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作者：Fujiwara, Thomas; Sanz, Carlos
作者单位：National Bureau of Economic Research; Banco de Espana
摘要：Theories of multilateral bargaining and coalition formation applied to legislatures predict that parties' seat shares determine their bargaining power. We present findings that are difficult to reconcile with this prediction, but consistent with a norm prescribing that the most voted party should form the government. We first present case studies from several countries and regression discontinuity design-based evidence from twenty-eight national European parliaments. We then focus on 2,898 Spa...
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作者：Dittmar, Jeremiah E.; Meisenzahl, Ralf R.
作者单位：University of London; London School Economics & Political Science; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：What are the origins and consequences of the state as a provider of public goods? We study public goods provision established through new laws in German cities during the 1500s. Cities that adopted the laws subsequently began to differentially produce and attract human capital and to grow faster. Legal change occurred where ideological competition introduced by the Protestant Reformation interacted with local politics. We study plagues that shifted local politics in a narrow period as sources ...
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作者：Attanasio, Orazio; Meghir, Costas; Nix, Emily
作者单位：Yale University; National Bureau of Economic Research; National Bureau of Economic Research; Yale University; Center for Economic & Policy Research (CEPR); University of Southern California
摘要：We estimate production functions for cognition and health for children aged 1-12 in India, based on the Young Lives Survey. India has over 70 million children aged 0-5 who are at risk of developmental deficits. The inputs into the production functions include parental background, prior child cognition and health, and child investments, which are taken as endogenous. Estimation is based on a nonlinear factor model, based on multiple measurements for both inputs and child outcomes. Our results s...
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作者：Hau, Harald; Huang, Yi; Wang, Gewei
作者单位：University of Geneva; Swiss Finance Institute (SFI); Center for Economic & Policy Research (CEPR); Renmin University of China
摘要：The large regional variation in minimum wage levels during the period 2002-8 in China implies that Chinese manufacturing firms experienced competitive shocks as a function of firm location and their low-wage employment share. We find that minimum wage hikes accelerate the input substitution from labour to capital, reduce employment growth and accelerate total factor productivity growth-particularly among the less productive firms under private Chinese or foreign ownership, but not among state-...
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作者：Miranda-Agrippino, Silvia; Rey, Helene
作者单位：Bank of England; Center for Economic & Policy Research (CEPR); University of London; London Business School; National Bureau of Economic Research
摘要：U.S. monetary policy shocks induce comovements in the international financial variables that characterize the Global Financial Cycle. A single global factor that explains an important share of the variation of risky asset prices around the world decreases significantly after a U.S. monetary tightening. Monetary contractions in the US lead to significant deleveraging of global financial intermediaries, a decline in the provision of domestic credit globally, strong retrenchments of international...
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作者：Varas, Felipe; Marinovic, Ivan; Skrzypacz, Andrzej
作者单位：Duke University; Stanford University
摘要：We study the design of monitoring in dynamic settings with moral hazard. An agent (e.g. a firm) benefits from reputation for quality, and a principal (e.g. a regulator) can learn the agent's quality via costly inspections. Monitoring plays two roles: an incentive role, because outcomes of inspections affect agent's reputation, and an informational role because the principal directly values the information. We characterize the optimal monitoring policy inducing full effort. When information is ...
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作者：Akbarpour, Mohammad; Nikzad, Afshin
作者单位：Stanford University; University of Southern California
摘要：We generalize the scope of random allocation mechanisms, in which the mechanism first identifies a feasible expected allocation and then implements it by randomizing over nearby feasible integer allocations. The previous literature has shown that the cases in which this is possible are sharply limited. We show that if some of the feasibility constraints can be treated as goals rather than hard constraints, then, subject to weak conditions that we identify, any expected allocation that satisfie...
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作者：Biais, B.; Landier, A.
作者单位：Hautes Etudes Commerciales (HEC) Paris
摘要：While potentially more productive, more complex tasks generate larger agency rents. Agents therefore prefer to acquire complex skills, to earn large rents. In our overlapping generations model, their ability to do so is kept in check by competition with predecessors. Old agents, however, are imperfect substitutes for young ones, because the latter are easier to incentivize, thanks to longer horizons. This reduces competition between generations, enabling young managers to go for larger complex...
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作者：Taschereau-Dumouchel, Mathieu
作者单位：Cornell University
摘要：This article develops a search theory of labour unions in which the possibility of unionization distorts the behaviour of non-union firms. In the model, unions arise endogenously through a majority election within firms. As union wages are set through a collective bargaining process, unionization compresses wages and lowers profits. To prevent unionization, non-union firms over-hire high-skill workers-who vote against the union-and under-hire low-skill workers-who vote in its favour. As a cons...
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作者：Best, Michael Carlos; Cloyne, James S.; Ilzetzki, Ethan; Kleven, Henrik J.
作者单位：Columbia University; National Bureau of Economic Research; University of California System; University of California Davis; University of London; London School Economics & Political Science
摘要：Using a novel source of quasi-experimental variation in interest rates, we develop a new approach to estimating the Elasticity of Intertemporal Substitution (EIS). In the U.K., the mortgage interest rate features discrete jumps-notches-at thresholds for the loan-to-value (LTV) ratio. These notches generate large bunching below the critical LTV thresholds and missing mass above them. We develop a dynamic model that links these empirical moments to the underlying structural EIS. The average EIS ...
