-
作者：Andersson, David; Karadja, Mounir; Prawitz, Erik
作者单位：Uppsala University; Research Institute of Industrial Economics (IFN)
摘要：This paper studies the effect of emigration on technological change in sending locations after one of the largest migration events in human history, the mass migration from Europe to the United States in the 19th century. To establish causality, we adopt an instrumental variable strategy that combines local growing-season frost shocks with proximity to emigration ports. Using data on patents, we find that emigration led to an increase in innovative activity in sending localities. Using data on...
-
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...
-
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,...
-
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...
-
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...
-
作者：Galenianos, Manolis; Gavazza, Alessandro
作者单位：University of London; Royal Holloway University London; University of London; London School Economics & Political Science
摘要：We build a framework to understand the effects of regulatory interventions in credit markets, such as caps on interest rates. We focus on the credit card market, in which we observe US consumers borrowing at high and very dispersed interest rates despite receiving many credit card offers. Our framework includes two main features to account for these patterns: the endogenous effort of examining offers and product differentiation. Our calibration suggests that most borrowers examine few of the o...
-
作者：Le Yaouanq, Yves; Schwardmann, Peter
作者单位：Institut Polytechnique de Paris; Ecole Polytechnique; ENSAE Paris; University of Munich; Carnegie Mellon University
摘要：To understand why naivete about present-biased behavior is so prevalent and persistent, our experiment investigates how well participants learn from their past behavior in a real-effort task. While participants display naive present-biased behavior initially, our novel methodology allows us to establish that their updating is unbiased and would eliminate naivete in the long run. Moreover, learning is unencumbered by a change in the environment. Our results suggest that persistent naivete does ...
-
作者：Dhyne, Emmanuel; Kikkawa, Ayumu Ken; Magerman, Glenn
作者单位：European Central Bank; National Bank of Belgium; University of British Columbia
摘要：This paper studies the implications of imperfect competition in firm-to-firm trade. Exploiting data on the universe of sales relationships between Belgian firms, we document that firms' markups increase in the average input shares among their buyers. Motivated by this fact, we develop and estimate a model where firms charge buyer-supplier-specific markups that depend on the bilateral input shares. We find markup dispersion within firms across buyers creates substantial welfare loss: Aggregate ...
-
作者：Schmid, Christian P. R.; Schreiner, Nicolas; Stutzer, Alois
作者单位：University of Bern; University of Basel
摘要：How should payment systems of means-tested benefits be designed to improve the financial situation of needy recipients most effectively? We study this question in the context of mandatory health insurance in Switzerland, where recipients initially receive either a cash transfer or subsidized insurance premiums (a form of in-kind transfer). A federal reform in 2014 forced cantons (i.e. states) to universally switch to in-kind provision. We exploit this setting based on a difference-in-differenc...
-
作者：Kiiashko, Sergii
作者单位：National Bank of Ukraine; Kyiv School of Economics; National Bank of Ukraine
摘要：I develop a tractable model to study the optimal debt maturity structure and fiscal policy in an environment with incomplete markets, lack of commitment, and opportunity to default by the government. I show that the Lucas and Stokey time-consistency result can be extended to environments with an opportunity of outright default. The maturity is used to resolve the time-consistency problem. I show that if both risk-free interest rates and risk premiums can be manipulated, then the optimal maturi...
