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作者：Avdjiev, Stefan; Hardy, Bryan; Kalemli-Ozcan, Sebnem; Serven, Luis
作者单位：Bank for International Settlements (BIS); University System of Maryland; University of Maryland College Park
摘要：We construct a new quarterly data set of international capital flows broken down by sector-banks, corporates, and sovereigns-and demonstrate the importance of distinguishing capital flows by the sector of domestic borrowers and lenders. We document four new sets of facts. First, banks account for the largest part of the external debt (stocks and flows) in advanced economies, whereas in emerging markets, banks, corporates, and sovereigns have roughly equal shares. Second, the high correlation b...
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作者：Arias, Eric; Larreguy, Horacio; Marshall, John; Querubin, Pablo
作者单位：Instituto Tecnologico Autonomo de Mexico; Columbia University; New York University
摘要：Effective policy-making requires that voters avoid electing malfeasant politicians. However, informing voters of incumbent malfeasance in corrupt contexts may not reduce incumbent support. As our simple learning model shows, electoral sanctioning is limited where voters already believed incumbents to be malfeasant, while information's effect on turnout is non-monotonic in the magnitude of reported malfeasance. We conducted a field experiment in Mexico that informed voters about malfeasant mayo...
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作者：Campo, Francesco; Mendola, Mariapia; Morrison, Andrea; Ottaviano, Gianmarco
作者单位：University of Milano-Bicocca; University of Pavia; Utrecht University; Bocconi University; Bocconi University; University of London; London School Economics & Political Science; Bocconi University
摘要：We investigate the importance of co-ethnic networks and diversity in determining immigrant inventors' settlements in the United States by following the location choices of thousands of them across counties during the Age of Mass Migration. To do so, we combine a unique United States Patent and Trademark Office historical patent dataset on immigrants who arrived as adults with Census data and exploit exogenous variation in both immigration flows and diversity induced by former settlements, WWI,...
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作者：Giustinelli, Pamela; Manski, Charles F.; Molinari, Francesca
作者单位：Bocconi University; Northwestern University; Cornell University
摘要：We elicit numerical expectations for late-onset dementia and long-term-care (LTC) outcomes in the US Health and Retirement Study. We provide the first empirical evidence on dementia-risk perceptions among dementia-free older Americans and establish important patterns regarding imprecision of subjective probabilities. Our elicitation distinguishes between precise and imprecise probabilities, while accounting for rounding of reports. Imprecise-probability respondents quantify imprecision using p...
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作者：Le Barbanchon, Thomas; Sauvagnat, Julien
作者单位：Bocconi University
摘要：We quantify the implications of voter bias and electoral competition for politicians' gender composition. Unfavorable voters' attitudes toward women and local gender earnings gap correlate negatively with the share of female candidates in Parliamentary elections. Using within-candidate variation across the different polling stations of an electoral district in a given election year, we find that female candidates obtain fewer votes in municipalities with higher gender earnings gaps. We show th...
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作者：Iossa, Elisabetta; Rey, Patrick; Waterson, Michael
作者单位：University of Rome Tor Vergata; Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; University of Warwick
摘要：Y We study competition for the market in a setting where incumbents (and, to a lesser extent, neighbouring incumbents) benefit from a cost or information advantage. We first compare the outcome of staggered and synchronous tenders, before drawing the implications for market design. We find the timing of tenders interrelates with the likelihood of monopolisation. For high incumbency advantages and/or discount factors, monopolisation is expected, in which case synchronous tendering is preferable...
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作者：Cui, Wei
作者单位：University of London; University College London
摘要：This paper studies the macroeconomic effects of capital reallocation with financial shocks. I develop a model in which firms face borrowing constraints, idiosyncratic productivity shocks, and idiosyncratic liquidation costs. The idiosyncratic risks of productivity and liquidation costs generate an option value of staying in business and a liquidation delay for unproductive firms. A new feature arises from the delay. Unproductive firms that are not liquidated increase their leverage over time, ...
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作者：Leong, Kaiwen; Li, Huailu; Rysman, Marc; Walsh, Christoph
作者单位：Nanyang Technological University; Fudan University; Shanghai Institute of International Finance & Economics; Boston University; Tilburg University
摘要：We estimate a structural model of bargaining between a branch of a large transnational gang and pushers using data from detailed records kept by the gang. The model allows for the gang's relative bargaining power to differ for pushers with different characteristics, such as those with addictions or borrowing problems. Exploiting supply shocks in our data, we use the estimated model to study the effectiveness of various enforcement strategies. We find that targeting pushers is more effective at...
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作者：Card, David; Cardoso, Ana Rute
作者单位：University of California System; University of California Berkeley; Universidade de Lisboa; Institute of Social Sciences, University of Lisbon (ICS-UL)
摘要：Sectoral contracts in many European countries set wage floors for different occupation groups. In addition, employers often pay a wage premium (or wage cushion) to individual workers. We use administrative data from Portugal, linked to collective bargaining agreements, to study the interactions between wage floors and wage cushions and quantify the impact of sectoral wage floors. Although wages exhibit a spike at the wage floor, a typical worker receives a 20% premium over the floor, with larg...
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作者：Cao, Qingqing; Di Pietro, Marco; Kokas, Sotirios; Minetti, Raoul
作者单位：Michigan State University; Sapienza University Rome; University of Essex
摘要：The quality of bank lending is increasingly viewed as a force driving the buildup and unfolding of crises. In a dynamic general equilibrium model, we show that banks' access to liquidity and the values of loan portfolios govern banks' incentives and effectiveness in producing information on loans. Consistent with granular loan-level evidence from US banks, the calibrated model predicts that loan due diligence deteriorates during expansions and intensifies during contractions. This countercycli...
