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��ࡱ�>�� ������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������� �r��qbjbjqq2�ee�i �������������8l�$�m�,~������ xmzmzmzmzmzmzm$�o�=r:�m ��  �m��4�m ���xm xm������ ��8���jdm�m0�mwrrdwrn/wr\j       �m�m�x   �m    ��������������������������������������������������������������������wr         � �: american economic review volume 102, issue 1, feb. 2012 1. title: optimal interventions in markets with adverse selection authors:  hyperlink "javascript:__dolinkpostback('','ss~~ar "philippon, thomas"||sl~~rl','');" \o "search for philippon, thomas" philippon, thomas;  hyperlink "javascript:__dolinkpostback('','ss~~ar "skreta, vasiliki"||sl~~rl','');" \o "search for skreta, vasiliki" skreta, vasiliki abstract: we study the design of interventions to stabilize financial markets plagued by adverse selection. our contribution is to analyze the information revealed by participation decisions. taking part in a government program carries a stigma, and outside options are mechanism dependent. we show that the efficiency of an intervention can be assessed by its impact on the market interest rate. the presence of an outside market determines the nature of optimal interventions and the choice of financial instruments (debt guarantees in our model), but it does not affect implementation costs. 2. title: overcoming adverse selection: how public intervention can restore market functioning authors:  hyperlink "javascript:__dolinkpostback('','ss~~ar "tirole, jean"||sl~~rl','');" \o "search for tirole, jean" tirole, jean abstract: the paper provides a first analysis of market jump starting and its two-way interaction between mechanism design and participation constraints. the government optimally overpays for the legacy assets and cleans up the market of its weakest assets, through a mixture of buybacks and equity injections, and leaves the firms with the strongest legacy assets to the market. the government reduces adverse selection enough to let the market rebound, but not too much, so as to limit the cost of intervention. the existence of a market imposes no welfare cost. 3. title: collective moral hazard, maturity mismatch, and systemic bailouts authors:  hyperlink "javascript:__dolinkpostback('','ss~~ar "farhi, emmanuel"||sl~~rl','');" \o "search for farhi, emmanuel" farhi, emmanuel;  hyperlink "javascript:__dolinkpostback('','ss~~ar "tirole, jean"||sl~~rl','');" \o "search for tirole, jean" tirole, jean abstract: the article shows that time-consistent, imperfectly targeted support to distressed institutions makes private leverage choices strategic complements. when everyone engages in maturity mismatch, authorities have little choice but intervening, creating both current and deferred (sowing the seeds of the next crisis) social costs. in turn, it is profitable to adopt a risky balance sheet. these insights have important consequences, from banks choosing to correlate their risk exposures to the need for macro-prudential supervision. 4. title: new trade models, same old gains?? authors:  hyperlink "javascript:__dolinkpostback('','ss~~ar "arkolakis, costas"||sl~~rl','');" \o "search for arkolakis, costas" arkolakis, costas;  hyperlink "javascript:__dolinkpostback('','ss~~ar "costinot, arnaud"||sl~~rl','');" \o "search for costinot, arnaud" costinot, arnaud;  hyperlink "javascript:__dolinkpostback('','ss~~ar "rodr�guez-clare, andr�s"||sl~~rl','');" \o "search for rodr�guez-clare, andr�s" rodr�guez-clare, andr�s abstract: micro-level data have had a profound influence on research in international trade over the last ten years. in many regards, this research agenda has been very successful. new stylized facts have been uncovered and new trade models have been developed to explain these facts. in this paper we investigate to what extent answers to new micro-level questions have affected answers to an old and central question in the field: how large are the welfare gains from trade?? a crude summary of our results is: 'so far, not much. 5. title: the environment and directed technical change authors:  hyperlink "javascript:__dolinkpostback('','ss~~ar "acemoglu, daron"||sl~~rl','');" \o "search for acemoglu, daron" acemoglu, daron;  hyperlink "javascript:__dolinkpostback('','ss~~ar "aghion, philippe"||sl~~rl','');" \o "search for aghion, philippe" aghion, philippe;  hyperlink "javascript:__dolinkpostback('','ss~~ar "bursztyn, leonardo"||sl~~rl','');" \o "search for bursztyn, leonardo" bursztyn, leonardo;  hyperlink "javascript:__dolinkpostback('','ss~~ar "hemous, david"||sl~~rl','');" \o "search for hemous, david" hemous, david abstract: this paper introduces endogenous and directed technical change in a growth model with environmental constraints. the final good is produced from 'dirty' and 'clean' inputs. we show that: (i) when inputs are sufficiently substitutable, sustainable growth can be achieved with temporary taxes/subsidies that redirect innovation toward clean inputs; (ii) optimal policy involves both 'carbon taxes' and research subsidies, avoiding excessive use of carbon taxes; (iii) delay in intervention is costly, as it later necessitates a longer transition phase with slow growth; and (iv) use of an exhaustible resource in dirty input production helps the switch to clean innovation under laissez-faire. 