Showing 1 - 10 of 121
We present the first attempt to construct a long-run historical measure of subjective wellbeing using language corpora from millions of digitized books for the USA, UK, Germany, France, Italy and Spain. While existing measures go back at most to the 1970s, our measure goes back at least 200...
Persistent link: https://www.econbiz.de/10011476047
We study how financial frictions affect firm-level heterogeneity and trade. We build a model where productivity differences across monopolistically competitive firms are endogenous and depend on investment decisions at the entry stage. By increasing entry costs, financial frictions lower the...
Persistent link: https://www.econbiz.de/10011447515
The possibility of creating a state bank has received much recent attention in the United States. In 2021, six states introduced legislation to create a state bank; in 2019, similar legislation was enacted in California for municipal banks. This paper develops a framework to evaluate state...
Persistent link: https://www.econbiz.de/10013454018
Persistent link: https://www.econbiz.de/10010359651
relative effectiveness of interdiction efforts. -- War on drugs ; conflict ; enforcement ; prevention and treatment policies …
Persistent link: https://www.econbiz.de/10003790762
In recent years, a large academic debate has tried to explain the rapid rise in CEO pay experienced over the past three decades. In this article, I review the main proposed theories, which span views of compensation as the result of a competitive labor market for executives to theories based on...
Persistent link: https://www.econbiz.de/10003790763
We analyze Nash equilibria of share and probabilistic contests when players have distributional preferences. If players are sufficiently similar, distributional preferences create multiple equilibria. For the case of only mildly heterogeneous players, equilibrium effort can be lower as well as...
Persistent link: https://www.econbiz.de/10009727108
Does U.S. military aid make the United States safer? To answer this question, we collect data on 173 countries between 1968 and 2014. Exploiting quasi-random variation in the global patterns of U.S. military aid, our paper is the first to provide causal estimates of the effect of U.S. military...
Persistent link: https://www.econbiz.de/10012241071
-contractible up-front investments to improve their bargaining position and gain advantage for possible future conflict. Bargaining is … efficient ex post, but we show that a player may prefer Conflict ex ante if there are sufficient asymmetries in strength. There … are two sources of this finding. First, up-front investments are more dissimilar between players under Conflict, and they …
Persistent link: https://www.econbiz.de/10012156576
We investigate the effect of U.S. military aid and U.S. troop deployments on anti-American terrorism, using a sample of 106 countries between 1986 and 2011. We find that greater military commitment leads to more anti-American terrorism. We study the underlying mechanisms using a mediation...
Persistent link: https://www.econbiz.de/10011735977