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作者：Kaas, Leo; Kocharkov, Georgi; Preugschat, Edgar; Siassi, Nawid
作者单位：Goethe University Frankfurt; Deutsche Bundesbank; Dortmund University of Technology; Technische Universitat Wien
摘要：The homeownership rate in Germany is one of the lowest among advanced economies. To better understand this fact, we evaluate the role of specific housing policies that tend to discourage homeownership. In comparison to other countries with higher homeownership such as the United States, Germany has an extensive social housing sector with broad eligibility criteria, high transfer taxes when buying real estate, and no tax deductions for mortgage interest payments by owner-occupiers. We build a l...
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作者：Cantore, Cristiano; Ferroni, Filippo; Leon-Ledesma, Miguel
作者单位：Bank of England; University of Surrey; Federal Reserve System - USA; Federal Reserve Bank - Chicago; University of Kent
摘要：The textbook New Keynesian (NK) model implies that the labor share is procyclical conditional on a monetary policy shock. We present evidence that a monetary policy tightening robustly increased the labor share and decreased real wages during the Great Moderation period in the United States, the Euro Area, the United Kingdom, Australia, and Canada. We show that this is inconsistent not only with the basic NK model, but also with medium-scale NK models commonly used for monetary policy analysis...
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作者：Lichter, Andreas; Loeffler, Max; Siegloch, Sebastian
作者单位：Heinrich Heine University Dusseldorf; Leibniz Association; Zentrum fur Europaische Wirtschaftsforschung (ZEW); University of Mannheim; Maastricht University
摘要：We investigate the long-run effects of government surveillance on civic capital and economic performance, studying the case of the Stasi in East Germany. Exploiting regional variation in the number of spies and administrative features of the system, we combine a border discontinuity design with an instrumental variable strategy to estimate the long-term, post-reunification effect of government surveillance. We find that a higher spying density led to persistently lower levels of interpersonal ...
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作者：Yu, Pei Cheng
摘要：This paper incorporates quasi-hyperbolic discounting into a Mirrlees taxation model to study the design of retirement policies for present-biased agents. I show that the government can improve the screening of productivity by exploiting time inconsistency. This is done by providing commitment to sophisticated agents and taking advantage of the incorrect beliefs of naive agents. This can be achieved even if the degrees of present bias and sophistication are private information. I also demonstra...
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作者：Eyster, Erik; Madarasz, Kristof; Michaillat, Pascal
作者单位：University of California System; University of California Santa Barbara; University of London; London School Economics & Political Science; Brown University
摘要：This paper proposes a theory of pricing premised upon the assumptions that customers dislike unfair prices-those marked up steeply over cost-and that firms take these concerns into account when setting prices. Because they do not observe firms' costs, customers must extract costs from prices. The theory assumes that customers infer less than rationally: When a price rises due to a cost increase, customers partially misattribute the higher price to a higher markup-which they find unfair. Firms ...
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作者：Chakravarty, Abhishek; Parey, Matthias; Wright, Greg C.
作者单位：University of Manchester; University of Surrey; University of California System; University of California Merced
摘要：We estimate the effects of in-utero exposure to a trade embargo on survival and human capital in an import-dependent developing country. Using a regression discontinuity design, we find that a nearly comprehensive embargo imposed by India on Nepal in 1989 led to a large decline in reported live births, and increased early life mortality. The decline in births is concentrated in poorer, more remote districts, and is sharper for female births than male births, consistent with documented gender d...
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作者：Fasani, Francesco; Frattini, Tommaso; Minale, Luigi
作者单位：University of London; Queen Mary University London; University of Milan; Universidad Carlos III de Madrid
摘要：This paper investigates the medium- to long-term effects on refugee labour market outcomes of the temporary employment bans being imposed on asylum seekers in many countries. Using a newly collected data set on employment restrictions together with individual data for refugees entering European countries between 1985 and 2012, our empirical strategy exploits the geographical and temporal variation in employment bans generated by their staggered introduction and removal coupled with frequent ch...
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作者：Boeri, Tito; Ichino, Andrea; Moretti, Enrico; Posch, Johanna
作者单位：Bocconi University; European University Institute; University of Bologna; University of California System; University of California Berkeley
摘要：Italy and Germany have similar geographical differences in firm productivity-with the North more productive than the South in Italy and the West more productive than the East in Germany-but have adopted different models of wage bargaining. Italy sets wages based on nationwide contracts that allow for limited local wage adjustments, while Germany has moved toward a more flexible system that allows for local bargaining. We find that Italy exhibits limited geographical wage differences in nominal...
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作者：Jacquet, Laurence; Lehmann, Etienne
作者单位：CY Cergy Paris Universite; Centre National de la Recherche Scientifique (CNRS); Universite Paris-Pantheon-Assas
摘要：Providing estimable sufficient statistics to give policy prescriptions has become a widespread approach, a well-known limitation of which is the endogeneity of sufficient statistics to the policy. Using optimal tax policy as our field of application, we highlight a new source of endogeneity. It arises under multidimensional heterogeneity, because optimal tax formulas are then expressed as functions of weighted means of sufficient statistics computed at the individual level and the weights are ...
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作者：Nistic, Salvatore
