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作者：Davies, Ronald B.; Martin, Julien; Parenti, Mathieu; Toubal, Farid
作者单位：University College Dublin; University of Quebec; University of Quebec Montreal; Trinity College Dublin; Universite Libre de Bruxelles; Universite Paris Saclay
摘要：This paper analyzes the transfer pricing of multinational firms. Intrafirm prices may systematically deviate from arm's-length prices for two motives: pricing to market and tax avoidance. Using French firm-level data on arm's-length and intrafirm export prices, we find that the sensitivity of intrafirm prices to foreign taxes is reinforced once we control for pricing-to-market determinants. Most important, we find no evidence of tax avoidance if we disregard tax haven destinations. Tax avoidan...
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作者：Agha, Leila; Molitor, David
作者单位：Dartmouth College; National Bureau of Economic Research; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital
摘要：Local opinion leaders may play a key role in easing information frictions associated with technology adoption. This paper analyzes the influence of physician investigators who lead clinical trials for new cancer drugs. By comparing diffusion patterns across 21 new cancer drugs, we separate correlated regional demand for new technology from information spillovers. Patients in the lead investigator's region are initially 36% more likely to receive the new drug, but utilization converges within f...
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作者：Colussi, Tommaso
作者单位：IZA Institute Labor Economics
摘要：This paper employs a unique data set on articles, authors, and editors of the top general interest journals in economics to investigate the role of social connections in the publication process. Ties between editors and authors are identified based on their academic histories. About 43% of the articles published in these journals are authored by scholars connected to one editor at the time of the publication. Ph.D. students and faculty colleagues of an editor also improve their publication out...
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作者：Dong, Yingying; Shen, Shu
作者单位：University of California System; University of California Irvine; University of California System; University of California Davis
摘要：This paper discusses testable implications of rank invariance or rank similarity, assumptions that are common in program evaluation and in the quantile treatment effect (QTE) literature. We nonparametrically identify, estimate, and test the counterfactual distribution of potential ranks, or features of the distribution. The proposed tests allow treatment to be endogenous, with exogenous treatment following as a special case. The tests essentially do not require any additional assumptions other...
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作者：Iyer, Rajkamal; Sautner, Zacharias
作者单位：Imperial College London; Frankfurt School Finance & Management
摘要：We analyze contracts between a large buyer and her suppliers. We find that contracts with critical product suppliers contain more clauses that address moral hazard, primarily through monitoring. If holdup concerns are larger, there are more contractual protections against it. Over time, contracts with the same supplier include additional provisions that address moral hazard through monitoring. This dynamic effect is strongest for service contracts, where observability and verifiability are ini...
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作者：Chalfin, Aaron; McCrary, Justin
作者单位：University of Pennsylvania; University of California System; University of California Berkeley
摘要：We document the extent of measurement errors in the basic data set on police used in the literature on the effect of police on crime. Analyzing medium to large U.S. cities over 1960 to 2010, we obtain measurement error-corrected estimates of the police elasticity. The magnitudes of our estimates are similar to those obtained in the quasi-experimental literature, but our approach yields much greater parameter certainty for the most costly crimes, the key parameters for welfare analysis. Our ana...
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作者：Hessami, Zohal
作者单位：University of Konstanz
摘要：Political agency models suggest that elected public officials choose different policies than appointed officials do. This paper is the first (a) to apply a clean empirical design to study whether the selection rule has a causal effect on public officials' policy choices and (b) to investigate transmission channels. I exploit a unique setting in Germany, where a reform has created quasi-experimental variation in the selection rule for mayors. As the outcome variable, I use data on grant receipt...
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作者：Curtis, E. Mark
作者单位：Wake Forest University
摘要：This paper tests how a major cap-and-trade program, known as the NOx budget trading program (NBP), affected labor markets in the manufacturing sector. The cap-and-trade program dramatically decreased levels of NOx emissions and added substantial costs to regulated firms. Using a triple-differences approach, I examine how labor markets adjusted in manufacturing industries that were exposed to the program. I find that overall employment in the manufacturing sector dropped by 1.3%, with energy-in...
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作者：Bianchi, Francesco; Melosi, Leonardo
作者单位：Duke University; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve Bank - Chicago
摘要：We develop and estimate a general equilibrium model to assess the effects and welfare implications of central bank transparency. Monetary policy can deviate from active inflation stabilization, and agents conduct Bayesian learning about the nature of these deviations. Under constrained discretion, only short deviations occur, agents' uncertainty about the macroeconomy remains contained, and welfare is high. However, if a deviation persists, uncertainty eventually accelerates and welfare declin...
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作者：Cavallo, Alberto
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research
摘要：I use daily prices collected from online retailers in five countries to study the impact of measurement bias on three common price stickiness statistics. Relative to previous results, I find that online prices have longer durations, with fewer price changes close to 0, and hazard functions that initially increase over time. I show that time-averaging and imputed prices in scanner and CPI data can fully explain the differences with the literature. I then report summary statistics for the durati...
