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作者：Delgado-Vega, Alvaro; Shaver, Benjamin
作者单位：University of Chicago; Northwestern University
摘要：A principal designs a policy by weighing the goals she shares with an agent and those that divide them. The policy's success depends on the principal's unknown quality and the agent's decision to help. After the policy succeeds or fails, a committee awards a prize to the actor with the higher expected quality. In equilibrium, the agent helps to avoid blame for failure or share credit for success. The principal benefits from exploiting the agent's selection concerns to shift the policy in her f...
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作者：Colella, Fabrizio; Maskus, Keith E.; Peri, Alessandro
作者单位：Universita della Svizzera Italiana; University of Colorado System; University of Colorado Boulder
摘要：Tighter money-laundering regulations in offshore financial havens may inadvertently spur incentives to launder money domestically. Our study exploits regulations targeting financially based money laundering in Caribbean jurisdictions to examine their impact on the creation of front companies and other money-laundering practices in US counties. Predictions on the effects are ambiguous: stricter regulations could either increase domestic money laundering through substitution or decrease it by di...
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作者：Lacroix, Jean; Mitchener, Kris James; Oosterlinck, Kim
作者单位：Universite Paris Saclay; Leibniz Association; Ifo Institut; Santa Clara University; National Bureau of Economic Research; Universite Libre de Bruxelles; Solvay SA
摘要：A secession movement is an uncertain process that evolves over time. We develop a simple theoretical framework in which regions use news to update their decisions to secede. Uncertainty and economies of scale are necessary conditions to observe 'domino secessions'-sequential interdependent secessions. Empirically, we use geographically specific assets (state bonds) to assess how uncertainty and economies of scale influenced some slaveholding states' decisions to secede from the United States i...
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作者：Huillery, Elise; Bouguen, Adrien; Charpentier, Axelle; Algan, Yann; Chevallier, Coralie
作者单位：Santa Clara University; Universite PSL; Universite Paris-Dauphine; Hautes Etudes Commerciales (HEC) Paris; Universite PSL; Ecole Normale Superieure (ENS); Institut National de la Sante et de la Recherche Medicale (Inserm)
摘要：This article shows that a four-year mindset intervention in disadvantaged middle schools led to a 0.05-standard-deviation increase in grade point average, associated with more optimistic beliefs, more self-criticism and improved school behaviour. Treatment effects were larger in terms of both grade point average and National Exam results for students with relatively better social, academic and discipline profiles. According to international empirical benchmarks, this mindset intervention is hi...
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作者：Lagios, Nicolas; Meon, Pierre-Guillaume; Tojerow, Ilan
作者单位：Universite Libre de Bruxelles
摘要：We study the electoral impact of protesting against the far right by investigating the demonstrations held during the 2002 French presidential elections against far-right candidate Jean-Marie Le Pen. Instrumenting rally attendance with rainfall while factoring in that some municipalities never host protests, we find that larger protests reduced the number of votes for Le Pen and abstention, while increasing the number of votes for the incumbent president, Jacques Chirac. We find that the effec...
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作者：Antinyan, Armenak; Asatryan, Zareh
作者单位：Leibniz Association; Zentrum fur Europaische Wirtschaftsforschung (ZEW)
摘要：Governments increasingly use nudges to improve tax collection. We synthesise the growing literature on nudging experiments using meta-analytical methods. We find that, relative to the baseline where about a quarter of taxpayers are compliant, simple reminders increase the probability of compliance by 2.7 percentage points, while tax morale and deterrence nudges increase compliance by an additional 1.4 and 3.2 percentage points. Our further results highlight the conditions where nudges are more...
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作者：Debortoli, Davide; Forni, Mario; Gambetti, Luca; Sala, Luca
作者单位：ICREA; Pompeu Fabra University; Centre de Recerca en Economia Internacional (CREI); Barcelona School of Economics; Centre for Economic Policy Research - UK; Universita di Modena e Reggio Emilia; Autonomous University of Barcelona; University of Turin; Bocconi University; Bocconi University
摘要：We measure the inflation-unemployment trade-off associated with monetary easing and tightening, during booms and recessions, using a novel, non-linear Proxy structural vector autoregression approach. We find evidence of significant non-linearities for the US economy (1973:M1-2019:M6): stimulating economic activity during recessions is associated with minimal costs in terms of inflation, and reducing inflation during booms delivers small costs in terms of unemployment. These results can be rati...
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作者：Chen, Heng; Han, Li
作者单位：University of Hong Kong
摘要：Does news media coverage of autocracies hinge on their relationship with those regimes? Exploiting a large-scale media crackdown in May 2019 in China, in which multiple influential UK- and US-based news sites were blocked, we find that news outlets adopted a more negative tone in their coverage of China and reported more frequently on sensitive topics such as human rights, after being blocked, compared to those with no access change. Such effects are absent in news on economic topics and opini...
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作者：Citino, Luca; Russ, Kilian; Scrutinio, Vincenzo
作者单位：European Central Bank; Bank of Italy; University of Bologna; University of London; London School Economics & Political Science; IZA Institute Labor Economics
摘要：In this paper, we study the selection patterns of individuals who manage to have their lay-off delayed around an age at lay-off threshold entitling them to four additional months of unemployment insurance, that is, manipulators. Using administrative data from Italy and bunching techniques, we document substantial manipulation around the cut-off and show that manipulators are selected on their long-term non-employment risk, but not on their moral hazard cost. Finally, we develop a sufficient st...
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作者：Bisin, Alberto; Clementi, Gian Luca; Gottardi, Piero
作者单位：New York University; National Bureau of Economic Research; Universita Ca Foscari Venezia
摘要：We develop a general equilibrium model with production and incomplete markets. Firms optimally design their capital structure to cater to investors' hedging needs. Depending on the heterogeneity of such needs, equilibrium may feature either complete financial market segmentation or only partial segmentation. Firms respond to greater hedging needs by issuing more debt and allocating most of the proceeds to shareholders. How much more debt depends on the availability of competing risk-sharing in...
