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作者：Muris, Chris; Raposo, Pedro; Vandoros, Sotiris
作者单位：McMaster University; Universidade Catolica Portuguesa; University of London; University College London; Harvard University
摘要：We study a fixed- T panel data logit model for ordered outcomes that accommodates fixed effects and state dependence. We provide identification results for the autoregressive parameter, regression coefficients, and the threshold parameters in this model. Our results require only four observations on the outcome variable. We provide conditions under which a composite conditional maximum likelihood estimator is consistent and asymptotically normal. We use our estimator to explore the determinant...
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作者：Genesove, David; Hansen, James
作者单位：Hebrew University of Jerusalem; University of Melbourne
摘要：We shed light on housing price inertia by investigating how the home-sale mechanism affects housing price dynamics. Using Australian data, we find that auction prices forecast better and display less momentum than negotiated prices. These findings are robust to alternative price measurements and different sample selection corrections. Motivated by microtheory that predicts different weights for buyer and seller values in auction and negotiated prices, we decompose housing prices into two diffu...
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作者：Browne, Oliver R.; Gazze, Ludovica; Greenstone, Michael; Rostapshova, Olga
作者单位：University of Warwick; University of Chicago
摘要：New technologies allow perfect detection of environmental violations at near-zero marginal cost, but take-up is low. We conducted a field experiment to evaluate enforcement of water conservation rules with smart meters in Fresno, CA. Households were randomly assigned combinations of enforcement method (automated or in-person inspections) and fines. Automated enforcement increased households' punishment rates from 0.1% to 14%, decreased summer water use by 3%, and reduced violations by 17%, whi...
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作者：Krieger, Joshua L.; Myers, Kyle R.; Stern, Ariel D.
作者单位：Harvard University
摘要：We examine editors' influence on the scientific content of aca-demic journals by unpacking the role of three major forces: journals' statedmissions, the aggregate supply of and demand for specific topics, and sci-entific homophily via editorial gatekeeping. In a sample of top biomedicaljournals, we find the first two forces explain the vast majority of variationin published content. The upper bound of the homophily effect is statisti-cally significant but practically much less important. Margi...
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作者：Advani, Arun; Koenig, Felix; Pessina, Lorenzo; Summers, Andy
作者单位：University of Warwick; University of London; London School Economics & Political Science; Carnegie Mellon University; Leibniz Association; Zentrum fur Europaische Wirtschaftsforschung (ZEW); University of London; London School Economics & Political Science
摘要：Using administrative data on the universe of U.K. taxpayers, we study the contribution of migrants to the rise in U.K. top incomes. We show that migrants are over-represented at the top of the income distribution, with migrants twice as prevalent in the top 0.01% as anywhere in the bottom 97% of taxpayers. These high incomes are predominantly from labor, rather than capital, and migrants are concentrated in only a handful of industries, predominantly finance. All of the observed growth in the ...
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作者：Hager, Anselm; Hensel, Lukas; Roth, Christopher; Stegmann, Andreas
作者单位：Humboldt University of Berlin; Peking University; Leibniz Association; University of Cologne; Max Planck Society; Ifo Institut; Centre for Economic Policy Research - UK; University of Warwick
摘要：We conduct a natural field experiment with a major European party to test whether giving party supporters more voice increases their engagement in the party's electoral campaign. In the experiment, the party asked a random subset of supporters for their opinions on the importance of different policy areas. Giving supporters opportunities to voice their opinions increases their engagement in the campaign as measured using behavioral data from the party's smartphone application. Survey data reve...
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作者：Miyamoto, Wataru; Nguyen, Thuy Lan; Oh, Hyunseung
作者单位：University of Hong Kong; Federal Reserve System - USA; Federal Reserve Bank - San Francisco; Santa Clara University; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：We uncover the major drivers of macro aggregates and the real exchange rate at business cycle frequencies in Group of Seven countries. The estimated drivers of key macro variables resemble each other and account for a modest fraction of the real exchange rate variances. Dominant drivers of the real exchange rate are orthogonal to the main drivers of business cycles, generate a significant deviation of the uncovered interest parity condition, and lead to small movements in net exports. We use t...
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作者：Muris, Chris; Raposo, Pedro; Vandoros, Sotiris
作者单位：McMaster University; Universidade Catolica Portuguesa; University of London; University College London; Harvard University
摘要：We study a fixed- T panel data logit model for ordered outcomes that accommodates fixed effects and state dependence. We provide identification results for the autoregressive parameter, regression coefficients, and the threshold parameters in this model. Our results require only four observations on the outcome variable. We provide conditions under which a composite conditional maximum likelihood estimator is consistent and asymptotically normal. We use our estimator to explore the determinant...
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作者：Lewis, Daniel J.
作者单位：University of London; University College London
摘要：I propose to identify announcement-specific decompositions of asset price changes into monetary policy shocks exploiting heteroskedasticity in intraday data, accommodating both changes in the nature of shocks and the state of the economy across announcements. I compute decompositions with respect to Fed Funds, forward guidance, asset purchase, and Fed information shocks from January 1996 to December 2019. The decompositions illustrate which announcements of unconventional policy measures had s...
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作者：Carayol, Nicolas; Henry, Emeric; Lanoe, Marianne
作者单位：Centre National de la Recherche Scientifique (CNRS); Universite de Bordeaux; Universite de Bordeaux; Centre National de la Recherche Scientifique (CNRS)
摘要：The production of knowledge relies on collaborations between researchers. However, we do not know to what extent policies may stimulate these interactions. In this paper we show how a large-scale public research cluster policy in France, which funds local communities of researchers working on a common theme, affects the organization of research. Relying on an identification strategy based on grades awarded by reviewers, we show that members of financed clusters increase their collaborations wi...
