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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...
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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...
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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...
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作者：Galletta, Sergio; Giommoni, Tommaso
作者单位：University of Bergamo; Swiss Federal Institutes of Technology Domain; ETH Zurich
摘要：We estimate the effect of the 1918 influenza pandemic on income inequality in Italian municipalities. Our identification strategy exploits the exogenous diffusion of influenza across municipalities due to the presence of infected soldiers on leave from World War I operations. The measures of income inequality come from newly digitized historical administrative records on taxpayer incomes. We show that in the short and medium run, income inequality is higher in municipalities more afflicted by ...
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作者：Londono-Velez, Juliana; Querubin, Pablo
作者单位：University of California System; University of California Los Angeles; New York University
摘要：We study the impact of money on households during the COVID-19 pandemic. In March 2020, Colombia rolled out a new unconditional cash transfer (UCT) to 1 million households in poverty worth US$19 (PPP US$55.6) and paid every five to eight weeks. Using a randomized control trial and linked administrative and survey data, we find the UCT had positive (albeit modest) effects on measures of household well-being (e.g., financial health, food access). Moreover, the UCT boosted support for emergency a...
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作者：Daysal, N. Meltem; Simonsen, Marianne; Trandafir, Mircea; Breining, Sanni
作者单位：University of Copenhagen; IZA Institute Labor Economics; Aarhus University; University of Southern Denmark
摘要：We investigate the effects of early-life medical treatments on the treated children and their families. We use a regression discontinuity design that exploits changes in medical treatments across the very low birth weight (VLBW) cutoff. Using administrative data from Denmark, we establish that VLBW children have better health and higher test scores. We find that these benefits spill over to other family members: mothers enjoy better mental health, and siblings have higher test scores. Maternal...
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作者：Cascaldi-Garcia, Danilo; Vukotic, Marija
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; University of Warwick
摘要：What do patents tell us about the economic effects of future technological improvements? We identify aggregate and industry-level patent-based news shocks by exploiting changes in stock market valuations of firms that obtain patent grants. Our shocks resemble diffusion news: they do not affect total factor productivity in the short run but induce a strong permanent effect after five years. We find that patent-based news shocks produce positive co-movement between consumption, output, investmen...
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作者：Boehm, Johannes
摘要：I study how supplier contracting frictions shape the patterns of intermediate input use and quantify the impact of these distortions on aggregate productivity. Using the frequency of litigation between US firms as a novel measure to capture the need for formal enforcement, I find a robust relationship between countries' input-output structure and their quality of legal institutions. In countries with high enforcement costs, firms have lower expenditure shares on intermediate inputs in sector p...
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作者：Brandt, Loren; Jiang, Feitao; Luo, Yao; Su, Yingjun
作者单位：University of Toronto; Chinese Academy of Social Sciences; Jinan University
摘要：We study productivity differences in vertically integrated steel facilities using equipment-level information on inputs and output for each of the main stages in the value chain. We obtain stage-level productivity estimates by estimating a multistage production system and then integrate them into estimates for integrated facilities. At this level, we do not find statistically significant differences in productivity by ownership. This conceals important differences upstream and downstream in th...
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作者：Jorda, Oscar; Singh, Sanjay R.; Taylor, Alan M.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - San Francisco; University of California System; University of California Davis; National Bureau of Economic Research; University of California System; University of California Davis; Centre for Economic Policy Research - UK
摘要：What are the medium- to long-term effects of pandemics? Do they differ from other economic disasters? We study major pandemics using rates of return on assets stretching back to the fourteenth century. Significant macroeconomic after-effects of pandemics persist for decades, with rates of return substantially depressed. The responses are in stark contrast to what happens after wars. Our findings also accord with wage and output responses, using more limited data, and are consistent with the ne...
