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Garleanu, Nicolae; Panageas, Stauros - National Bureau of Economic Research - 2024

We propose a unified theory of asset price determination encompassing both "conventional" and "alternative" asset classes (private equity, real estate, etc.). The model features disruption of old by young firms and skewness in the distribution of innovative rents among the young innovators. The...

Persistent link: https://www.econbiz.de/10014512038

Capital and Wages

Acemoglu, Daron - National Bureau of Economic Research - 2024

Does capital accumulation increase labor demand and wages? Neoclassical production functions, where capital and labor are q-complements, ensure that the answer is yes, so long as labor markets are competitive. This result critically depends on the assumption that capital accumulation does not...

Persistent link: https://www.econbiz.de/10014512044

Shortening the Path to Productive Investment : Evidence from Input Fairs and Cash Transfers in Malawi

Aggarwal, Shilpa; Jeong, Dahyeon; Kumar, Naresh; Park, … - National Bureau of Economic Research - 2024

may mute their impact on productive investment. In an experiment in Malawi, we cross-cut cash transfers with an "input … fair," designed to reduce transport costs to access agricultural inputs. Cash alone increases investment by 27%, while the … joint provision of cash and the input fair increases investment by about 40%; thus, the incremental effect of the input fair …

Persistent link: https://www.econbiz.de/10014512117

The Characteristics and Geographic Distribution of Robot Hubs in U.S. Manufacturing Establishments

Brynjolfsson, Erik; Buffington, Catherine; Goldschlag, … - National Bureau of Economic Research - 2023

We use data from the Annual Survey of Manufactures to study the characteristics and geography of investments in robots across U.S. manufacturing establishments. We find that robotics adoption and robot intensity (the number of robots per employee) is much more strongly related to establishment...

Persistent link: https://www.econbiz.de/10014247984

Do Entrepreneurs Want Control? And Should They Get What They Want? A Historical and Theoretical Exploration

Lamoreaux, Naomi R.; Rosenthal, Jean-Laurent - National Bureau of Economic Research - 2023

From Elihu Thomson and Herbert Dow in the late nineteenth century to Steve Jobs a hundred years later, many entrepreneurs have been stymied by their investors. In this paper, we use a simple model to explore how outcomes might have been different if entrepreneurs, instead of the investors, had...

Persistent link: https://www.econbiz.de/10014250124

Calculating the Costs and Benefits of Advance Preparations for Future Pandemics

Glennerster, Rachel; Snyder, Christopher M.; Tan, … - National Bureau of Economic Research - 2022

six months, generating an expected net present value (NPV) of over $400 billion. A proportionate advance-investment …

Persistent link: https://www.econbiz.de/10013435127

Mechanics of Spatial Growth

Cai, Sheng; Caliendo, Lorenzo; Parro, Fernando; Xiang, Wei - National Bureau of Economic Research - 2022

We develop a dynamic spatial growth model to explore the role of trade and internal migration in the process of spatial development and aggregate growth. Growth is shaped by the best global and local ideas that contribute to the local stock of knowledge. Global ideas diffuse more to locations...

Persistent link: https://www.econbiz.de/10013435141

Labor Supply Shocks and Capital Accumulation : The Short and Long Run Effects of the Refugee Crisis in Europe

Caliendo, Lorenzo; Opromolla, Luca David; Parro, Fernando; … - National Bureau of Economic Research - 2023

European countries experienced a large increase in labor supply due to the influx of Ukrainian refugees after the 2022 Russia invasion. We study its dynamic effects in a spatial model with forward-looking households of different skills, trade, and endogenous capital accumulation. We find that...

Persistent link: https://www.econbiz.de/10013537773

Policy Uncertainty Reduces Green Investment

Wang, Mengyu; Wurgler, Jeffrey; Zhang, Hong - National Bureau of Economic Research - 2023

Government subsidies are often used to stimulate environment-friendly investment. We find that Chinese firms reduce … green investment as the uncertainty of subsidies rises. This effect is identified from weather-driven fluctuations in air … engage in less green R&D investment, patent applications, and research staff. Industries that are heavy emitters and those …

Persistent link: https://www.econbiz.de/10014322788

The Effects of Cryptocurrency Wealth on Household Consumption and Investment

Aiello, Darren; Baker, Scott; Balyuk, Tetyana; Di … - National Bureau of Economic Research - 2023

how fluctuations in individual crypto wealth affect household consumption, equity investment, and local real estate … consumption and investment into other asset classes …

Persistent link: https://www.econbiz.de/10014322832