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作者：Tan, Teck Yong
作者单位：Nanyang Technological University
摘要：This paper studies how reduced oversight creates an incentive for process innovation. With incomplete contracts, tight monitoring of workers creates a ratchet effect of innovation. Under reduced oversight, a worker accrues private knowledge about his innovation, which serves as a substitute for its inalienable property rights. The resulting asymmetric information generates an information rent for the worker, which feeds back as an innovation incentive ex ante. A weak early production incentive...
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作者：Hachula, Michael; Piffer, Michele; Rieth, Malte
作者单位：Leibniz Association; DIW Berlin - Deutsches Institut fur Wirtschaftsforschung; University of London; Queen Mary University London
摘要：We study the macroeconomic effects of unconventional monetary policy in the euro area using structural vector autoregressions, identified with external instruments. The instruments are based on the common unexpected variation in euro area sovereign yields for different maturities on policy announcement days. We first show that expansionary monetary surprises are effective at lowering public and private interest rates and increasing economic activity, consumer prices, and inflation expectations...
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作者：Kitamura, Shuhei; Lagerlof, Nils-Petter
作者单位：University of Osaka; York University - Canada
摘要：Some of the richest places in the world have very high historical border presence, and are often located in particular geographic environments. In this paperwe compile grid-cell level data on borders between sovereign states in Europe and surrounding areas from 1500 until today to document that state borders tend to be located in rugged and mountainous terrain, by rivers, and where it rains a lot. Moreover, two commonly used measures of economic activity-night lights and population density-are...
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作者：Vogl, Tom S.
作者单位：University of California System; University of California San Diego
摘要：Evolutionary theorists have long noted that intergenerational transmission in fertility may counteract aggregate fertility decline through a process of natural selection. I study this evolutionary process by estimating how intergenerational associations in fertility vary over the fertility transition and feed back into the level of average fertility. Microdata from 40 developing countries indicate that intergenerational persistence breaks down at the onset of the fertility transition but then ...
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作者：Gathmann, Christina; Helm, Ines; Schoenberg, Uta
作者单位：Ruprecht Karls University Heidelberg; Stockholm University; University of London; University College London
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作者：Bianchi, Nicola; Giorcelli, Michela
作者单位：Northwestern University; University of California System; University of California Los Angeles
摘要：This paper studies the effects of university STEM education on innovation and labor market outcomes by exploiting a change in enrollment requirements in Italian STEM majors. University-level scientific education had two direct effects on the development of patents by students who had acquired a STEM degree. First, the policy changed the direction of their innovation. Second, it allowed these individuals to reach top positions within firms and be more involved in the innovation process. STEM de...
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作者：Bharadwaj, Prashant; Lakdawala, Leah K.; Li, Nicholas
作者单位：University of California System; University of California San Diego; Michigan State University; University of Toronto
摘要：Although bans against child labor are a ubiquitous policy tool, there is very little empirical evidence on their effectiveness. In this paper, we examine the consequences of India's landmark legislation against child labor, the Child Labor (Prohibition and Regulation) Act of 1986. Using data from employment surveys conducted before and after the ban, and using age restrictions that determined whom the ban applied to, we show that the relative probability of child employment increases and child...
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作者：Cui, Wei; Radde, Soeren
作者单位：University of London; University College London
摘要：We develop a search-theory of asset liquidity which gives rise to endogenous financing constraints on investment in an otherwise standard dynamic general equilibrium model. Asset liquidity describes the ease of issuance and resaleability of private financial claims, which is the outcome of a costly search-and-matching process for such claims implemented by financial intermediaries. Limited liquidity of private claims creates a role for liquid assets, such as government bonds, to ease financing...
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作者：de Pleijt, Alexandra; Nuvolari, Alessandro; Weisdorf, Jacob
作者单位：University of Oxford; Utrecht University; Queens University Belfast; Scuola Superiore Sant'Anna; University of Southern Denmark
摘要：We examine the effect of technical change on human capital formation during England's Industrial Revolution. Using the number of steam engines installed by 1800 as a synthetic indicator of technological change and occupational statistics to measure working skills (using HISCLASS), we establish a positive correlation between the use of steam engines and the share of skilled workers at the county level. We use exogenous variation in carboniferous rock strata (containing coal to fuel the engines)...
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作者：Levchenko, Andrei A.; Pandalai-Nayar, Nitya
作者单位：University of Michigan System; University of Michigan; University of Texas System; University of Texas Austin
摘要：We propose a novel identification scheme for a nontechnology business cycle shock, which we label sentiment. This is a shock orthogonal to identified surprise and news TFP shocks that maximize the short-run forecast error variance of an expectational variable, alternatively a GDP forecast or a consumer confidence index. We then estimate the international transmission of three identified shocks-surprise TFP, news of future TFP, and sentiment-from the United States to Canada. The US sentiment sh...
