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on Macroeconomics |
| By: | Nicolas Fanta (Institute of Economic Studies, Faculty of Social Sciences, Charles University, Prague, Czech Republic) |
| Abstract: | We ask whether ECB communication outside monetary policy meeting days moves the EUR/USD exchange rate within minutes. We build an event study on one-minute prices and a Reuters-based corpus of 1, 868 statements coded as dovish, neutral, or hawkish from 2008 to 2016. Identification combines strict exclusion windows for macro and central bank confounders, time-of-day–matched controls, and Monte Carlo resampling to test sensitivity. We also open four splits that theory suggests may matter: President, conventional versus unconventional topics, Purdah versus outside the pre-meeting window, and the regime before and during the zero lower bound. Across the full sample and every split, price responses are small and short-lived. Cumulative abnormal returns remain within a few basis points by t=+20, and scattered significant minutes are not sequential. Volatility reacts only modestly. After intraday seasonality adjustment in the matched-difference design, dovish items are associated with a brief decline in volatility in the first half hour, while neutral and hawkish items are statistically similar to controls. The contribution is twofold. First, we provide a comprehensive intraday assessment of ECB communication outside meeting days for the EUR/USD market over a consistently coded 2008–2016 window. Second, we deliver a transparent identification template for high-frequency communication research by combining time-of-day–matched controls with systematic resampling. Together, the results indicate that such communication does not generate lasting directional moves; any impact appears as small and short-lived changes in realised volatility. |
| Keywords: | central bank communication, monetary policy, ECB, exchange rates, AI, event study |
| JEL: | E52 E58 F31 C55 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:fau:wpaper:wp2025_23 |
| By: | Nicolas M. Burotto |
| Abstract: | The author develops a dynamic macroeconomic model of a small open economy to identify two key vulnerabilities that prevent emerging markets from fully integrating into global markets: high financial integration costs and their low position in the international monetary hierarchy. These vulnerabilities make them susceptible to financial traps, jeopardize debt sustainability, and increase volatility. He shows that the weak response of capital flows to interest rates further limits the ability of monetary policy to stabilize the system. As a result, these economies have restricted policy options and often resort to mimicking external monetary policy strategies in times of financial distress. |
| Keywords: | external debt sustainability; currency hierarchy; financial trap; balance of payments constraint; subordinated integration |
| JEL: | E12 E32 E44 F34 |
| Date: | 2025–07 |
| URL: | https://d.repec.org/n?u=RePEc:lev:wrkpap:wp_1087 |
| By: | Olivo, Victor |
| Abstract: | This document revisits Milton Friedman's extended monetary framework, specifically focusing on his Monetary Theory of Nominal Income. Friedman’s extended monetary framework remains robust in explaining the dynamic relationship between money supply changes and nominal income fluctuations over more than 150 years of U.S. data. Despite major economic events, this relationship has been stable and significant. The empirical analysis with more recent data continues supporting Friedman's contention that money plays a special role in macroeconomic dynamics, stronger than fiscal variables or interest rates. The methodological debate between Friedman and his critics underscores the importance of empirical causality and practical explanatory power in economic theory. The document concludes that Friedman’s Marshallian approach offers valuable insights that have endured and continue to inform monetary economics. |
| Keywords: | Quantity Theory; Income-Expenditure Model; Price Level; Inflation; Nominal Income; Money Supply; Causality; Dynamic Models; Time Series Models. |
| JEL: | E00 E31 E51 E52 |
| Date: | 2025–08–10 |
| URL: | https://d.repec.org/n?u=RePEc:pra:mprapa:125716 |
| By: | Antoine Camous; Dmitry Matveev |
| Abstract: | In a multi-sector economy, conventional monetary policy alone is insufficient for achieving optimal economic stabilization. We examine whether a central bank can leverage private information about economic conditions to enhance policy effectiveness and improve outcomes. Our normative analysis emphasizes that the central bank should refrain from manipulating private beliefs and, if disclosure is optimal, should communicate information truthfully. However, such a communication policy is generally not credible, as even a benevolent policymaker faces sequential incentives to influence the beliefs of price-setting firms to reduce price dispersion and its negative welfare effects. In the absence of commitment, reputation becomes crucial in shaping these incentives. Specifically, a policymaker who strategically discloses information may secure significant stabilization gains during her term, but at the cost of long-term economic inefficiency. |