6. title: americans do it better: us multinationals and the productivity miracle authors:  hyperlink "javascript:__dolinkpostback('','ss~~ar "bloom, nicholas"||sl~~rl','');" \o "search for bloom, nicholas" bloom, nicholas;  hyperlink "javascript:__dolinkpostback('','ss~~ar "sadun, raffaella"||sl~~rl','');" \o "search for sadun, raffaella" sadun, raffaella;  hyperlink "javascript:__dolinkpostback('','ss~~ar "reenen, john van"||sl~~rl','');" \o "search for reenen, john van" reenen, john van abstract: us productivity growth accelerated after 1995 (unlike europe's), particularly in sectors that intensively use information technologies (it). using two new micro panel datasets we show that us multinationals operating in europe also experienced a 'productivity miracle.' us multinationals obtained higher productivity from it than non-us multinationals, particularly in the same sectors responsible for the us productivity acceleration. furthermore, establishments taken over by us multinationals (but not by non-us multinationals) increased the productivity of their it. combining pan-european firm-level it data with our management practices survey, we find that the us it related productivity advantage is primarily due to its tougher 'people management' practices. 7. title: the value of information in the court: get it right, keep it tight authors:  hyperlink "javascript:__dolinkpostback('','ss~~ar "iaryczower, matias"||sl~~rl','');" \o "search for iaryczower, matias" iaryczower, matias;  hyperlink "javascript:__dolinkpostback('','ss~~ar "shum, matthew"||sl~~rl','');" \o "search for shum, matthew" shum, matthew abstract: we estimate an equilibrium model of decision making in the us supreme court that takes into account both private information and ideological differences between justices. we measure the value of information in the court by the probability that a justice votes differently from how she would have voted without case-specific information. our results suggest a sizable value of information: in 44 percent of cases, justices' initial leanings are changed by their personal assessments of the case. our results also confirm the increased politicization of the supreme court in the last quarter century. counterfactual simulations provide implications for institutional design. 8. title: macroeconomic effects of financial shocks authors:  hyperlink "javascript:__dolinkpostback('','ss~~ar "jermann, urban"||sl~~rl','');" \o "search for jermann, urban" jermann, urban;  hyperlink "javascript:__dolinkpostback('','ss~~ar "quadrini, vincenzo"||sl~~rl','');" \o "search for quadrini, vincenzo" quadrini, vincenzo abstract: we document the cyclical properties of us firms' financial flows and show that equity payout is procyclical and debt payout is countercyclical. we then develop a model with debt and equity financing to explore how the dynamics of real and financial variables are affected by 'financial shocks.' we find that financial shocks contributed significantly to the observed dynamics of real and financial variables. the recent events in the financial sector show up as a tightening of firms' financing conditions which contributed to the 2008-2009 recession. the downturns in 1990-1991 and 2001 were also influenced by changes in credit conditions. 9. title: the effects of housing assistance on labor supply: evidence from a voucher lottery authors:  hyperlink "javascript:__dolinkpostback('','ss~~ar "jacob, brian a"||sl~~rl','');" \o "search for jacob, brian a" jacob, brian a;  hyperlink "javascript:__dolinkpostback('','ss~~ar "ludwig, jens"||sl~~rl','');" \o "search for ludwig, jens" ludwig, jens abstract: this study estimates the effects of means-tested housing programs on labor supply using data from a randomized housing voucher wait-list lottery in chicago. economic theory is ambiguous about the expected sign of any labor supply response. we find that among working-age, able-bodied adults, housing voucher use reduces labor force participation by around 4 percentage points (6 percent) and quarterly earnings by $329 (10 percent), and increases temporary assistance for needy families program participation by around 2 percentage points (15 percent). we find no evidence that the housing-specific mechanisms hypothesized to promote work, such as neighborhood quality or residential stability, are important empirically. 