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作者：Dube, Oeindrila; Garcia-Ponce, Omar; Thom, Kevin
作者单位：New York University
摘要：Understanding how economic incentives affect illegal drug production is essential for crafting policies in response to the international drug trade. Policymakers typically face a choice between two strategies: targeting criminal groups via law enforcement, and offering producers incentives to engage in alternate activities. Yet, little is known about how the returns to alternate legal activities affect drug supply. We contribute to this literature by examining how shocks to legal commodity pri...
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作者：Lancia, Francesco; Russo, Alessia
作者单位：University of Vienna; University of Oslo
摘要：Adynamic political economy theory of fiscal policy is presented to explain the simultaneous existence of public education and pensions in modern democracies. The driving force of the model is the intergenerational conflict over the allocation of the public budget. Successive generations of voters choose fiscal policies through repeated elections. The political power of elderly voters creates the motive for adults to support public investment in the human capital of future generations since it ...
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作者：Kalemli-Oezcan, Sebnem; Reinhart, Carmen; Rogoff, Kenneth
作者单位：Center for Economic & Policy Research (CEPR); University System of Maryland; University of Maryland College Park; National Bureau of Economic Research; Harvard University
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作者：Griffith, Rachel; Lluberas, Rodrigo; Luhrmann, Melanie
作者单位：University of London; London School Economics & Political Science; University of Manchester; University ORT Uruguay; University of London; Royal Holloway University London
摘要：The rise in obesity has largely been attributed to an increase in calorie consumption. We show that official government household survey data indicate that levels of calorie consumption have declined in England between 1980 and 2013; while there has been an increase in calories from food eaten out at restaurants, fast food, soft drinks and confectionery, overall there has been a decrease in total calories purchased. Households have shifted towards more expensive calories, both by substituting ...
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作者：Butler, Jeffrey V.; Giuliano, Paola; Guiso, Luigi
作者单位：Louisiana State University System; Louisiana State University; University of California System; University of California Los Angeles
摘要：We investigate the relationship between individual trust and individual economic performance. We find that individual income is hump-shaped in a measure of intensity of trust beliefs. Our interpretation is that highly trusting individuals tend to assume too much social risk and to be cheated more often, ultimately performing less well than those with a belief close to the mean trustworthiness of the population. However, individuals with overly pessimistic beliefs avoid being cheated, but give ...
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作者：Levy, Matthew; Tasoff, Joshua
作者单位：University of London; London School Economics & Political Science; Claremont Colleges; Claremont Graduate University
摘要：Exponential- growth bias (EGB) is the tendency for individuals to partially neglect compounding of exponential growth. We develop a model wherein biased agents misperceive the intertemporal budget constraint, and derive conditions for overconsumption and dynamic inconsistency. We construct an incentivized measure of EGB in a US-representative population and find substantial bias, with approximately one third of subjects estimated as the fully biased type. The magnitude of the bias is negativel...
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作者：Hale, Galina; Obstfeld, Maurice
作者单位：Federal Reserve System - USA; University of California System; University of California Berkeley
摘要：Greater financial integration between core and peripheral European Monetary Union (EMU) members not only had an effect on both sets of countries but also spilled over beyond the euro area. Lower interest rates allowed peripheral countries to run bigger deficits, which inflated their economies by allowing credit booms. Core EMU countries took on extra foreign leverage to expose themselves to the peripherals. We present a stylized model that illustrates possible mechanisms for these developments...
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作者：Reinhart, Carmen M.; Trebesch, Christoph
作者单位：Harvard University; University of Munich
摘要：This paper studies sovereign debt relief in a long-term perspective. We quantify the relief achieved through default and restructuring in two distinct samples: 1920-1939, focusing on the defaults on official (government to government) debt in advanced economies after World War I; and 1978-2010, focusing on emerging market debt crises with private external creditors. Debt relief was substantial in both eras, averaging 21% of GDP in the 1930s and 16% of GDP in recent decades. We then analyze the...
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作者：Fisman, Raymond; Harmon, Nikolaj A.; Kamenica, Emir; Munk, Inger
作者单位：Boston University; University of Copenhagen; University of Chicago
摘要：Using data on Members of the European Parliament (MEPs), we examine the impact of salaries on the composition and the behavior of legislators. Employing a differences-in-differences approach, we exploit the introduction of a law that equalized MEPs' salaries which had previously differed by as much as a factor of 10. Increasing salaries raises the fraction of MEPs who run for re-election but decreases the quality of elected MEPs (proxied by college quality). Salary has no discernible impact on...
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作者：Cantoni, Davide
作者单位：University of Munich
摘要：Following Max Weber, many theories have hypothesized that Protestantism should have favored economic development. With its religious heterogeneity, the Holy Roman Empire presents an ideal testing ground for this hypothesis. Using population figures of 272 cities in the years 1300-1900, I find no effects of Protestantism on economic growth. The finding is precisely estimated, robust to the inclusion of various controls, and does not depend on data selection or small sample size. Denominational ...