| Keywords: | Strategic Communication, Monetary Policy, Credibility, Reputation, Bayesian Learning |
| JEL: | D82 E52 E58 E61 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:bfr:banfra:1013 |
| By: | Yörük, Baris (University at Albany, SUNY) |
| Abstract: | How does diversity affect charitable giving? On the one hand, diversity can lead to increased charitable giving, as individuals may feel more connected to and invested in their community when they see the diversity of needs and perspectives within it. On the other hand, diversity can also create challenges for charitable giving, as individuals may have different priorities, beliefs, and cultural norms that affect their willingness to give to certain causes and organizations. Using data from 2010-2020 county-level income tax returns linked to the U.S. Census population estimates, I find a negative impact of local ethnic diversity on charitable giving. In particular, I document that a one percentage point increase in the local ethnic fragmentation index is associated with up to a 2.9 percent decrease in the fraction of tax returns with charitable contributions and a 2 percent decrease in charitable contributions as a fraction of adjusted gross income. |
| Keywords: | local ethnic diversity, charitable giving, fundraising |
| JEL: | J10 J18 H30 |
| Date: | 2025–10 |
| URL: | https://d.repec.org/n?u=RePEc:iza:izadps:dp18222 |
| By: | Luigi Bocola; Alessandro Dovis; Kasper Jørgensen; Rishabh Kirpalani |
| Abstract: | Policymakers often cite the risk that inflation expectations might “de-anchor” as a key reason for responding forcefully to inflationary shocks. We develop a model to analyze this trade-off and to quantify the benefits of stable long-run inflation expectations. In our framework, households and firms are imperfectly informed about the central bank’s objective and learn from its policy choices. Recognizing this interaction, the central bank raises interest rates more aggressively after adverse supply shocks and accepts short-run output costs to secure more stable inflation expectations. The strength of this reputation channel depends on how sensitive long-run inflation expectations are to surprises in interest rates. Using high-frequency identification, we estimate these elasticities for emerging and advanced economies and find large negative values for Brazil. We fit our model to these findings and use it to quantify how reputation building motives affect monetary policy decisions, and the role of central bank's credibility in promoting macroeconomic stability. |
| JEL: | E52 E58 |
| Date: | 2025–10 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:34436 |
| By: | Banerjee, Swapnendu; Chakraborty, Somenath |
| Abstract: | We examine the impact of social preferences on the choice between individual production and team production. An inequity-averse principal can hire a single or a team of two agents to work on a single project. The agents are inequity-averse with respect to the principal. We show that even without ‘synergy’ a moderately inequity-averse principal can opt for team production. Thus we provide an additional rationale for the empirically observed prevalence of team based production in terms of the possible existence of social preferences. For sufficiently inequity-averse principal the incentive for team production remains the same across short-term and long-term relationships. |
| Keywords: | Social Preferences; Inequity Aversion; Individual Production; Team Production; Synergy. |
| JEL: | D21 D86 L23 |
| Date: | 2025–08–15 |
| URL: | https://d.repec.org/n?u=RePEc:pra:mprapa:125933 |
| By: | Mauro Napoletano (Université Côte d'Azur, CNRS, GREDEG, France); Francesco Toni (Université Côte d'Azur, CNRS, GREDEG, France) |
| Abstract: | Italy's economy has been characterized by a long-standing malaise marked by low growth, stagnant productivity, and high public debt. In recent years, these weaknesses have been compounded by declining real wages, the underutilization and outward migration of skilled labor, widening territorial disparities, and a rise in income and wealth inequality. The country's productive structure remains concentrated in traditional sectors, dominated by small firms, and underrepresented in strategic industries with high potential for productivity gains. Drawing on macroeconomic and sectoral evidence, this policy brief assesses Italy's current position and outlines the measures needed to reverse these trends. It argues for an industrial strategy that combines state–market complementarities, long-term coordination, and polycentric governance, supported by policies to halt real wage decline and reduce inequality, with the aim of rebuilding productive capacity and ensuring broadly shared prosperity. |
| Keywords: | Italy, Public Debt, Economic Growth, Inequality, Productivity |
| JEL: | E60 E61 O40 |
| Date: | 2025–11 |
