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The Geography of Trade and Technology Shocks in the United States

By David H. Autor, David Dorn, and Gordon H. Hanson

蝌蚪网 Review, May 2013

This paper explores the geographic overlap of trade and technology shocks across local labor markets in the United States. Regional exposure to technological change, as measured by specialization in routine task-intensive production and clerical occupatio...

News, Noise, and Fluctuations: An Empirical Exploration

By Olivier J. Blanchard, Jean-Paul L'Huillier, and Guido Lorenzoni

蝌蚪网 Review, December 2013

We explore empirically models of aggregate fluctuations in which consumers form anticipations about the future based on noisy sources of information and these anticipations affect output in the short run. Our objective is to separate fluctuations due to...

Bankruptcy: Is It Enough to Forgive or Must We Also Forget?

By Ronel Elul and Piero Gottardi

蝌蚪网 Journal: Microeconomics, November 2015

In many countries, lenders are restricted in their access to information about borrowers' past defaults. We study this provision in a model of repeated borrowing and lending with moral hazard and adverse selection. We analyze its effects on borrowers' inc...

The Impacts of Microcredit: Evidence from Bosnia and Herzegovina

By Britta Augsburg, Ralph De Haas, Heike Harmgart, and Costas Meghir

蝌蚪网 Journal: Applied Economics, January 2015

We use an RCT to analyze the impacts of microcredit. The study population consists of loan applicants who were marginally rejected by an MFI in Bosnia. A random subset of these were offered a loan. We provide evidence of higher self-employment, increases ...

Margins of Multinational Labor Substitution

By Marc-Andreas Muendler and Sascha O. Becker

蝌蚪网 Review, December 2010

Employment at a multinational enterprise (MNE) responds to wages at the extensive margin, when an MNE enters a foreign location, and at the intensive margin, when an MNE operates existing affiliates. We present an MNE model and conditions for parametric a...

Consumption Taxes and Redistribution

By Isabel Correia

蝌蚪网 Review, September 2010

This study considers replacing the current US tax system with only a flat tax consumption tax, showing, in contrast to the literature, that such a reform leads to a decline in inequality and increase in welfare for the welfare-poor. The results are obtain...

Default Risk and Income Fluctuations in Emerging Economies

By Cristina Arellano

蝌蚪网 Review, June 2008

Recent sovereign defaults are accompanied by interest rate spikes and deep recessions. This paper develops a small open economy model to study default risk and its interaction with output and foreign debt. Default probabilities and interest rates depen...

Dividends and Expropriation

By Mara Faccio, Larry H. P. Lang, and Leslie Young

蝌蚪网 Review, March 2001

Whereas most U.S. corporations are widely held, the predominant form of ownership in East Asia is control by a family, which often supplies a top manager. These features of "crony capitalism" are actually more pronounced in Western Europe. In both regions...

Bureaucrats or Politicians? Comment

By Fuhito Kojima

蝌蚪网 Review, March 2008

Alesina and Tabellini (2007) investigate the normative criteria for allocating policy tasks to bureaucrats versus politicians. While they establish criteria with respect to a number of parameters, they do not give a criterion with respect to the degree of...

Adam Smith, Behavioral Economist

[Symposium: The Moral Sentiments]

By Nava Ashraf, Colin F. Camerer, and George Loewenstein

Journal of Economic Perspectives, Summer 2005

Adam Smith's psychological perspective in The Theory of Moral Sentiments is remarkably similar to "dual-process" frameworks advanced by psychologists, neuroscientists, and more recently by behavioral economists, based on behavioral data and detailed obser...

The Enduring Impact of the American Dust Bowl: Short- and Long-Run Adjustments to Environmental Catastrophe

By Richard Hornbeck

蝌蚪网 Review, June 2012

The 1930s American Dust Bowl was an environmental catastrophe that greatly eroded sections of the Plains. The Dust Bowl is estimated to have immediately, substantially, and persistently reduced agricultural land values and revenues in more-eroded counties...

The Agricultural Origins of Time Preference

By Oded Galor and 脰尘别谤 脰锄补办

蝌蚪网 Review, October 2016

This research explores the origins of observed differences in time preference across countries and regions. Exploiting a natural experiment associated with the expansion of suitable crops for cultivation in the course of the Columbian Exchange, the resear...

Pricing Payment Cards

By 脰锄濒别尘 Bedre-Defolie and Emilio Calvano

蝌蚪网 Journal: Microeconomics, August 2013

Payment card networks, such as Visa, require merchants' banks to pay substantial "interchange" fees to cardholders' banks, on a per transaction basis. This paper shows that a network's profit-maximizing fee induces an inefficient price structure, over...

Time and State Dependence in an Ss Decision Experiment

By Jacopo Magnani, Aspen Gorry, and Ryan Oprea

蝌蚪网 Journal: Macroeconomics, January 2016

Flow earnings in a laboratory experiment decline the further a Brownian state variable, z, evolves from its optimal level, z*. Optimal state dependent models predict subjects will pay a fixed cost to return z to z* only when z strays outside a critical in...

Segregation and Homeownership in the Early Twentieth Century

By Trevon D. Logan and John M. Parman

蝌蚪网 Review, May 2017

We use new county-level segregation estimates for the period of 1880 to 1940 to document a general rise in residential segregation in both urban and rural counties occurring alongside rising homeownership rates. However, we find a negative correlation bet...

Competitive Pressure and the Adoption of Complementary Innovations

By Tobias Kretschmer, Eugenio J. Miravete, and Jos茅 C. 笔别谤苍铆补蝉

蝌蚪网 Review, June 2012

Liberalization of the European automobile distribution system in 2002 limits the ability of manufacturers to impose vertical restraints, leading to a substantial increase in competitive pressure among dealers. We estimate an equilibrium model of profit ...

Symposium on the State and Economic Development

[Symposium: The State and Economic Development]

By Pranab Bardhan

Journal of Economic Perspectives, Summer 1990

The role of the state in economic development is one of the oldest topics in economics, yet controversies rage with similar passion and camps are divided on lines today broadly similar to the early writings. Though the authors of the papers in this sympos...

Currency Fluctuations in the Post-Bretton Woods Era

By Richard Meese

Journal of Economic Perspectives, Winter 1990

The international monetary landscape that has emerged since the felling of Bretton Woods is characterized by a hybrid exchange rate system that lies somewhere between the textbook polar cases of a gold standard and a pure float. This system has relatively...

What Does Health Reform Mean for the Health Care Industry? Evidence from the Massachusetts Special Senate Election

By Mohamad M. Al-Ississ and Nolan H. Miller

蝌蚪网 Journal: Economic Policy, August 2013

We exploit the surprise election of Republican Scott Brown to the US Senate to evaluate the market's assessment of the impact of the recent US health reform legislation on the health care industry. We find that Brown's election was associated with abnorma...

Transfers in Cash and In-Kind: Theory Meets the Data

By Janet Currie and Firouz Gahvari

Journal of Economic Literature, June 2008

We review theoretical explanations for in-kind transfers in light of the limited empirical evidence. After reviewing the traditional paternalistic arguments, we consider explanations based on imperfect information and self-targeting. We then discuss the...