10. title: standard setting committees: consensus governance for shared technology platforms authors: simcoe, timothy abstract: voluntary standard setting organizations (ssos) use a consensus process to create new compatibility standards. practitioners have suggested that ssos are increasingly politicized and perhaps incapable of producing timely standards. this article develops a simple model of standard setting committees and tests its predictions using data from the internet engineering task force, an sso that produces many of the standards used to run the internet. the results show that an observed slowdown in standards production between 1993 and 2003 can be linked to distributional conflicts created by the rapid commercialization of the internet. 11. title: a continuous dilemma authors: friedman, daniel; oprea, ryan abstract: we study prisoners' dilemmas played in continuous time with flow payoffs accumulated over 60 seconds. in most cases, the median rate of mutual cooperation is about 90 percent. control sessions with repeated matchings over eight subperiods achieve less than half as much cooperation, and cooperation rates approach zero in one-shot sessions. in follow-up sessions with a variable number of subperiods, cooperation rates increase nearly linearly as the grid size decreases, and, with one-second subperiods, they approach continuous levels. our data support a strand of theory that explains how capacity to respond rapidly stabilizes cooperation and destabilizes defection in the prisoner's dilemma. 12. title: understanding international prices: customers as capital authors: drozd, lukasz a; nasal, jaromir b abstract: the article develops a new theory of pricing to market driven by dynamic frictions of building market shares. our key innovation is a capital theoretic model of marketing in which relations with customers are valuable. we discipline the introduced friction using data on differences between short-run and long-run price elasticity of international trade flows. we show that the model accounts for several pricing 'puzzles' of international macroeconomics. 13. title: compulsory licensing: evidence from the trading with the enemy act authors: moser, petra; voena, alessandra abstract: compulsory licensing allows firms in developing countries to produce foreign-owned inventions without the consent of foreign patent owners. this paper uses an exogenous event of compulsory licensing after world war i under the trading with the enemy act to examine the effects of compulsory licensing on domestic invention. difference-in-differences analyses of nearly 130,000 chemical inventions suggest that compulsory licensing increased domestic invention by 20 percent. 14. title: testing efficient risk sharing with heterogeneous risk preferences authors: mazzocco, marizio; saini, shiv abstract: we propose a method that enables one to test efficient risk sharing even when households have different risk preferences. the method is composed of three tests. the first one determines whether in the data households have homogeneous risk preferences. the second and third tests evaluate efficient risk sharing when the hypothesis of homogeneous risk preferences is rejected. we use this method to test efficient risk sharing in rural india. using the first test, we strongly reject the hypothesis of identical risk preferences. using the second and third tests, we reject efficiency at the village but not at the caste level. 15. title: a structural analysis of disappointment aversion in a real effort competition authors: gill, david; prowse, victoria abstract: we develop a novel computerized real effort task, based on moving sliders across a screen, to test experimentally whether agents are disappointment averse when they compete in a real effort sequential-move tournament. we predict that a disappointment averse agent, who is loss averse around her endogenous choice-acclimating expectations-based reference point, responds negatively to her rival's effort. we find significant evidence for this discouragement effect, and use the method of simulated moments to estimate the strength of disappointment aversion on average and the heterogeneity in disappointment aversion across the population. 