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作者：Eeckhout, Jan
作者单位：Pompeu Fabra University; ICREA; Centre de Recerca en Economia Internacional (CREI)
摘要：The real growth of the stock market value of firms has increased from close to 0% on average per year between 1958 and 1980, to 5.2% between 1980 and today. This change coincides with the rise of market power and profits, starting in 1980. This paper proposes to decompose the value of firms based on profits (earnings) rather than dividends. Because firms on average pay out only half of profits in dividends, dividends poorly measure firm performance. I decompose the sources of the rise of the v...
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作者：Rodemeier, Matthias; Loeschel, Andreas
作者单位：Bocconi University; Ruhr University Bochum
摘要：How can information substitute or complement financial incentives such as Pigouvian subsidies? We answer this question in a large-scale field experiment that cross-randomizes energy efficiency subsidies with information about the financial savings of LED lighting. Information has two effects: It shifts and rotates demand curves. The direction of the shift is ambiguous and highly dependent on the information design. Informing consumers that an LED saves 90% in annual energy costs increases LED ...
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作者：Brettschneider, Julia; Burro, Giovanni; Henderson, Vicky
作者单位：University of Warwick; Ruprecht Karls University Heidelberg
摘要：Time-constant trading thresholds are optimal for a large class of preferences and asset price dynamics, including, Expected Utility and the S-shaped reference-dependent utility of Prospect Theory. Such thresholds imply selling stocks at the maximum price since purchase. We use a large discount brokerage dataset containing US households' trading records between 1991 and 1996 to document that in 31.6% of cases the stocks sold for a gain are sold on the day when the maximum since purchase occurs....
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作者：Maclean, Johanna Catherine; Pichler, Stefan; Ziebarth, Nicolas R.
作者单位：George Mason University; University of Groningen; Leibniz Association; Zentrum fur Europaische Wirtschaftsforschung (ZEW); University of Mannheim
摘要：Using the National Compensation Survey from 2009 to 2022 and difference-in-differences methods, we find that state-level sick pay mandates are effective in broadening access to paid sick leave for U.S. workers. Increases in sick pay coverage reach 30 percentage points from a 63% baseline 5 years post-mandate. Mandates have more bite in jobs with low pre-mandate coverage. Further, mandates reduce inequality in access to paid sick leave substantially, both across and within firms. COVID-19 reinf...
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作者：Karp, Larry; Traeger, Christian
作者单位：University of California System; University of California Berkeley; University of Oslo; Leibniz Association; Ifo Institut
摘要：Policymakers'imperfect knowledge about firms' abatement costs leads to inefficient regulation, reducing the welfare gains from carbon markets around the world. We introduce a smart cap and trade system that eliminates these costs. This cap responds endogenously to technology or macroeconomic shocks, relying on the market price of certificates to aggregate information. It allows policy makers to modify existing institutions to achieve more efficient emissions reductions. The paper also shows th...
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作者：Bradley, Jake; Gottfries, Axel
作者单位：University of Nottingham; University of Edinburgh
摘要：This paper seeks to understand the implications of incorporating economic growth into a search-theoretic model of the labor market. To this end, a technological diffusion process is embedded into the canonical search and matching model of the labor market. New matches imitate the production process of incumbents. Although the canonical model is only modified slightly, there are stark differences in economic intuition across the two models. Market tightness is equilibrated through a different m...
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作者：Autor, David; Thompson, Neil
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; Massachusetts Institute of Technology (MIT); Massachusetts Institute of Technology (MIT)
摘要：When job tasks are automated, does this augment or diminish the value of labor in the tasks that remain? We argue the answer depends on whether removing tasks raises or reduces the expertise required for remaining non-automated tasks. Since the same task may be relatively expert in one occupation and inexpert in another, automation can simultaneously replace experts in some occupations while augmenting expertise in others. We propose a conceptual model of occupational task bundling that predic...
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作者：Dottling, Robin
作者单位：Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC
摘要：How does the zero lower bound on deposit rates (ZLB) affect how banks respond to capital regulation? I study this question in a model in which households value the liquidity services of deposits yet do not accept negative deposit rates. When deposit rates are constrained by the ZLB, tight capital requirements disproportionately hurt franchise values and are therefore less effective in curbing excessive risk taking. The model delivers a novel rationale for interest-dependent capital regulation ...
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作者：Ou, Shengliang; Zhang, Donghai; Zhang, Renbin
作者单位：Shanghai Jiao Tong University; National University of Singapore; Shandong University
摘要：This study demonstrates that more information about the unobserved state of the economy may reduce social welfare owing to the presence of nominal rigidity. On one hand, costly business cycle fluctuations and price dispersions arising from nominal rigidity are muted in a noisy economy. On the other hand, an economy with less information suffers from efficiency losses due to inefficient coordination in pricing decisions. Monetary policy affects the tradeoff, and thus interacts with the social v...
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作者：Candia, Bernardo; Pedemonte, Mathieu
作者单位：University of California System; University of California Berkeley; Inter-American Development Bank
摘要：Flexible exchange rates can facilitate price adjustments that buffer macroeconomic shocks. We test this hypothesis using adjustments to the gold standard during the Great Depression. Using novel monthly data on city-level economic activity, sectoral employment, and export data, we show that American exporting cities were significantly affected by changes in bilateral exchange rates. We calibrate a general equilibrium model to obtain aggregate effects from cross-sectional estimates. We show tha...