| URL: | https://d.repec.org/n?u=RePEc:gre:wpaper:2025-44 |
| By: | Alberto Russo (Department of Economics and Social Sciences, Universita' Politecnica delle Marche) |
| Abstract: | Drawing on Peter Turchin's structural-demographic theory, this paper provides a preliminary examination of how rising inequality and financial liberalization contribute to political instability through the interplay of mass immiseration and elite overproduction. We capture these dynamics through a simplified agent-based macroeconomic model, introducing two structural shocks { growing inequality and financial liberalization { that reect the transformations reshaping advanced economies in recent decades, a process intertwined with political disintegration. A wealth tax on the richest households can reduce political fragmentation and improve economic performance, but lasting resilience will require embedding such measures within a broader rethinking of the policy paradigm that has prevailed since the 1980s. |
| Keywords: | Inequality, Financial Liberalization, Political Instability, Agent-Based Model. |
| JEL: | C63 D31 E02 |
| Date: | 2025–10 |
| URL: | https://d.repec.org/n?u=RePEc:anc:wpaper:500 |
| By: | Céline del Bucchia (Audencia Business School); Arnaud Stimec (LEMNA - Laboratoire d'économie et de management de Nantes Atlantique - Nantes Univ - IAE Nantes - Nantes Université - Institut d'Administration des Entreprises - Nantes - Nantes Université - pôle Sociétés - Nantes Univ - Nantes Université); Anastasia Dereppe (LEMNA - Laboratoire d'économie et de management de Nantes Atlantique - Nantes Univ - IAE Nantes - Nantes Université - Institut d'Administration des Entreprises - Nantes - Nantes Université - pôle Sociétés - Nantes Univ - Nantes Université); Benoit Marienval (LEMNA - Laboratoire d'économie et de management de Nantes Atlantique - Nantes Univ - IAE Nantes - Nantes Université - Institut d'Administration des Entreprises - Nantes - Nantes Université - pôle Sociétés - Nantes Univ - Nantes Université) |
| Abstract: | Purpose Recent voices have called for the need to reconsider the myth of male power based on a one-dimensional view of a dominant patriarchy in entrepreneurship. In a search for alternatives to hegemonic masculinities, this paper explores a specific context - that of radical ecological and social transition - to identify how entrepreneuring in this specific social environment questions and shapes entrepreneurial masculinities. Design/methodology/approach We engage with constructivist grounded theory to analyse 17 life story interviews of French entrepreneurs, complemented by 6 focused follow-up interviews and 2 focus groups of women to give a broader and cultural understanding of entrepreneurial masculinities. Findings The paper makes four important contributions to the literature on gender and entrepreneurship. First, it enriches the spectrum of entrepreneurial masculinities with a non-hegemonic type of masculinity, namely, caring Entrepreneurial masculinity (EM). Second, it proposes an alternative model of hybrid hegemonic masculinity by showing that the "hero" posture in entrepreneurship is not necessarily that of a winner but can also serve a mission for the common good. Third, it introduces the concept of ecological EM by bridging two distinct areas of the literature related to our data. Finally, it underscores the strong influence of women in entrepreneurs' social environment by their role in engaging change in entrepreneurial masculinities. We show how a specific social environment can partially challenge hegemonic entrepreneurial masculinities. The paper introduces ecological masculinities as an alternative framework. |
| Abstract: | Objectif Des voix récentes ont appelé à reconsidérer le mythe du pouvoir masculin fondé sur une vision unidimensionnelle d'un patriarcat dominant dans l'entrepreneuriat. À la recherche d'alternatives aux masculinités hégémoniques, cet article explore un contexte spécifique, celui de la transition écologique et sociale radicale, afin d'identifier comment l'entrepreneuriat dans cet environnement social particulier remet en question et façonne les masculinités entrepreneuriales. Conception/méthodologie/approche Nous utilisons la théorie constructiviste fondée sur des données empiriques pour analyser 17 entretiens sur le parcours de vie d'entrepreneurs français, complétés par 6 entretiens de suivi ciblés et 2 groupes de discussion composés de femmes afin d'offrir une compréhension plus large et culturelle des masculinités entrepreneuriales. Résultats L'article apporte quatre contributions importantes à la littérature sur le genre et l'entrepreneuriat. Premièrement, il enrichit le spectre des masculinités entrepreneuriales d'un type de masculinité non hégémonique, à savoir la masculinité entrepreneuriale bienveillante (EM). Deuxièmement, il propose un modèle alternatif de masculinité hégémonique hybride en montrant que la posture de « héros » dans l'entrepreneuriat n'est pas nécessairement celle d'un gagnant, mais peut également servir une mission pour le bien commun. Troisièmement, il introduit le concept d'EM écologique en reliant deux domaines distincts de la littérature liés à nos données. Enfin, il souligne la forte influence des femmes dans l'environnement social des entrepreneurs par leur rôle dans le changement des masculinités entrepreneuriales. Nous montrons comment un environnement social spécifique peut remettre en question, en partie, les masculinités entrepreneuriales hégémoniques. L'article présente les masculinités écologiques comme un cadre alternatif. |
