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作者：Reynaert, Mathias
作者单位：Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics
摘要：This article studies the introduction of an EU-wide emission standard on the automobile market. Using panel data from 1998 to 2011, I find that firms decreased emission ratings by 14%. Firms use technology adoption and gaming of emission tests to decrease emissions, rather than shifting the sales mix or downsizing. I find that the standard missed its emission target, and from estimating a structural model, I find that the standard was not welfare improving. The political environment in the EU ...
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作者：Chahrour, Ryan; Gaballo, Gaetano
作者单位：Boston College; Hautes Etudes Commerciales (HEC) Paris; Centre for Economic Policy Research - UK
摘要：We formalize the idea that house price changes may drive rational waves of optimism and pessimism in the economy. In our model, a house price increase caused by aggregate disturbances may be misinterpreted as a sign of higher local permanent income, leading households to demand more consumption and housing. Higher demand reinforces the initial price increase in an amplification loop that drives comovement in output, labour, residential investment, land prices, and house prices even in response...
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作者：David, Joel M.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Chicago
摘要：This article develops a search and matching model of mergers and acquisitions (M&A) and uses it to evaluate the implications of merger activity for aggregate economic outcomes. The theory is consistent with a rich set of facts on U.S. M&A, including sorting among merging firms, a substantial merger premium and serial acquisition. It provides a sharp link between these facts and the nature of merger gains. At the micro-level, both complementarities between merging firms and productivity improve...
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作者：Giuliano, Paola; Nunn, Nathan
作者单位：University of California System; University of California Los Angeles; Centre for Economic Policy Research - UK; National Bureau of Economic Research; IZA Institute Labor Economics; Harvard University; Canadian Institute for Advanced Research (CIFAR)
摘要：We examine a determinant of cultural persistence that has emerged from a class of models in evolutionary anthropology: the similarity of the environment across generations. Within these models, when the environment is more stable across generations, the traits that have evolved up to the previous generation are more likely to be suitable for the current generation. In equilibrium, a greater value is placed on tradition and there is greater cultural persistence. We test this hypothesis by measu...
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作者：Kurlat, Pablo; Scheuer, Florian
作者单位：University of Southern California; University of Zurich
摘要：We study competitive equilibria in a signalling economy with heterogeneously informed buyers. In terms of the classic Spence (1973, The Quarterly Journal of Economics, 87, 355-374) model of job market signalling, firms have access to direct but imperfect information about worker types, in addition to observing their education. Firms can be ranked according to the quality of their information, i.e., their expertise. In equilibrium, some high-type workers forgo signalling and are hired by better...
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作者：Chari, Amalavoyal; Liu, Elaine M.; Wang, Shing-Yi; Wang, Yongxiang
作者单位：University of Sussex; University of Houston System; University of Houston; National Bureau of Economic Research; University of Pennsylvania; Shanghai Jiao Tong University; The Chinese University of Hong Kong, Shenzhen
摘要：This article examines the impact of a property rights reform in rural China that allowed farmers to lease out their land. We find the reform led to increases in land rental activity in rural households. Our results indicate that the formalization of leasing rights resulted in a redistribution of land toward more-productive farmers. Consequently, output and aggregate productivity increased by 8% and 10%, respectively. We also find that the reform increased the responsiveness of land allocation ...
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作者：Abebe, Girum; Caria, A. Stefano; Fafchamps, Marcel; Falco, Paolo; Franklin, Simon; Quinn, Simon
作者单位：The World Bank; University of Warwick; Stanford University; University of Copenhagen; University of London; Queen Mary University London; University of Oxford
摘要：We show that helping young job seekers signal their skills to employers generates large and persistent improvements in their labour market outcomes. We do this by comparing an intervention that improves the ability to signal skills (the job application workshop) to a transport subsidy treatment designed to reduce the cost of job search. In the short run, both interventions have large positive effects on the probability of finding a formal job. The workshop also increases the probability of hav...
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作者：Guren, Adam M.; McKay, Alisdair; Nakamura, Emi; Steinsson, Jon
作者单位：Boston University; National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; University of California System; University of California Berkeley
摘要：We provide new time-varying estimates of the housing wealth effect back to the 1980s. We use three identification strategies: ordinary least squares with a rich set of controls, the Saiz housing supply elasticity instrument, and a new instrument that exploits systematic differences in city-level exposure to regional house price cycles. All three identification strategies indicate that housing wealth elasticities were if anything slightly smaller in the 2000s than in earlier time periods. This ...
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作者：Lian, Chen
作者单位：University of California System; University of California Berkeley
摘要：Unlike in standard models, decision makers often narrowly bracket and make each decision in isolation. I develop a new approach, which I term narrow thinking, to systematically model narrow bracketing. The definition of narrow thinking is that different decisions are based on different, nonnested, information. As a result, the narrow thinker makes each decision with imperfect knowledge of other decisions and faces difficulties coordinating her multiple decisions. The narrow thinker effectively...
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作者：Hoerner, Johannes; Lambert, Nicolas S.
作者单位：Yale University; Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; Stanford University
摘要：Performance evaluation (rating) systems not only provide information to users but also motivate the rated worker. This article solves for the optimal (effort-maximizing) rating within the standard career concerns framework. We prove that this rating is a linear function of past observations. The rating, however, is not aMarkov process, but rather the sum of twoMarkov processes. We showhowit combines information of different types and vintages. An increase in effort may adversely affect some (b...
