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作者：Gonzalo Llosa, Luis; Venkateswaran, Venky
作者单位：Pontificia Universidad Catolica del Peru; New York University
摘要：Do private incentives to acquire information reflect the full social value of such information? We show that the answer to this question is typically negative in a canonical business cycle setting, where firms set prices under imperfect information about aggregate productivity. The wedge between private and social values of information is related to market power and ex-post inefficiencies in the use of information. The first reduces the private value of information (relative to its social valu...
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作者：John, Anett; Orkin, Kate
作者单位：University of Birmingham; University of Oxford; University of Oxford
摘要：Behavioral constraints may explain part of the low demand for preventive health products. We test the effects of two light-touch psychological interventions on water chlorination and related health and economic outcomes using a randomized controlled trial among 3,750 women in rural Kenya. One intervention encourages participants to visualize alternative realizations of the future, and the other builds participants' ability to make concrete plans. After 12 weeks, visualization increases objecti...
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作者：Kircher, Philipp
作者单位：Cornell University; University of Edinburgh
摘要：Formal job search has undergone massive transformations in the last two decades with the move to online platforms. This makes more stages of the job search process observable, and allows researchers to intervene in this market and improve the design of the job search process and the information available in it. This paper showcases studies that illustrate the potential of analyzing online job search data and of intervening in the online job search process. It presents the current insights and ...
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作者：Malik, Adeel; Mirza, Rinchan Ali
作者单位：University of Oxford; University of Kent
摘要：YY This paper offers a novel illustration of the political economy of religion by examining the impact of religious elites on development. We compile a unique database on holy Muslim shrines across Pakistani Punjab and construct a historical panel of literacy spanning over a century (1901-2011). Using the 1977 military takeover as a universal shock that gave control over public goods to politicians, our difference-in-differences analysis shows that areas with a greater concentration of shrines...
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作者：Chen, Natalie; Chung, Wanyu; Novy, Dennis
作者单位：University of Warwick; University of Birmingham
摘要：Using detailed firm-level transactions data for UK imports, we find that invoicing in a vehicle currency is pervasive, with more than half of the transactions in our sample invoiced in neither sterling nor the exporter's currency. We then study the relationship between invoicing currencies and the response of import unit values to exchange rate changes. We find that for transactions invoiced in a vehicle currency, import unit values are much more sensitive to changes in the vehicle currency th...
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作者：Dauth, Wolfgang; Findeisen, Sebastian; Moretti, Enrico; Suedekum, Jens
作者单位：Otto Friedrich University Bamberg; University of Konstanz; University of California System; University of California Berkeley
摘要：Using administrative German data, we show that large cities allow for a more efficient matching between workers and firms and this has important consequences for geographical inequality. Specifically, the match between high-quality workers and high-quality plants is significantly tighter in large cities relative to small cities. Wages in large cities are higher not only because of the higher worker quality but also because of a stronger assortative matching. Strong assortative matching in larg...
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作者：Bielecki, Marcin; Brzoza-Brzezina, Michal; Kolasa, Marcin
作者单位：University of Warsaw; Narodowy Bank Polski; Warsaw School of Economics
摘要：This paper investigates the distributional consequences of monetary policy across generations. We use a life-cycle modelwith a rich asset structure as well as nominal and real rigidities, calibrated to the euro area using both macroeconomic aggregates and microeconomic evidence from the Household Finance and Consumption Survey. Life-cycle considerations allow to demonstrate the key role of maturing assets (in contrast to balance sheet holdings) for properly assessing the redistributive effects...
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作者：Avdjiev, Stefan; Hardy, Bryan; Kalemli-Ozcan, Sebnem; Serven, Luis
作者单位：Bank for International Settlements (BIS); University System of Maryland; University of Maryland College Park
摘要：We construct a new quarterly data set of international capital flows broken down by sector-banks, corporates, and sovereigns-and demonstrate the importance of distinguishing capital flows by the sector of domestic borrowers and lenders. We document four new sets of facts. First, banks account for the largest part of the external debt (stocks and flows) in advanced economies, whereas in emerging markets, banks, corporates, and sovereigns have roughly equal shares. Second, the high correlation b...
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作者：Arias, Eric; Larreguy, Horacio; Marshall, John; Querubin, Pablo
作者单位：Instituto Tecnologico Autonomo de Mexico; Columbia University; New York University
摘要：Effective policy-making requires that voters avoid electing malfeasant politicians. However, informing voters of incumbent malfeasance in corrupt contexts may not reduce incumbent support. As our simple learning model shows, electoral sanctioning is limited where voters already believed incumbents to be malfeasant, while information's effect on turnout is non-monotonic in the magnitude of reported malfeasance. We conducted a field experiment in Mexico that informed voters about malfeasant mayo...
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作者：Campo, Francesco; Mendola, Mariapia; Morrison, Andrea; Ottaviano, Gianmarco
作者单位：University of Milano-Bicocca; University of Pavia; Utrecht University; Bocconi University; Bocconi University; University of London; London School Economics & Political Science; Bocconi University
摘要：We investigate the importance of co-ethnic networks and diversity in determining immigrant inventors' settlements in the United States by following the location choices of thousands of them across counties during the Age of Mass Migration. To do so, we combine a unique United States Patent and Trademark Office historical patent dataset on immigrants who arrived as adults with Census data and exploit exogenous variation in both immigration flows and diversity induced by former settlements, WWI,...
