顶级期刊- RES-2020年第1-2期三篇会计与财务类文章

彭静支瑾璠会计学术联盟 2023-02-24

The Review of Economic Studies was founded in 1933 by a group of young British and American Economists. It is published quarterly by The Review of Economic Studies Ltd, whose objective is to encourage research in theoretical and applied economics, especially by young economists, and to publish the results in the Journal. The Review of Economic Studies is essential reading for economists. It is one of the core economics journals, consistently ranking among the top five titles.

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目录 Volume 87, Issue 1, January 2020

[1].Optimal Dynamic Carbon Taxes in a Climate–Economy Model with Distortionary Fiscal Policy

Lint Barrage

[2].Uncertainty Shocks as Second-Moment News Shocks

David Berger, Ian Dew-Becker, Stefano Giglio

[3].The New Keynesian Transmission Mechanism: A Heterogeneous-Agent Perspective

Tobias Broer, Niels-Jakob Harbo Hansen, Per Krusell, Erik Öberg

[4].Monetary Policy when Households have Debt: New Evidence on the Transmission Mechanism

James Cloyne, Clodomiro Ferreira, Paolo Surico

[5].Consumption Network Effects

Giacomo De Giorgi, Anders Frederiksen, Luigi Pistaferri

[6].The Development Effects of the Extractive Colonial Economy: The Dutch Cultivation System in Java

Melissa Dell, Benjamin A Olken

[7].Backlash: The Unintended Effects of Language Prohibition in U.S. Schools after World War I

Vasiliki Fouka

[8].A Macroeconomic Model with Financial Panics

Mark Gertler, Nobuhiro Kiyotaki, Andrea Prestipino

[9].Middleman Minorities and Ethnic Violence: Anti-Jewish Pogroms in the Russian Empire

Irena Grosfeld, Seyhun Orcan Sakalli, Ekaterina Zhuravskaya

[10].External Validity in a Stochastic World: Evidence from Low-Income Countries

Mark R Rosenzweig, Christopher Udry

[11].Immigrants and the Making of America

Sandra Sequeira, Nathan Nunn, Nancy Qian

[12].Coarse Pricing Policies

Luminita Stevens

[13].Gifts of the Immigrants, Woes of the Natives: Lessons from the Age of Mass Migration

Marco Tabellini

[14].Optimality of Debt under Flexible Information Acquisition

Ming Yang

题目、作者、作者单位、关键词

Coarse Pricing Policies

Luminita Stevens

University of Maryland

Abstract: The muted volatility of inflation during the Great Recession and its aftermath has refocused attention on the constraints that firms face when adjusting prices. Using new empirical and theoretical results, I argue that each firm’s choice of how much information to acquire to set prices plays a central role in determining the patterns of pricing at the product level and the degree of aggregate price rigidity in response to shocks. In support of the information channel, I present product-level evidence that firms price goods using coarse pricing policies that are updated infrequently and consist of a small menu of prices. Firms are heterogeneous in the complexity and duration of their pricing policies, and this heterogeneity is reflected in differential responses to the Great Recession cycle, with firms exhibiting more complex policies responding more aggressively. I develop a theory of information-constrained price setting that generates coarse pricing endogenously, and quantitatively matches the discreteness, duration, and volatility of policies in the data. The information friction dampens the responsiveness of prices to shocks, and, coupled with heightened volatility, induces firms to keep prices relatively high, to protect against losses in an uncertain environment.

Gifts of the Immigrants, Woes of the Natives: Lessons from the Age of Mass Migration

Marco Tabellini

Harvard Business School

Abstract:In this article, I jointly investigate the political and the economic effects of immigration, and study the causes of anti-immigrant sentiments. I exploit exogenous variation in European immigration to U.S. cities between 1910 and 1930 induced by World War I and the Immigration Acts of the 1920s, and instrument immigrants’ location decision relying on pre-existing settlement patterns. I find that immigration triggered hostile political reactions, such as the election of more conservative legislators, higher support for anti-immigration legislation, and lower redistribution. Exploring the causes of natives’ backlash, I document that immigration increased natives’ employment, spurred industrial production, and did not generate losses even among natives working in highly exposed sectors. These findings suggest that opposition to immigration was unlikely to have economic roots. Instead, I provide evidence that natives’ political discontent was increasing in the cultural differences between immigrants and natives. Results in this article indicate that, even when diversity is economically beneficial, it may nonetheless be socially hard to manage.

