-
作者：Bian, Bo; Li, Jingling; Xu, Ting; Foutz, Natasha Z.
摘要：Individualism has long been linked to economic growth. Using the COVID-19 pandemic, we show that such a culture can hamper the economy's response to crises, a period with heightened coordination frictions. Exploiting variation in U.S. counties' frontier experience, we show that more individualistic counties engage less in social distancing and charitable transfers and are less willing to receive COVID-19 vaccines. The effect of individualism is stronger where social distancing has higher exter...
-
作者：Peersman, Gert
作者单位：Ghent University
摘要：Exogenous shifts in international food commodity prices, which are identified using an SVAR model with global harvest shocks as an external instrument, explain almost 30% of euro-area inflation volatility over the medium term and contributed significantly to the twin puzzle of missing (dis)inflation in the era after the Great Recession. International food price shocks have an impact on food retail prices through the food production chain, but also trigger indirect inflationary effects via a de...
-
作者：Barunik, Jozef; Bevilacqua, Mattia; Tunaru, Radu
作者单位：Czech Academy of Sciences; Institute of Information Theory & Automation of the Czech Academy of Sciences; Charles University Prague; University of London; London School Economics & Political Science; University of Sussex
摘要：This paper introduces forward-looking measures of the network connectedness of fears in the financial system arising due to the good and bad beliefs of market participants about uncertainty that spreads unequally across a network of banks. We argue that this asymmetric network structure extracted from call and put traded option prices of the main U.S. banks contains valuable information for predicting macroeconomic conditions and economic uncertainty, and it can serve as a tool for forward-loo...
-
作者：Muehlegger, Erich; Sweeney, Richard L.
作者单位：University of California System; University of California Davis; National Bureau of Economic Research; Boston College
摘要：In imperfectly competitive settings, a firm's price depends on its own costs as well as those of its competitors. We demonstrate that this has important implications for the estimation and interpretation of pass-through. Leveraging a large input cost shock resulting from the fracking boom, we isolate price responses to firm-specific, regional, and industry-wide input cost shocks in the U.S. oil refining industry. The pass-through of these components varies from near zero to full pass-through, ...
-
作者：Esteves-Sorenson, Constanca; Broce, Robert
作者单位：Yale University; Connecticut State University System; Southern Connecticut State University
摘要：Economists have long been intrigued by an influential literature in psychology positing that monetary pay lowers performance on enjoyable tasks by crowding out agents' intrinsic interest in them. But typical experiments in this literature do not report a full set of performance metrics, which might reveal conflicting evidence on crowding out. Further, they may suffer from confounds. To evaluate these issues, we review over 100 prior tests and run a field experiment building on the canonical tw...
-
作者：Cacciatore, Matteo; Traum, Nora
作者单位：Universite de Montreal; HEC Montreal; Bank of Canada; National Bureau of Economic Research
摘要：We present novel insights on the role of international trade following unanticipated fiscal changes in a flexible exchange rate environment. We show analytically that fiscal multipliers can be larger in economies more open to trade, even when fiscal expansions imply trade deficits. Three factors determine how trade linkages matter: the relative import share of public and private goods, the financing of government debt, and the currency invoicing of exports. A Bayesian prior-predictive analysis...
-
作者：Tobon, Santiago
作者单位：Universidad EAFIT
摘要：I study the effects of prison quality on recidivism using individual-level data from Colombia. To estimate causal effects, I leverage the quasi-random assignment of inmates to newer, less crowded, and higher service prisons. For inmates assigned to newer facilities, I find that the probability of returning to prison within one year is 36% lower. Criminal capital, access to rehabilitation programs, and negative prison experiences, which could trigger changes in intrinsic preferences over illega...
-
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 ...
