-
作者：Fisman, Raymond; Harmon, Nikolaj A.; Kamenica, Emir; Munk, Inger
作者单位：Boston University; University of Copenhagen; University of Chicago
摘要：Using data on Members of the European Parliament (MEPs), we examine the impact of salaries on the composition and the behavior of legislators. Employing a differences-in-differences approach, we exploit the introduction of a law that equalized MEPs' salaries which had previously differed by as much as a factor of 10. Increasing salaries raises the fraction of MEPs who run for re-election but decreases the quality of elected MEPs (proxied by college quality). Salary has no discernible impact on...
-
作者：Hart, Oliver; Zingales, Luigi
作者单位：Harvard University; University of Chicago
摘要：We study consumer liquidity in a general equilibrium model where the friction is the nonpledgeability of future income. Liquidity helps to overcome the absence of a double coincidence of wants. Consumers over-hoard liquidity and the resulting competitive equilibrium is constrained inefficient. Fiscal policy following a large negative shock can increase ex-ante welfare. If the government cannot commit, the ex-post optimal fiscal policy will be too small from an ex-ante perspective. The model th...
-
作者：Babcock, Philip; Bedard, Kelly; Charness, Gary; Hartman, John; Royer, Heather
作者单位：University of California System; University of California Santa Barbara
摘要：This paper estimates social effects of incentivizing people in teams. In three field experiments featuring exogenous team formation and opportunities for repeated social interactions, we find large team effects that operate through social channels. In particular, assignment to a team treatment increases productivity by 9%-17% relative to an individual incentive treatment, even though the individual incentive yields a higher private return. Further, we find that in a choice treatment individual...
-
作者：Luo, Yulei; Nie, Jun; Young, Eric R.
作者单位：University of Hong Kong; Federal Reserve System - USA; Federal Reserve Bank - Kansas City; University of Virginia
摘要：This paper studies the aggregate dynamics of durable and nondurable consumption under slow information diffusion (SID) due to noisy observations and learning within the permanent income hypothesis framework. We show that SID can significantly improve the model's predictions on the joint behavior of income, durable consumption, and nondurable consumption at the aggregate level. Specifically, we find that SID can significantly improve the model's predictions for: (i) smoothness in durable and no...
-
作者：Dunne, Peter G.; Hau, Harald; Moore, Michael J.
作者单位：European Central Bank; Central Bank of Ireland; University of Geneva; University of Geneva; University of Warwick
摘要：We develop a dynamic model of dealer intermediation between a monopolistic customer-dealer market and a competitive interdealer limit order market. Dealers face inventory constraints and adverse selection. We characterize the optimal quote setting and inventory management behavior for both markets in closed form and reveal how price setting in one market segment influences quote behavior in the other. The framework is used to explore market stability issues of the two-tier market structure and...
-
作者：Coviello, Decio; Ichino, Andrea; Persico, Nicola
作者单位：Universite de Montreal; HEC Montreal; European University Institute; University of Bologna; Northwestern University
摘要：Much work is carried out in short, interrupted segments. This phenomenon, which we label task juggling, has been overlooked by economists. We study the work schedules of some judges in Italy documenting that they do juggle tasks and that juggling causally lowers their productivity substantially. To measure the size of this effect, we show that although all these judges receive the same workload, those who juggle more trials at once instead of working sequentially on few of them at each unit of...
