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The American Economic Review
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4.10
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9927
Papers 10048
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#1Pedro Dal Bó (Brown University)H-Index: 11
#2Guillaume R. Frechette (NYU: New York University)H-Index: 22
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#1Drew Fudenberg (MIT: Massachusetts Institute of Technology)H-Index: 66
#2Luis Rayo (NU: Northwestern University)H-Index: 9
We study the design of careers by a principal who trains a cash-constrained agent, or apprentice, who is free to walk away at any time. The principal specifies time paths of knowledge transfer, effort provision, and task allocation, subject to the apprentice's continued participation. In the optimal contract, the apprentice pays for training by working for low or no wages and working inefficiently hard. The apprentice can work on both "skilled" (knowledge-complementary) and "unskilled" (knowledg...
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#1Luca Fornaro (UPF: Pompeu Fabra University)H-Index: 7
#2Federica Romei (HHS: Stockholm School of Economics)H-Index: 1
This paper describes a paradox of global thrift. Consider a world in which interest rates are low and monetary policy is constrained by the zero lower bound. Now imagine that governments implement prudential financial and fiscal policies to stabilize the economy. We show that these policies, while effective from the perspective of individual countries, might backfire if applied on a global scale. In fact, prudential policies generate a rise in the global supply of savings and a drop in global ag...
1 CitationsSource
#1Thiemo Fetzer (Warw.: University of Warwick)H-Index: 7
Did austerity cause Brexit? This paper shows that the rise of popular support for the UK Independence Party (UKIP), as the single most important correlate of the subsequent Leave vote in the 2016 European Union (EU) referendum, along with broader measures of political dissatisfaction, are strongly and causally associated with an individual’s or an area’s exposure to austerity since 2010. In addition to exploiting data from the population of all electoral contests in the UK since 2000, I leverage...
6 CitationsSource
#1Supreet Kaur (University of California, Berkeley)H-Index: 5
This paper tests for downward nominal wage rigidity by examining transitory shifts in labor demand, generated by rainfall shocks, in 600 Indian districts from 1956-2009. Nominal wages rise in response to positive shocks but do not fall during droughts. In addition, transitory positive shocks generate ratcheting: after they have dissipated, nominal wages do not adjust back down. This ratcheting effect generates a 9% reduction in employment levels. Inflation enables downward real wage adjustments ...
45 CitationsSource
We study the market for ratings agencies in the commercial mortgage backed securities sector leading up to and including the financial crisis of 2007–2008. Using a structural model adapted from the auctions literature, we characterize the incentives of ratings agencies to distort ratings in favor of issuers. We find an important equilibrium distortion, which decreased after the crisis. We study several counterfactual experiments motivated by recent policymaking in this industry.
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#1Alexander Frankel (U of C: University of Chicago)H-Index: 4
#2Emir Kamenica (U of C: University of Chicago)H-Index: 17
We examine ways to measure the amount of information generated by a piece of news and the amount of uncertainty implicit in a given belief. Say a measure of information is valid if it corresponds to the value of news in some decision problem. Say a measure of uncertainty is valid if it corresponds to expected utility loss from not knowing the state in some decision problem. We axiomatically characterize all valid measures of information and uncertainty. We show that if measures of information an...
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#1Xavier Giroud (Columbia University)H-Index: 9
#2Holger M. Müller (York University)H-Index: 22
This paper shows that firms spread the adverse impacts of local employment shocks across regions through their internal networks of establishments. Linking confidential micro data at the establishment level from the U.S. Census Bureau’s Longitudinal Business Database to ZIP code-level variation in house price changes during the Great Recession, we find that local establishment-level employment responds strongly to employment shocks in other regions in which the firm has establishments. Consisten...
1 CitationsSource
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