-
作者：Song, Kyungchul
作者单位：University of British Columbia
摘要：This paper introduces a simple measure of a concordance pattern among observed outcomes along a network, that is, the pattern in which adjacent outcomes tend to be more strongly correlated than nonadjacent outcomes. The graph concordance measure can be generally used to quantify the empirical relevance of a network in explaining cross-sectional dependence of the outcomes, and as shown in the paper, it can also be used to quantify the extent of homophily under certain conditions. When one obser...
-
作者：Siming, Linus
作者单位：Audencia
摘要：On March 18, 1976, the Swedish parliament voted on a bill that, if approved, would have substantially increased both the scale and scope of government representation on bank boards. Since parliament was hung, the outcome of the vote was decided by a lottery. We exploit this lottery to study the causal effect on shareholder value of government involvement in the corporate governance of banks. We find that the rejection of the bill resulted in positive abnormal returns that persisted in the foll...
-
作者：Bell, Brian; Bindler, Anna; Machin, Stephen
作者单位：University of London; King's College London; University of London; London School Economics & Political Science; University of Gothenburg
摘要：Recessions lead to short-term job loss, lower happiness, and decreasing income levels. There is growing evidence that workers who first join the labor market during economic downturns suffer from poor job matches that can have sustained detrimental effects on wages and career progressions. This paper uses U.S. and U.K. data to document a more disturbing long-run effect of recessions: young people who leave school during recessions are significantly more likely to lead a life of crime than thos...
-
作者：Albouy, David; Ehrlich, Gabriel; Shin, Minchul
作者单位：University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; National Bureau of Economic Research; University of Michigan System; University of Michigan
摘要：We estimate the first cross-sectional index of transaction-based land values for every U.S. metropolitan area. The index accounts for geographic selection and incorporates novel shrinkage methods using a prior belief based on urban economic theory. Land values at the city center increase with city size, as do land-value gradients; both are highly variable across cities. Urban land values are estimated at more than two times GDP in 2006. These estimates are higher and less volatile than estimat...
-
作者：Bernard, Andrew B.; Moxnes, Andreas; Ulltveit-Moe, Karen Helene
作者单位：Dartmouth College; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research; University of Oslo
摘要：This paper develops a multicountry model of international trade that provides a simple microfoundation for buyer-seller relationships in trade. We explore a rich data set that identifies buyers and sellers in trade and establish a set of basic facts that guide the development of the theoretical model. We use predictions of the model to examine the role of buyer heterogeneity in a market for firm-level adjustments to trade shocks, as well as to quantitatively evaluate how firms' marginal costs ...
-
作者：Kamber, Guenes; Morley, James; Wong, Benjamin
作者单位：Bank for International Settlements (BIS); Reserve Bank of New Zealand; University of Sydney; Monash University
摘要：The Beveridge-Nelson decomposition based on autoregressive models produces estimates of the output gap that are strongly at odds with widely held beliefs about transitory movements in economic activity. This is due to parameter estimates implying a high signal-to-noise ratio in terms of the variance of trend shocks as a fraction of the overall forecast error variance. When we impose a lower signal-to-noise ratio, the resulting Beveridge-Nelson filter produces a more intuitive estimate of the o...
-
作者：Keys, Benjamin J.
作者单位：University of Pennsylvania; National Bureau of Economic Research
摘要：This paper studies the role of job displacement in the household bankruptcy decision. Using an event-study methodology, I find that NLSY respondents are over three times more likely to file for bankruptcy immediately following a job loss. Using county-level data, I find similar magnitudes in the aggregate, with significant effects lasting two to three years. The results suggest that unemployment spells can have significant long-term consequences on households' credit market outcomes.
-
作者：Byrne, David P.; La Nauze, Andrea; Martin, Leslie A.
作者单位：University of Melbourne; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
摘要：We document how imperfect information generates heterogeneous effects in information treatments with personalized high-frequency feedback and peer comparisons. In our field experiment in retail electricity, we find that high- and low-energy users symmetrically underestimate and overestimate their relative energy use pretreatment. Responses to personalized feedback, however, are asymmetric. Households that overestimate their relative use and low users both respond by consuming more. These boome...
-
作者：Bechtel, Michael M.; Hangartner, Dominik; Schmid, Lukas
作者单位：Washington University (WUSTL); Swiss Federal Institutes of Technology Domain; ETH Zurich; University of London; London School Economics & Political Science; University of Lucerne
摘要：Can electoral institutions induce lasting changes in citizens' voting habits? We study the long-term and spillover effects of compulsory voting in the Swiss canton of Vaud (1900-1970) and find that this intervention increases turnout in federal referendums by 30 percentage points. However, despite its magnitude, the effect disappears quickly after voting is no longer compulsory. We find minor spillover effects on related forms of political participation that also vanish immediately after compu...
-
作者：Shoag, Daniel; Veuger, Stan
作者单位：Harvard University; American Enterprise Institute for Public Policy Research
摘要：We report three findings. First, using evidence from chain bankruptcies and data on 12 million to 18 million establishments per year, we show that large retailers produce significant positive spillovers. Second, local governments respond to the size of these externalities. When a town's boundaries allow it to capture a larger share of retail spillovers, it is more likely to offer retail subsidies. Third, these subsidies partially crowd out private sector mechanisms that also subsidize large re...
