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作者：Bilbiie, Florin O.
作者单位：University of Lausanne; Centre for Economic Policy Research - UK
摘要：Monetary policy is neutral even with fixed prices if free entry determines product variety optimally, as in Dixit and Stiglitz (1977). Entry substitutes for price flexibility in the welfare-based price index when individual prices are sticky. In response to aggregate demand expansions, the intensive (quantity produced of each good) and ex tensive (number of goods being produced) margins move in offsetting ways, leaving aggregate production unchanged. Price stickiness thus generates deviations ...
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作者：Cohen, Jon; Hachem, Kinda; Richardson, Gary
作者单位：University of Toronto; National Bureau of Economic Research; University of California System; University of California Irvine
摘要：The collapse of long-term lending relationships amplified the Great Depression. We demonstrate this by developing a new measure of lending relationships that can be calculated from widely available data at any level of aggregation. Our approach exploits differences in the responsiveness of loan rates to bank funding costs and is supported by historical evidence and theoretical arguments. The new measure reveals that the marginal impact of bank suspensions on economic activity was higher in mor...
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作者：Carranza, Eliana; Meeks, Robyn
作者单位：The World Bank; Duke University
摘要：Overloaded electrical systems are a major source of unreliable power. Using a randomized saturation design, we estimate the impact of compact fluorescent lamps (CFLs) on electricity reliability and household electricity consumption in the Kyrgyz Republic. Greater saturation of CFLs within a transformer leads to fewer outages, a technological externality benefiting all households, regardless of individual adoption. Spillovers in CFL adoption further reduce electricity consumption, contributing ...
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作者：Daniele, Gianmarco; Mookerjee, Sulagna; Tommasi, Denni
作者单位：Bocconi University; State University of New York (SUNY) System; Binghamton University, SUNY; Monash University
摘要：We investigate whether improvements in street-food safety can be achieved by providing information to vendors in the form of a training. Among randomly assigned vendors in Kolkata, India, we find large improvements in knowledge and awareness but little change in observed behavior. We provide two main explanations for these findings. First, information acquisition by itself does not make it significantly easier for vendors to provide customers with safer food options. Second, although consumers...
