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作者：Gandre, Pauline; Mariathasan, Mike; Merrouche, Ouarda; Ongena, Steven
作者单位：KU Leuven; University of Zurich; Swiss Finance Institute (SFI); Norwegian University of Science & Technology (NTNU)
摘要：Following the early implementation of the global over-the-counter (OTC) derivatives market reform in the USA and the associated increase in trading costs, US banks shifted up to 60% of their OTC derivatives activity abroad, particularly toward less regulated jurisdictions. Consistent with a cost saving incentive of regulatory arbitrage, we find that this flight abroad is driven by costlier blocks of the reform and subsequently causes a narrowing of swap spreads. We further show that this regul...
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作者：Bouton, Laurent; Llorente-Saguer, Aniol; Mace, Antonin; Xefteris, Dimitrios
作者单位：Georgetown University; University of London; Queen Mary University London; Centre National de la Recherche Scientifique (CNRS); Paris School of Economics; Universite PSL; Ecole Normale Superieure (ENS); University of Cyprus
摘要：This paper examines the comparative properties of voting rules based on the richness of their ballot spaces, assuming a given distribution of voting rights. We focus on how well voting rules aggregate the information dispersed among voters. We consider how different voting rules affect both voters' decisions at the voting stage and the incentives of the agenda-setter, who decides whether to put the proposal to a vote. Without agenda-setter, the voting efficiency of rules is higher when their b...
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作者：Carvalho, Jean-Paul; Koyama, Mark; Williams, Cole
作者单位：University of Oxford; George Mason University; Durham University
摘要：Educational institutions not only build human capital; they also shape culture. We present a model of cultural dynamics produced by cultural transmission through the education system. Groups that are culturally marginalized become economically disadvantaged and exhibit various forms of resistance to education. First, individuals may drop out of education to avoid its cultural content. Second, individuals may invest in other forms of socialization to tune out the cultural content of education. ...
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作者：Crossley, Thomas F.; Gong, Yifan; Stinebrickner, Ralph; Stinebrickner, Todd
作者单位：University of Michigan System; University of Michigan; University of Nebraska System; University of Nebraska Lincoln; Western University (University of Western Ontario)
摘要：Using unique longitudinal probabilistic expectations data from the Berea Panel Study, which cover both college and early post-college periods, we examine young adults' beliefs about their future incomes. We introduce two new approaches to testing whether, ex ante, agents exhibit Rational Expectations. We show that taking into account the additional information about higher moments of individual belief distributions contained in probabilistic expectations data reveals violations of Rational Exp...
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作者：Ferraz, Claudio; Finan, Frederico; Martinez-Bravo, Monica
作者单位：University of British Columbia; Pontificia Universidade Catolica do Rio de Janeiro; University of California System; University of California Berkeley; National Bureau of Economic Research; IZA Institute Labor Economics; Centre for Economic Policy Research - UK
摘要：This paper analyzes how changes in the concentration of political power affect long-run development. We study Brazil's military dictatorship whose rise to power dramatically altered the distribution of power of local political elites. We document that municipalities that were more politically concentrated prior to the dictatorship in the 1960s are relatively richer in 2000, despite being poorer initially. Our evidence suggests that this reversal of fortune was the result of the military's poli...
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作者：Mahajan, Parag
作者单位：University of Delaware
摘要：This paper studies the impact of immigration on U.S. local business dynamics using a comprehensive collection of survey and administrative data. It finds heterogeneous impacts across the employer productivity distribution that favor higher-productivity firms and lead to increases in average local earnings. Responses to immigration along the exit margin are particularly important. Immigrant inflows cull establishments from low-productivity firms while preserving establishments from high-product...
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作者：Dusek, Libor; Traxler, Christian
作者单位：Charles University Prague; Prague University of Economics & Business
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作者：Abman, Ryan; Lundberg, Clark; Ruta, Michele
作者单位：California State University System; San Diego State University; International Monetary Fund
摘要：Trade liberalization can spur environmental degradation. Concerns over these adverse impacts have led to a debate over the need for environmental provisions in regional trade agreements (RTAs); however, the effectiveness of such provisions is unknown. In this paper, we provide new plausibly causal evidence that environmental provisions are effective in limiting deforestation following the entry into force of RTAs. We exploit high resolution, satellite-derived estimates of deforestation, and id...
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作者：Maitra, Pushkar; Mitra, Sandip; Mookherjee, Dilip; Visaria, Sujata
作者单位：Monash University; Indian Statistical Institute; Indian Statistical Institute Kolkata; Boston University; Hong Kong University of Science & Technology; City St Georges, University of London
摘要：We conduct a field experiment in India comparing two ways of delegating selection of microcredit clients among smallholder farmers to local intermediaries: a private trader (TRAIL), versus a local-government appointee (GRAIL). Selected beneficiaries in both schemes were equally likely to take up and repay loans, and experienced similar increases in borrowing and farm output. However farm profits increased and unit costs of production decreased significantly only in TRAIL. While there is some e...
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作者：Savignac, Frederique; Gautier, Erwan; Gorodnichenko, Yuriy; Coibion, Olivier
作者单位：European Central Bank; Bank of France; University of California System; University of California Berkeley; University of Texas System; University of Texas Austin
摘要：Using a new survey of firms' inflation expectations in France, we provide novel evidence about the measurement and formation of inflation expectations on the part of firms. First, French firms report inflation expectations with a smaller, but still positive, bias than households and display less disagreement. Second, we characterize the extent and manner in which the wording of questions matters for the measurement of firms' inflation expectations. Third, we document whether and how the positi...
