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作者：Ottonello, Pablo; Song, Wenting
作者单位：University System of Maryland; University of Maryland Baltimore; National Bureau of Economic Research; University of California System; University of California Davis
摘要：We provide empirical evidence on how news about financial intermediaries' net worth impacts the aggregate economy, using a high-frequency identification strategy. We measure 'financial shocks' based on the idiosyncratic stock price changes of large US intermediaries in a narrow window around their earnings announcements. We document significant effects of these shocks on the stock price and borrowing costs of non-financial firms, as well as on macroeconomic variables. The effects are more pron...
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作者：Guimaraes, Bernardo; Pessoa, Joao Paulo; Ponczek, Vladimir
作者单位：Getulio Vargas Foundation
摘要：The Pel & eacute; Act banned non-compete agreements in Brazilian football in 1998. We explore this policy change to study how non-competes affect the labour market. The Act changed the wage profile heterogeneously, reducing young players' wages and raising salaries for older ones. Turnover increased slightly. We develop and structurally estimate a model and show that changing the parameter capturing the non-compete friction leads to the changes observed in the data. From the estimation, we rec...
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作者：Elinder, Mikael; Erixson, Oscar
作者单位：Uppsala University
摘要：We investigate the relationship between intelligence and prosocial behaviour, using administrative data on cognitive ability, charitable giving, voting and possession of eco-friendly cars for 1.2 million individuals. We find strong positive associations for all three behaviours, which remain when using twin-pair fixed effects to account for confounders. We also find that general (fluid) intelligence is a stronger predictor than other dimensions of cognitive ability, and that most of the relati...
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作者：Qiu, Xincheng; Russo, Nicolo
作者单位：Peking University; Goethe University Frankfurt
摘要：This paper examines income tax systems in over thirty countries over the past forty years, using microdata from the Luxembourg Income Study. We show that income tax systems worldwide are well approximated by a two-parameter log-linear effective tax function. We provide country- and year-specific estimates and document several insights. First, higher average tax rates are associated with higher progressivity. Second, richer countries have more progressive tax systems. Third, progressivity varie...
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作者：d'Este, Rocco
作者单位：University of Sussex
摘要：Prisons are central institutions in the criminal justice system, yet limited data have impeded a systematic analysis of their internal dynamics. We compile a novel, comprehensive dataset covering all prisons in England and Wales to evaluate the effects of a UK-wide ban on new psychoactive substances-potent synthetic drugs designed to circumvent regulation and readily trafficked into custodial settings. We first document the diffusion of these substances across the prison system and a strong co...
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作者：Bartling, Bjorn; Fehr, Ernst; Huffman, David; Netzer, Nick
作者单位：University of Zurich; Cornell University
摘要：Agreements are rarely fully enforceable, exposing trading parties to the risk of exploitation. In such cases, trust-defined as the belief in the trustworthiness of others-may be key to realising gains from trade. This paper asks whether trust substitutes for or complements contract enforcement. While intuition may suggest that trust matters more when enforcement is weak, our experiment, which exogenously varies both trust and enforcement, shows that it can matter more when enforcement is stron...
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作者：Cali, Massimiliano; Presidente, Giorgio
作者单位：Bocconi University
摘要：This paper unveils a novel externality of product market regulation in the labour market. It shows theoretically and empirically that higher barriers to entry in product markets translate into higher employers' labour market power, measured by the wage markdown-the ratio between the marginal product of labour and the wage. Using quasi-exogenous variation in investment restrictions across 389 manufacturing product markets in Indonesia, the analysis finds that wage markdowns would have been almo...
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作者：Ide, Enrique
摘要：I examine how upstream mergers affect negotiated prices when suppliers bargain with a monopoly intermediary selling products to final consumers. Conventional wisdom holds that such transactions lower negotiated prices when the products are complements for consumers and raise them when they are substitutes. The idea is that consumer demand relationships carry over to upstream negotiations, where mergers between complements weaken the suppliers' bargaining leverage, while mergers between substit...
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作者：Perino, Grischa; Ritz, Robert A.; van Benthem, Arthur A.
作者单位：University of Hamburg; University of Cambridge; University of Pennsylvania; National Bureau of Economic Research
摘要：Countries around the world are enacting climate policies such as coal phase-outs, aviation taxes and renewable energy support. These policies often overlap with a wider multi-jurisdictional carbon-pricing system like the EU's Emissions Trading System. We develop a general framework to study how effectively such 'overlapping climate policies' can help combat climate change-depending on their design, location and timing. We find that some policies are truly complementary, while others backfire b...
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作者：Ang, Geer; Qin, Yu; Tan, Ya; Zhang, Fan
作者单位：University of California System; University of California Los Angeles; National University of Singapore; University of International Business & Economics; Jinan University
摘要：In China, employment in the civil service is perceived as a primary path to leadership roles in government. This paper examines the role of family background in shaping the choice to enter the civil service and investigates the impact of the 2012 anti-corruption campaign on this process. We find that college graduates with cadre parents are more likely to work as a civil servant. However, using a difference-in-differences approach, we show an 18% decline in this occupational persistence post-c...
