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作者：Barham, Tania; Macours, Karen; Maluccio, John A.
作者单位：University of Colorado System; University of Colorado Boulder; Paris School of Economics; INRAE; Middlebury College
摘要：Conditional cash transfer (CCT) programs are the antipoverty program of choice in many developing countries, aiming to improve human capital and break the intergenerational transmission of poverty. A decade after a randomized 3 year CCT program began, earlier exposure during primary school ages when children were at risk of dropout led to higher labor market participation for young men and women and higher earnings for men. The findings highlight the roles of the different CCT program componen...
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作者：Verani, Stephane; Yu, Pei Cheng
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; University of New South Wales Sydney
摘要：We show that the supply of U.S. life annuities is constrained by interest rate risk. We identify this effect using annuity prices offered by life insurers from 1989 to 2019 and exogenous variations in contract-level regulatory capital requirements. The cost of interest rate risk management- conditional on the effect of adverse selection-accounts for about half of annuity markups, or 8 percentage points. The contribution of interest rate risk to annuity markups sharply increased after the Globa...
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作者：Adhvaryu, Achyuta; Gauthier, Jean-Francois; Nyshadham, Anant; Tamayo, Jorge
作者单位：University of California System; University of California San Diego; Universite de Montreal; HEC Montreal; University of Michigan System; University of Michigan; Harvard University
摘要：We study relational contracts among managers using unique data that tracks transfers of workers across teams in Indian ready-made garment factories. We focus on how relational contracts help managers cope with worker absenteeism shocks, which are frequent, often large, weakly correlated across teams, and which substantially reduce team productivity. Together these facts imply gains from sharing workers. We show that managers respond to shocks by lending and borrowing workers in a manner consis...
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作者：Attanasio, Orazio; Kovacs, Agnes; Moran, Patrick
作者单位：Yale University; National Bureau of Economic Research; University of London; King's College London; University of Manchester; University of London; London School Economics & Political Science; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：This paper presents a model of consumption behavior that explains the presence of wealthy hand-to-mouth consumers using a mechanism that differs from those analyzed previously. We show that a two-asset model with temptation preferences generates a demand for commitment and thus illiquidity, leading to hand-to-mouth behavior even when liquid assets deliver higher returns than illiquid assets. This preference for illiquidity has important implications for consumption behavior and for fiscal stim...
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作者：Alesina, Alberto; Furceri, Davide; Ostry, Jonathan D.; Papageorgiou, Chris; Quinn, Dennis P.
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作者：Enriquez, Jose Ramon; Larreguy, Horacio; Marshall, John; Simpser, Alberto
作者单位：Stanford University; Instituto Tecnologico Autonomo de Mexico; Columbia University
摘要：Social media's capacity to quickly and inexpensively reach large audiences almost simultaneously has the potential to promote electoral accountability. Beyond increasing direct exposure to information, high saturation campaigns-which target substantial fractions of an electorate-may induce or amplify information diffusion, persuasion, or coordination between voters. Randomizing saturation across municipalities, we evaluate the electoral impact of non-partisan Facebook ads informing millions of...
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作者：Alesina, Alberto; Furceri, Davide; Ostry, Jonathan D.; Papageorgiou, Chris; Quinn, Dennis P.
作者单位：Harvard University; International Monetary Fund; Georgetown University; Georgetown University
摘要：We present two new databases we have constructed to explore the electoral consequences of structural economic policy reforms. One database measures reforms in domestic finance, external finance, trade, product, and labor markets covering 90 advanced and developing economies from 1973 to 2014. The other chronicles the timing and results of national elections. We find that liberalizing reforms are associated with economic benefits that accrue only gradually over time. Because of this delay, libe...
