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When Losses Turn into Loans: The Cost of Weak Banks 当亏损转化为贷款:弱势银行的成本
IF 10.7 1区 经济学
American Economic Review Pub Date : 2023-06-01 DOI: 10.1257/aer.20190149
Laura Blattner, Luísa Farinha, Francisca Rebelo
{"title":"When Losses Turn into Loans: The Cost of Weak Banks","authors":"Laura Blattner, Luísa Farinha, Francisca Rebelo","doi":"10.1257/aer.20190149","DOIUrl":"https://doi.org/10.1257/aer.20190149","url":null,"abstract":"We provide evidence that banks distort the composition of credit supply in order to comply with ratio-based capital requirements in times of economic distress. An unexpected intervention by the European Banking Authority provides a natural experiment to study how banks respond to falling below minimum required capital ratios during an economic downturn. We show that affected banks respond by cutting lending but also by reallocating credit to distressed firms with underreported loan losses. We develop a method to detect underreported losses using loan-level data. The credit reallocation leads to a reallocation of inputs across firms. We calculate that the resulting increase in input misallocation accounts for about 22 percent of the decline in productivity in Portugal in 2012. (JEL E23, E32, G21, G28, G32, G38)","PeriodicalId":48472,"journal":{"name":"American Economic Review","volume":"33 1","pages":""},"PeriodicalIF":10.7,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73659044","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 10
Occupational Exposure to Capital-Embodied Technical Change 资本内含技术变革的职业暴露
IF 10.7 1区 经济学
American Economic Review Pub Date : 2023-06-01 DOI: 10.1257/aer.20211478
J. Caunedo, David Jaume, Elisa Keller
{"title":"Occupational Exposure to Capital-Embodied Technical Change","authors":"J. Caunedo, David Jaume, Elisa Keller","doi":"10.1257/aer.20211478","DOIUrl":"https://doi.org/10.1257/aer.20211478","url":null,"abstract":"We study differences in exposure to factor-biased technical change among occupations by providing the first measures of capital-embodied technical change (CETC) and of the elasticity of substitution between capital and labor at the occupational level. We document sizable occupational heterogeneity in both measures, but quantitatively, it is the heterogeneity in factor substitutability that fuels workers’ exposure to CETC. In a general equilibrium model of worker sorting across occupations, CETC accounts for almost all of the observed labor reallocation in the US between 1984 and 2015. Absent occupational heterogeneity in factor substitutability, CETC accounts for only 17 percent of it (JEL I26, J16, J24, J31, O33)","PeriodicalId":48472,"journal":{"name":"American Economic Review","volume":"35 1","pages":""},"PeriodicalIF":10.7,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84826077","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 7
Optimal Contracting with Altruistic Agents: Medicare Payments for Dialysis Drugs 利他主体的最优契约:透析药物的医疗保险支付
IF 10.7 1区 经济学
American Economic Review Pub Date : 2023-06-01 DOI: 10.1257/aer.20210208
M. Gaynor, N. Mehta, Seth Richards-Shubik
{"title":"Optimal Contracting with Altruistic Agents: Medicare Payments for Dialysis Drugs","authors":"M. Gaynor, N. Mehta, Seth Richards-Shubik","doi":"10.1257/aer.20210208","DOIUrl":"https://doi.org/10.1257/aer.20210208","url":null,"abstract":"We study health-care provider agency and optimal payments, considering an expensive medication for dialysis patients. Using Medicare claims data we estimate a structural model of treatment decisions, in which providers differ in their altruism and marginal costs, and this heterogeneity is unobservable to the government. In a novel application of nonlinear pricing methods, we empirically characterize the optimal contracts in this environment. The optimal contracts eliminate medically excessive dosages and reduce expenditures, resulting in approximately $300 million in annual gains from better contracting. This approach could be applied to a broad class of problems in health-care payment policy. (JEL D64, D86, H51, I11, I13, J33, L21)","PeriodicalId":48472,"journal":{"name":"American Economic Review","volume":"1 1","pages":""},"PeriodicalIF":10.7,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75677938","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Reconciliation Narratives: The Birth of a Nation after the US Civil War 和解叙事:美国内战后一个国家的诞生