| Keywords: | Sustainable entrepreneurship, Socio-ecological transition, Entrepreneurial masculinities, Cultural change and leadership, Hegemonic masculinities, Constructivist grounded theory, Caring masculinities, Ecological masculinities, Masculinités hégémoniques, Entrepreneuriat durable, Transition socio-écologique, Masculinités entrepreneuriales, Changement culturel et leadership, Théorie ancrée constructiviste, Masculinités du care, Masculinités écologiques |
| Date: | 2025–08–12 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05336916 |
| By: | Mark Setterfield |
| Abstract: | The purpose of this paper is to contribute to the integration of unpaid caregiving in the household into short- and long-term macroeconomic theory and, in particular, the theoretical structure of production on the supply side of the economy. The ambition of the project is to furnish a general theoretical representation of how unpaid caregiving and its (gendered) social structure contribute to the technical conditions of production in the sphere of marketed output. In so doing, it aims to provide macro theorists with an apparatus that allows consistent description of both short-term (levels of activity) and long-term (rates of growth) macro outcomes in a manner that routinely integrates feminist insights regarding the gendered structure of the social reproduction of labor into macroeconomic analysis. |
| Keywords: | Social reproduction of labor; unpaid caregiving; macroeconomic theory; potential output; natural rate of growth; technical change |
| JEL: | E11 E12 B54 E23 J13 J16 J24 O33 |
| Date: | 2025–06 |
| URL: | https://d.repec.org/n?u=RePEc:lev:wrkpap:wp_1083 |
| By: | Boukaka, Sedi Anne; Geoffrey, Baragu; Azzarri, Carlo |
| Abstract: | Potato farmers in Kenya grapple with various challenges along the value chain, including limited access to quality planting materials such as seeds and fertilizers, insufficient storage and postharvest handling facilities, fluctuating market prices, and unreliable market information systems. These challenges are further exacerbated for women and youth because of persistent social gaps in the agriculture sector. Digital tools can play a vital role in addressing these challenges by providing access to valuable agricultural information, weather forecasts, and best practices that help farmers make informed decisions and improve crop management. However, challenges persist in digital tool adoption within the agricultural value chains in sub-Saharan Africa. The study aims to assess the impact of digital tool adoption and support on socioeconomic and agriculture-related outcomes in Kenya’s potato value chain. It piggybacks on an ongoing digital tool integration program, Business Development and Coaching (BDEC), conducted by the Farm to Market Alliance (FtMA), which targets agripreneurs in Farmer Service Centers (FSCs). By comparing a treatment group that receives this training with a control group continuing business as usual, the study evaluates the effects of agripreneurs’ adoption and expanded use of digital tools on farmers’ agriculture-based livelihoods, income generation, and job creation metrics, with a focus on youth employment and gender disparities. |
| Keywords: | biodiversity; decision making; potatoes; value chains; surveys; youth; sex-disaggregated data; Kenya; Africa; Eastern Africa; Sub-Saharan Africa |
| Date: | 2025–10–28 |
| URL: | https://d.repec.org/n?u=RePEc:fpr:sfs4yp:177389 |
| By: | Stefano Comino (University of Udine, Italy); Alessandro Fedele (Free University of Bozen-Bolzano, Italy); Fabio Manenti (University of Padova, Italy) |
| Abstract: | This paper investigates the interplay between interoperability and the incentives to invest in cybersecurity in digital markets. We develop a two-sided symmetric duopoly model in which cyberattacks create a congestion-like externality, and interoperability amplifies hackers’ incentives to target connected platforms. We show that interoperability affects cybersecurity investment through multiple channels, potentially producing a non-linear relationship: low interoperability promotes risk-mitigation efforts, whereas high interoperability may discourage investment due to a public good effect. We then compare private and social incentives for interoperability, identifying potential sources of misalignment. Finally, we extend the baseline model to account for additional factors shaping the desirability of interoperability, including platforms’ business models, users’ awareness of cyber risk, market expansion effects, and asymmetries in user bases. |
