Journal of Political Economy 2024年第9期论文 目录与摘要

01 Organizing for Collective Action: Olson Revisited

Marco Battaglini，Thomas R. Palfrey

02 Out of the Darkness and into the Light? Development Effects of Rural Electrification

Fiona Burlig and Louis Preonas

03 Is Money Essential? An Experimental Approach

Janet Hua Jiang,

Peter Norman,Daniela Puzzello,Bruno Sultanum, andRandall Wright

04 Clubs and Networks in Economics Reviewing

Scott Carrell,David Figlio, andLester Lusher

05 Can the Unemployed Borrow? Implications for Public Insurance

J. Carter Braxton,Kyle Herkenhoff, andGordon M. Phillips

06 Strength in Numbers? Gender Composition, Leadership, and Women’s Influence in Teams

Christopher F. Karpowitz,Stephen D. O’Connell,Jessica Preece, andOlga Stoddard

07 Unbundling Quantitative Easing: Taking a Cue from Treasury Auctions

Walker Ray,Michael Droste, andYuriy Gorodnichenko

08 Misfortune and Mistake: The Financial Conditions and Decision-Making Ability of High-Cost Loan Borrowers

Leandro Carvalho,Arna Olafsson, andDan Silverman

Title：

Organizing for Collective Action: Olson Revisited

Author：

Marco Battaglini，Thomas R. Palfrey

Abstract：

We characterize optimal honest and obedient (HO) mechanisms for the classic collective action problem with private information, where group success requires costly participation by some fraction of its members. For large n, a simple HO mechanism, the volunteer-based organization, is approximately optimal. Success is achieved in the limit with probability one or zero depending on the rate at which the required fraction declines with n. For finite n, optimal HO mechanisms provide substantial gains over unorganized groups when the success probability converges to zero, because the optimal HO success probability converges slowly and is always positive, while finite-sized unorganized groups have exactly zero probability of success.

Title：

Out of the Darkness and into the Light? Development Effects of Rural Electrification

Author：

Fiona Burlig and Louis Preonas

Abstract：

Nearly 1 billion people still lack electricity access. Developing countries are investing billions of dollars in “last-mile” electrification, although evidence on its economic impacts is mixed. We estimate the development effects of rural electrification in the context of India’s national electrification program, RGGVY (Rajiv Gandhi Grameen Vidyutikaran Yojana), which reached over 400,000 villages. Using regression-discontinuity and difference-in-differences designs, we estimate that RGGVY meaningfully expanded electricity access. However, the program generated limited economic impacts after 3–5 years. Scaling our intent-to-treat estimates using instrumental variables, we find that “full electrification” reduces welfare in small villages but has a 33% internal rate of return in large villages.

Title：

Is Money Essential? An Experimental Approach

Author：

Peter Norman,Daniela Puzzello,Bruno Sultanum, andRandall Wright

Abstract：

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.

Title：

Clubs and Networks in Economics Reviewing

Author：

Scott Carrell,David Figlio, andLester Lusher

Abstract：

We study how author connections influence paper outcomes at the Journal of Human Resources. Authors who attended the same PhD program, worked with, affiliate with the same National Bureau of Economic Research program(s), or are closely linked via coauthorship networks as the handling editor are more likely to avoid a desk rejection. Reviewer recommendations are similarly influenced by PhD and employment matches. Matching on signals of ability—such as top five publishing, attending a high-ranked PhD program, or working in a high-ranked department—also impact peer review decisions. We find some evidence that published papers with greater connectivity subsequently receive fewer citations.

Title：

Can the Unemployed Borrow? Implications for Public Insurance

Author：

J. Carter Braxton,Kyle Herkenhoff, andGordon M. Phillips

Abstract：

We empirically establish that unemployed individuals maintain significant access to credit and that upon a layoff, the unconstrained borrow while the constrained default and delever. Motivated by these findings, we develop a theory of credit lines and labor income risk to analyze optimal transfers to the unemployed. Since credit lines offer fixed interest rates and limits, credit lines are unresponsive to layoffs and provide greater consumption insurance relative to when debt is repriced period by period. At US levels of credit lines, the government can optimally reduce transfers to the unemployed, whereas this is not true when debt is counterfactually repriced period by period.

Title：

Strength in Numbers? Gender Composition, Leadership, and Women’s Influence in Teams

Author：

Christopher F. Karpowitz,Stephen D. O’Connell,Jessica Preece, andOlga Stoddard

Abstract：

This article studies the effect of team gender composition and leadership on women’s influence in two field experiments. Study 1 finds that male-majority teams accord disproportionately less influence to women and are less likely to choose women to represent the team externally. We replicate this finding in a new context, where we also vary the gender of an assigned team leader. We find that a female leader substantially increases women’s influence, even in male-majority teams. With a model of discriminatory voting, we show that either increasing women's share or assigning a female leader decreases the penalty women face by more than 50%.

Title：

Unbundling Quantitative Easing: Taking a Cue from Treasury Auctions

Author：

Walker Ray,Michael Droste, andYuriy Gorodnichenko

Abstract：

We study the role of preferred habitat in understanding the economic effects of the Federal Reserve’s quantitative easing (QE). Using high-frequency identification and exploiting the structure of the primary market for US Treasuries, we isolate demand shocks that are transmitted solely through preferred habitat channels but otherwise mimic QE shocks. We document large localized yield curve effects when financial markets are disrupted. Our calibrated model, which embeds preferred habitat in a New Keynesian framework, can largely account for the observed financial effects of QE. QE is modestly stimulative for output and inflation, but alternative policy designs can generate stronger effects.

Title：

Misfortune and Mistake: The Financial Conditions and Decision-Making Ability of High-Cost Loan Borrowers

Author：

Leandro Carvalho,Arna Olafsson, andDan Silverman

Abstract：

The appropriateness of many high-cost loan regulations depends on whether demand is driven by financial conditions (“misfortunes”) or imperfect decisions (“mistakes”). Bank records from Iceland show that borrowers have especially low liquidity just before getting a loan. Borrowers exhibit lower decision-making ability (DMA) in linked-choice experiments: 45% of loan dollars go to the bottom 20% of the DMA distribution. Standard determinants of demand do not explain this relationship, which is also mirrored by the relationship between DMA and an unambiguous mistake. Both misfortune and mistake thus appear to drive demand.

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