extreme distributions of fundamentals. Our model predicts greater overreaction to news belonging to categories with more extreme outliers, or tail events. We test our theory on a comprehensive database of corporate news that includes ne...
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作者：Taschereau-Dumouchel, Mathieu
作者单位：Cornell University
摘要：This article studies the efficient allocation in an economy in which firms are connected through input-output linkages and must pay a fixed cost to produce. When economic conditions are poor, some firms might decide not to operate, thereby severing the links with their neighbours and changing the structure of the production network. Since producers benefit from having access to additional suppliers, nearby firms tend to operate, or not, together. As a result, the production network features cl...
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作者：Rosen, Adam M.; Ura, Takuya
作者单位：Duke University; University of California System; University of California Davis
摘要：We provide a finite sample inference method for the structural parameters of Manski's semiparametric binary response model under a conditional median restriction. This is achieved by exploiting distributional properties of observable outcomes conditional on the observed sequence of exogenous variables. Moment inequalities conditional on the size n sequence of exogenous covariates are constructed, and the proposed test statistic is a monotone function of violations of the corresponding sample m...
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作者：Chapman, Jonathan; Snowberg, Erik; Wang, Stephanie W.; Camerer, Colin
作者单位：University of Bologna; Utah System of Higher Education; University of Utah; National Bureau of Economic Research; Leibniz Association; Ifo Institut; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; California Institute of Technology
摘要：We measure individual-level loss aversion using three incentivized, representative surveys of the U.S. population (combined N=3,000). We find that around 50% of the U.S. population is loss tolerant-they are willing to accept negative-expected-value gambles that contain a loss. This is counter to expert predictions and earlier findings-which mostly come from laboratory/student samples-that 70-90% of participants are loss averse. Consistent with the different findings in our study versus the pri...
