本文梳理国际经济学顶刊《Journal of Political Economy》2024年中国境内高校学者发表的论文，共计3篇。
说明：仅统计论文发表版本的作者署名单位有中国境内高校的文章。以下论文为手工整理，如有遗漏，欢迎后台留言补充，共同助力和传播国际顶级刊物中的中国声音。
01. Investing with the Government: A Field Experiment in China
与政府合作投资：中国的田野实验
刊发时间: JAN 1 2024
Emanuele Colonnelli
芝加哥大学
李波
北京大学光华管理学院
Ernest Liu
普林斯顿大学
We conduct a large-scale, nondeceptive field experiment to elicit preferences for government participation in China's venture capital and private equity market. Our main result is that the average firm dislikes investors with government ties. We show that such dislike is not present with government-owned firms and that this dislike is highest with best-performing firms. Additional results and surveys suggest that political interference in decision-making is the leading reason why government investors are unattractive to private firms. Overall, our findings point to the limits of a model of "state capitalism" that strongly relies on the complementarity between private firms and government capital to drive high-growth entrepreneurship and innovation.
我们进行了一项大规模、非欺骗性的实地实验，以激发政府参与中国风险投资和私募股权市场的偏好。我们的主要结果是，一般公司不喜欢与政府有联系的投资者。我们表明，这种厌恶在国有企业中不存在，而这种厌恶在表现最好的企业中最高。其他结果和调查表明，政治干预决策是政府投资者对私营公司没有吸引力的主要原因。总体而言，我们的研究结果指出了“国家资本主义”模式的局限性，该模式强烈依赖私营企业和政府资本之间的互补性来推动高增长的创业和创新。
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02. Financial Innovation in the Twenty-First Century: Evidence from US Patents
21 世纪的金融创新：来自美国专利的证据
刊发时间: MAY 2024
Josh Lerner
哈佛大学
Amit Seru
斯坦福大学
Nick Short
普林斯顿大学
Yuan Sun
上海财经大学
We explore the evolution of financial innovation using US finance patents. Patented financial innovations are substantial and increasingly economically important. Their subject matter has changed, consistent with the industry's shift toward household investors and borrowers. Information technology (IT) and other nonfinancial firms drove the surge in financial patenting. The location of innovation shifted, with banks moving activity away from states with tight financial regulation and high-tech regions attracting innovation by payments, IT, and nonfinancial firms. Analyses of returns suggest that the social value of these innovations is higher than their private value. We present a simple model to explain these trends.
我们探索使用美国金融专利的金融创新演变。获得专利的金融创新具有重大意义，并且在经济上的重要性日益增加。他们的主题发生了变化，这与该行业向家庭投资者和借款人的转变一致。信息技术 （IT） 和其他非金融公司推动了金融专利申请的激增。创新的地点发生了变化，银行将活动从金融监管严格的州转移到高科技地区，通过支付、IT 和非金融公司吸引创新。对回报的分析表明，这些创新的社会价值高于其私人价值。我们提出了一个简单的模型来解释这些趋势。
03. Is Money Essential? An Experimental Approach
金钱是必不可少的嘛？来自一个实验方法的证据
刊发时间: SEP 2024
Janet Hua Jiang
加拿大银行
Peter Norman
北卡罗来纳州立大学教堂山分校
Daniela Puzzello
印第安纳大学
Sultanum, Bruno
联邦储备银行
Randall Wright
浙江大学；威斯康星大学
Monetary exchange is called essential when better outcomes become incentive compatible when money is introduced. We study essentiality theoretically and experimentally using finite-horizon monetary models that are naturally suited to the lab. Following mechanism design, we also study the effects of strategy recommendations both when they are incentive compatible and when they are not. Results show that output and welfare are significantly enhanced by fiat currency if monetary equilibrium exists but not otherwise. Also, recommendations help if incentive compatible but not otherwise. Sometimes money gets used when it should not, and we investigate why, using surveys and measures of social preferences.
当引入货币时，更好的结果变得与激励兼容时，货币交换被称为必不可少的。我们使用自然适合实验室的有限视界货币模型从理论和实验上研究本质。遵循机制设计，我们还研究了策略建议在激励兼容和不兼容时的效果。结果表明，如果存在货币均衡，法定货币会显著提高产出和福利，但不存在。此外，如果激励兼容，则建议会有所帮助，但其他方面则没有帮助。有时，金钱在不该使用的时候被使用，我们使用调查和社会偏好的测量来调查原因。
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