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作者：Antunes, Antonio A.; Cavalcanti, Tiago V.
作者单位：Banco de Portugal; University of Cambridge
摘要：Research has shown that, absent individual heterogeneity and under complete markets, the welfare impact of financial openness is quantitatively limited. Not only are inequalities in wealth and labor productivity a feature of most societies, but also financial markets suffer from many well-known frictions. This paper demonstrates that, when households face borrowing constraints and uninsurable idiosyncratic shocks to income, the welfare implications of financial liberalization are considerable....
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作者：Jacobson, Tor; Linde, Jesper; Roszbach, Kasper
作者单位：University of Groningen
摘要：This paper studies the relationship between macroeconomic fluctuations and corporate defaults while conditioning on industry affiliation and an extensive set of firm-specific factors. By using a panel data set for virtually all incorporated Swedish businesses over 1990-2009, a period which includes a full-scale banking crisis, we find strong evidence for a substantial and stable impact from aggregate fluctuations on business defaults. A standard logit model with financial ratios augmented with...
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作者：Vartiainen, Hannu
作者单位：University of Helsinki
摘要：In anonymous platforms like the Internet, committing to honor the outcome of an auction is difficult since the seller can benefit by reauctioning the good. We argue that how information is processed within the auction mechanism is crucially important in such circumstances. In our model, the seller uses an intermediary to extract information from the buyers but is not tied to sell the good with terms that the mechanism proposes. Instead, she may reauction the good again via some other intermedi...
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作者：Gennaioli, Nicola
作者单位：Bocconi University
摘要：I build a model where potentially biased judges verify complex states by interpreting an imperfect signal whose noise captures factual ambiguities. In a sales and a financial transaction I show that judicial biases amplify and distort factual ambiguities, creating enforcement risk. To insure against such risk, parties write simple noncontingent contracts that optimally protect the party that is most vulnerable to judicial error. These results shed light on the empirical association between law...
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作者：Melly, Blaise; Puhani, Patrick A.
作者单位：Brown University; Leibniz University Hannover; University of St Gallen
摘要：Do public sector firm ownership and lack of competition matter for wages and employment? To address this question, we consider a large public-sector company that is privatized. Using personnel records, we find employment contract liberalization to generate relative wage losses for older, high-tenure, low-skilled, part-time workers, permanent residents, and women. Employment reductions mostly affect the same groups experiencing a wage decline. Overall, wage liberalization leads to an increase i...
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作者：Calza, Alessandro; Monacelli, Tommaso; Stracca, Livio
作者单位：European Central Bank; Bocconi University
摘要：We document three facts concerning how the structure of housing finance affects the monetary transmission mechanism: first, the characteristics of residential mortgage markets differ markedly across industrialized countries; second, the impact of monetary policy shocks to residential investment and house prices is significantly stronger in those countries with larger flexibility/development of mortgage markets; third, the transmission to consumption is stronger only in those countries where mo...
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作者：Andrews, Martyn J.; Bradley, Steve; Stott, Dave; Upward, Richard
作者单位：University of Manchester; Lancaster University; University of Nottingham
摘要：Abstract We estimate the stock-flow matching model using micro-level data from a well-defined labor market. Using a dataset of complete labor-market histories for both sides of the market, we estimate hazard functions for job-seekers and vacancies. We find that the stock of new vacancies has a significant positive impact on the job-seeker hazard, over and above that of the total stock of vacancies. There is an even stronger robust result for vacancy hazards. Thus we find evidence in favor of s...
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作者：Fellner, Gerlinde; Sausgruber, Rupert; Traxler, Christian
作者单位：Ulm University; Vienna University of Economics & Business; Philipps University Marburg
摘要：We run a large-scale natural field experiment to evaluate alternative strategies to enforce compliance with the law. The experiment varies the text of mailings sent to potential evaders of TV license fees. We find a strong effect of mailings, leading to a substantial increase in compliance. Among different mailings, a threat treatment which makes a high detection risk salient has a significant deterrent effect. Neither appealing to morals nor imparting information about others' behavior enhanc...
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作者：Cingano, Federico; Pinotti, Paolo
摘要：We quantify the private returns and social costs of political connections exploiting a unique longitudinal dataset that combines matched employeremployee data for a representative sample of Italian firms with administrative archives on the universe of individuals appointed in local governments over the period 19851997. According to our results, the revenue premium granted by political connections amounts to 5.7% on average, it is obtained through changes in domestic sales but not in exports, a...
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作者：Cappelen, Alexander W.; Moene, Karl O.; Sorensen, Erik O.; Tungodden, Bertil
作者单位：University of Oslo
摘要：What is the relative importance of needs, entitlements, and nationality in people's social preferences? To study this question, we conducted a real-effort dictator experiment where students in two of the world's richest countries, Norway and Germany, were matched directly with students in two of the world's poorest countries, Uganda and Tanzania. The experimental design made the participants face distributive situations where different moral motives came into play, and based on the observed be...
