-
作者：Druedahl, Jeppe; Martinello, Alessandro
作者单位：University of Copenhagen
摘要：We exploit inheritance episodes to provide novel causal evidence on the long-run effects of a large financial windfall on saving behavior. For identification, we combine a longitudinal panel of administrative wealth reports with variation in the timing of sudden, unexpected parental deaths. We show that after inheritance, net worth converges toward the path established before parental death, with only one-third of the initial windfall remaining after nine years. We interpret these findings thr...
-
作者：Wilson, Riley
作者单位：Brigham Young University
摘要：Using the Social Connectedness Index (Bailey, Cao, Kuchler, Stroebel et al., 2018) to capture county-to-county Facebook linkages, I explore how county-level earned income tax credit (EITC) claiming behavior changes when the county's out-of-state social network is exposed to a newly implemented state EITC. Having more out-of-state friends face a state EITC shifts the composition of EITC claims toward more self-employment claiming. EITC-claiming households' income distribution also shifts, movin...
-
作者：Guerra, Jose-Alberto; Mohnen, Myra
作者单位：Universidad de los Andes (Colombia); University of Essex; University of Ottawa; University of London; London School Economics & Political Science
摘要：We study the importance of social interactions on occupational choice in Victorian London using a multinomial choice model within an incomplete social network. Individuals form heterogeneous rational expectations about their peers' behaviors, taking into account their characteristics and the strength of their ties. We show the conditions under which the endogenous, exogenous, and correlated effects can be identified and a unique equilibrium can be established, Using a novel data set, we proxy ...
-
作者：Aucejo, Esteban; Romano, Teresa; Taylor, Eric S.
作者单位：Arizona State University; Arizona State University-Tempe; Emory University; Harvard University
摘要：We document measurable, lasting gains in student achievement caused by a change in teachers' evaluation incentives. A short-lived rule created a discontinuity in teachers' incentives when allocating effort across their assigned students: students who failed an initial end-of-year test were retested a few weeks later, and then only the higher of the two scores was used when calculating the teacher's evaluation score. One year later, long after the discontinuity in incentives had ended, retested...
-
作者：Novan, Kevin; Smith, Aaron; Zhou, Tianxia
作者单位：University of California System; University of California Davis
摘要：In 1978, California adopted building codes designed to reduce the energy used for temperature control. Using a rich data set of hourly electricity consumption for 158,112 houses in Sacramento, we estimate that the average house built just after 1978 uses 8% to 13% less electricity for cooling than a similar house built just before 1978. Comparing the estimated savings to the policy's projected cost, our results suggest the policy passes a cost-benefit test. In settings where market failures pr...
-
作者：Le Moglie, Marco; Sorrenti, Giuseppe
作者单位：Catholic University of the Sacred Heart; University of Amsterdam
摘要：We study the investment of organized crime in the legal economy. By using the shock induced on the Italian credit market by the 2007 subprime mortgage crisis, we document how provinces with a high organized crime presence have been affected less by the crisis in terms of the establishment of new enterprises than provinces with a lower criminal infiltration. We provide evidence that the lower impact of the crisis is consistent with the presence of investments by organized crime in the legal eco...
-
作者：Gelman, Michael
作者单位：Claremont Colleges; Claremont McKenna College; Claremont Graduate University
摘要：Many studies have shown that consumption responds to the arrival of predictable income (excess sensitivity). This paper uses a buffer stock model of consumption to understand what causes excess sensitivity and to test which parameterization is consistent with empirical excess sensitivity estimates. Using high-frequency granular data from a personal finance app, I find that while liquidity constraints are a proximate cause, preferences are the ultimate cause of excess sensitivity. Furthermore, ...
-
作者：Carriero, Andrea; Clark, Todd E.; Marcellino, Massimiliano
作者单位：University of London; Queen Mary University London; University of Bologna; Federal Reserve System - USA; Federal Reserve Bank - Cleveland; Bocconi University
摘要：Carriero, Clark, and Marcellino (2018, CCM2018) used a large BVAR model with a factor structure to stochastic volatility to produce an estimate of time-varying macroeconomic and financial uncertainty and assess the effects of uncertainty on the economy. The results in CCM2018 were based on an estimation algorithm that has recently been shown to be incorrect by Bognanni (2022) and fixed by Carriero et al. (2022). In this corrigendum we use the algorithm correction of Carriero et al. (2022) to c...
-
作者：Monarch, Ryan
作者单位：Syracuse University
摘要：Costs from switching suppliers can affect prices by discouraging buyer movements from high- to low-cost sellers. This paper uses confidential data on U.S. importers and their Chinese exporters to investigate these costs. I find barriers to supplier adjustments: nearly half of importers keep their partner over time. Importers switch less if their supplier offers higher quality or provides lower prices. I propose and structurally estimate a dynamic discrete choice model to compute switching cost...
-
作者：Clark, Andrew E.; Lepinteur, Anthony
作者单位：Paris School of Economics; University of Luxembourg
摘要：Job insecurity can have wide-ranging consequences outside of the labor market. A 1999 rise in the French layoff tax paid by large private firms when they laid off older workers made younger workers less secure; this insecurity reduced their fertility by 3.7 percentage points (with a 95% confidence interval between 0.7 and 6.6 percentage points). Reduced fertility is found only at the intensive margin: job insecurity reduces family size but not the probability of parenthood itself. Our results ...
