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作者：Juvenal, Luciana; Monteiro, Paulo Santos
作者单位：International Monetary Fund; University of York - UK
摘要：We consider the canonical trade model with heterogeneous firms, love for variety and trade costs, and integrate it in the consumption CAPM model. This yields a structural gravity equation that includes an additional factor related to risk premia. Empirical evidence based on firm-level data confirms the importance of cross-sectional heterogeneity in risk and time-varying risk premia to shape bilateral trade flows. The structural gravity model augmented to account for fluctuations in risk premia...
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作者：Graeber, Thomas
作者单位：Harvard University
摘要：This paper studies how people infer a state of the world from information structures that include additional, payoff-irrelevant states. For example, learning from a customer review about a product's quality requires accounting for the reviewer's otherwise-irrelevant taste. This creates an attribution problem common to all information structures with multiple causes. We report controlled experimental evidence for pervasive overinference about states that affect utility-a form of omitted variabl...
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作者：de la Croix, David; Docquier, Frederic; Fabre, Alice; Stelter, Robert
作者单位：Universite Catholique Louvain; Centre for Economic Policy Research - UK; University of Luxembourg; Centre National de la Recherche Scientifique (CNRS); Aix-Marseille Universite; University of Basel; Max Planck Society
摘要：We argue that market forces shaped the geographic distribution of upper-tail human capital across Europe during the Middle Ages, and contributed to bolstering universities at the dawn of the Humanistic and Scientific Revolutions. We build a unique database of thousands of scholars from university sources covering all of Europe, construct an index of their ability, and map the academic market in the medieval and early modern periods. We show that scholars tended to concentrate in the best unive...
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作者：Gabaix, Xavier
作者单位：Harvard University
摘要：This paper proposes a tractable way to model boundedly rational dynamic programming. The agent uses an endogenously simplified, or sparse, model of the world and the consequences of his actions and acts according to a behavioral Bellman equation. The framework yields a behavioral version of some of the canonical models in macroeconomics and finance. In the life-cycle model, the agent initially does not pay much attention to retirement and undersaves; late in life, he progressively saves more, ...
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作者：Gonzalez, Felipe; Martinez, Luis R.; Munoz, Pablo; Prem, Mounu
作者单位：University of London; Queen Mary University London; University of Chicago; Universidad de Chile
摘要：We provide new evidence on the causal effect of higher education on mortality. Our empirical strategy exploits the reduction in college openings introduced by the Pinochet regime after the 1973 coup in Chile, which led to a sharp downward kink in college enrollment among those cohorts reaching college age in the following years. Using administrative data from the vital statistics, we document an upward kink in the age-specific yearly mortality rate of individuals in the affected cohorts. We es...
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作者：Dubois, Pierre; Hjort, Jonas; Lorenzoni, Guido; Pavoni, Nicola; Peri, Giovanni; Skreta, Vasiliki; Wacziarg, Romain; Weber, Andrea
作者单位：Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; University of London; University College London; University of Chicago; Bocconi University; University of California System; University of California Davis; University of Texas System; University of Texas Austin; University of California System; University of California Los Angeles
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作者：Choukhmane, Taha; Coeurdacier, Nicolas; Jin, Keyu
作者单位：Massachusetts Institute of Technology (MIT); University of London; London School Economics & Political Science
摘要：We investigate whether the one-child policy has contributed to the rise in China's household saving rate and human capital in recent decades. In a life-cycle model with intergenerational transfers and human capital accumulation, fertility restrictions lower expected old-age support coming from children-inducing parents to raise saving and education investment in their offspring. Quantitatively, the policy can account for at least 30% of the rise in aggregate saving. Using the birth of twins un...
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作者：Heiss, Florian; Ornaghi, Carmine; Tonin, Mirco
作者单位：Heinrich Heine University Dusseldorf; University of Southampton; Free University of Bozen-Bolzano; Fondazione Bruno Kessler; FBK-IRVAPP - Research Institute for the Evaluation of Public Policies
摘要：This paper studies consumers' choice between two different water tariffs. We document a large inaction in a novel setting where customers face a binary decision and receive simple, detailed, and personalized information about the financial savings they would obtain if they were to switch water tariff. Our empirical framework separates two sources of inertia: inattention and switching costs. The model estimates that half of the customers that would benefit from changing tariff are not aware of ...
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作者：Justino, Patricia; Leone, Marinella; Rolla, Pierfrancesco; Abimpaye, Monique; Dusabe, Caroline; Uwamahoro, Marie D.; Germond, Richard
作者单位：University of Pavia; Save the Children
摘要：This paper investigates the short- and medium-term impact of a randomized group-based early child development program targeting parents of children aged 6-24 months in a poor, rural district of Rwanda. This low-intensity, short-duration, and low-cost program engaged parents through sessions that included a novel radio show and facilitated discussions during 17 weekly village-level meetings. The intervention included two treatment arms, with different components. Twelve months after baseline, c...
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作者：Bighelli, Tommaso; di Mauro, Filippo; Melitz, Marc J.; Mertens, Matthias
作者单位：Leibniz Association; Leibniz Institut fur Wirtschaftsforschung Halle (IWH); Harvard University
摘要：This paper derives a European Herfindahl-Hirschman concentration index from 15 micro-aggregated country datasets. In the last decade, European concentration rose due to a reallocation of economic activity toward large and concentrated industries. Over the same period, productivity gains from an increasing allocative efficiency of the European market accounted for 50% of European productivity growth while markups stayed constant. Using country-industry variation, we show that changes in concent...
