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作者：Alfaro, Laura; Cunat, Alejandro; Fadinger, Harald; Liu, Yanping
作者单位：Harvard University; University of Vienna; University of Mannheim; Cornerstone Research
摘要：We build a dynamic heterogeneous-firm model in which real depreciations raise export demand and the cost of importing intermediates, and also affect borrowing constraints and the profitability of engaging in research and development (R&D). A number of stylized facts on manufacturing firms for a large set of countries discipline our estimation: Firms in emerging East Asia are very export oriented and rely little on imported intermediates, whereas the opposite holds for Latin America and Eastern...
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作者：Alfano, Marco; Gorlach, Joseph-Simon
作者单位：Lancaster University; Bocconi University; Center for Economic & Policy Research (CEPR); Bocconi University; IZA Institute Labor Economics
摘要：We relate terrorist attacks to media signal coverage and schooling in Kenya to examine how terrorism alters the demand for education through perceived risks and returns. Exploiting variation in wireless signal coverage and attacks across space and time, we establish that media access reinforces negative effects of terrorism on schooling. Our results are robust to instrumenting both media signal and attacks. We also find that attacks raise self-reported fears for households with media access. B...
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作者：Lichtig, Avi; Weksler, Ran
作者单位：University of Bonn; University of Haifa
摘要：The severity of adverse selection depends, to a great extent, on the underlying distribution of the asset. This distribution is commonly modeled as exogenous; however, in many real-world applications, it is determined endogenously. A natural question in this context is whether one can predict the severity of the adverse selection problem in such environments. In this paper, we study a bilateral trade model in which the distribution of the asset is affected by pre-trade unobservable actions of ...
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作者：Lacroix, Jean
作者单位：Universite Paris Saclay
摘要：The extension of voting rights epitomizes the construction of modern democracies. This paper empirically investigates the effect of such an enfranchisement on political violence in the context of the US Voting Rights Act (VRA) of 1965, which forbade discrimination in voting. The formula the VRA used to determine the counties it applied to generated both geographic and temporal local discontinuities in enfranchisement. This paper's empirical strategy takes advantage of these features by compari...
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作者：Fetzer, Thiemo; Sen, Srinjoy; Souza, Pedro C. L.
作者单位：University of Warwick; University of London; Queen Mary University London
摘要：Homelessness and precarious living conditions are on the rise across much of the Western world. This paper exploits quasi-exogenous variation in the affordability of rents due to a cut in rent subsidies for low-income households in the United Kingdom in April 2011. Using comprehensive district-level administrative data, we show that the affordability shock caused a significant increase in financial distress, evictions, property crimes, insecure temporary housing arrangements, statutory homeles...
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作者：Graeber, Thomas
作者单位：Harvard University
摘要：This paper studies how people infer a state of the world from information structures that include additional, payoff-irrelevant states. For example, learning from a customer review about a product's quality requires accounting for the reviewer's otherwise-irrelevant taste. This creates an attribution problem common to all information structures with multiple causes. We report controlled experimental evidence for pervasive overinference about states that affect utility-a form of omitted variabl...
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作者：Bighelli, Tommaso; di Mauro, Filippo; Melitz, Marc J.; Mertens, Matthias
作者单位：Leibniz Association; Leibniz Institut fur Wirtschaftsforschung Halle (IWH); Harvard University
摘要：This paper derives a European Herfindahl-Hirschman concentration index from 15 micro-aggregated country datasets. In the last decade, European concentration rose due to a reallocation of economic activity toward large and concentrated industries. Over the same period, productivity gains from an increasing allocative efficiency of the European market accounted for 50% of European productivity growth while markups stayed constant. Using country-industry variation, we show that changes in concent...
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作者：Bachmann, Rudiger; Ehrlich, Gabriel; Fan, Ying; Ruzic, Dimitrije; Leard, Benjamin
作者单位：University of Notre Dame; University of Michigan System; University of Michigan; INSEAD Business School; University of Tennessee System; University of Tennessee Knoxville
摘要：This paper uses the 2015 Volkswagen (VW) emissions scandal as a natural experiment to provide evidence that collective reputation externalities are economically significant. Using a combination of difference-in-differences and demand estimation approaches, we document a spillover effect from the scandal to the non-VW German auto manufacturers. The spillover amounts to an average drop of $2,057 in consumer valuations of these manufacturers' vehicles and a 34.6% reduction in their annual sales. ...
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作者：De la Roca, Jorge; Ottaviano, Gianmarco I. P.; Puga, Diego
作者单位：University of Southern California; Bocconi University
摘要：Bigger cities offer more valuable experiences and opportunities in exchange for higher housing costs. While higher-ability workers benefit more from bigger cities, they are not more likely to move to one. Our model of urban sorting by workers with heterogeneous self-confidence and ability suggests flawed self-assessment is partly to blame. Analysis of the National Longitudinal Survey of Youth 1979 data shows that, consistent with our model, young workers with high self-confidence are more like...
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作者：Kaufmann, Christoph
作者单位：European Central Bank
摘要：This paper examines the role of international investment funds in the transmission of global financial conditions to the euro area using structural Bayesian vector auto regressions. While cross-border banking sector capital flows receded significantly in the aftermath of the global financial crisis, portfolio flows from investors actively searching for yield on financial markets worldwide gained importance during the post-crisis second phase of global liquidity. The analysis presented in this ...
