-
作者：Nenov, Plamen T.; Larsen, Erling Roed; Sommervoll, Dag Einar
作者单位：BI Norwegian Business School; Norwegian University of Life Sciences
摘要：This article uses cross-sectional variation in transaction seasonality and a search-theoretic framework to develop a test for thick-market effects from matching efficiency. The test relates the extent of transaction seasonality to the degree of horizontal housing heterogeneity. We find a strong positive association between measures of seasonality and housing heterogeneity using a transaction level dataset for Norway, which is consistent with the presence of thick-market effects. These results ...
-
作者：Cubel, Maria; Nuevo-Chiquero, Ana; Sanchez-Pages, Santiago; Vidal-Fernandez, Marian
作者单位：University of Barcelona; University of Edinburgh; University of Sydney; IZA Institute Labor Economics
摘要：While survey data supports a strong relationship between personality and labour market outcomes, the exact mechanisms behind this association remain unexplored. We take advantage of a controlled laboratory set-up to explore whether this relationship operates through productivity. Using a real-effort task, we analyse the impact of the Big Five personality traits on performance. We find that more neurotic subjects perform worse, and that more conscientious individuals perform better. These findi...
-
作者：Caballero, Julian A.
作者单位：Inter-American Development Bank
摘要：This article asks whether capital inflows bonanzas increase the probability of banking crises and whether this occurs through a lending boom mechanism. Results indicate that bonanzas more than triple the odds of a crisis, raising its probability to 14% (from an unconditional probability of 4%). This effect exists in the absence of a lending boom and is found in both net and gross inflows bonanzas. This effect is driven by portfolio-equity and debt flows. While the effect of debt is channelled ...
-
作者：Zhang, Jun; Zhou, Junjie
作者单位：University of Technology Sydney; Shanghai University of Finance & Economics
摘要：We examine optimal information disclosure through Bayesian persuasion in a two-player contest. One contestant's valuation is commonly known and the other's is his private information. The contest organiser can precommit to a signal to influence the uninformed contestant's belief about the informed contestant. We show that to search for the optimal signal when the informed contestant's valuation follows a binary distribution, it is without loss of generality to compare no disclosure with full d...
-
作者：Cingano, Federico; Leonardi, Marco; Messina, Julian; Pica, Giovanni
作者单位：University of Salerno; University of Milan
摘要：This article estimates the causal impact of dismissal costs on capital deepening and productivity, exploiting a reform that introduced unjust-dismissal costs in Italy for firms below 15 employees, leaving firing costs unchanged for larger firms. We show that the rise in firing costs induced an increase in the capital-labour ratio and a decline in total factor productivity in small firms relative to larger firms. Our results indicate that capital deepening was more pronounced at the low-end of ...
-
作者：Becker, Sascha O.; Boeckh, Katrin; Hainz, Christa; Woessmann, Ludger
作者单位：University of Warwick; Centre for Economic Policy Research - UK; Leibniz Association; Ifo Institut; IZA Institute Labor Economics; University of Munich; University of Augsburg
摘要：We hypothesise that the Habsburg Empire with its well-respected administration increased citizens' trust in local public services. In several Eastern European countries, communities on both sides of the long-gone Habsburg border have shared common formal institutions for a century now. We use a border specification and a two-dimensional geographic regression discontinuity design to identify from individuals living within a restricted band around the former border. We find that historical Habsb...
-
作者：Lessem, Rebecca; Urban, Carly
作者单位：Montana State University System; Montana State University Bozeman; Carnegie Mellon University
摘要：This article asks how government and private consumption spending affect earnings in service sectors. To do this, we exploit the variation across states and time in the money spent while campaigning for a party's Presidential primary nomination. We create a novel data set combining the date each state held its primary from 1976 to 2008, the date in each election cycle in which only one candidate remained, and quarterly state earnings by sector. Using an instrumental variable strategy, we find ...
-
作者：Carlsson, Mikael; Messina, Julian; Skans, Oskar Nordstrom
作者单位：Uppsala University; Sveriges Riksbank
摘要：We study how workers' wages respond to changes in firm-level physical productivity using Swedish data. We find that technology shocks affect workers' wages through both internal and external forces. Wages respond three times as much to physical productivity shocks that are shared with outside firms within the same sector as they do to firm-level physical productivity shocks. The larger impact of sectoral physical productivity is related to the degree of within-sector labour mobility, suggestin...
-
作者：Keane, Michael P.
作者单位：University of Oxford; University of New South Wales Sydney
摘要：I examine econometric and behavioural implications of including human capital in the life-cycle labour supply model. With human capital, the wage is no longer the price of time - which is, instead, the wage plus returns to work experience. This has important implications: first, labour supply elasticities become functions of both preference and wage process parameters. One cannot estimate them separately. Second, the data appear consistent with larger elasticities than prior work suggests. Thi...
-
作者：Hilber, Christian A. L.; Vermeulen, Wouter
作者单位：University of London; London School Economics & Political Science; University of London; London School Economics & Political Science; University of London; London School Economics & Political Science; CPB Netherlands Bureau for Economic Policy; Vrije Universiteit Amsterdam
摘要：We test the theoretical prediction that house prices respond more strongly to changes in local earnings in places with tight supply constraints using a unique panel dataset of 353 Local Planning Authorities in England between 1974 and 2008. Exploiting exogenous variation from a policy reform, vote shares and historical density to identify the endogenous constraints-measures, we find that: regulatory constraints have a substantive positive impact on the house price-earnings elasticity; the effe...
