American Economic Journal: Economic Policy

最新文章

• Dividend Taxation and Firm Performance with Heterogeneous Payout Responses AI翻译
  作者：Bilicka, Katarzyna; Gueceri, Irem; Koumanakos, Evangelos
  作者单位：Utah System of Higher Education; Utah State University; National Bureau of Economic Research; Centre for Economic Policy Research - UK; University of Oxford; University of Oxford
  摘要：We analyze the performance of firms that were differentially affected by an unexpected tax on dividends before the global financial crisis. We use exogenous policy variation for firms with different legal statuses and financial year-end dates to separately identify the policy announcement and implementation effects. We provide causal evidence for a sharp drop in dividends but zero change in equipment purchases. Treated firms accumulate investment goods that are likely to be owner-manager's per...
• The Big Short (Interest): Closing the Loopholes in the Dividend-Withholding Tax AI翻译
  作者：Casi, Elisa; Gavrilova, Evelina; Murphy, David; Zoutman, Floris T.
  作者单位：Norwegian School of Economics (NHH); Norwegian School of Economics (NHH); Leibniz Association; Zentrum fur Europaische Wirtschaftsforschung (ZEW); Leibniz Association; Ifo Institut
  摘要：We study the effect of stricter enforcement of the dividend-withholding tax (DWT). We focus on a 2016 Danish enforcement reform and compare Denmark to its Nordic neighbors. Throughout the Nordic stock markets, shares on loan spike sharply around dividend dates. These spikes are consistent with abuse of the DWT system. Postreform, spikes in Denmark disappear, and annual DWT revenue increases by 130 percent. Enforcement does not harm the investment climate as measured by Danish stock returns, in...
• The Semblance of Success in Nudging Consumers to Pay Down Credit Card Debt AI翻译
  作者：Guttman-Kenney, Benedict; Adams, Paul; Hunt, Stefan; Laibson, David; Stewart, Neil; Leary, Jesse
  作者单位：Rice University; Innovations for Poverty Action (IPA); University of London; London School Economics & Political Science; Harvard University; National Bureau of Economic Research; University of Warwick
  摘要：We test a nudge in a field experiment on credit cards. The nudge shrouds the autopay enrollment option for cardholders to automatically pay exactly the credit card minimum payment each month. After six months, the nudge decreases the fraction of cardholders who only pay exactly the minimum by 23 percent. However, the nudge does not significantly reduce credit card debt. Nudged cardholders often choose autopay amounts that are only slightly higher than the minimum payment. The nudge reduces aut...
• Eliminating Fares to Expand Opportunities: Experimental Evidence on the Impacts of Free Public Transportation on Economic and Social Disparities AI翻译
  作者：Brough, Rebecca; Freedman, Matthew; Phillips, David C.
  作者单位：University of California System; University of California Davis; University of California System; University of California Irvine; University of Notre Dame
  摘要：We conduct a randomized controlled trial to study the employment effects of providing free public transportation to individuals with low incomes. A temporary subsidy that reduces the price of transit to zero has no significant effects on individuals' paid hours worked or earnings. Using rich administrative data, we also explore a range of other outcomes. We find suggestive evidence that transit subsidies improve measures of financial and physical health. (JEL G51, J22, J31, L92, L98, R48)
• Hurricanes, Climate Change Policies, and Electoral Accountability AI翻译
  作者：Gagliarducci, Stefano; Paserman, M. Daniele; Patacchini, Eleonora
  作者单位：University of Rome Tor Vergata; IZA Institute Labor Economics; Boston University; National Bureau of Economic Research; Centre for Economic Policy Research - UK; Cornell University
  摘要：This paper studies the conditions under which legislators promote policies that may be unpopular in the short term but yield long-term benefits. Using data on the universe of federal disaster declarations from 1989 to 2020, we document that representatives from congressional districts impacted by hurricanes are more inclined to support environmental legislation addressing climate change. However, this response depends on political circumstances: Only those in safe seats can change their politi...
• Are Building Codes an Effective Adaptation to Wind Risk? Evidence from Remotely Detected Blue Tarps AI翻译
  作者：Wolf, David; Takeuchi, Kenji
  作者单位：Kobe University; Kyoto University
  摘要：Hurricanes cause significant wind and water damage, yet economic research primarily focuses on the latter due to data limitations. We overcome this problem by analyzing photographs taken after Hurricane Irma ( (2017 ) to locate blue-tarped homes. Using a regression discontinuity framework, we find the 2001 Florida Building Code impacted wind risk for over 500,000 homeowners. Adopters were 22 percent less likely to experience wind damage and saw a 27 percent reduction in damage severity. Unrepa...
• Racial and Ethnic Inequality and the China Shock AI翻译
  作者：Kahn, Lisa B.; Oldenski, Lindsay; Park, Geunyong
  作者单位：University of Rochester; National Bureau of Economic Research; IZA Institute Labor Economics; Georgetown University; National University of Singapore
  摘要：Minority workers tend to be disproportionately harmed by negative economic shocks. Indeed, we show that Hispanic populations experienced worse employment losses, relative to Whites, due to import competition from China largely due to lower education levels. In contrast, Black-White employment and wage gaps actually narrowed due to relative growth in nonmanufacturing sectors. We show that Black workers, compared to Whites, were less attached to manufacturing by 2000 and were therefore more pois...
• Prediction Errors, Incarceration, and Violent Crime: Evidence from Linking Prosecutor Surveys to Court Records AI翻译
  作者：Harrington, Emma; Murdock III, William; Shaffer, Hannah
  作者单位：University of Virginia; Harvard University
  摘要：Incarceration is often justified by a defendant's risk of future crime. To what extent do biased beliefs about predictors of crime distort incarceration decisions? We survey prosecutors about how violent rearrest rates vary by defendant age and criminal history. Surveyed prosecutors make systematic errors: They underestimate the decline in rearrest with age and overestimate the increase with criminal history. By linking prosecutors' beliefs to their quasi-randomly assigned cases, we show that ...
• Who Watches the Watchmen? Local News and Police Behavior in the United States AI翻译
  作者：Mastrorocco, Nicola; Ornaghi, Arianna
  作者单位：University of Bologna; Hertie School
  摘要：Do US municipal police departments respond to news coverage of local crime? We address this question exploiting an exogenous shock to local crime reporting induced by acquisitions of local TV stations by a large broadcast group, Sinclair. Using a unique dataset of 8.5 million news stories and a triple-differences design, we document that Sinclair ownership decreases news coverage of local crime. This matters for policing: Municipalities that experience the change in news coverage have lower vi...
• Effective Health Aid: Evidence from Gavi's Vaccine Program AI翻译
  作者：Shastry, Gauri Kartini; Tortorice, Daniel L.
  作者单位：Wellesley College; College of the Holy Cross
  摘要：Gavi, the Vaccine Alliance has provided over US$16 billion in funding for vaccination in low- and middle-income countries since 1999. We exploit differential timing across countries and vaccines to estimate the effects of this public health initiative. We find that Gavi's support for a vaccine increased coverage rates by 2-5 percentage points across all vaccines and by 10-20 percentage points for newer vaccines. We also find that Gavi's support reduced child mortality from related causes by 1 ...