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作者：Engel, Charles; Park, JungJae
作者单位：University of Wisconsin System; University of Wisconsin Madison; Yonsei University
摘要：We present a model that accounts for the mystery of original sin and the surge in local-currency borrowing by emerging economies in the recent decade. We quantitatively investigate the currency composition of sovereign debt in the presence of two types of limited enforcement frictions arising from a government's monetary and debt policy: strategic currency debasement and default on sovereign debt. Local-currency debt obligations act as a better consumption hedge against income shocks than fore...
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作者：Oprea, Ryan; Yuksel, Sevgi
作者单位：University of California System; University of California Santa Barbara
摘要：We use laboratory experiments to study whether biases in beliefs grow more severe when people socially exchange these beliefs with one another. We elicit subjects' (naturally biased) beliefs about their relative performance in an intelligence quotient (IQ) test and allow them to update these beliefs in real time. Part of the way through the task we give each subject access to the beliefs of a counterpart who performed similarly on the test and allow them both to observe the evolution of one an...
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作者：Enders, Zeno; Huennekes, Franziska; Mueller, Gernot
作者单位：Ruprecht Karls University Heidelberg; European Central Bank; Eberhard Karls University of Tubingen
摘要：We assess how firm expectations about future production impact current production and pricing decisions. Our analysis is based on a large survey of firms in the German manufacturing sector. To identify the causal effect of expectations, we rely on the timing of survey responses and match firms with the same fundamentals but different views about the future. Firms that expect their production to increase (decrease) in the future are 15 percentage points more (less) likely to raise current produ...
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作者：Bandiera, Oriana; Elsayed, Ahmed; Heil, Anton; Smurra, Andrea
作者单位：University of London; London School Economics & Political Science; Egyptian Knowledge Bank (EKB); American University Cairo; University of London; University College London
摘要：The Jobs of the World Project is a public resource designed to enable research on jobs and poverty across and within countries over the entire development spectrum. At its core is a new dataset assembled by harmonising Demographic and Health Surveys (DHS) and National Censuses (IPUMS) for all countries and all years after 1990 where data is available. The current version covers 115 countries, observed four times on average. We use the data to show how the nature of jobs and their allocation va...
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作者：Backus, Matthew; Blake, Thomas; Masterov, Dimitriy; Tadelis, Steven
作者单位：Columbia University; Amazon.com; University of California System; University of California Berkeley
摘要：We study disappointment and platform exit among new bidders in an online auction marketplace. In particular, we study a hybrid auction format with a Buy-It-Now option, which, when executed, will abruptly end the auction and cancel any standing bids. When this happens, if the formerly leading bidder is new to the platform, then they are 6 percentage points more likely to exit the marketplace for every additional day they spent in the lead. This is rationalized by disappointment-averse bidders w...
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作者：Abrams, David; Galbiati, Roberto; Henry, Emeric; Philippe, Arnaud
作者单位：University of Pennsylvania; University of Bristol
摘要：We study spatial variation in criminal sentencing. We show the existence of local sentencing practices varying widely even across geographically proximate areas. Using compulsory rotation of judges in North Carolina, we find that judges arriving in a new court gradually converge toward local sentencing practices. We provide evidence that convergence in sentencing corresponds to a process of learning about local practices, which is accelerated by the presence of senior judges in the district, a...
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作者：Vera-Cossio, Diego
作者单位：Inter-American Development Bank
摘要：Locally targeted programs may exploit available information transmitted through local networks to improve the selection of beneficiaries, but the effective use of this information is not granted when the selection of beneficiaries entails balancing multiple targeting criteria that are costly to verify. This paper analyzes how local committees balance issues of neediness, productivity, risk, and favoritism to allocate subsidized loans to Thai villagers. Local committees in charge of managing vi...
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作者：Gancia, Gino; Ponzetto, Giacomo A. M.; Ventura, Jaume
作者单位：University of London; Queen Mary University London; Centre de Recerca en Economia Internacional (CREI); Pompeu Fabra University; Barcelona School of Economics; Centre de Recerca en Economia Internacional (CREI); Pompeu Fabra University
摘要：This paper develops a theoretical framework to study the interaction between globalization and political structure. We show that political structure adapts in a non-monotonic way to declining transport costs. Borders hamper trade. At an earlier stage, the political response to expanding trade opportunities consists of removing borders by increasing country size. At a later stage, instead, it consists of removing the cost of borders by creating international unions. This leads to a reduction in...
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作者：van Veldhuizen, Roel
作者单位：Lund University
摘要：A long line of laboratory experiments has found that women are less likely to sort into competitive environments. Although part of this effect may be explained by gender differences in risk attitudes and self-confidence, previous studies have attributed the majority of the gender gap to gender differences in a competitiveness trait. I re-examine this result using a novel experiment that allows me to separate competitiveness from alternative explanations using causal treatments. In contradictio...
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作者：Dragusanu, Raluca; Montero, Eduardo; Nunn, Nathan
作者单位：University of Chicago; Harvard University; Canadian Institute for Advanced Research (CIFAR); University of British Columbia
摘要：We study the effects of Fair Trade (FT) certification of coffee on producers and households in Costa Rica. Examining the production dynamics of all Costa Rican coffee mills from 1999 to 2014, we find that when global coffee prices are lower and the FT guaranteed minimum price is binding, FT certification is associated with a higher sales price, greater sales, and more revenues. We also find that certification reduces the probability of a mill closing down and exiting the industry. Looking at h...