IF 10.7 1区 经济学
American Economic Review Pub Date : 2023-06-01 DOI: 10.1257/aer.20210413
E. Esposito, T. Rotesi, Alessandro Saia, Mathias Thoenig
{"title":"Reconciliation Narratives: The Birth of a Nation after the US Civil War","authors":"E. Esposito, T. Rotesi, Alessandro Saia, Mathias Thoenig","doi":"10.1257/aer.20210413","DOIUrl":"https://doi.org/10.1257/aer.20210413","url":null,"abstract":"We study how the spread of the Lost Cause narrative—a revisionist and racist retelling of the US Civil War—shifted opinions and behaviors toward national reunification and racial discrimination against African Americans. Looking at screenings of The Birth of a Nation, a blockbuster movie that greatly popularized the Lost Cause after 1915, we find that the film shifted the public discourse toward a more patriotic and less divisive language, increased military enlistment, and fostered cultural convergence between former enemies. We document how the racist content of the narrative connects to reconciliation through a “common-enemy” type of argument. (JEL J15, L82, N31, N32, N41, Z13)","PeriodicalId":48472,"journal":{"name":"American Economic Review","volume":"32 1","pages":""},"PeriodicalIF":10.7,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86547378","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 8
Nobel Lecture: Banking, Credit, and Economic Fluctuations 诺贝尔演讲:银行、信贷和经济波动
IF 10.7 1区 经济学
American Economic Review Pub Date : 2023-05-01 DOI: 10.1257/aer.113.5.1143
Ben S. Bernanke
{"title":"Nobel Lecture: Banking, Credit, and Economic Fluctuations","authors":"Ben S. Bernanke","doi":"10.1257/aer.113.5.1143","DOIUrl":"https://doi.org/10.1257/aer.113.5.1143","url":null,"abstract":"Credit markets, including the market for bank loans, are characterized by imperfect and asymmetric information. These informational frictions can interact with other economic forces to produce periods of credit-market stress, in which intermediation is unusually costly and households and businesses have difficulty obtaining credit. A high level of credit-market stress, as in a severe financial crisis, may in turn produce a deep and prolonged recession. I present evidence that financial distress and disrupted credit markets were important sources of the Great Depression of the 1930s and the Great Recession of 2007–2009. Changes in the state of credit markets also play a role in “ garden-variety” business cycles and in the transmission of monetary policy to the economy. (JEL D82, E32, E44, E52, G21, N22)","PeriodicalId":48472,"journal":{"name":"American Economic Review","volume":"62 1","pages":""},"PeriodicalIF":10.7,"publicationDate":"2023-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84288395","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 3
Social Exclusion and Social Preferences: Evidence from Colombia’s Leper Colony 社会排斥和社会偏好:来自哥伦比亚麻风病人聚居地的证据
IF 10.7 1区 经济学
American Economic Review Pub Date : 2023-05-01 DOI: 10.1257/aer.20201332
Diego Ramos-Toro
{"title":"Social Exclusion and Social Preferences: Evidence from Colombia’s Leper Colony","authors":"Diego Ramos-Toro","doi":"10.1257/aer.20201332","DOIUrl":"https://doi.org/10.1257/aer.20201332","url":null,"abstract":"This paper explores the intergenerational consequences of social exclusion on prosociality. A lab-in-the-field approach in the historical region of Colombia’s leper colony reveals that descendants of socially excluded individuals are locally altruistic and extend such altruism to outsiders who have undergone similar circumstances. These individuals also display mistrust toward those who have, historically, been exclusionary—in this case, doctors. The content of historical narratives shared by ancestors who were excluded, which emphasize the endured mistreatment and doctors’ historical misinformation, is one mechanism that partially explains the intergenerational patterns. (JEL D64, H51, I12, I18, N36, N96, Z13)","PeriodicalId":48472,"journal":{"name":"American Economic Review","volume":"59 5 1","pages":""},"PeriodicalIF":10.7,"publicationDate":"2023-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72500566","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 10