16. title: why don't we see poverty convergence?? authors: ravallion, martin abstract: average living standards are converging among developing countries and faster growing economies see more progress against poverty. yet we do not find poverty convergence; countries starting with higher poverty rates do not see higher proportionate rates of poverty reduction. the paper tries to explain why. analysis of a new dataset suggests that, at given mean consumption, high initial poverty has an adverse effect on consumption growth and also makes growth less poverty-reducing. thus, for many poor countries, the growth advantage of starting out with a low mean is lost due to a high incidence of poverty. 17. title: was the new deal contractionary?? authors: eggertsson, gauti b abstract: can government policies that increase the monopoly power of firms and the militancy of unions increase output?? this paper shows that the answer is yes under certain 'emergency' conditions. these emergency conditions-zero interest rates and deflation-were satisfied during the great depression in the united states. the new deal, which facilitated monopolies and union militancy, was therefore expansionary in the model presented. this conclusion is contrary to a large previous literature. the main reason for this divergence is that this paper incorporates rigid prices and the zero bound on the short-term interest rate. 18. title: the internet and local wages: a puzzle authors: forman, chris; goldfarb, avi; greenstein, shane abstract: how did the diffusion of the internet affect regional wage inequality?? we examine the relationship between business investment in advanced internet technology and local variation in us wage growth between 1995 and 2000. we identify a puzzle. the internet is widespread, but the economic payoffs are not. advanced internet technology is only associated with substantial wage growth in the 6 percent of counties that were already highly wealthy, educated, and populated and had it-intensive industry. advanced internet and wage growth appear unrelated elsewhere. overall, advanced internet explains over half the difference in wage growth between already well-off counties and all others. 19. title: the impact of shrouded fees: evidence from a natural experiment in the indian mutual funds market authors: anagol, santosh; kim, hugh hoikwang abstract: we study a natural experiment in the indian mutual funds sector that created a 22-month period in which closed-end funds were allowed to charge an arguably shrouded fee, whereas open-end funds were forced to charge entry loads. forty-five new closed-end funds were started during this period, collecting $7.6 billion us, whereas only two closed-end funds were started in the 66 months prior to this period, collecting $42 billion us, and no closed-end funds were started in the 20 months after this period. we estimate that investors lost and fund firms gained approximately $350 million us due to this shrouding. 20. title: contracts versus salaries in matching authors: echenique, federico abstract: firms and workers may sign complex contracts that govern many aspects of their interactions. i show that when firms regard contracts as substitutes, bargaining over contracts can be understood as bargaining only over wages. substitutes is the assumption commonly used to guarantee the existence of stable matchings of workers and firms. 21. title: efficient pollution regulation: getting the prices right: comment authors: fraas, art; lutter, randull abstract: the cost-effectiveness of cap-and-trade emissions regulations has become widely accepted. a 2009 proposal by muller and mendelsohn would replace conventional ton-for-ton trading with trading based on estimates of marginal damages by pollutant and by source. this proposal faces difficulties arising from the negative marginal damage estimates-neglected in muller and mendelsohn (2009)-for nitrogen oxide (nox) emissions from many urban counties. such estimates imply nonconvexities in air chemistry that complicate trading and could result in trades that increase emissions by both buyer and seller. uncertainty in source-specific damages also creates rent-seeking opportunities and the potential for costly litigation. 22. title: efficient pollution regulation: getting the prices right: reply authors: muller, nicholas; mendelsohn, robert abstract: fraas and lutter raise two important points in their comment on muller and mendelsohn (2009): how to design policies for sources that yield negative marginal damages?? how does statistical uncertainty in the marginal damages affect the trading 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