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作者：Michaillat, Pascal; Saez, Emmanuel
作者单位：Brown University; University of California System; University of California Berkeley
摘要：At the zero lower bound, the New Keynesian model predicts that output and inflation collapse to implausibly low levels and that government spending and forward guidance have implausibly large effects. To resolve these anomalies, we introduce wealth into the utility function; the justification is that wealth is amarker of social status, and people value status. Since people partly save to accrue social status, the Euler equation is modified. As a result, when the marginal utility of wealth is s...
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作者：Russell, Lauren
作者单位：University of Pennsylvania
摘要：Nonprofit colleges and universities have merged across the United States citing economies of scale and scope. Yet whether these mergers raise prices has not been empirically assessed. Using a retrospective merger evaluation approach, I estimate that the average merger between 2000 and 2015 increased tuition and fees by 5% to 7% relative to nonmerging institutions in the same state and sector (public or nonprofit). Effects on net prices are estimated imprecisely, but the results are suggestive ...
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作者：Buggle, Johannes C.; Nafziger, Steven
作者单位：University of Lausanne; Williams College
摘要：This paper examines the long-run economic consequences of Russian serfdom. Employing data on the intensity of labor coercion just prior to emancipation in 1861, we document that a 25 percentage point increase in historical serfdom (1 SD) reduces household expenditure today by up to 17%. We then provide evidence on the persistence of this relationship by studying city populations over the period 1800 to 2002. Exploring mechanisms, our findings suggest that less urban agglomeration and slower in...
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作者：Atkinson, Anthony B.; Lakner, Christoph
作者单位：University of Oxford; University of London; London School Economics & Political Science; University of Oxford; The World Bank
摘要：This paper finds that capital and labor incomes in the United States have become more closely associated since the 1980s. This has contributed to the well-known increase in the top 1% share of total income, exacerbating rising inequality in capital incomes and earnings. We show that the trend in the association is U-shaped as the recent increase contrasts with a tendency toward a weakening association until the 1980s. The paper, using data derived from tax records, studies the asymmetries in t...
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作者：Homonoff, Tatiana; O'Brien, Rourke; Sussman, Abigail B.
作者单位：New York University; National Bureau of Economic Research; Yale University; University of Chicago
摘要：One in five consumer credit accounts incurs late fees each quarter. Evidence on the efficacy of regulations to improve behavior through enhanced disclosure of financial product attributes is mixed. We test a novel form of disclosure that provides borrowers with a personalized measure of their creditworthiness. In a field experiment with over 400,000 student loan borrowers, treatment group members received communications about the availability of their FICO Score. The intervention significantly...
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作者：Agarwal, Sumit; Chomsisengphet, Souphala; Yildirim, Yildiray; Zhang, Jian
作者单位：National University of Singapore; United States Department of the Treasury; Office of the Comptroller of the Currency; City University of New York (CUNY) System; University of Hong Kong
摘要：This study assesses a new mechanism, the deposit channel, in the transmission of interest rate shock to household consumption using an administrative panel data set of financial transactions for Turkey. Our empirical strategy exploits variation in consumers' adherence to the Islamic laws that forbid earning interest and employs a standard difference-in-difference design. Following an unanticipated announcement of interest rate hike, rate-sensitive consumers significantly reduce their overall s...
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作者：Cusolito, Ana Paula; Dautovic, Ernest; McKenzie, David
作者单位：The World Bank; European Central Bank; University of Lausanne
摘要：Innovative firms with good ideas may still struggle to fine-tune them to the stage where they can attract outside funding. We conduct a five-country randomized experiment that tests the impact of an investment readiness program. Firms then pitched their ideas to independent judges. The program resulted in a 0.3 standard deviation increase in the investment readiness score. Two years later, the average impacts on firm investment outcomes are positive but small in magnitude and not statistically...
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作者：Shenhav, Na'ama
作者单位：Dartmouth College
摘要：This paper examines the effect of the female-to-male wage ratio, relativewage, onwomen's spouse quality, marriage, and labor supply over three decades. Exploiting task-based demand shifts as a shock to relative pay, I find that a higher relative wage (a) increases the quality of women's mates, as measured by higher spousal education; (b) reduces marriagewithout substitution to cohabitation; and (c) raises women's hours of work. These effects are consistent with a model in which a higher relati...
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作者：Carpenter, Jeffrey; Huet-Vaughn, Emiliano; Matthews, Peter Hans; Robbett, Andrea; Beckett, Dustin; Jamison, Julian
作者单位：Middlebury College; IZA Institute Labor Economics; Claremont Colleges; Pomona College; Aalto University; University of Exeter
摘要：We exploit the principles of choice architecture to evaluate interventions in the market for reloadable prepaid cards. Participants are randomized into three card menu presentation treatments-the market status quo, a regulation-inspired reform, or an enhanced reform designed to minimize attribute overload-and offered choices based on prior structural estimation of individual preferences. Consumers routinely choose incorrectly under the status quo, with tentative evidence that the regulation-in...
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作者：Demyanyk, Yuliya; Loutskina, Elena; Murphy, Daniel
