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作者：Dano, Kevin; Ferlenga, Francesco; Galasso, Vincenzo; Le Pennec, Caroline; Pons, Vincent
作者单位：Princeton University; University of Warwick; Bocconi University; Universite de Montreal; HEC Montreal; Harvard University
摘要：Free and fair elections should incentivize elected officials to exert effort and enable citizens to select representative politicians and occasionally replace incumbents. However, incumbency advantage and coordination failures possible in multi-party systems may jeopardize this process. We ask whether these two forces compound each other. Using a regression discontinuity design (RDD) in French two-round local and parliamentary elections, we find that close winners are more likely to run again ...
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作者：Cao, Jin; Juelsrud, Ragnar E.; Sondershaus, Talina
作者单位：Norges Bank
摘要：We use the introduction of covered bonds in Norway in 2007 together with administrative and supervisory data at the bank and loan level to investigate the effect of asset encumbrance, that is, pledging assets as collateral, on the composition of bank balance sheets and bank risk. We show that covered bonds-despite being collateralized with mortgages-lead to a shift in bank lending from mortgages to corporate loans. The marginal corporate borrower is young and low-rated, suggesting that overall...
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作者：Bigoni, Maria; Camera, Gabriele; Casari, Marco
作者单位：University of Bologna; Chapman University System; Chapman University
摘要：Historically, shocks originating in the financial sector often spilled over into the real sector with dramatic consequences. We study in the lab how interventions targeting disclosure and capital requirements of financial intermediaries can reduce insolvencies or prevent their negative effects from propagating to the broader economy. In our two-sector economy, consumers and producers can fund financial intermediaries, who, in turn, provide them with liquidity to settle trades. However, interme...
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作者：Exler, Florian; Livshits, Igor; Macgee, James; Tertilt, Michele
作者单位：University of Vienna; Federal Reserve System - USA; Federal Reserve Bank - Philadelphia; Bank of Canada; University of Mannheim
摘要：Do cognitive biases call for regulation to limit the use of credit? We incorporate over-optimistic and rational borrowers into an incomplete markets model with consumer bankruptcy. Over-optimists face worse income risk but incorrectly believe they are rational. Thus, both types behave identically. Lenders price loans forming beliefs-type scores-about borrower types. This gives rise to a tractable theory of type scoring. As lenders cannot screen types, borrowers are partially pooled. Over-optim...
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作者：Netzer, Nick; Robson, Arthur; Steiner, Jakub; Kocourek, Pavel
作者单位：University of Zurich; Simon Fraser University; Czech Academy of Sciences; Economics Institute of the Czech Academy of Sciences; Charles University Prague; University of Duisburg Essen
摘要：In a model inspired by neuroscience, we study choice between lotteries as a process of encoding and decoding noisy perceptual signals. The implications of this process for behavior depend on the decision-maker's understanding of risk. When the aggregation of perceptual signals is coarse, encoding and decoding generate behavioral risk attitudes even for vanishing perceptual noise. We show that the optimal encoding of lottery rewards is S-shaped and that low-probability events are optimally over...
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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：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：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...
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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...
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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...
