-
作者：Benigno, Pierpaolo
作者单位：University of Bern
摘要：Can currency competition affect central banks' control of interest rates and prices? Yes, it can. In a two-currency world with competing cash (material or digital), the growth rate of the cryptocurrency sets an upper bound on the nominal interest rate and the attainable inflation rate, if the government currency is to retain its role as medium of exchange. In any case, the government has full control of the inflation rate. With an interest-bearing digital currency, equilibria in which governme...
-
作者：Gallen, Yana
作者单位：University of Chicago; Aarhus University
摘要：Using Danish matched employer-employee data, I compare the relative pay of men and women to their relative productivity as measured by production function estimation. I find that the gender productivity gap is 8%, implying that almost two thirds of the residual gender wage gap is due to productivity differences between men and women. Motherhood plays an important role, yet it also reveals a puzzle: The pay gap for mothers is entirely explained by productivity, whereas the gap for non-mothers i...
-
作者：Jia, Ruixue; Roland, Gerard; Xie, Yang
作者单位：University of California System; University of California San Diego; University of California System; University of California Berkeley; University of California System; University of California Riverside
摘要：Tobetter understand institutional differences across space and time, we propose a two-dimensional framework of the power structure among three players in society: the degree of absolute power of the Ruler over the Elites and the People, and the degree of asymmetry between the latter two in terms of their everyday rights and power. Within this framework, we show that a more absolutist Ruler prefers a more balanced Elite-People relationship. This theory helps in particular to reconcile views on ...
-
作者：Miho, Antonela; Jarotschkin, Alexandra; Zhuravskaya, Ekaterina
作者单位：Paris School of Economics; The World Bank
摘要：We study horizontal between-group cultural transmission using Stalin's ethnic deportations as a historical experiment. Over 2 million Soviet citizens, mostly Germans and Chechens, were forcibly relocated from the western to eastern parts of the USSR during WWII solely based on ethnicity. As a result, the native population of the deportation destinations was exogenously exposed to groups with drastically different gender norms and behavior. We combine historical and contemporary data to documen...
-
作者：Pennesi, Daniele
作者单位：Collegio Carlo Alberto; University of Turin
摘要：This paper introduces a model of individual behavior based on identity, a person's sense of self. The individual evaluates situations, that is, sets of available actions given a belief about the actions' uncertain payoffs. In some situations, a psychological cost arises because the individual's identity prescribes an action that differs from the one maximizing material benefits. The model shows that a common process of weighing psychological costs and material benefits drives the choice of bot...
-
作者：Bachmann, Rudiger; Ehrlich, Gabriel; Fan, Ying; Ruzic, Dimitrije; Leard, Benjamin
作者单位：University of Notre Dame; University of Michigan System; University of Michigan; INSEAD Business School; University of Tennessee System; University of Tennessee Knoxville
摘要：This paper uses the 2015 Volkswagen (VW) emissions scandal as a natural experiment to provide evidence that collective reputation externalities are economically significant. Using a combination of difference-in-differences and demand estimation approaches, we document a spillover effect from the scandal to the non-VW German auto manufacturers. The spillover amounts to an average drop of $2,057 in consumer valuations of these manufacturers' vehicles and a 34.6% reduction in their annual sales. ...
-
作者：De la Roca, Jorge; Ottaviano, Gianmarco I. P.; Puga, Diego
作者单位：University of Southern California; Bocconi University
摘要：Bigger cities offer more valuable experiences and opportunities in exchange for higher housing costs. While higher-ability workers benefit more from bigger cities, they are not more likely to move to one. Our model of urban sorting by workers with heterogeneous self-confidence and ability suggests flawed self-assessment is partly to blame. Analysis of the National Longitudinal Survey of Youth 1979 data shows that, consistent with our model, young workers with high self-confidence are more like...
-
作者：Morris, Stephen; Shadmehr, Mehdi
作者单位：Massachusetts Institute of Technology (MIT); University of North Carolina; University of North Carolina Chapel Hill; University of North Carolina School of Medicine
摘要：We consider the problem of a leader who can assign rewards for citizens for different anti-regime actions. Citizens face a coordination problem in which each citizen has a private, endogenous degree of optimism about the likelihood of regime change. Because more optimistic citizens are easier to motivate, the choice of optimal rewards entails optimal screening. This leads to a distribution of anti-regime actions. A key result is the emergence of a vanguard, consisting of citizens who engage in...
-
作者：Bhalotra, Sonia; Venkataramani, Atheendar; Walther, Selma
作者单位：University of Warwick; University of Pennsylvania; University of Sussex
摘要：We investigate women's fertility, labor, and marriage market responses to a health innovation that led to reductions in mortality from treatable causes, and especially large declines in child mortality. We find delayed childbearing, with lower intensive and extensive margin fertility, a decline in the chances of ever having married, increased labor force participation, and an improvement in occupational status. Our results provide the first evidence that improvements in child survival allow wo...
-
作者：Helpman, Elhanan; Niswonger, Benjamin
作者单位：Harvard University
摘要：Multinational enterprises are very large multi-product firms. To capture salient features of the data, we develop a model of large multinational enterprises, each one producing a continuum of products. These outsized firms compete as oligopolists in domestic and foreign markets, facing competitive pressure from monopolistically competitive single-product firms. The multinational enterprises engage in foreign direct investment (FDI) in order to expand the product scope of their foreign affiliat...
