Review of Economic Studies

最新文章

• Should Robots Be Taxed? AI翻译
  作者：Guerreiro, Joao; Rebelo, Sergio; Teles, Pedro
  作者单位：Northwestern University; National Bureau of Economic Research; Centre for Economic Policy Research - UK; Banco de Portugal; Universidade Catolica Portuguesa
  摘要：Using a quantitative model that features technical progress in automation and endogenous skill choice, we show that, given the current U.S. tax system, a sustained fall in automation costs can lead to a massive rise in income inequality. We characterize the optimal tax system in this model. We find that it is optimal to tax robots while the current generations of routine workers, who can no longer move to non-routine occupations, are active in the labour force. Once these workers retire, optim...
• Yogurts Choose Consumers? Estimation of Random-Utility Models via Two-Sided Matching AI翻译
  作者：Bonnet, Odran; Galichon, Alfred; Hsieh, Yu-Wei; O'Hara, Keith; Shum, Matt
  作者单位：Institut Polytechnique de Paris; ENSAE Paris; New York University; Institut d'Etudes Politiques Paris (Sciences Po); Amazon.com; California Institute of Technology
  摘要：The problem of demand inversion-a crucial step in the estimation of random utility discrete-choice models-is equivalent to the determination of stable outcomes in two-sided matching models. This equivalence applies to random utility models that are not necessarily additive, smooth, nor even invertible. Based on this equivalence, algorithms for the determination of stable matchings provide effective computational methods for estimating these models. For non-invertible models, the identified set...
• Overcoming Free-Riding in Bandit Games AI翻译
  作者：Horner, Johannes; Klein, Nicolas; Rady, Sven
  作者单位：Yale University; Centre National de la Recherche Scientifique (CNRS); Centre for Economic Policy Research - UK; Universite de Montreal; Universite de Montreal; University of Bonn
  摘要：This article considers a class of experimentation games with Levy bandits encompassing those of Bolton and Harris (1999, Econometrica, 67, 349-374) and Keller, Rady, and Cripps (2005, Econometrica, 73, 39-68). Its main result is that efficient (perfect Bayesian) equilibria exist whenever players' payoffs have a diffusion component. Hence, the trade-offs emphasized in the literature do not rely on the intrinsic nature of bandit models but on the commonly adopted solution concept (Markov perfect...
• Confidence and the Propagation of Demand Shocks AI翻译
  作者：Angeletos, George-Marios; Lian, Chen
  作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; University of California System; University of California Berkeley
  摘要：We revisit the question of why shifts in aggregate demand drive business cycles. Our theory combines intertemporal substitution in production with rational confusion, or bounded rationality, in consumption and investment. The first element allows aggregate supply to respond to shifts in aggregate demand without nominal rigidity. The second introduces a confidence multiplier, that is, a positive feedback loop between real economic activity, consumer expectations of permanent income, and investo...
• The Impact of Car Pollution on Infant and Child Health: Evidence from Emissions Cheating AI翻译
  作者：Alexander, Diane; Schwandt, Hannes
  作者单位：University of Pennsylvania; Federal Reserve System - USA; Federal Reserve Bank - Chicago; Northwestern University
  摘要：In 2008, Volkswagen introduced a new generation of Clean Diesel cars and heavily marketed them to environmentally conscious US consumers. Unknown to the public, these cars were anything but clean, emitting pollutants up to 150 times the level of comparable gas-fuelled cars. We study the rollout of these emissions-cheating diesel cars across the United States from 2008 to 2015 as a natural experiment to examine the impact of moderate levels of car pollution on infant and child health in the gen...
• Quasi-Experimental Shift-Share Research Designs AI翻译
  作者：Borusyak, Kirill; Hull, Peter; Jaravel, Xavier
  作者单位：University of London; University College London; Centre for Economic Policy Research - UK; Brown University; National Bureau of Economic Research; University of London; London School Economics & Political Science
  摘要：Many studies use shift-share (or Bartik) instruments, which average a set of shocks with exposure share weights. We provide a new econometric framework for shift-share instrumental variable (SSIV) regressions in which identification follows from the quasi-random assignment of shocks, while exposure shares are allowed to be endogenous. The framework is motivated by an equivalence result: the orthogonality between a shift-share instrument and an unobserved residual can be represented as the orth...
• Fiscal Multipliers and Foreign Holdings of Public Debt AI翻译
  作者：Broner, Fernando; Clancy, Daragh; Erce, Aitor; Martin, Alberto
  作者单位：Centre de Recerca en Economia Internacional (CREI); Pompeu Fabra University; Barcelona School of Economics; European Central Bank; Central Bank of Ireland; Universidad Publica de Navarra
  摘要：This article explores a natural connection between fiscal multipliers and foreign holdings of public debt. Although fiscal expansions can raise domestic economic activity through various channels, they can also have crowding-out effects if the resources used to acquire public debt reduce domestic consumption and investment. These crowding-out effects are likely to be weaker when governments have access to foreign savings when selling their debt, leading to larger fiscal multipliers. We test th...
• Informal Risk Sharing with Local Information AI翻译
  作者：Ambrus, Attila; Gao, Wayne; Milan, Pau
  作者单位：Duke University; University of Pennsylvania; Autonomous University of Barcelona; Barcelona School of Economics
  摘要：This article considers the effect of contracting limitations in risk-sharing networks, arising for example from observability, verifiability, complexity, or cultural constraints. We derive necessary and sufficient conditions for Pareto efficiency under these constraints in a general setting, and we provide an explicit characterization of Pareto efficient bilateral transfer profiles under CARA utility and normally distributed endowments. Our model predicts that network centrality is positively ...
• Inference with Many Weak Instruments AI翻译
  作者：Mikusheva, Anna; Sun, Liyang
  作者单位：Massachusetts Institute of Technology (MIT); University of California System; University of California Berkeley
  摘要：We develop a concept of weak identification in linear instrumental variable models in which the number of instruments can grow at the same rate or slower than the sample size. We propose a jackknifed version of the classical weak identification-robust Anderson-Rubin (AR) test statistic. Large-sample inference based on the jackknifed AR is valid under heteroscedasticity and weak identification. The feasible version of this statistic uses a novel variance estimator. The test has uniformly correc...
• Who Chooses Commitment? Evidence and Welfare Implications AI翻译
  作者：Carrera, Mariana; Royer, Heather; Stehr, Mark; Sydnor, Justin; Taubinsky, Dmitry
  作者单位：Montana State University System; Montana State University Bozeman; National Bureau of Economic Research; University of California System; University of California Santa Barbara; Drexel University; University of Wisconsin System; University of Wisconsin Madison; University of California System; University of California Berkeley
  摘要：This article investigates whether offers of commitment contracts, in the form of self-imposed choice-set restrictions and penalties with no financial upside, are well-targeted tools for addressing self-control problems. In an experiment on gym attendance (N = 1, 248), we examine take-up of commitment contracts and also introduce a separate elicitation task to identify actual and perceived time inconsistency. There is high take-up of commitment contracts for greater gym attendance, resulting in...