-
作者：Ventura, Jaume
作者单位：Pompeu Fabra University; Centre de Recerca en Economia Internacional (CREI); Barcelona School of Economics
摘要：This paper develops a simple theoretical framework to study a set of regions, each with its own regional government, who share a union or central government. These governments must decide whether to implement or discard a large number of projects that produce local benefits for the region that implements them, and externalities for the rest of the regions. Conflict or disagreement arises since different regions value projects differently. The classic assignment problem consists of deciding who...
-
作者：Ngai, L. Rachel; Pissarides, Christopher A.; Wang, Jin
作者单位：University of London; London School Economics & Political Science; Hong Kong University of Science & Technology; Hong Kong University of Science & Technology
摘要：China's hukou system imposes two main barriers to population movements. Agricultural workers get land to cultivate but are unable to trade it in a frictionless market. Social transfers (education, health, etc.) are conditional on holding a local hukou. We show that the land policy leads to over-employment in agriculture and it is the more important barrier to industrialization. Effective land tenure guarantees and a competitive rental market would correct this inefficiency. The local restricti...
-
作者：Jung, Philip; Kuhn, Moritz
作者单位：Dortmund University of Technology; University of Bonn; IZA Institute Labor Economics; Center for Economic & Policy Research (CEPR)
摘要：Large and persistent earnings losses following displacement have adverse consequences for the individual worker and the macroeconomy. Leading models cannot explain their size and disagree on their sources. Two mean-reverting forces make earnings losses transitory in these models: search as an upward force allows workers to climb back up the job ladder, and separations as a downward force make nondisplaced workers fall down the job ladder. We show that job stability at the top rather than searc...
-
作者：Gruener, Hans Peter; Siemroth, Christoph
作者单位：University of Mannheim; University of Essex
摘要：We show how decentralized individual investments can efficiently allocate capital to innovating firms via equity crowdfunding. We develop a model where consumers have privately known consumption preferences and may act as investors. Consumers identify worthwhile investments based on their own preferences and invest in firms whose product they like. In the presence of aggregate demand uncertainty, an efficient capital allocation is achieved if all groups of consumers have enough liquidity to in...
-
作者：Besley, Timothy; Persson, Torsten
作者单位：University of London; London School Economics & Political Science; Canadian Institute for Advanced Research (CIFAR); Stockholm University
摘要：This paper develops a framework to study environmentalism as a cultural phenomenon, namely as reflecting a process of social identification with certain values. The model is used to explain how the shares of environmentalists and materialists in society can coevolve with taxes on emissions to protect society against damages caused by environmental degradation. These policies are determined by electoral competition. However, even though politicians internalize the welfare of those currently ali...
-
作者：Teso, Edoardo
作者单位：Harvard University
摘要：Can demographic shocks affect the long-run evolution of female labor force participation and gender norms? This paper traces current variation in women's participation in the labor force within Sub-Saharan Africa to the emergence of a female-biased sex ratio during the centuries of the transatlantic slave trade. This historical shock affected the division of labor along gender lines in the remaining African population, as women substituted for the missing men by taking up areas of work that we...
-
作者：Bonfiglioli, Alessandra; Crino, Rosario; Gancia, Gino
作者单位：University of London; Queen Mary University London; Catholic University of the Sacred Heart; University of London; Queen Mary University London
摘要：We study how financial frictions affect firm-level heterogeneity and trade. We build a model in which productivity differences across monopolistically competitive firms are endogenous and depend on investment decisions at the entry stage. By increasing entry costs, financial frictions lower the exit cutoff and hence the value of investing in bigger projects with more dispersed outcomes. As a result, financial frictions make firms smaller and more homogeneous, and hinder the volume of exports. ...
-
作者：Horenstein, Alex R.; Santos, Manuel S.
作者单位：University of Miami
摘要：We study the steady upward trend of Health Care Expenditures (HCE) over GDP for a sample of OECD countries between 1970 and 2007. Although the United States is clearly an outlier, almost all of the additional increase in US HCE happened during the 1978-1990 period. We perform two growth accounting exercises to explore sources of variability of HCE over GDP across countries. In the first growth accounting exercise based on value added we find that factor accumulation is unable to replicate the ...
-
作者：Odermatt, Reto; Stutzer, Alois
作者单位：University of Basel
摘要：The correct prediction of how alternative states of the world affect our lives is a cornerstone of economics. We study how accurate people are in predicting their future well-being after facing major life events. Based on individual panel data, we compare people's life satisfaction forecasts reported in the first interview after a major life event with their actual evaluations five years later on. This is done after the individuals experience widowhood, unemployment, disability, marriage, sepa...
-
作者：Filiz-Ozbay, Emel; Uler, Neslihan
作者单位：University System of Maryland; University of Maryland College Park
摘要：We study how competition among charities affects individuals' giving behavior. We characterize situations where charities benefitting substitute or complementary causes incentivize donations by offering subsidies in the form of rebates. Our theory predicts that an increase in the rebate rate offered by a given charity relative to a substitute charity will shift donations away from the substitute charity, but this stealing effect is not expected when complementary charities are considered. Our ...
