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作者：Ruzic, Dimitrije; Ho, Sui-Jade
作者单位：INSEAD Business School
摘要：Aggregate productivity suffers when workers and machines are not matched with their most productive uses. This paper builds a model that features industry-specific markups, industry-specific returns to scale, and establishment-specific distortions and uses it to measure the extent of this misallocation in the economy. Applying the model to restricted U.S. Census microdata on the manufacturing sector suggests that misallocation declined by 13% between 1982 and 2007. The finding of declining mis...
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作者：Antman, Francisca M.
作者单位：University of Colorado System; University of Colorado Boulder
摘要：This paper explores the impact of water quality on mortality by exploiting a natural experiment: the rise of tea consumption in eighteenth century England. This resulted in an unintentional increase in consumption of boiled water, thereby reducing mortality rates. The methodology uses two identification strategies tying areas with lower initial water quality to larger declines in mortality rates after tea drinking became widespread and following larger volumes of tea imports. Results are robus...
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作者：Jones, Callum
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：By the end of 2019, U.S. output was 14% below the level predicted by its pre-2008 trend. To understand why, I develop and estimate a model of the United States with demographics, real and monetary shocks, and the occasionally binding zero lower bound on nominal rates. Demographic shocks generate slow-moving trends in interest rates, employment, and productivity. Demographics alone can explain about 40% of the gap between log output per capita and its linear trend by 2019. By lowering interest ...
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作者：La Nauze, Andrea
作者单位：University of Queensland; Leibniz Association; Ifo Institut
摘要：I test whether economic incentives impact peer effects in public-good settings. I study how a visible and subsidized contribution to a public good (installing solar panels) affects peer contributions to the same good that are neither subsidized nor visible (electing green power). Exploiting spatial variation in the feasibility of installing solar panels, I find that on average panels increase voluntary purchases of green power by neighbors. However, when subsidies to solar are high, solar pane...
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作者：Berge, Travis J.
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：A factor stochastic volatility model estimates the common component to output gap estimates produced by the staff of the Federal Reserve, its time-varying volatility, and time-varying, horizon-specific forecast uncertainty. The output gap estimates are uncertain even well after the fact. Nevertheless, the common component is clearly procyclical, and positive innovations to the common component produce movements in macroeconomic variables consistent with an increase in aggregate demand. Heighte...
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作者：Brunner, Eric J.; Dougherty, Shaun M.; Ross, Stephen L.
作者单位：University of Connecticut; Vanderbilt University
摘要：We examine the effect of attending stand-alone technical high schools in Connecticut using regression discontinuity. Male students are 10 percentage points more likely to graduate from high school and have half a semester less time enrolled in college. Male students have 32% higher average quarterly earnings. Earnings effects may in part reflect general skills: male students have higher attendance rates and test scores, industry fixed effects explain less than one-third of earnings gains, and ...
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作者：Carreri, Maria; Teso, Edoardo
作者单位：University of California System; University of California San Diego; Northwestern University
摘要：We study if U.S. members of Congress who experienced an economic recession during early adulthood vote differently on redistribution-specific bills. We find that politicians who experienced a recession hold more conservative positions on redistribution, even compared to members of the same party. In light of recent empirical evidence showing that voters become more supportive of redistribution following a recession, our findings suggest that macroeconomic shocks might have a polarizing effect:...
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作者：Manso, Gustavo; Balsmeier, Benjamin; Fleming, Lee
作者单位：University of California System; University of California Berkeley; University of Luxembourg
摘要：Schumpeter (1939) claims that recessions are periods of creative destruction, concentrating innovation that is useful for the long-term growth of the economy. However previous research finds that standard measures of firms' innovation, such as R&D expenditures or raw patent counts, concentrate in booms. We argue that these measures do not capture shifts in firms' innovative search strategies. We contemplate firms' choice between exploration versus exploitation over the business cycle and find ...
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作者：Mora-Garcia, Claudio A.; Rau, Tomas
作者单位：INCAE Business School; IZA Institute Labor Economics
摘要：This paper studies the effects of peers on the adoption of a Youth Employment Subsidy in Chile since its inception. We examine the effects that former classmates' and coworkers' adoption have on one's adoption. Identification comes from discontinuities in the assignment rule that allow us to construct valid instrumental variables for peers' adoption. Using a comprehensive set of administrative records, we find that classmates and especially coworkers play significant roles in the adoption of t...
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作者：Ferreira, Fernando; Gyourko, Joseph
作者单位：University of Pennsylvania; National Bureau of Economic Research
摘要：We provide novel estimates of the location, timing, magnitude, and determinants of the start of the previous U.S. housing boom. The housing cycle cannot be interpreted as a single, national event, as different markets began to boom across a decade-long period, some of them multiple times. A fundamental factor, income of prospective buyers, can account for half of the initial jump in price growth, while expansion of purchases by underrepresented minorities cannot. The start of the boom also was...