| Keywords: | Cybersecurity, Interoperability, Congestion, Hackers, Two-sided Platforms, Investment. |
| JEL: | L13 L15 L51 L86 |
| Date: | 2025–10 |
| URL: | https://d.repec.org/n?u=RePEc:bzn:wpaper:bemps116 |
| By: | Indira Hirway |
| Abstract: | Time-use data are expected to help in understanding and addressing critical socioeconomic concerns including gender inequalities in a country. The data also help in integrating gender into economic analysis and economic policy making to promote inclusive development. Against this rising demand for time-use data, the supply of quality time-use data is not coming forth, particularly in low- and middle-income countries. The problems faced by developing countries are basically of two types: those related to survey design and its different components and those pertaining to the collection of time-use data. The first type of problem can be resolved largely by compiling a comprehensive guidebook by UNSD--which is already done. The second type of problem requires radical changes in time-use data collection methods. This paper presents the recommendations made by UN Women, UNSD, the World Bank, ILO, and other experts, and makes an assessment of these recommendations. The paper argues that a light time diary, recommended by these organizations does not particularly help in accessing quality time-use data. The paper recommends that though a time-use survey is a complex survey, particularly in a country where literacy is low, the survey is feasible if adequate care is taken by the National Statistical Office (NSO). |
| Keywords: | Time poverty; LIMTIP; time deficits; unpaid family labor |
| Date: | 2025–09 |
| URL: | https://d.repec.org/n?u=RePEc:lev:wrkpap:wp_1092 |
| By: | Stephen B. Billings; Michael D. Makowsky; Kevin Schnepel; Adam Soliman |
| Abstract: | From 2005 to 2019, forty US states raised the dollar value threshold delineating misdemeanor and felony theft, reducing the expected punishment for a subset of property crimes. Using an event study framework, we observe significant and growing increases in theft after a state reform is passed. We then show that reduced sanctions for theft have broader effects in the market for illegal activity. Consistent with a mechanism of substitution across income-generating crimes, we find decreases in both drug distribution crimes and the probability that a released offender previously convicted of drug distribution is reincarcerated for a new drug conviction. |
| Keywords: | crime, theft, felony, punishment |
| Date: | 2025–10–24 |
| URL: | https://d.repec.org/n?u=RePEc:cep:cepdps:dp2130 |
| By: | Mathieu Couttenier; Sophie Hatte; Lucile Laugerette; Tommaso Sonno |
| Abstract: | How do public speeches by global leaders affect conflict? |
| Keywords: | conflict, violence, religion, leaders, peacebuilding |
| Date: | 2025–10–21 |
| URL: | https://d.repec.org/n?u=RePEc:cep:cepcnp:719 |
| By: | Yimeng Qiu |
| Abstract: | We develop \emph{Entropy-Guided Multiplicative Updates} (EGMU), a convex optimization framework for constructing multi-factor target-exposure portfolios by minimizing Kullback--Leibler (KL) divergence from a benchmark subject to linear factor constraints. Our contributions are theoretical and algorithmic. (\emph{i}) We formalize feasibility and uniqueness: with strictly positive benchmark and feasible targets in the convex hull of exposures, the solution is unique and strictly positive. (\emph{ii}) We derive the dual concave program with gradient $t-\E_{w(\theta)}[x]$ and Hessian $-\Cov_{w(\theta)}(x)$, and give a precise sensitivity formula $\partial\theta^*/\partial t=\Cov_{w^*}(x)^{-1}$ and $\partial w^*/\partial t=\mathrm{diag}(w^*) (X-\1\mu^\top)\Cov_{w^*}(x)^{-1}$. (\emph{iii}) We present two provably convergent solvers: a damped \emph{dual Newton} method with global convergence and local quadratic rate, and a \emph{KL-projection} scheme based on IPF/Bregman--Dykstra for equalities and inequalities. (\emph{iv}) We further \textbf{generalize EGMU} with \emph{elastic targets} (strongly concave dual) and \emph{robust target sets} (support-function dual), and introduce a \emph{path-following ODE} for solution trajectories, all reusing the same dual-moment structure and solved via Newton or proximal-gradient schemes. (\emph{v}) We detail numerically stable and scalable implementations (LogSumExp, covariance regularization, half-space KL-projections). We emphasize theory and reproducible algorithms; empirical benchmarking is optional. |
| Date: | 2025–10 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2510.24607 |
| By: | Daniele Maria Di Nosse; Federico Gatta; Fabrizio Lillo; Sebastian Jaimungal |
