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作者：La Ferrara, Eliana
作者单位：Bocconi University; Bocconi University
摘要：This paper explores the potential use of entertainment media programs for achieving development goals. I propose a simple framework for interpreting media effects that hinges on three channels: (i) information provision, (ii) role modeling and preference change, and (iii) time use. I then review the existing evidence on how exposure to commercial television and radio affects outcomes such as fertility preferences, gender norms, education, migration, and social capital. I complement these indiv...
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作者：D'Erasmo, Pablo; Mendoza, Enrique G.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Philadelphia; University of Pennsylvania
摘要：Europe's debt crisis resembles historical episodes of outright default on domestic public debt about which little research exists. This paper proposes a theory of domestic sovereign default based on distributional incentives affecting the welfare of risk-averse debt and nondebtholders. A utilitarian government cannot sustain debt if default is costless. If default is costly, debt with default risk is sustainable, and debt falls as the concentration of debt ownership rises. A government favorin...
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作者：Segal, Ilya; Whinston, Michael D.
作者单位：Stanford University; Massachusetts Institute of Technology (MIT); Massachusetts Institute of Technology (MIT)
摘要：We show that efficient bargaining is impossible for a wide class of economic settings and property rights. These settings are characterized by (i) the existence of adverse efficient opt-out types, whose participation does not change the efficient allocation and who, when they opt out, are the worst type other agents can face, and (ii) non-existence of the marginal core, and its multivaluedness with a positive probability. We also examine the optimal allocation of property rights within a given...
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作者：Robinson, James A.; Torvik, Ragnar
作者单位：University of Chicago; Norwegian University of Science & Technology (NTNU)
摘要：We develop a model to understand the incidence of presidential and parliamentary institutions. Our analysis is predicated on two ideas: first, that minorities are relatively powerful in a parliamentary system compared to a presidential system, and second, that presidents have more power with respect to their own coalition than prime ministers do. These assumptions imply that while presidentialism has separation of powers, it does not necessarily have more checks and balances than parliamentari...
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作者：Benczur, Peter; Ilut, Cosmin L.
作者单位：Duke University; National Bureau of Economic Research
摘要：This paper presents direct evidence for relational contracts in sovereign bank lending. Unlike the existing empirical literature, its instrumental variables method allows for distinguishing a direct influence of past repayment problems on current spreads (a punishment effect in prices) from an indirect effect through higher expected future default probabilities (loss of reputation). Such a punishment provides positive surplus to lenders after a default and decreases the borrower's present disc...
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作者：Nistico, Salvatore
作者单位：Sapienza University Rome
摘要：I present a model with discontinuous asset-market participation (DAMP), where all agents are non-Ricardian, and where heterogeneity among market participants implies financial-wealth effects on aggregate consumption. The implied welfare criterion shows that financial stability arises as an additional and independent target, besides inflation and output stability. Evaluation of optimal policy under discretion and commitment reveals that price stability may no longer be optimal, even absent inef...
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作者：Novta, Natalija
作者单位：International Monetary Fund
摘要：This paper theoretically and empirically investigates the relationship between local-level ethnic composition and the spread of conflict. Cross-country literature on conflict finds that ethnic diversity, and ethnic polarization in particular, are associated with greater incidence of conflict. However, the question remains as to where within ethnically diverse countries conflict begins and where and how it spreads. To study this question, I present a model in which local ethnic groups' decision...
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作者：Brandts, Jordi; Ellman, Matthew; Charness, Gary
作者单位：Consejo Superior de Investigaciones Cientificas (CSIC); CSIC - Institut d'Analisi Economica (IAE); Barcelona School of Economics; University of California System; University of California Santa Barbara
摘要：We study experimentally how communication changes the effectiveness of contract types when sellers choose unenforceable quality after a possible cost shock. Communication potentially removes conflicting perceptions that may otherwise plague flexible contracts. Indeed, we find that introducing free-form communication sharply reverses an advantage of rigid contracts in favor of flexible contracts, which then deliver much higher earnings. Control treatments that avoid selection effects reveal a s...
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作者：Kimbrough, Erik O.; Vostroknutov, Alexander
作者单位：Simon Fraser University; Maastricht University
摘要：We explore the idea that prosocial behavior in experimental games is driven by social norms imported into the laboratory. Under this view, differences in behavior across subjects is driven by heterogeneity in sensitivity to social norms. We introduce an incentivized method of eliciting individual norm-sensitivity, and we show how it relates to play in public goods, trust, dictator, and ultimatum games. We show how our observations can be rationalized in a stylized model of norm-dependent prefe...
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作者：Asonuma, Tamon; Trebesch, Christoph
作者单位：International Monetary Fund; University of Munich
摘要：Sovereign debt restructurings can be implemented preemptivelyprior to a payment default. We code a comprehensive new data set and find that preemptive restructurings (i) are frequent (38% of all deals 1978-2010), (ii) have lower haircuts, (iii) are quicker to negotiate, and (iv) see lower output losses. To rationalize these stylized facts, we build a quantitative sovereign debt model that incorporates preemptive and post-default renegotiations. The model improves the fit with the data and expl...
