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作者：Levitt, Steven D.; Syverson, Chad
作者单位：National Bureau of Economic Research; University of Chicago
摘要：Agents are often better informed than the clients who hire them and may exploit this informational advantage. Real estate agents have an incentive to convince clients to sell their houses too cheaply and too quickly. We test these predictions by comparing home sales in which real estate agents are hired to when an agent sells his own home. Consistent with the theory, we find homes owned by real estate agents sell for 3.7% more than other houses and stay on the market 9.5 days longer, controlli...
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作者：Kilian, Lutz
作者单位：University of Michigan System; University of Michigan
摘要：The paper proposes a new measure of exogenous oil supply shocks. The timing, the magnitude, and the sign of this measure may differ greatly from current state-of-the-art estimates. It is shown that only a small fraction of the observed oil price increases during oil crisis periods can be attributed to exogenous oil production disruptions. Exogenous oil supply shocks cause a sharp drop of U.S. real GDP growth after five quarters rather than an immediate and sustained reduction in economic growt...
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作者：McIntosh, Craig
作者单位：University of California System; University of California San Diego
摘要：This paper demonstrates a method for estimating treatment effects in spatial tests, utilizing a second control group to measure unexplained spatial phenomena. The technique is implemented on two innovations in Ugandan microfinance, and we measure the ways in which concurrent shocks such as an Ebola outbreak and a contentious presidential election altered outcomes differentially across regions. By correcting. for this spatial heterogeneity, we measure the impact of the policies; a program that ...
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作者：Cameron, A. Colin; Gelbach, Jonah B.; Miller, Douglas L.
作者单位：University of California System; University of California Davis; University of Arizona
摘要：Researchers have increasingly realized the need to account for within-group dependence in estimating standard errors of regression parameter estimates. The usual solution is to calculate cluster-robust standard errors that permit heteroskedasticity and within-cluster error correlation. but presume that the number of clusters is large. Standard asymptotic tests can over-reject, however, with few (five to thirty) clusters. We investigate inference using cluster bootstrap-t procedures that provid...
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作者：Mansur, Erin T.
作者单位：Yale University
摘要：Restructuring electricity markets has enabled wholesalers to exercise market power. Using a common method to measure competition, several studies have found substantial inefficiencies. This method overstates actual welfare loss by ignoring production constraints that result in non-convex costs. I develop an alternative method that accounts for these constraints and apply it to the Pennsylvania, New Jersey, and Maryland market. For the summer following restructuring, the common method implies t...
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作者：Disdier, Anne-Celia; Head, Keith
作者单位：University of British Columbia
摘要：One of the best-established empirical results in international economics is that bilateral trade decreases with distance. Although well known, this result has not been systematically analyzed before. We examine 1,467 distance effects estimated in 103 papers. Information collected on each estimate allows us to test hypotheses about the causes of variation in the estimates. Our most interesting finding is that the estimated negative impact of distance on trade rose around the middle of the centu...
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作者：Pischke, Joern-Steffen; von Wachter, Till
作者单位：Columbia University
摘要：We estimate the impact of compulsory schooling on earnings using changes in compulsory schooling laws in West Germany after World War II. Most estimates in the literature indicate returns in the range of 10% to 15%. While our research design is very similar to studies for various other countries, we find a zero return. We find no evidence that this is due to labor market institutions or the apprenticeship training system in Germany. The result might be due to the fact that the basic skills mos...
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作者：Rajan, Raghuram G.; Subramanian, Arvind
作者单位：University of Chicago
摘要：We examine the effects of aid on growth in cross-sectional and panel data-after correcting for the possible bias that poorer (or stronger) growth may draw aid contributions to recipient countries. Even after this correction, we find little robust evidence of a positive (or negative) relationship between aid inflows into a country and its economic growth. We also find no evidence that aid works better in better policy or geographical environments, or that certain forms of aid work better than o...
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作者：Lane, Philip R.; Milesi-Ferretti, Glan Maria
作者单位：International Monetary Fund
摘要：We provide a systematic analysis of the bilateral factors driving portfolio equity holdings across countries. We find that bilateral equity holdings are strongly correlated with bilateral trade in goods and services. Larger bilateral positions are also associated with proxies for informational proximity.
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作者：Angrist, Joshua D.; Kugler, Adriana D.
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; National Bureau of Economic Research; University of Houston System; University of Houston; IZA Institute Labor Economics
摘要：We study the consequences of an exogenous upsurge in coca prices and cultivation in Colombia, where most coca leaf is now harvested. This shift generated only modest economic gains in rural areas, primarily in the form of increased self-employment earnings and increased labor supply by teenage boys. The rural areas that saw accelerated coca production subsequently became considerably more violent, while urban areas were affected little. These findings are consistent with the view that the Colo...
