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作者：Gutierrez, German; Philippon, Thomas
作者单位：University of Washington; University of Washington Seattle; New York University
摘要：Over the past 20 years, Europe has deregulated many industries, protected consumer welfare, and created strongly independent regulators. These policies represent a stark departure from historical traditions in continental Europe. How and why did this turnaround happen? We build a political economy model of market regulation and we compare the design of national and supra-national regulators. We show that countries in a single market willingly promote a supranational regulator that enforces fre...
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作者：Carneiro, Pedro; Liu, Kai; Salvanes, Kjell G.
作者单位：University of London; University College London; London School Economics & Political Science; University of London; University College London; University of Cambridge; Norwegian School of Economics (NHH); Norwegian School of Economics (NHH)
摘要：We examine the labor market consequences of an exogenous increase in the supply of skilled labor in several municipalities in Norway, resulting from the construction of new colleges in the 1970s. We find that skilled wages increased as a response, suggesting that along with an increase in the supply there was also an increase in demand for skill. We also show that college openings led to an increase in the productivity of skilled labor and investments in R&D. Our findings are consistent with m...
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作者：Buehler, Mathias
作者单位：University of Munich
摘要：Can well-defined access rights to publicly owned land be as effective as privatization in increasing productivity and wealth? In this paper, I evaluate the impact of public property rights using the 1934 Taylor Grazing Act, which determined secure access rights for ranchers to newly created, large grazing districts in the Western United States. Using satellite-based vegetation data, I exploit spatial discontinuities across grazing district boundaries and find that public lands with well-define...
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作者：Stashko, Allison
作者单位：Utah System of Higher Education; University of Utah
摘要：It is difficult to identify sources of discrimination in police stop and search data. In part, this is due to uncertainty over the objective of discretionary police stops: Do officers aim to maximize arrests or to minimize crime? In this paper, I compare theoretical predictions implied by these two objectives to data from U.S. cities. Empirical evidence is consistent with a model of arrest maximization and inconsistent with a model of crime minimization. The findings support the validity of ex...
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作者：Chambers, Christopher P.; Cuhadaroglu, Tugce; Masatlioglu, Yusufcan
作者单位：Georgetown University; University of St Andrews; University System of Maryland; University of Maryland College Park
摘要：In the context of stochastic choice, we introduce an individual decision model that admits a cardinal notion of peer influence. The model presumes that individual choice is not only determined by idiosyncratic evaluations of alternatives but also by the influence of the observed behavior of others. We establish that the equilibrium defined by the model is unique, stable, and falsifiable. Moreover, the underlying preferences and influence parameters as well as the structure of the underlying ne...
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作者：Lenoir, Clemence; Martin, Julien; Mejean, Isabelle
作者单位：University of Quebec; University of Quebec Montreal; Institut d'Etudes Politiques Paris (Sciences Po)
摘要：This paper studies how frictions in the acquisition of new customers distort the allocation of activities across heterogeneous producers. We add bilateral search frictions in a Ricardian model of trade and use French firm-to-firm trade data to estimate search frictions faced by French exporters in foreign markets. Estimated coefficients display a strong degree of heterogeneity across countries and products that correlates with various proxies for information frictions. Markets with high estima...
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作者：Carnehl, Christoph; Schneider, Johannes
作者单位：Bocconi University; Universidad Carlos III de Madrid
摘要：We study the tradeoff between fundamental risk and time. A time-constrained agent has to solve a problem. She dynamically allocates effort between implementing a risky initial idea and exploring alternatives. Discovering an alternative implies progress that has to be converted to a solution. As time runs out, the chances of converting it in time shrink. We show that the agent may return to the initial idea after having left it in the past to explore alternatives. Our model helps explain so-cal...
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作者：Astier, Nicolas; Rajagopal, Ram; Wolak, Frank A.
作者单位：Institut Polytechnique de Paris; Ecole des Ponts ParisTech; Paris School of Economics; Stanford University
摘要：This paper estimates the relationship between investments in five distributed generation technologies and hourly net withdrawals from over 2,000 electricity distribution networks in France between 2005 and 2018. We find that investments in distributed wind and solar generation have little or no impact on the annual peak of hourly net withdrawals from the distribution grid, while investments in hydroelectric and thermal distributed generation significantly reduce it. An optimistic analysis of t...
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作者：Hurtado, Samuel; Nuno, Galo; Thomas, Carlos
作者单位：Banco de Espana
摘要：We analyze the consequences of monetary policy for sovereign debt sustainability and welfare in a model of a small open economy where the government issues long-term nominal debt without a commitment not to default on it or erode its real value through (costly) inflation. Inflation is a form of partial default, one that is more state-contingent than outright default. This reduces the government's incentives to default outright and hence enlarges the repayment region, compared to a regime in wh...
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作者：Costa, Francisco; Marcantonio, Angelo; Rocha, Rudi
作者单位：University of Delaware; Getulio Vargas Foundation; Getulio Vargas Foundation
摘要：This paper estimates the effects of economic downturns on the expansion of Pentecostal Evangelicalism in Brazil. Regions more exposed to economic distress experienced a persistent rise both in Pentecostal affiliation and in the vote share of candidates connected to Pentecostal churches in national legislative elections. Once elected, these politicians carry out an agenda with greater emphasis on issues that are sensitive to fundamental religious principles. We, therefore, find that recessions ...
