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volume 113, issue 4, april 2023
1. title: the long and short (run) of trade elasticities.
authors: boehm, christoph e.; levchenko, andrei a.; pandalai-nayar, nitya.
abstract: when countries change most favored nation (mfn) tariffs, partners that trade on mfn terms experience plausibly exogenous tariff changes. using this variation, we estimate the trade elasticity at short and long horizons with local projections. we find that the elasticity of tariff-exclusive trade flows is "0.76 in the short run, and approximately "2 in the long run. our long-run estimates are smaller than typical in the literature, and it takes 7 to10 years to converge to the long run, implying that (i) the welfare gains from trade are high and (ii) there are substantial convexities in the costs of adjusting exports.
2. title: how to use natural experiments to estimate misallocation.
authors: sraer, david; thesmar, david.
abstract: we propose a method to estimate the effect of firm policies (e.g., bankruptcy laws) on allocative efficiency using (quasi-)experimental evidence. our approach takes general equilibrium effects into account and requires neither a structural estimation nor a precise assumption on how the experiment affects firms. our aggregation formula relies on treatment effects of the policy on the distribution of output-to-capital ratios, which are easily estimated. we show this method is valid for a large class of commonly used models in macrofinance. we apply it to the french banking deregulation episode of the mid- 1980s and find an increase in aggregate tfp of 5 percent.
3. title: globalization and pandemics.
authors: antr�s, pol; redding, stephen j.; rossi-hansberg, esteban.
abstract: we provide theory and evidence on the relationship between globalization and pandemics. business travel facilitates trade and travel leads to human interactions that transmit disease. trade-motivated travel generates an epidemiological externality across countries. if infections lead to deaths, or reduce individual labor supply, we establish a general equilibrium social distancing effect, whereby increases in relative prices in unhealthy countries reduce travel to those countries. if agents internalize the threat of infection, we show that their behavioral responses lead to a reduction in travel that is larger for higher-trade-cost locations, which initially reduces the ratio of trade to output.
4. title: the matching multiplier and the amplification of recessions.
authors: patterson, christina.
abstract: this paper shows that the unequal incidence of recessions in the labor market amplifies aggregate shocks. using administrative data from the united states, i document a positive covariance between workers' marginal propensities to consume (mpcs) and their elasticities of earnings to gdp, which is a key moment for a new class of heterogeneous-agent models. i define the matching multiplier as the increase in the multiplier stemming from this matching of high mpc workers to more cyclical jobs. i show that this covariance is large enough to increase the aggregate mpc by 20 percent over an equal exposure benchmark.
5. title: what happens when employers can no longer discriminate in job ads?
authors: kuhn, peter; shen, kailing.
abstract: when employers' explicit gender requests were unexpectedly removed from a chinese job board overnight, pools of successful applicants became more integrated: women's (men's) share of callbacks to jobs that had requested men (women) rose by 61 (146) percent. the removal "worked" in this sense because it generated a large increase in gender-mismatched applications, and because those applications were treated surprisingly well by employers, suggesting that employers' gender requests often represented relatively weak preferences or outdated stereotypes. the job titles that were integrated by the ban, however, were not the most gendered ones, and were disproportionately lower-wage jobs.
6. title: why do households leave school value added on the table? the roles of information and preferences.
authors: ainsworth, robert; dehejia, rajeev; pop-eleches, cristian; urquiola, miguel.
abstract: romanian households could choose schools with one standard deviation worth of additional value added. why do households leave value added "on the table"? we study two possibilities: (i) information and (ii) preferences for other school traits. in an experiment, we inform randomly selected households about schools' value added. these households choose schools with up to 0.2 standard deviations of additional value added. we then estimate a discrete choice model and show that households have preferences for a variety of school traits. as a result, fully correcting households' beliefs would eliminate at most a quarter of the value added that households leave unexploited.
7. title: mobility and congestion in urban india.
authors: akbar, prottoy; couture, victor; duranton, gilles; storeygard, adam.
abstract: we develop a methodology to estimate robust city-level vehicular speed indices, exactly decomposable into uncongested speed and congestion. we apply it to 180 indian cities using 57 million simulated trips measured by a web mapping service. we verify the reliability of our simulated trips using a number of alternative data sources, including data on actual trips. we find wide variation in speed across cities that is driven more by differences in uncongested speed than congestion. denser and more populated cities are slower, only in part because of congestion. urban economic development is correlated with faster speed despite worse congestion.
8. title: is there too much benchmarking in asset management?
authors: kashyap, anil k; kovrijnykh, natalia; li, jian; pavlova, anna.
abstract: we propose a tractable model of asset management in which benchmarking arises endogenously, and analyze its welfare consequences. fund managers' portfolios are not contractible and they incur private costs in running them. incentive contracts for fund managers create a pecuniary externality through their effect on asset prices. benchmarking inflates asset prices and creates crowded trades. the crowding reduces the e$'/027:<=>@ix��ʸʩʗ�ye]pb4h�)3h�)35�ojqj^jh�"�hu<�5�ojqj^jh�ud5�ojqj^jo(h�"�h�"�o(&h�"�h�"�5�cjojqj^jajo(h�]5�cjojqj^jajh
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