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作者：Alpanda, Sami; Kabaca, Serdar
作者单位：State University System of Florida; University of Central Florida; Bank of Canada
摘要：This paper evaluates the international spillover effects of large-scale asset purchases (LSAPs) using an estimated two-country dynamic stochastic general-equilibrium model with nominal and real rigidities and portfolio balance effects. Portfolio balance effects arise from imperfect substitutability between short- and long-term bond portfolios in each country, as well as between domestic and foreign bonds within these portfolios. We show that LSAPs in the United States lower long-term yields an...
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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
摘要：Using administrative data on firms and workers in Germany, we quantify the spillover effects of mass layoffs. Our empirical strategy combines matching with an event study approach to trace employment and wages in regions hit by a mass layoff relative to suitable control regions. We find sizable and persistent negative spillover effects on the regional economy: regions, and especially firms producing in the same broad industry as the layoff plant, lose many more jobs than in the initial layoff....
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作者：Markussen, Simen; Roed, Knut
摘要：Based on complete population data, with the exact same definitions of family class background and economic outcomes for a large number of birth cohorts, we examine post-war trends in intergenerational economic mobility in Norway. Standard summary statistics indicate stable or mildly declining rank-rank mobility for sons and sharply declining mobility for daughters. The most conspicuous trend in the mobility patterns is that men and women born into the lowest parts of the parental earnings dist...
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作者：Duarte, Margarida; Restuccia, Diego
作者单位：University of Toronto
摘要：The relative price of services rises with development. A standard interpretation of this fact is that productivity differences across countries are larger in manufacturing than in services. The service sector comprises heterogeneous categories and we document that many disaggregated service categories feature a negative income elasticity of relative prices. We divide service industries into two broad categories based on the income gradient of its relative price: traditional services with posit...
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作者：Baltrunaite, Audinga
作者单位：European Central Bank; Bank of Italy
摘要：This paper studies whether firms trade political contributions for public procurement contracts. Combining data on Lithuanian government tenders, corporate donors, and firm characteristics, I examine how a ban on corporate contributions affects the awarding of procurement contracts to companies that donated in the past. Consistent with political favoritism, donors' probability of winning falls by five percentage points as compared to that of nondonor firms after the ban. Evidence on bidding an...
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作者：Brollo, Fernanda; La Ferrara, Eliana; Kaufmann, Katja
作者单位：University of Warwick; Bocconi University; University of Mannheim
摘要：Do politicians manipulate the enforcement of conditional welfare programs to influence electoral outcomes? We study the Bolsa Familia Program (BFP) in Brazil, which provides a monthly stipend to poor families conditional on school attendance. Repeated failure to comply with this requirement results in increasing penalties. First, we exploit random variation in the timing when beneficiaries learn about penalties for noncompliance around the 2008 municipal elections. We find that the vote share ...
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作者：Carozzi, Felipe
作者单位：University of London; London School Economics & Political Science
摘要：During the housing bust of 2008-2009, housing prices and transaction volumes fell across the United Kingdom. Although the drop in prices was similar across housing types, transaction volumes fell more for units at the lower end of the market. I document this fact and provide panel and instrumental variable estimates showing its link with tightening credit conditions in England and Wales during 2008. I then use an overlapping-generation framework to relate the change in the composition of sales...
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作者：De Nardi, Mariacristina; Fella, Giulio; Paz-Pardo, Gonzalo
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; University of London; University College London; University of London; Queen Mary University London
摘要：Earnings dynamics are much richer than typically assumed in macro models with heterogeneous agents. This holds for individual-pre-tax and household-post-tax earnings and across administrative and survey data. We estimate two alternative processes for household after-tax earnings and study their implications using a standard life-cycle model. Both processes feature a persistent and a transitory component, but although the first one is the canonical linear process with stationary shocks, the sec...
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作者：Spiegler, Ran
作者单位：Tel Aviv University; University of London; University College London
摘要：An agent forms estimates (or forecasts) of individual variables conditional on some observed signal. His estimates are based on fitting a subjective causal model-formalized as a directed acyclic graph, following the Bayesian networks literature-to objective long-run data. I show that the agent's average estimates coincide with the variables' true expected value (for any underlying objective distribution) if and only if the agent's graph is perfect-that is, it directly links every pair of varia...
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作者：van Leeuwen, Boris; Schram, Arthur; Offerman, Theo
作者单位：Tilburg University; University of Amsterdam; European University Institute
摘要：We investigate a mechanism that facilitates the provision of public goods in a network formation game. We show how competition for status encourages a core player to realize efficiency gains for the entire group. In a laboratory experiment we systematically examine the effects of group size and exogenously monetarized status rents. The experimental results provide very clear support for the concept of challenge-freeness, a refinement that predicts when a repeated game equilibrium will be playe...
