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作者：Comola, Margherita; Prina, Silvia
作者单位：Universite Paris Saclay; Paris School of Economics; Northeastern University
摘要：This paper studies how formal financial access affects network-based financial arrangements. We use a field experiment that granted access to a savings account to a random subset of households in 19 Nepalese villages. Exploiting a unique panel dataset that follows all bilateral informal financial transactions before and after the intervention, we show that households that were offered access to an account increased their loans and total transfers to others, independent of the treatment status ...
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作者：Ferreira, Daniel; Nikolowa, Radoslawa
作者单位：University of London; London School Economics & Political Science; University of London; Queen Mary University London
摘要：We develop a model of the market for knowledge workers in which talent is discovered on the job. In the model, asymmetric information and firm-specific human capital combine to generate several predictions relating firm heterogeneity to talent discovery and poaching. We show that high-quality (i.e., large and high-productivity) firms are more likely to become talent poachers, while lower-quality firms are more likely to invest in talent discovery. Job-to-job flows are adversely selected, which...
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作者：Fuchs-Schuendeln, Nicola; Krueger, Dirk; Ludwig, Alexander; Popova, Irina
作者单位：Goethe University Frankfurt; Centre for Economic Policy Research - UK; University of Pennsylvania; National Bureau of Economic Research
摘要：Using a structural life-cycle model, we quantify the heterogeneous impact of school closures during the corona crisis on children affected at different ages and coming from households with different parental characteristics. In the model, public investment through schooling is combined with parental time and resource investments in the production of child human capital at different stages in the children's development process. We quantitatively characterise the long-term consequences from a CO...
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作者：Artuc, Erhan; Brambilla, Irene; Porto, Guido
作者单位：The World Bank; National University of La Plata
摘要：We explore how different investment frictions affect the patterns of responses of labour markets to tariff cuts. To investigate these patterns, we formulate a multi-sector dynamic model featuring capital and labour adjustment costs that we fit to Argentine data. Using counterfactual simulations of a tariff decline in the textile sector, we show that capital adjustment can create long-run responses of real wages that are larger than the short-run responses. This happens as textile firms disinve...
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作者：Geloso, Vincent J.; Magness, Phillip; Moore, John; Schlosser, Philip
作者单位：George Mason University; Wayne State University
摘要：Piketty and Saez () found a pronounced U-curve pattern of American income inequality since 1917, displaying a precipitous decline during World War II to a level that would hold until 1980. We offer revisions to their income inequality estimates prior to 1960 with three important findings. First, Piketty and Saez overstate inequality levels in this period. Second, the decline during World War II was smaller than depicted. Third, the Great Depression, rather than World War II, played the more si...
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作者：Grazzini, Jakob; Rossi, Lorenza
作者单位：University of Pavia; Lancaster University
摘要：This paper considers a two-sector real business cycle model augmented with firm heterogeneity and firm dynamics, and studies the steady state and dynamic properties of the model in response to a decline in the relative price of investment. It shows that both firm heterogeneity and entry play a crucial role in the decline in the labour share and the increase in capital intensity observed in the US economy. Using ORBIS firm-level data of the US economy, the paper finds robust evidence consistent...
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作者：Cun, Wukuang; Quadrini, Vincenzo; Sun, Qi; Xia, Junjie
作者单位：Shanghai University of Finance & Economics; University of Southern California; Peking University Shenzhen Graduate School (PKU Shenzhen); Peking University; Centre for Economic Policy Research - UK; Zhejiang University; Central University of Finance & Economics; Peking University
摘要：We use Chinese manufacturing data to show that upstream manufacturing industries received higher credit during the monetary expansion of 2005-11. However, the higher credit received by upstream industries did not generate a similar increase in 'trade lending' to downstream industries, which limited the transmission of the credit expansion to the whole manufacturing sector. We develop a model that formalises some of the key features of the Chinese economy, and show why a credit expansion tilted...
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作者：Fetzer, Thiemo
作者单位：University of Warwick
摘要：This paper documents that a large-scale government subsidy aimed at encouraging people to eat out in restaurants in the wake of the first 2020 COVID-19 wave in the United Kingdom has had a significant causal impact on new cases, accelerating the subsequent second COVID-19 wave. The scheme subsidised 50% off the cost of food and non-alcoholic drinks for an unlimited number of visits in participating restaurants on Mondays-Wednesdays from 3-31 August 2020. Areas with higher take-up saw both a no...
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作者：Buera, Francisco; Karmakar, Sudipto
作者单位：Washington University (WUSTL); Bank of England
摘要：Which firms are more sensitive to an aggregate financial shock? What can be learnt from these heterogeneous responses? We evaluate and answer these questions from both empirical and theoretical perspectives. Using microdata from Portugal during the sovereign debt crisis we find that highly leveraged firms and firms with a larger share of short-term debt on their balance sheets contracted more in the aftermath of the financial shock. We analyse the conditions under which leverage and debt matur...
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作者：Forsythe, Eliza
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; University of Illinois System; University of Illinois Urbana-Champaign
摘要：Recessions are known to be particularly damaging to young workers' employment outcomes. I find that during recessions the hiring rate falls faster for young workers than for more experienced workers. I show that this cannot be explained by the composition of jobs or workers' labour supply decisions, and I conclude that firms preferentially hire experienced workers during periods of high unemployment. I develop a new model of cyclical upgrading that relaxes the classic assumptions of exogenous ...
