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作者：Lee, Sang Yoon (Tim); Roys, Nicolas; Seshadri, Ananth
作者单位：University of London; Queen Mary University London; Centre for Economic Policy Research - UK; University of London; Royal Holloway University London; University of Wisconsin System; University of Wisconsin Madison
摘要：We develop and estimate a model of endogenous schooling and earnings to isolate the causal effect of parents' education on children's outcomes. Identification uses earnings differences among children with equal schooling whose parents have different schooling. Health and Retirement Study data indicate that the observed intergenerational schooling correlation is largely driven by correlated unobserved preferences for schooling. This is partly offset by a slightly negative structural relationshi...
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作者：Li, Jingyuan; Peter, Richard; Zhou, Lin
作者单位：Lingnan University; University of Iowa; Lingnan University
摘要：In this paper, we study optimal prevention in the presence of a correlated nonfinancial background risk. Under positive correlation, cross-prudence in the nonfinancial attribute reduces optimal prevention. We establish this result in the most direct extension of the standard prevention problem with binary marginal distributions and show that it extends to richer settings. Our analysis highlights a broader implication: in economically relevant cases with loss probabilities below one-half and po...
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作者：Lu, Dan
作者单位：Chinese University of Hong Kong
摘要：Comments on Ma and Zhang (2025).
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作者：Dioikitopoulos, Evangelos V.; Varvarigos, Dimitrios
作者单位：Athens University of Economics & Business; University of Leicester
摘要：We highlight the role of economic materialism as a cultural phenomenon of significance in relation to economic transformation and development. By inducing material aspirations, an endogenous cultural change toward more widespread adherence to materialistic values is both a cause and an effect of productivity growth. This cultural-economic complementarity is a powerful mechanism of endogenous productivity growth; it also determines the prevalence of different cultural values vis-& agrave;-vis t...
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作者：Ma, Lin; Mei, Yuan; Wu, Qunfeng; Xu, Mingzhi (Jimmy)
作者单位：Singapore Management University; Peking University
摘要：How does infrastructure shape rural development? Using household panel data from a nationally representative sample of Chinese villages, matched to high-resolution highway maps, we find that road expansion between 2000 and 2015 operates mainly through reallocation, with less productive farmers scaling down or exiting and more productive farmers remaining and expanding. We quantify the aggregate and distributional consequences in a dynamic spatial equilibrium model with heterogeneous households...
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作者：Fu, Chao; Lin, Hsuan-Chih (Luke); Tanaka, Atsuko
作者单位：University of Wisconsin System; University of Wisconsin Madison; National Bureau of Economic Research; National Taiwan University; University of Calgary
摘要：College loans facilitate access to education, but the repayment burden may distort posteducation human capital investment. We examine the role of college loans and loan repayment policies through a structural model of individuals' dynamic decisions on borrowing/saving, labor supply, and costly human capital investment. We estimate two versions of the model using data from NLSY79: one with natural borrowing limits and another with parameterized limits. Counterfactual simulations suggest that, r...
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作者：Bastani, Spencer; Blumkin, Tomer; Micheletto, Luca
作者单位：Uppsala University; Research Institute of Industrial Economics (IFN); Ben-Gurion University of the Negev; University of Milan
摘要：We develop a theory of optimal income and education taxation under asymmetric information between firms and workers. Our results show that a max-min optimal tax code can achieve predistribution by pooling wages across ability levels, conditional on income. We identify conditions under which the optimal solution leads to pooling or separating equilibria, highlighting bidirectional incentive constraints. Implementation requires nonlinear income taxes coupled with education subsidies or mandates....
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作者：Fang, Min; Huang, Zibin; Wang, Yushi; Yang, Yu (Alan)
作者单位：China Europe International Business School; State University System of Florida; University of Florida; Shanghai University of Finance & Economics; Shanghai Institute of International Finance & Economics; Hainan University; Peking University
摘要：We study how the interaction between demographic changes and spatial sorting affects marriage matching across space. Using data from China, we first present stylized facts on the diverging spatial distribution of singlehood characterized by a high singles rate for females (males) in more (less) developed cities. We then build a quantitative spatial equilibrium model. It reveals that more highly educated women sort into the service sector in more developed cities than men. With persistent socia...
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作者：Moiseeva, Yulia
作者单位：University of St Andrews
摘要：I study a novel two-way feedback between credit and labor market frictions. Running from credit to labor markets, amplitude in capital demand caused by collateral constraints spills over onto labor demand due to the complementarity of capital and labor; and, furthermore, credit frictions raise effective financial hiring costs, prompting firms to delay hiring in recessions. Running back from labor to credit markets, search frictions imply that wages move less than one-to-one with productivity; ...
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作者：Fasani, Stefano; Miescu, Mirela; Rossi, Lorenza
作者单位：Lancaster University
摘要：Using a nonlinear VAR, we examine the asymmetric effects of shocks to long-run inflation expectations. Negative shocks, which temporarily lower long-run inflation expectations, have a stronger and more persistent impact on output, investment, and firm entry compared to positive shocks. We provide a novel theoretical explanation, demonstrating how these shocks influence the second-order components of the model, shaping firms' wait-and-see behavior-particularly along both the intensive and exten...
