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作者：Ye, Han
作者单位：University of Mannheim
摘要：I estimate the effect of additional pension benefits on women's retirement decisions by examining a German pension subsidy program. The subsidies have a kinked relationship with the recipients' past pension contributions, creating a sharply different slope of benefits for similar women on either side of the kink point. I find that a 100 euro increase in the monthly benefit induces female recipients to claim their pensions six months earlier. Recipients also adjust their labor supply by using u...
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作者：Attanasio, Orazio; Baker-Henningham, Helen; Bernal, Raquel; Meghir, Costas; Pineda, Diana; Rubio-Codina, Marta
作者单位：Yale University; Norwegian School of Economics (NHH); Bangor University; University West Indies Mona Jamaica; Universidad de los Andes (Colombia); Inter-American Development Bank
摘要：Early childhood development is becoming the focus of policy worldwide. However, the evidence on the effectiveness of scalable models is scant, particularly when it comes to infants in developing countries. In this paper, we describe and evaluate with a cluster-Randomized Controlled Trial an intervention designed to improve the quality of child stimulation within the context of an existing parenting program in Colombia, known as FAMI. The intervention improved children's development by 0.16 of ...
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作者：Zhang, Donghai
作者单位：University of Bonn
摘要：Monetary policy shocks affect interest rates at long horizons (10 years or more). Furthermore, the private sectoras real GDP forecasts are revised upward in response to a monetary tightening. These facts challenge the prevailing theories in academic and policy circles. In this paper, I propose a micro-founded model to rationalize those facts, based on the signaling channel of monetary policy. I consider a framework where the central bank has private information about future economic conditions...
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作者：Kiiashko, Sergii
作者单位：National Bank of Ukraine; Kyiv School of Economics; National Bank of Ukraine
摘要：I develop a tractable model to study the optimal debt maturity structure and fiscal policy in an environment with incomplete markets, lack of commitment, and opportunity to default by the government. I show that the Lucas and Stokey time-consistency result can be extended to environments with an opportunity of outright default. The maturity is used to resolve the time-consistency problem. I show that if both risk-free interest rates and risk premiums can be manipulated, then the optimal maturi...
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作者：Corsetti, Giancarlo; Duarte, Joao B.; Mann, Samuel
作者单位：University of Cambridge; Universidade Nova de Lisboa; International Monetary Fund
摘要：We study heterogeneity in the transmission of monetary shocks across euro-area (EA) countries using a dynamic factor model and high-frequency identification. Deploying a novel methodology to asses the degree of heterogeneity, we find it to be low in financial variables and output but significant in consumption, consumer prices, and variables related to local housing and labour markets. We show that a large proportion of the variation in the responses to monetary shocks can be accounted for by ...
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作者：Jarvis, Stephen; Deschenes, Olivier; Jha, Akshaya
作者单位：University of London; London School Economics & Political Science; University of California System; University of California Santa Barbara; Carnegie Mellon University
摘要：Many countries have phased out nuclear power in response to concerns about nuclear waste and the risk of nuclear accidents. This paper examines the shutdown of more than half of the nuclear production capacity in Germany after the Fukushima accident in 2011. We use hourly data on power plant operations and a machine learning approach to estimate the impacts of the phase-out policy. We find that reductions in nuclear electricity production were offset primarily by increases in coal-fired produc...
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作者：Ahlvik, Lassi; Liski, Matti
作者单位：University of Helsinki; Aalto University
摘要：How to fight global problems with local tools? When only firms know what externality-producing activities can be relocated, policies shape the location distribution of firm types with different social values. We find that, because of this selection effect, the optimal local policies confront firms' mobility with elevated corrective externality prices, in contrast with the common remedies for the relocation risk. Our mechanism incentivizes also moving firms to limit the externality, and it infl...
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作者：Bjorkman Nyqvist, Martina; Svensson, Jakob; Yanagizawa-Drott, David
作者单位：Stockholm School of Economics; Stockholm University; University of Zurich
摘要：How can quality be improved in markets in developing countries, which are known to be plagued by substandard and counterfeit (fake, in short) products? We study the market for antimalarial drugs in Uganda, where we randomly assign entry of a retailer (non-governmental organization (NGO)) providing a superior product-an authentic drug priced below the market-and investigate how incumbent firms and consumers respond. We find that the presence of the NGO had economically important effects. Approx...
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作者：Sovinsky, Michelle
作者单位：University of Mannheim
摘要：Every year thousands of firms are engaged in research joint ventures (RJV), where all knowledge gained through research and development (R&D) is shared among members. Most of the empirical literature assumes members are non-cooperative in the product market. But many RJV members are rivals leaving open the possibility that firms may form RJVs to facilitate product market collusion. We examine this by exploiting variation in RJV formation generated by a policy change that affects the collusive ...
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作者：Acharya, Sushant; Dogra, Keshav
作者单位：Bank of Canada; Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：We present an incomplete markets model to understand the costs and benefits of increasing government debt when an increased demand for safety pushes the natural rate of interest below zero. A higher demand for safe assets causes the zero lower bound (ZLB) to bind, increasing unemployment. Higher government debt satiates the demand for safe assets, raising the natural rate, and restoring full employment. However, this entails permanently lower investment, which reduces welfare, since our econom...
