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作者：Dell, Melissa; Olken, Benjamin A.
作者单位：Harvard University; Massachusetts Institute of Technology (MIT)
摘要：Colonial powers typically organized economic activity in the colonies to maximize their economic returns. While the literature has emphasized long-run negative economic impacts via institutional quality, the changes in economic organization implemented to spur production historically could also directly influence economic organization in the long-run, exerting countervailing effects. We examine these in the context of the Dutch Cultivation System, the integrated industrial and agricultural sys...
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作者：Barahona, Nano; Gallego, Francisco A.; Montero, Juan-Pablo
作者单位：Stanford University; Pontificia Universidad Catolica de Chile
摘要：Local air pollution has led authorities in many cities around the world to impose limits on car use by means of driving restrictions or license-plate bans. By placing uniform restrictions on all cars, many of these programs have created incentives for drivers to buy additional, more polluting cars. We study vintage-specific restrictions, which place heavy limits on older, polluting vehicles and no limits on newer, cleaner ones. We use a novel model of the car market and results from Santiago's...
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作者：Cocco, Joao F.; Lopes, Paula
作者单位：University of London; London Business School; Center for Economic & Policy Research (CEPR); University of London; London School Economics & Political Science; Tilburg University
摘要：We study the role of housing wealth in financing retirement consumption. In our model retirees: 1. derive utility benefits from remaining in their home (aging in place); and 2. choose in each period whether to maintain their house. The evidence that we present shows that these features are important in explaining the saving decisions of the elderly. The costs and the maintenance requirement of reverse mortgages (RMs) reduce (or eliminate) the benefits of the loans for retirees who wish to do l...
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作者：Ehlers, Lars; Morrill, Thayer
作者单位：Universite de Montreal; North Carolina State University
摘要：In public school choice, students with strict preferences are assigned to schools. Schools are endowed with priorities over students. Incorporating constraints from different applications, priorities are often modelled as choice functions over sets of students. It has been argued that the most desirable criterion for an assignment is stability; there should not exist any blocking pair: no student shall prefer some school to her assigned school and have higher priority than some student who got...
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作者：Bethune, Zachary; Choi, Michael; Wright, Randall
作者单位：University of Virginia; University of California System; University of California Irvine; Zhejiang University; University of Wisconsin System; University of Wisconsin Madison
摘要：We analyse dynamic general equilibrium models with more-or-less directed search by informed buyers and random search by uninformed buyers. This nests existing specifications and generates new insights. A quantitative application concerns the welfare cost of inflation, which is known to be quite high with pure random search and low with pure directed search. Our calibration implies the impact of inflation is fairly low, in part because, in addition to the usual costs, it provides benefits by mo...
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作者：Berger, David; Dew-Becker, Ian; Giglio, Stefano
作者单位：Northwestern University; National Bureau of Economic Research; Yale University
摘要：We provide evidence on the relationship between aggregate uncertainty and the macroeconomy. Identifying uncertainty shocks using methods from the news shocks literature, the analysis finds that innovations in realized stock market volatility are robustly followed by contractions, while shocks to forward-looking uncertainty have no significant effect on the economy. Moreover, investors have historically paid large premia to hedge shocks to realized but not implied volatility. A model in which f...
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作者：Cloyne, James; Ferreira, Clodomiro; Surico, Paolo
作者单位：University of California System; University of California Davis; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); Banco de Espana; University of London; London Business School
摘要：Using household survey data for the U.S. and the U.K., we show that the aggregate response of consumption to interest rate changes is driven by households with a mortgage. Outright home-owners do not adjust expenditure at all while renters change their spending but by less than mortgagors. Income rises for all households as interest rate cuts directly affect firm investment and household consumption, boosting aggregate demand. A crucial difference between the housing tenure groups is the compo...
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作者：Fouka, Vasiliki
作者单位：Stanford University
摘要：Do forced assimilation policies always succeed in integrating immigrant groups? This article examines how a specific assimilation policy-language restrictions in elementary school-affects integration and identification with the host country later in life. After World War I, several U.S. states barred the German language from their schools. Affected individuals were less likely to volunteer in World War II and more likely to marry within their ethnic group and to choose decidedly German names f...
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作者：Andersson, Tommy; Kratz, Jorgen
作者单位：Lund University; University of York - UK
摘要：Advances in medical technology have made kidney transplants over the blood group barrier feasible. This article investigates how such technology should be implemented when designing pairwise kidney exchange programs. The possibility to receive a kidney transplant from a blood group incompatible donor motivates an extension of the preference domain, allowing patients to distinguish between compatible donors and half-compatible donors (i.e. blood group incompatible donors that only become compat...
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作者：Guembel, Alexander; Sussman, Oren
作者单位：Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; University of Oxford
摘要：We study a two-country setting in which leveraged investors generate fire-sale externalities, leading to financial crises and contagion. Governments can affect the incidence of financial crisis and the degree of contagion by injecting public liquidity and, additionally, by segmenting the countries' liquidity markets. We show that segmentation allows a country to avoid contagion and fend off mild financial crises caused by a small shock to its liquidity demand, at the cost of exposing it to mor...