Smart Contracts and the Coase Conjecture 智能合约和科斯猜想
IF 10.7 1区 经济学
American Economic Review Pub Date : 2023-05-01 DOI: 10.1257/aer.20220357
T. Brzustowski, Alkis Georgiadis-Harris, Balázs Szentes
{"title":"Smart Contracts and the Coase Conjecture","authors":"T. Brzustowski, Alkis Georgiadis-Harris, Balázs Szentes","doi":"10.1257/aer.20220357","DOIUrl":"https://doi.org/10.1257/aer.20220357","url":null,"abstract":"This paper reconsiders the problem of a durable-good monopolist who cannot make intertemporal commitments. The buyer’s valuation is binary and his private information. The seller has access to dynamic contracts and, in each period, decides whether to deploy the previous period’s contract or to replace it with a new one. The main result of the paper is that the Coase conjecture fails: the monopo-list’s payoff is bounded away from the low valuation irrespective of the discount factor. (JEL D42, D82, D86, L12)","PeriodicalId":48472,"journal":{"name":"American Economic Review","volume":"87 1","pages":""},"PeriodicalIF":10.7,"publicationDate":"2023-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76564476","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 4
The Matching Multiplier and the Amplification of Recessions 匹配乘数与衰退的放大
IF 10.7 1区 经济学
American Economic Review Pub Date : 2023-04-01 DOI: 10.1257/aer.20210254
Christina Patterson
{"title":"The Matching Multiplier and the Amplification of Recessions","authors":"Christina Patterson","doi":"10.1257/aer.20210254","DOIUrl":"https://doi.org/10.1257/aer.20210254","url":null,"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. (JEL E21, E23, E24, E32)","PeriodicalId":48472,"journal":{"name":"American Economic Review","volume":"7 1","pages":""},"PeriodicalIF":10.7,"publicationDate":"2023-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76972995","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 28
How to Use Natural Experiments to Estimate Misallocation 如何利用自然实验估计资源错配
IF 10.7 1区 经济学
American Economic Review Pub Date : 2023-04-01 DOI: 10.1257/aer.20190609
D. Sraer, D. Thesmar
{"title":"How to Use Natural Experiments to Estimate Misallocation","authors":"D. Sraer, D. Thesmar","doi":"10.1257/aer.20190609","DOIUrl":"https://doi.org/10.1257/aer.20190609","url":null,"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. (JEL G21, G24, G28, G31, G32, H25)","PeriodicalId":48472,"journal":{"name":"American Economic Review","volume":"46 1","pages":""},"PeriodicalIF":10.7,"publicationDate":"2023-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89731211","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 5
Persuasion through Slanted Language: Evidence from the Media Coverage of Immigration 倾斜语言的说服:来自移民媒体报道的证据
IF 10.7 1区 经济学
American Economic Review Pub Date : 2023-03-01 DOI: 10.1257/aer.20211537
Milena Djourelova
{"title":"Persuasion through Slanted Language: Evidence from the Media Coverage of Immigration","authors":"Milena Djourelova","doi":"10.1257/aer.20211537","DOIUrl":"https://doi.org/10.1257/aer.20211537","url":null,"abstract":"I study the persuasive effects of slanted language, exploiting a ban on the politically charged term “illegal immigrant” by the Associated Press (AP) news wire. My empirical strategy combines the timing of the ban with variation across media outlets in their baseline reliance on AP copy. I document sizable diffusion of the ban from AP copy to media outlets. Moreover, individuals exposed to the ban through local media show significantly lower support for restrictive immigration policies. This effect is more pronounced for moderates and in locations with fewer immigrants, and does not transfer to views on issues other than immigration. (JEL D72, L82, Z13)","PeriodicalId":48472,"journal":{"name":"American Economic Review","volume":"10 1","pages":""},"PeriodicalIF":10.7,"publicationDate":"2023-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74709805","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 8
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