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作者：de Quidt, Jonathan
作者单位：Stockholm University
摘要：As predicted by loss aversion, numerous studies find that penalties elicit greater effort than bonuses, even when the underlying payoffs are identical. However, loss aversion also predicts that workers will demand higher wages to accept penalty contracts. In six experiments I recruited workers online under framed incentive contracts to test the second prediction. None find evidence for the predicted distaste for penalty contracts. In four experiments penalty framing actually increased the job ...
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作者：Ager, Philipp; Hansen, Casper Worm; Jensen, Peter Sandholt
作者单位：University of Southern Denmark; University of Copenhagen
摘要：The smallpox vaccination method was the paramount medical innovation of the late 18th and early 19th centuries. We exploit the introduction of the smallpox vaccine in Sweden to identify the causal effect of early-life mortality on fertility. Our analysis shows that parishes in counties with higher levels of smallpox mortality prior to the introduction of vaccination experienced greater declines in infant mortality afterward. Exploiting this finding in an instrumental-variable approach reveals ...
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作者：Hemous, David; Olsen, Morten
作者单位：University of Zurich; University of Copenhagen
摘要：In the 1980s the Japanese keiretsu system of interconnected business groups was praised as a model to emulate, but since then Japan has often been criticized for being less innovative than the United States. In this paper we connect the two views and argue that tight business relationships can create dynamic inefficiencies and reduce broad innovations. In particular, we consider the repeated interaction between final good producers and intermediate input suppliers, where the provision of the i...
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作者：Herz, Holger; Taubinsky, Dmitry
作者单位：University of Fribourg; Dartmouth College
摘要：People's fairness preferences are an important constraint for what constitutes an acceptable economic transaction, yet little is known about how these preferences are formed. In this paper, we provide clean evidence that previous transactions play an important role in shaping perceptions of fairness. Buyers used to high market prices, for example, are more likely to perceive high prices as fair than buyers used to low market prices. Similarly, employees used to high wages are more likely to pe...
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作者：Cortes, Guido Matias; Gallipoli, Giovanni
作者单位：University of Manchester; University of British Columbia
摘要：We estimate the costs of occupational mobility and quantify the relative importance of differences in task content as a component of total mobility costs. We use a novel approach based on a model of occupational choice that delivers a gravity equation linking worker flows to occupation characteristics and transition costs. Using data from the Current Population Survey and the Dictionary of Occupational Titles we find that task-specific costs account for no more than 15% of the total transition...
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作者：Bentolila, Samuel; Jansen, Marcel; Jimenez, Gabriel
作者单位：Autonomous University of Madrid; Banco de Espana
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作者：Feve, Patrick; Matheron, Julien; Sahuc, Jean-Guillaume
作者单位：Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; Universite de Toulouse; Universite Toulouse 1 Capitole; European Central Bank; Bank of France
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作者：Alvarez, Fernando; Lippi, Francesco; Paciello, Luigi
作者单位：University of Chicago; University of Sassari
摘要：We study economies where price stickiness arises due to the simultaneous presence of both menu and information costs. We identify the relative importance of these costs using firm's survey data and analyze the response of prices and output following a permanent unexpected monetary shock. For a given frequency of price adjustment, we find that the information friction significantly amplifies the real effect of the shock when the shock is small, or when it is not known by firms. Instead, when th...
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作者：Jaccard, Ivan
作者单位：European Central Bank
摘要：This paper considers the implications of habit formation and financial frictions for the propagation of macroeconomic shocks. In a model that is capable of matching asset pricing moments, a short-lived shock that destroys a small fraction of the economy's stock of pledgeable collateral generates a persistent recession, a stock market crash, and a flight-to-safety effect. This novel mechanism creates a tight link between the asset pricing implications of macroeconomic models and their ability t...
