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作者：Gertler, Mark; Kiyotaki, Nobuhiro; Prestipino, Andrea
作者单位：New York University; Princeton University
摘要：This article incorporates banks and banking panics within a conventional macroeconomic framework to analyse the dynamics of a financial crisis of the kind recently experienced. We are particularly interested in characterizing the sudden and discrete nature of banking panics as well as the circumstances that make an economy vulnerable to such panics in some instances but not in others. Having a conventional macroeconomic model allows us to study the channels by which the crisis affects real act...
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作者：Burchardi, Konrad B.; Chaney, Thomas; Hassan, Tarek A.
作者单位：Stockholm University; Institut d'Etudes Politiques Paris (Sciences Po); Boston University; National Bureau of Economic Research
摘要：We use 130 years of data on historical migrations to the U.S. to show a causal effect of the ancestry composition of U.S. counties on foreign direct investment (FDI) sent and received by local firms. To isolate the causal effect of ancestry on FDI, we build a simple reduced-form model of migrations: Migrations from a foreign country to a U.S. county at a given time depend on (1) a push factor, causing emigration from that foreign country to the entire U.S., and (2) a pull factor, causing immig...
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作者：Walden, Johan
作者单位：University of California System; University of California Berkeley
摘要：We introduce a dynamic noisy rational expectations model in which information diffuses through a general network of agents. In equilibrium, agents who are more closely connected have more similar period-by-period trades, and an agent's profitability is determined by a centrality measure that is related to Katz centrality. Volatility after an information shock is more persistent in less central networks, and volatility and trading volume are also influenced by the network's asymmetry and irregu...
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作者：Benyishay, Ariel; Mobarak, A. Mushfiq
作者单位：William & Mary; Yale University
摘要：Low adoption of agricultural technologies holds large productivity consequences for developing countries. Many countries hire agricultural extension agents to communicate with farmers about new technologies, even though a large academic literature has established that information from social networks is a key determinant of product adoption. We incorporate social learning in extension policy using a large-scale field experiment in which we communicate to farmers using different members of soci...
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作者：Bertrand, Marianne; Black, Sandra E.; Jensen, Sissel; Lleras-Muney, Adriana
作者单位：Center for Economic & Policy Research (CEPR); IZA Institute Labor Economics; National Bureau of Economic Research; University of Texas System; University of Texas Austin; Norwegian School of Economics (NHH); Norwegian School of Economics (NHH); University of California System; University of California Los Angeles
摘要：In late 2003, Norway passed a law mandating 40% representation of each gender on the board of public limited liability companies. The primary objective of this reform was to increase the representation of women in top positions in the corporate sector and decrease the gender disparity in earnings within that sector. We document that the women appointed to these boards post-reform were observably more qualified than their female predecessors along many dimensions, and that the gender gap in ear...
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作者：Rampini, Adriano A.; Viswanathan, S.
作者单位：Duke University
摘要：We propose a dynamic theory of financial intermediaries that are better able to collateralize claims than households, that is, have a collateralization advantage. Intermediaries require capital as they have to finance the additional amount that they can lend out of their own net worth. The net worth of financial intermediaries and the corporate sector are both state variables affecting the spread between intermediated and direct finance and the dynamics of real economic activity, such as inves...
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作者：Combes, Pierre-Philippe; Duranton, Gilles; Gobillon, Laurent
作者单位：Institut d'Etudes Politiques Paris (Sciences Po); University of Pennsylvania; Centre National de la Recherche Scientifique (CNRS); Paris School of Economics
摘要：We develop a new methodology to estimate the elasticity of urban costs with respect to city population using French house and land price data. After handling a number of estimation concerns, we find that the elasticity of urban costs increases with city population with an estimate of about 0.03 for an urban area with 100,000 inhabitants to 0.08 for an urban area of the size of Paris. Our approach also yields a number of intermediate outputs of independent interest such as the share of housing ...
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作者：Cattaneo, Matias D.; Jansson, Michael; Ma, Xinwei
作者单位：University of Michigan System; University of Michigan; University of California System; University of California Berkeley; CREATES
摘要：We study the implications of including many covariates in a first-step estimate entering a two-step estimation procedure. We find that a first-order bias emerges when the number of included covariates is large relative to the square-root of sample size, rendering standard inference procedures invalid. We show that the jackknife is able to estimate this many covariates bias consistently, thereby delivering a new automatic bias-corrected two-step point estimator. The jackknife also consistently ...
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作者：Landry, Peter
作者单位：University of Toronto
摘要：I present a theory of harmful addiction in which giving in to an unwanted urge ( consumption) delays the recurrence of urges in the short-run, but increases their long-run frequency. The theory offers new predictions as to how the frequency, levels, cue-dependence, and temporal consistency of consumption evolve during habituation, while uniquely capturing near-term substitution in demand across time. New welfare implications for restrictions on consumption and on marketing are also addressed.
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作者：D'acunto, Francesco; Prokopczuk, Marcel; Weber, Michael
作者单位：Boston College; Leibniz University Hannover; University of Reading; University of Chicago; National Bureau of Economic Research
摘要：Historically, European Jews have specialized in financial services while being the victims of antisemitism. We find that the present-day demand for finance is lower in German counties where historical antisemitism was higher, compared to otherwise similar counties. Households in counties with high historical antisemitism have similar saving rates but invest less in stocks, hold lower saving deposits, and are less likely to get a mortgage to finance homeownership after controlling for wealth an...
