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作者：Corsetti, Giancarlo; Kuester, Keith; Meier, Andre; Mueller, Gernot J.
作者单位：University of Cambridge; University of Bonn; International Monetary Fund
摘要：This article analyses the impact of strained government finances on macroeconomic stability and the transmission of fiscal policy. Using a variant of the model by Curdia and Woodford (2009), we study a sovereign risk channel' through which sovereign default risk raises funding costs in the private sector. If monetary policy cannot offset increased credit spreads because it is constrained by the zero lower bound or otherwise, the sovereign risk channel exacerbates indeterminacy problems: privat...
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作者：Sapienza, Paola; Toldra-Simats, Anna; Zingales, Luigi
作者单位：Northwestern University; National Bureau of Economic Research; Northwestern University; Center for Economic & Policy Research (CEPR); Universidad Carlos III de Madrid; University of Chicago; National Bureau of Economic Research; University of Chicago; Center for Economic & Policy Research (CEPR)
摘要：The World Values Survey (WVS) question on trust has been widely used to study the economic effect of trust. Recent work, however, questions its validity as an accurate measure of trust by showing that it is not correlated with the sender's behaviour in the Berg etal. trust game. What measure then should we trust to measure trust? In this article, we argue that the sender's behaviour in a trust game is driven both by beliefs and by preferences. In contrast, WVS-like measures capture mostly the ...
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作者：Bageri, Vasiliki; Katsoulacos, Yannis; Spagnolo, Giancarlo
作者单位：Athens University of Economics & Business; Stockholm School of Economics
摘要：In most jurisdictions, antitrust fines are based on affected commerce rather than on collusive profits, and in some others, caps on fines are introduced based on total firm sales rather than on affected commerce. We uncover a number of distortions that these policies generate, propose simple models to characterise their comparative static properties and quantify them with simulations based on market data. We conclude by discussing the obvious need to depart from these distortive rules of thumb...
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作者：Lepetyuk, Vadym; Stoltenberg, Christian A.
作者单位：Universitat d'Alacant; University of Amsterdam
摘要：We show that in the presence of idiosyncratic risk, the public revelation of information about risky aggregate outcomes such as policy choices can have a welfare-reducing effect. By announcing information on non-insurable aggregate risk, the policy maker distorts households' incentives for insurance of idiosyncratic risk and increases the riskiness of the optimal self-enforceable allocation. The negative effect of distorted insurance incentives can be quantitatively important for a monetary au...
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作者：Bingley, Paul; Cappellari, Lorenzo; Westergard-Nielsen, Niels
作者单位：Catholic University of the Sacred Heart; Aarhus University
摘要：We investigate the relationship between life cycle wages and individual membership of unemployment insurance schemes in Denmark. We separate permanent from transitory wages and characterise them using membership of unemployment insurance funds. We find that unemployment insurance is associated with lower wage growth heterogeneity over the life cycle and greater wage instability, changing the nature of wage inequality from permanent to transitory. Although we are in general unable to formally t...
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作者：Ejrnaes, Mette; Hochguertel, Stefan
作者单位：University of Copenhagen; Vrije Universiteit Amsterdam; Tinbergen Institute
摘要：Does insurance provision reduce entrepreneurs' effort to avoid business failure? We exploit unique features of the voluntary Danish unemployment insurance (UI) scheme, that is available to the self-employed. Using a large sample of self-employed individuals, we estimate the causal effect of insurance choice on the probability to become unemployed. Identification of the insurance choice comes from eligibility conditions for an early retirement plan, accessible only to UI members. We find that t...
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作者：Miles, David; Yang, Jing; Marcheggiano, Gilberto
作者单位：Bank of England; Bank for International Settlements (BIS); Bank of England
摘要：This article reports estimates of the long-run costs and benefits of having banks fund more of their assets with loss-absorbing capital, or equity. We model how shifts in funding affect required rates of return and how costs are influenced by the tax system. We draw a clear distinction between costs to individual institutions (private costs) and overall economic (or social) costs. We find that the amount of equity capital that is likely to be desirable for banks to use is very much larger than...
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作者：Gibbons, Stephen; Silva, Olmo; Weinhardt, Felix
作者单位：University of London; London School Economics & Political Science
摘要：We use administrative data to estimate the effect of neighbourhood composition on teenagers' educational and behavioural outcomes in England. We exploit a unique research design based on changes over time in neighbourhood composition experienced by residentially immobile students, where these changes arise purely through residential migration among other students in our data set. The complete coverage of our data allows investigating heterogeneity and non-linearities in the effect of neighbour...
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作者：Faraglia, Elisa; Marcet, Albert; Oikonomou, Rigas; Scott, Andrew
作者单位：University of Cambridge; Universite de Montreal; HEC Montreal; University of London; London Business School
摘要：We examine the implications for optimal inflation of changes in the level and maturity of government debt under the assumption where fiscal and monetary policies co-ordinate, and in the case of an independent central bank following a Taylor rule. Under co-ordination, inflation persistence and volatility depend on the sign, size and maturity of debt. Higher debt leads to higher inflation and longer maturity leads to more persistent inflation although inflation plays a minor role in achieving fi...
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作者：Sojourner, Aaron
作者单位：University of Minnesota System; University of Minnesota Twin Cities
摘要：This article studies peer effects on student achievement among first graders randomly assigned to classrooms in Tennessee's Project STAR. The analysis uses previously unexploited pre-assignment achievement measures available for 60% of students. Data are not missing at random, making identification challenging. This study develops and applies new ways to identify peer effects in the presence of missing data, which incorporate knowledge of how groups form. Estimates suggest sizeable positive ef...