目录 Volume 87, Issue 2, March 2020

[1].Weak States: Causes and Consequences of the Sicilian Mafia

Daron Acemoglu, Giuseppe De Feo, Giacomo Davide De Luca

[2].Identification and Estimation of Dynamic Games When Players’ Beliefs Are Not in Equilibrium

Victor Aguirregabiria, Arvind Magesan

[3].The Glittering Prizes: Career Incentives and Bureaucrat Performance

Marianne Bertrand, Robin Burgess, Arunish Chawla, Guo Xu

[4].Estimating the Elasticity of Intertemporal Substitution Using Mortgage Notches

Michael Carlos Best, James S Cloyne, Ethan Ilzetzki, Henrik J Kleven

[5].Frictional Goods Markets: Theory and Applications

Zachary Bethune, Michael Choi, Randall Wright

[6].The Contingent Effect of Management Practices

Steven Blader, Claudine Gartenberg, Andrea Prat

[7].Consumer Scores and Price Discrimination

Alessandro Bonatti, Gonzalo Cisternas

[8].Long-Term Impacts of Childhood Medicaid Expansions on Outcomes in Adulthood

David W Brown, Amanda E Kowalski, Ithai Z Lurie

[9].Salience, Myopia, and Complex Dynamic Incentives: Evidence from Medicare Part D

Christina M Dalton, Gautam Gowrisankaran, Robert J Town

[10].Using Elasticities to Derive Optimal Bankruptcy Exemptions

Eduardo Dávila

[11].Regulating Household Leverage

Anthony A Defusco, Stephanie Johnson, John Mondragon

[12].Public Goods Institutions, Human Capital, and Growth: Evidence from German History

Jeremiah E Dittmar, Ralf R Meisenzahl

[13].Manipulated Electorates and Information Aggregation

Mehmet Ekmekci, Stephan Lauermann

[14].Optimal Bank Regulation and Fiscal Capacity

Vania Stavrakeva

题目、作者、作者单位、关键词

Optimal Bank Regulation and Fiscal Capacity

Vania Stavrakeva

London Business School

Abstract:Financial regulation is harmonized across countries even though countries vary in their ability to bail-out their banking sector in the event of a crisis. This article addresses the question of whether countries with different fiscal capacity should optimally have different bank regulation, implemented—among other tools—through capital requirements—a question so far ignored by the theoretical banking literature. I show that countries with larger fiscal capacity should have lower ex ante minimum bank capital requirements, in an environment with endogenously incomplete markets and overinvestment due to “Too-Big-To-Fail” moral hazard and pecuniary externalities. I also show that, in addition to a minimum bank capital requirement, regulators in countries with strong “Too-Big-To-Fail” moral hazard should impose a limit on the liabilities pledged by financial institutions in a crisis state. This implies limits on put options/credit default swap contracts. Finally, I argue that the type of regulatory instrument used is crucial as to whether large fiscal capacity implies more- or less-stringent bank regulation.

学术快报栏目荣誉出品

资料搜集：彭静湖南工业大学本科生

编辑：支瑾璠东北财经大学本科生

审核：崔悦东北财经大学本科生

副主编：程慧煜西安财经大学研究生

指导：水皮/李高波北京交通大学博士生

声明

本文综合整理自《The British Accounting Review》，版权归原作者和原杂志所有。传播学术成果，见证学术力量，会计学术联盟在行动。感谢社会各界的支持与厚爱！

以上就是本期“学术快报”栏目分享的主要内容。会计学术联盟，全球超过11万会计金融学者在关注，不忘初心：因缘分相聚，因互助成长，因智慧光华；牢记使命：传播会计前辈思想，引领青年一代成长

往期回顾：

会计思享慧 ①曲晓辉教授—清心寡欲为学者

会计思享慧②王立彦教授：以身作则，职责在心