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A Concrete Recipe to Reinvent and Innovate the Bachelor's Program: Free Choice of Courses and Hackathon-Based Teaching
In: Human arenas: an interdisciplinary journal of psychology, culture, and meaning
ISSN: 2522-5804
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Working paper
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Working paper
Learning Epidemiology by Doing: The Empirical Implications of a Spatial-Sir Model with Behavioral Responses
In: NBER Working Paper No. w27590
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Working paper
Bitcoin, Portfolio Diversification and Chinese Financial Markets
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Working paper
Theories of Statistical Discrimination and Affirmative Action: A Survey
In: NBER Working Paper No. w15860
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Endogenous Comparative Advantage
We develop a model of trade between identical countries. Workers endogenously acquire skills that are imperfectly observed by firms, who therefore use aggregate country investment as the prior when evaluating workers. This creates an informational externality interacting with general equilibrium effects on each country's skill premium. Asymmetric equilibria with comparative advantages exist even when there is a unique equilibrium under autarky. Symmetric, no-trade equilibria may be unstable under free trade. Welfare effects are ambiguous: trade may be Pareto improving even if it leads to an equilibrium with rich and poor countries, with no special advantage to country size.
BASE
The Effect of Job Flexibility on Female Labor Market Outcomes: Estimates from a Search and Bargaining Model
In: IZA Discussion Paper No. 4829
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When EU Leaders Speak, the Markets Listen
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Working paper
Persistent Distortionary Policies with Asymmetric Information
In: American economic review, Band 96, Heft 1, S. 387-393
ISSN: 1944-7981
Why are distortionary policies used when seemingly Pareto improvements exist? According to a standard textbook argument, a Pareto improvement can be obtained by eliminating the distortions, compensating the losers with a lump sum transfer, and redistributing the gains that are left over. We relax the assumption that winners know the losses suffered by the losers and show that the informationally efficient method of compensating losers may involve the use of seemingly inefficient (but informationally efficient) distortionary policies. The risk of overcompensating losers may make distortions informationally efficient, as there are points on the Pareto frontier where distortions are used.
When the rainy day is the worst hurricane ever: the effects of governmental policies on SMEs during COVID-19
We investigate the impact of COVID-19 on 42,401 UK SMEs and how government intervention affects their capability to survive the pandemic. The results show that, without governmental mitigation schemes, 59% of UK SMEs report negative earnings and that their residual life is reduced from 164 to 139 days. The analysis shows that government support scheme reduces the number of SMEs with negative earnings to 49% and allows extending the residual life for SMEs with negative earnings to 194 days. In addition, the support scheme reduces the number of jobs at risk in our sample by around 20%. However, our results suggest that weaker firms benefit more than strong ones. Besides, industries that are worst hit by COVID-19 are not those that benefit most from the government support scheme. We ascribe this result to the fact that the schemes do not discriminate between those firms that deserve support and those that do not deserve it.
BASE
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National Culture and Small Firms' Use of Trade Credit: Evidence from Europe
In: Global Finance Journal, Forthcoming
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When the rainy day is the worst hurricane ever: the effects of governmental policies on SMEs during COVID-19
We investigate the impact of COVID-19 on 42,401 UK SMEs and how government intervention affects their capability to survive the pandemic. The results show that, without governmental mitigation schemes, 59% of UK SMEs report negative earnings and that their residual life is reduced from 164 to 139 days. The analysis shows that government support scheme reduces the number of SMEs with negative earnings to 49% and allows extending the residual life for SMEs with negative earnings to 194 days. In addition, the support scheme reduces the number of jobs at risk in our sample by around 20%. However, our results suggest that weaker firms benefit more than strong ones. Besides, industries that are worst hit by COVID-19 are not those that benefit most from the government support scheme. We ascribe this result to the fact that the schemes do not discriminate between those firms that deserve support and those that do not deserve it.
BASE