| Abstract: | Decentralized Exchanges (DEXs) are now a significant component of the financial world where billions of dollars are traded daily. Differently from traditional markets, which are typically based on Limit Order Books, DEXs typically work as Automated Market Makers, and, since the implementation of Uniswap v3, feature concentrated liquidity. By investigating the twenty-four most active pools in Uniswap v3 during 2023 and 2024, we empirically study how this structural change in the organization of the markets modifies the well-studied stylized facts of prices, liquidity, and order flow observed in traditional markets. We find a series of new statistical regularities in the distributions and cross-autocorrelation functions of these variables that we are able to associate either with the market structure (e.g., the execution of orders in blocks) or with the intense activity of Maximal Extractable Value searchers, such as Just-in-Time liquidity providers and sandwich attackers. |
| Date: | 2025–10 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2510.22834 |
| By: | Whelan, Karl |
| Abstract: | Since 2021, Kalshi has operated as the only federally licensed prediction market in the United States. Using transaction-level data on over 300, 000 contracts, we provide the first systematic evidence on its pricing. Kalshi’s contract prices are informative and improve in accuracy as markets approach closing, but they display a clear favorite–longshot bias: low-price contracts win far less often than required to break even, while high-price contracts win more often and yield small positive returns. We interpret these patterns with a simple framework that reflects Kalshi’s quote-driven microstructure. Makers—relatively well-informed traders who post offers—seek positive expected returns but may be slightly over-optimistic, while Takers accept these offers. The model predicts distinct patterns of favorite–longshot bias for Makers and Takers, and the data confirm these predictions. |
| Keywords: | Prediction Markets, Kalshi, Favorite-Longshot Bias, Market Microstructure, Bid-Ask Spreads |
| JEL: | G14 G23 |
| Date: | 2025–09 |
| URL: | https://d.repec.org/n?u=RePEc:pra:mprapa:126350 |
| By: | Nguyen, Ha; Schurer, Stefanie; Mitrou, Francis |
| Abstract: | Previous empirical evidence suggests that locus on control (LoC), a non-cognitive skill reflecting an individual's belief that life’s outcomes result from their own efforts, is relatively unresponsive to major life events in adulthood. This study re-examines this evidence by utilizing a longer panel dataset to boost statistical power and more flexible econometric models to allow for unobserved heterogeneity and non-linear effects. Fixed effects models reveal that 13 out of 20 available life event measures are statistically significantly impacting LoC, with largest penalties observed for negative life events such as worsening of finances, victimhood, separation, serious personal injury or illness, and the death of close family members. Individual fixed effects unconditional quantile regressions show that the effects of these 13 life events are largest in magnitude at the lower end of the internal LoC distribution, where individuals are more vulnerable, with penalty increases of between 25% and 182%. There are no significant gender or age heterogeneities. Although the impacts of life events are short-lived, they are economically meaningful. Our findings are in stark contrast with the received literature. |
| Keywords: | Locus of Control; Unconditional Quantile; Life Events; Australia |
| JEL: | C22 I31 J24 |
| Date: | 2025–07 |
| URL: | https://d.repec.org/n?u=RePEc:pra:mprapa:126016 |
| By: | Lisa D. Cook |
| Date: | 2025–11–03 |
| URL: | https://d.repec.org/n?u=RePEc:fip:fedgsq:102039 |
| By: | Pietro Dall’Ara (University of Naples Federico II and CSEF) |
| Abstract: | This paper studies the persuasion of a receiver who accesses information only if she exerts costly attention effort. A sender designs an experiment to persuade the receiver to take a specific action. The experiment affects the receiver’s attention effort, that is, the probability that she updates her beliefs. As an implication, persuasion has two margins: extensive (effort) and intensive (action). The receiver’s utility exhibits a supermodularity property in information and effort. By leveraging this property, we establish a general equivalence between experiments and persuasion mechanisms à la Kolotilin et al. (2017). In applications, the sender’s optimal strategy involves censoring favorable states. |
| Keywords: | persuasion, inattention, information acquisition; information design. |
| JEL: | D82 D83 D91 |
| Date: | 2025–10–27 |
| URL: | https://d.repec.org/n?u=RePEc:sef:csefwp:766 |
| By: | Jean Dreze; Rahul R. |
| Abstract: | India's Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA), enacted in 2005, is an experiment of major significance. Drawing on official statistics, this paper presents a broad-brush retrospective on MGNREGA's first 20 years, focusing inter alia on employment generation, the participation of marginalized groups, real wages, administrative expenditure, and comparative experiences of different Indian states. The program is an important demonstration of the possibility of a legal job guarantee, but its practical achievements are still heavily concentrated in a few states. |
| Date: | 2025–10 |
| URL: | https://d.repec.org/n?u=RePEc:lev:wrkpap:wp_1095 |