A Fast Literature Search Engine based on top-quality journals, by Dr. Mingze Gao.
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Results 4,062 resources
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I elicit causal effects of spousal observability and communication on financialchoices of married individuals in the Philippines. When choices are private,men put money into their personal accounts. When choices are observable,men commit money to consumption for their own benefit. When required tocommunicate, men put money into their wives' account. These strong treatmenteffects on men, but not women, appear related more to control than to gender:men whose wives control household savings respond more strongly to the treatmentand women whose husbands control savings exhibit the same response.Changes in information and communication interact with underlying control toproduce mutable gender-specific outcomes. (JEL D13, D14, J12, J16, O15)
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We propose a distinction between active and passive waste as determinants ofthe cost of public services. Active waste entails utility for the public decisionmaker, whereas passive waste does not. We analyze purchases of standardizedgoods by Italian public bodies and exploit a policy experiment associatedwith a national procurement agency. We find that: (i) some public bodies paysystematically more than others for equivalent goods; (ii) differences are correlatedwith governance structure; (iii) the variation in prices is principally dueto variation in passive rather than active waste; and (iv) passive waste accountsfor 83 percent of total estimated waste. (JEL H11, H57, H83)
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Most analyses of the US Great Moderation are based on structural VARs, and point toward good luck as the main explanation for the recent macroeconomic stability. Based on an estimated New-Keynesian model where the only source of change is the move from passive to active monetary policy, we show that (i) the theoretical VAR innovation variances for all series decrease across regimes; (ii) VAR-based counterfactuals assign a minor role to improved policy; and (iii) VAR impulse-response functions to a monetary shock exhibit little variation across regimes. Our analysis suggests that existing VAR evidence is also compatible with the "good policy" hypothesis. (JEL C32, C52, E13, E52, N12)
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This paper studies the second-moment properties of offshoring, the arrangement whereby firms carry out particular stages of production abroad. It documents a new empirical regularity: maquiladora industries in Mexico that are associated with US offshoring experience fluctuations in employment that are twice as volatile as the corresponding industries in the United States. This finding is not attributable simply to higher volatility in the overall Mexican economy, nor to the smaller size of Mexico's industries compared to US counterparts. (JEL F14, F23, L24, L25, L60, O14)
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Stem cell transplants save lives of many patients with blood diseases. Donationis painful, but rarely has lasting adverse effects. Patients can accept transplantsonly from donors with compatible immune systems. Those lacking a siblingmatch must seek donations from the general population. The probability thattwo unrelated persons are compatible is less than 1/10,000. Health authoritiesmaintain a registry of several million genetically tested potential donors whoagree to donate if asked. We find that the benefits of adding registrants of everyrace exceed costs. We also explore the peculiar structure of voluntary publicgood provision that faces potential donors. (JEL D64, H41, I11)
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Economists generally assume that the state has sufficient institutional capacityto support markets and levy taxes. This paper develops a framework where"policy choices" in market regulation and taxation are constrained by pastinvestments in legal and fiscal capacity. It studies the economic and politicaldeterminants of such investments, demonstrating that legal and fiscal capacityare typically complements. The results show that, among other things, commoninterest public goods, such as fighting external wars, as well as political stabilityand inclusive political institutions, are conducive to building state capacity.Some correlations in cross-country data are consistent with the theory. (JELD72, E62, H11, H20, P14)
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We experimentally study decentralized organizational learning. Our objectiveis to understand how learning members of an organization cope with the confoundingeffects of the simultaneous learning of others. We test the predictions ofa stylized, rational agent model of organizational learning that provides sharppredictions as to how learning members of an organization might cope with thesimultaneous learning of others as a function of fundamental variables, e.g.,firm size and the discount factor. While the problem of learning while others arelearning is quite difficult, we find support for the comparative static predictionsof the model's unique symmetric equilibrium. (JEL C72, D23, D83)
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We compare the most common methods for selling a company or other assetwhen participation is costly: a simple simultaneous auction, and a sequentialprocess in which potential buyers decide in turn whether to enter the bidding.The sequential process is always more efficient. But preemptive bids transfersurplus from the seller to buyers. Because the auction is more conducive toentry – precisely because of its inefficiency – it usually generates higher expectedrevenue. We also discuss the effects of lock-ups, matching rights, break-up fees(as in takeover battles), entry subsidies, etc. (JEL D44, G34, L13)
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Using two strategies, we show that consumers underreact to taxes that are notsalient. First, using a field experiment in a grocery store, we find that postingtax-inclusive price tags reduces demand by 8 percent. Second, increases in taxesincluded in posted prices reduce alcohol consumption more than increases intaxes applied at the register. We develop a theoretical framework for appliedwelfare analysis that accommodates salience effects and other optimizationfailures. The simple formulas we derive imply that the economic incidence ofa tax depends on its statutory incidence, and that even policies that induce nochange in behavior can create efficiency losses. (JEL C93, D12, H25, H71)
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Policy analysis with potentially misspecified dynamic stochastic general equilibrium(DSGE) models faces two challenges: estimation of parameters thatare relevant for policy trade-offs, and treatment of the deviations from thecross-equation restrictions. Using post-1982 US data, we study the robustnessof the policy prescriptions from a state-of-the-art DSGE model with respect totwo approaches to model misspecification pursued in the recent literature: (i)adding shocks to the DSGE model and/or generalizing the processes followedby these shocks; and (ii) explicit modeling of deviations from cross-equationrestrictions (DSGE-VAR). (JEL C51, E13, E43, E52, E58)
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Journals
- American Economic Review (1,932)
- Journal of Finance (783)
- Journal of Financial Economics (773)
- Review of Financial Studies (574)
Topic
- Bond (133)
- Mergers and Acquisitions (63)
- CEO (58)
- Director (31)
- Capital Structure (22)
Resource type
- Journal Article (4,062)