-
作者：Challe, Edouard; Ragot, Xavier
作者单位：Institut Polytechnique de Paris; Ecole Polytechnique
摘要：We analyse the effects of fiscal expansions when public debt is used as liquidity by the private sector. Aggregate shocks are introduced into an incomplete-market economy where heterogenous agents face occasionally binding borrowing constraints and store wealth to smooth out idiosyncratic income fluctuations. Debt-financed increases in spending facilitate self-insurance by bond holders and may crowd in private consumption. They also loosen the borrowing constraints faced by firms, thereby rais...
-
作者：Duranton, Gilles; Gobillon, Laurent; Overman, Henry G.
作者单位：University of London; London School Economics & Political Science; University of Toronto
摘要：We study the impact of local taxation on the location and growth of firms. Our empirical methodology pairs establishments across jurisdictional boundaries to estimate the impact of taxation. Our approach improves on existing work as it corrects for unobserved establishment heterogeneity, for unobserved time-varying site-specific effects and for the endogeneity of local taxation. Applied to data for English manufacturing establishments, we find that local taxation has a negative impact on emplo...
-
作者：Cook, Philip J.; MacDonald, John
作者单位：Duke University; University of Pennsylvania
摘要：Private actions to avoid and prevent criminal victimisation and assist public law enforcement are vital inputs into the crime-control process. One form of private action, the business improvement district (BID), appears particularly promising. A BID is a non-profit organisation created by property owners to provide local public goods, usually including public safety. Our analysis of 30 Los Angeles BIDs demonstrates that the social benefits of BID expenditures on security are a large multiple (...
-
作者：Fabra, Natalia; von der Fehr, Nils-Henrik M.; de Frutos, Maria-Angeles
作者单位：Universidad Carlos III de Madrid; University of Oslo
摘要：The purpose of this study was to understand how market design affects market performance through its impact on investment incentives. For this purpose, we model capacity choices by two ex ante identical firms which compete in the product market. We analyse a number of different market design elements, including (i) two commonly used auction formats, the uniform-price and discriminatory auctions, (ii) price caps and (iii) bid duration. We find that although the discriminatory auction tends to l...
-
作者：Frankenberg, Elizabeth; Gillespie, Thomas; Preston, Samuel; Sikoki, Bondan; Thomas, Duncan
作者单位：Duke University; University of California System; University of California Los Angeles; University of Pennsylvania
摘要：Over 130,000 people died in the 2004 Indian Ocean tsunami. The correlates of survival are examined using data from the Study of the Tsunami Aftermath and Recovery (STAR), a population-representative survey collected in Aceh and North Sumatra, Indonesia, before and after the tsunami. Children, older adults and females were the least likely to survive. Whereas socio-economic factors mattered relatively little, the evidence is consistent with physical strength playing a role. Pre-tsunami househol...
-
作者：Liski, Matti; Montero, Juan-Pablo
作者单位：Aalto University; Pontificia Universidad Catolica de Chile
摘要：Motivated by the structure of existing pollution permit markets, we study the equilibrium path that results from allocating an initial stock of storable permits to an agent, or a group of agents, in a position to exercise market power. A large seller of permits exercises market power no differently than a large supplier of an exhaustible resource. However, whenever the large agent's endowment falls short of his efficient endowment - allocation profile that would exactly cover his emissions alo...
-
作者：Milanovic, Branko; Lindert, Peter H.; Williamson, Jeffrey G.
作者单位：The World Bank
摘要：Is inequality largely the result of the Industrial Revolution? Or, were pre-industrial incomes as unequal as they are today? This article infers inequality across individuals within each of the 28 pre-industrial societies, for which data were available, using what are known as social tables. It applies two new concepts: the inequality possibility frontier and the inequality extraction ratio. They compare the observed income inequality to the maximum feasible inequality that, at a given level o...
-
作者：Metcalfe, Robert; Powdthavee, Nattavudh; Dolan, Paul
作者单位：University of Oxford; Nanyang Technological University; University of London; London School Economics & Political Science
摘要：Using a longitudinal household panel dataset in the UK, where a significant proportion of the interviews are conducted in September each year, we are able to show that the attacks of September 11 resulted in lower levels of subjective well-being for those interviewed after that date in 2001 compared with those interviewed before it. This quasi-experiment provides one of the first examples of the impact of a terrorist attack in one country on well-being in another country.
-
作者：Stutzer, Alois; Goette, Lorenz; Zehnder, Michael
作者单位：University of Basel; University of Lausanne
摘要：Assigning a subjective value to a contribution to a public good often requires reflection. For many reasons, this reflection may be put off, reinforcing the underprovision of public goods. We hypothesise that nudging individuals to reflect on whether to contribute to a public good leads to the formation of issue-specific altruistic preferences. The hypothesis is tested in a large-scale field experiment on blood donations. We find that an active-decision intervention substantially increases don...
-
作者：Buffie, Edward F.; Alolia, Manoj
作者单位：Indiana University System; Indiana University Bloomington; State University System of Florida; Florida State University
摘要：In this article we show that a model featuring durable consumer goods, imperfect substitution between domestic and foreign assets, and weak credibility can explain the qualitative and quantitative aspects of the stylised facts associated with exchange-rate-based stabilisation, including the tremendous increase in real interest rates. Following a temporary reduction in the crawl, total consumption spending rises 14-26%, the real exchange rate appreciates 20-37% and the current account deficit s...
