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作者：Canova, Fabio; Pappa, Evi
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作者：Gourinchas, Pierre-Olivier; Kalemli-Ozcan, Sebnem; Penciakova, Veronika; Sander, Nick
作者单位：International Monetary Fund; University System of Maryland; University of Maryland College Park; Federal Reserve System - USA; Federal Reserve Bank - Atlanta
摘要：We study the effects of financial frictions on firm exit when firms face large liquidity shocks. We develop a simple model of firm cost-minimization, where firms' borrowing capacity to smooth temporary shocks to liquidity is limited. In this framework, firm exit arises from the interaction between this financial friction and fluctuations in cash flow due to aggregate and sectoral changes in demand conditions, as well as more traditional shocks to productivity. To evaluate the implications of o...
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作者：Bezin, Emeline; Chabe-Ferret, Bastien; de la Croix, David
作者单位：Paris School of Economics; Middlesex University
摘要：Fertility becomes a strategic choice for minorities when having a larger share of the population helps to increase power. If parents invest resources to educate their children, then raising fertility for strategic reasons might be at the cost of future human capital. We dispel this view using census data from several developing countries. We show that religious and ethnic minorities in Indonesia, China, and Malaysia tend to invest more in both education and fertility compared to larger groups....
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作者：Wang, Chengsi; Wright, Julian
作者单位：Monash University; National University of Singapore
摘要：We consider platforms that help consumers discover and transact with suppliers. Such platforms have come to dominate many sectors of the economy, raising issues about the high fees they charge suppliers, especially since they tend to commoditize the suppliers they aggregate. We show that in a baseline setting, the efficient platform fee is determined by a simple formula: it equals the platform's marginal cost plus the difference between suppliers' markups on the direct channel and suppliers' m...
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作者：Ponzetto, Giacomo A. M.; Troiano, Ugo Antonio
作者单位：Pompeu Fabra University; Centre de Recerca en Economia Internacional (CREI); University of California System; University of California Riverside
摘要：This paper shows that social capital increases economic growth by raising government investment in human capital through better political incentives and selection. We provide empirical evidence that a greater share of output is spent on public education where social capital is higher, both across countries and across U.S. states. We develop a theoretical model of stochastic endogenous growth with imperfect political agency. Only some people correctly anticipate the future returns to current sp...
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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：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：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...
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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 ...
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作者：Boczon, Marta; Vespa, Emanuel; Weidman, Taylor; Wilson, Alistair J.
作者单位：Copenhagen Business School; University of California System; University of California Berkeley; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
摘要：In repeated games, where both collusive and non-collusive outcomes can be supported as equilibria, it is crucial to understand the likelihood of selection for each type of equilibrium. Controlled experiments have empirically validated a selection criterion for the two-player repeated prisoner's dilemma: the basin of attraction for always defect. This prediction device uses the game primitives to measure the set of beliefs for which an agent would prefer to unconditionally defect rather than at...
