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作者：Ciccone, Antonio; Papaioannou, Elias
作者单位：University of Mannheim; Center for Economic & Policy Research (CEPR); University of London; London Business School
摘要：Cross-industry cross-country models are used to address a wide array of questions in economics. They do so by analysing how the economic performance of industries in different countries depends on an interaction effect between industry and country characteristics. As the relevant industry characteristics are unobservable in most countries, they are approximated by industry characteristics in a benchmark country. We show that this approach generally yields biased estimates of the industry-count...
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作者：Barro, Robert J.; Fernandez-Villaverde, Jesus; Levintal, Oren; Mollerus, Andrew
作者单位：Harvard University; University of Pennsylvania; Reichman University; Columbia University
摘要：This paper investigates the quantity of safe assets. First, we estimate that the average safe-asset ratio (ratio of safe to total assets) in 34 OECD countries was 37% in 2015. Further, we document that this ratio is relatively stable over time. Second, we build a heterogeneous-agent model with rare disasters and risk aversion coefficients that accounts for (i) the average level of the safe-asset ratio; (ii) the stability of this ratio over time; (iii) the observed risk-free rate of around 1.0%...
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作者：Karsten, Christel; Malmendier, Ulrike; Sautner, Zacharias
作者单位：University of California System; University of California Berkeley; Frankfurt School Finance & Management
摘要：We argue that the relative expertise of contracting parties strongly affects contractual outcomes. Using unique data on company acquisition contracts, we document that lawyers with higher expertise relative to their counterparties negotiate better risk allocation for their clients and more favourable target prices. The benefits of high expertise outweigh its costs, largely because high-expertise lawyers economise on transaction costs by shortening negotiation times. Our findings suggest a need...
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作者：Mahmood, Rafat; Jetter, Michael
作者单位：University of Western Australia; New York University; New York University Abu Dhabi; IZA Institute Labor Economics; Leibniz Association; Ifo Institut
摘要：Employing day-to-day wind conditions as an identification strategy, we explore the consequences of the 420 US drone strikes in Pakistan between 2006 and 2016. Results suggest that drone strikes encourage terrorism over the upcoming days and weeks, causing up to 19% of all terror attacks with more than 3,000 terror deaths in Pakistan during that period. Studying a leading Pakistani newspaper, we identify a polarised response to drone strikes as negative emotions and anger, but also positive emo...
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作者：Cui, Xiaomin; Yu, Miaojie; Zhang, Rui
作者单位：Peking University; Aarhus University
摘要：We study how the contracting environment affects the quality of trade. A better contracting environment not only induces specialisations in industries intensively using customised inputs, but also causes quality upgrading of domestic varieties and tougher competition in these industries. We incorporate these effects into a Ricardian model with customised input and product quality. Our model predicts that better judicial quality raises a country's import prices and quality more in contract-inte...
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作者：Santos, Carlos D.; Costa, Luis F.; Brito, Paulo B.
作者单位：Universidade Nova de Lisboa; Universidade de Lisboa
摘要：Markup cyclicality has been central for debating policy effectiveness and understanding business cycle fluctuations. However, measuring the cyclicality of markups is as important as understanding the microeconomic mechanisms underlying that cyclicality. The latter requires measurement of firm-level markups and separating supply from demand shocks. We construct a novel dataset with detailed (multi-) product-level prices for individual firms. By estimating a structural model of supply and demand...
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作者：Mokyr, Joel; Sankt, Assaf; van der Beek, Karine
作者单位：Northwestern University; University of Haifa; Ben-Gurion University of the Negev
摘要：This paper examines the effect of the early adoption of technology on the evolution of human capital and industrialisation. We argue that mechanical skills and competence were a main determinant of the location of industry on the eve of the Industrial Revolution. It concentrates on the case of millwrights, eighteenth-century specialists in advanced carpentry and hydraulic machinery. Millwrights were a key part of the upper tail of the distribution of mechanical abilities. Their emergence was d...
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作者：Anukriti, S.; Bhalotra, Sonia; Tam, Eddy H. F.
作者单位：The World Bank; University of Essex; University of Oxford
摘要：Access to prenatal sex-detection technology in India has led to a phenomenal increase in abortion of girls. We find that it has also narrowed the gender gap in under-five mortality, consistent with surviving girls being more wanted than aborted girls. For every three aborted girls, one additional girl survived to age five. Mechanisms include moderation of son-biased fertility stopping and narrowing of gender gaps in parental investments. However, surviving girls are more likely to be born in l...
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作者：Battisti, Michele; Peri, Giovanni; Romiti, Agnese
作者单位：University of Glasgow; Leibniz Association; Ifo Institut; IZA Institute Labor Economics; University of California System; University of California Davis; National Bureau of Economic Research; University of Strathclyde
摘要：In this paper we investigate how co-ethnic networks affect the economic success of immigrants. Using longitudinal data of immigrants in Germany and including a large set of fixed effects and pre-migration controls to address the possible endogeneity of initial location, we find that immigrants in districts with larger co-ethnic networks are more likely to be employed soon after arrival. This advantage fades after four years, as migrants located in places with smaller co-ethnic networks catch u...
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作者：Blouin, Arthur
作者单位：University of Toronto
摘要：Can divide-and-rule colonial policy be responsible for contemporary ethnic tension? This paper empirically investigates the role of a divisive and extractive colonial policy on Hutu-Tutsi discord in Rwanda and Burundi. It shows that Hutu with a family history of subjugation to forced labour by Tutsi chiefs are less trusting of Tutsi today and less willing to partner with Tutsi for a cooperative task. This may have implications for agriculture insurance agreements because Hutu are more agrarian...
