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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. ...
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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 ...
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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...
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作者：Deuflhard, Florian; Georgarakos, Dimitris; Inderst, Roman
作者单位：Goethe University Frankfurt; European Central Bank; Deutsche Bundesbank; University of Leicester
摘要：Savings accounts are owned by most households, but little is known about the performance of households' investments. We create a unique dataset by matching information on individual savings accounts from the DNB Household Survey with market data on account-specific interest rates and characteristics. We document heterogeneity in returns across households, which can be partly explained by financial sophistication. A one-standard deviation increase in financial literacy is associated with a 12% ...
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作者：Giulietti, Corrado; Tonin, Mirco; Vlassopoulos, Michael
作者单位：University of Southampton; Free University of Bozen-Bolzano
摘要：We examine whether racial discrimination exists in access to public services in the United States. We carry out an email correspondence study in which we pose simple queries to more than 19,000 local public service providers. We find that emails from putatively black senders are almost 4 percentage points less likely to receive an answer compared to emails signed with a white-sounding name. Moreover, responses to queries coming from black names are less likely to have a cordial tone. Further t...
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作者：Harstad, Bard; Lancia, Francesco; Russo, Alessia
作者单位：University of Oslo; University of Salerno; BI Norwegian Business School
摘要：This paper analyzes a game in which countries repeatedly make emission and technology investment decisions. We derive the best equilibrium, that is, the Pareto-optimal subgame-perfect equilibrium, when countries are insufficiently patient for folk theorems to be relevant. Relative to the first best, the best equilibrium requires countries to overinvest in technologies that are green, that is, strategic substitutes for polluting, but to underinvest in adaptation and brown technologies, that is,...
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作者：Borra, Cristina; Gonzalez, Libertad; Sevilla, Almudena
作者单位：University of Sevilla; Pompeu Fabra University; Barcelona School of Economics; University of London; Queen Mary University London
摘要：We take advantage of a unique natural experiment to provide new, credible evidence on the health consequences of scheduling birth early for non-medical reasons. In May 2010, the Spanish government announced that a (sic)2,500 universal baby bonus would stop being paid to babies born after December 31, 2010. Using administrative data from birth certificates and hospital records, we find that about 2,000 families shifted their date of birth from January 2011 to December 2010 (out of 9,000 weekly ...
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作者：Kamhoefer, Daniel A.; Schmitz, Hendrik; Westphal, Matthias
作者单位：University of Paderborn; University of Duisburg Essen; Leibniz Association; RWI - Leibniz Institut fur Wirtschaftsforschung
摘要：In this paper we estimate the effects of college education on cognitive abilities, health, and wages, exploiting exogenous variation in college availability. By means of semiparametric local instrumental variables techniques we estimate marginal treatment effects in an environment of essential heterogeneity. The results suggest positive average effects on cognitive abilities, wages, and physical health. Yet, there is heterogeneity in the effects, which points toward selection into gains. Altho...
