-
作者：Grossmann, Volker; Larin, Benjamin; Steger, Thomas
作者单位：University of Fribourg; Leibniz Association; Ifo Institut; University of London; University College London; Jonkoping University; Leipzig University; Leibniz Association; Leibniz Institut fur Wirtschaftsforschung Halle (IWH)
摘要：Over the last 70 years, many advanced countries have experienced growing real house prices and an increasing housing wealth-to-income ratio. To explain these long-run patterns, this paper introduces a novel multi-sector growth model where housing services are produced using non-reproducible land and reproducible structures. Land is also employed in the non-housing sector. First, we identify two fundamental mechanisms driving the long-run increase in the real house price: (i) technological prog...
-
作者：Bizzotto, Jacopo; Vigier, Adrien
作者单位：Oslo Metropolitan University (OsloMet); University of Nottingham
摘要：We propose a framework to assess how to optimally sort and grade students of heterogeneous ability. Potential employers face uncertainty regarding an individual's productive value. Knowing which school an individual went to is useful for two reasons: firstly, average students' ability may differ across schools; secondly, different schools may use different grading rules and thus provide varying incentives to exert effort. An optimal school system exhibits coarse stratification with respect to ...
-
作者：Comin, Diego; Quintana, Javier; Schmitz, Tom; Trigari, Antonella
作者单位：Banco de Espana; University of London; Queen Mary University London; Bocconi University
摘要：We compute new estimates of total factor productivity (TFP) growth in the five largest European economies. Our estimates account for positive profits and use firm surveys to proxy for unobserved changes in factor utilization. These novelties have a major impact: Our estimated TFP growth series are substantially less volatile and less cyclical than the ones obtained with standard methods. Based on our approach, we provide annual industry-level and aggregate TFP series, as well as the first esti...
-
作者：Bellet, Clement S.; Colson-Sihra, Eve
作者单位：Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC; Hebrew University of Jerusalem
摘要：We investigate how inequality affects what is considered most necessary to purchase. Combining detailed consumption surveys in India with an instrumental variable approach, we first provide evidence that inequality is associated with a decrease in calorie consumption for poor households. This effect is driven by upward comparisons and associated with poor households spending more on luxuries, consistent with the relative deprivation theory. We then estimate a structural demand system to isolat...
-
作者：Egger, Peter; Foellmi, Reto; Schetter, Ulrich; Torun, David
作者单位：Swiss Federal Institutes of Technology Domain; ETH Zurich; University of St Gallen; University of Pavia; University of California System; University of California San Diego
摘要：Countries trade more if they liberalized their trade relationship earlier. We derive a gravity equation featuring this path dependence due to sunk market-access costs that generate incumbency effects. We provide supporting evidence for the underlying mechanism and derive an augmented ACR (Arkolakis, Costinot, and Rodr & iacute;guez-Clare 2012) formula for the gains from trade that accounts for incumbency effects. A quantification suggests our mechanism explains up to 25% of countries' home sha...
-
作者：Brancati, Emanuele
作者单位：Sapienza University Rome
摘要：The lack of information is a relevant obstacle to the export activity of small and medium enterprises. This paper analyzes whether banks can support firms' exports by reducing informational asymmetries about foreign markets. We exploit a large sample of Italian firms for which we merge customs data with information on their lender banks. We identify a shock exogenous to firms' export decisions by relying on preexisting lending relationships and exploiting the acquisition of a firm's domestic b...
-
作者：Liu, Zhenqi (Jessie)
作者单位：Johns Hopkins University
摘要：This paper studies the role of market structure in regulatory compliance through a unique empirical example: censorship via content removal by three major live-streaming platforms in China. Based on 30 unexpected sensitive events, I first present reduced-form evidence that the largest platform censored a higher number of keywords and complied faster on average than the smaller platforms. I then develop and estimate a structural model where three platforms compete for users by choosing whether ...
-
作者：Angelis, Georgios
作者单位：University of Glasgow
摘要：This paper puts forward a behavioral theory of price setting where managers maximize perceived profits following a process of mental accounting. The theory predicts a pricing rule that is similar to-but crucially different from-that of a standard menu-cost theory: There is an inaction band, but there are two rather than just one target prices, depending on whether the firm updates its price upwards or downwards. The calibrated model replicates two patterns of price microdata that standard menu...
-
作者：Gaballo, Gaetano; Paciello, Luigi
摘要：How do swings in inflation affect shopping behavior? We build on the idea that households' price hunting intensifies with surprise inflation. In our model, households observe only local monopolists' prices and must exert effort to see other sellers' prices to eventually buy from them. This friction leads households to doubt that local price changes are idiosyncratic in nature, even when all prices change uniformly in response to a nominal aggregate shock. In such a case, households overestimat...
-
作者：Hermes, Henning; Lergetporer, Philipp; Peter, Frauke; Wiederhold, Simon
作者单位：Leibniz Association; Ifo Institut; Technical University of Munich; Leibniz Association; Leibniz Institut fur Wirtschaftsforschung Halle (IWH); Martin Luther University Halle Wittenberg
摘要：Why are children with lower socioeconomic status (SES) substantially less likely to be enrolled in child care? We study whether barriers in the application process work against lower-SES children-the group known to benefit strongest from child care enrollment. In an RCT in Germany with highly subsidized child care ($N=607$), we offer treated families information and personal assistance for applications. We find substantial, equity-enhancing effects of the treatment, closing half of the large S...
