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��ࡱ�>�� \^����[��������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������u �r�qbjbj�n�n20��a��ac �������""������������8�4-�8olaaaaauuu�n�n�n�n�n�n�n$�p�zs<�n�uuuuu�n��aa4�n���u��a�a�n�u�n���a����p> � ������ ��no08o��s'f�s���0�s��k�uu�uuuuu�n�nm�uuu8ouuuu���������������������������������������������������������������������suuuuuuuuu"q s: journal of political economy volume 131, issue 9, september 2023 1. title: firm-embedded productivity and cross-country income differences. authors: alviarez, vanessa; cravino, javier; ramondo, natalia. abstract: we measure the contribution of firm-embedded productivity to cross-country income differences. by firm-embedded productivity we refer to firm-specific components of productivity, such as blueprints, management practices, and other intangible capital. using micro-level data for multinational enterprises (mnes), we compare market shares of the same mne in different countries and document that they are systematically larger in less developed countries. this indicates that mnes face less competition and that firm-embedded productivity is scarce in these countries. we implement a measure of firm-embedded productivity based on this observation. differences in firm-embedded productivity account for one-third of the cross-country variance in output per worker in our sample. 2. title: fiscal stimulus under sovereign risk. authors: bianchi, javier; ottonello, pablo; presno, ignacio. abstract: what is the optimal fiscal policy response to a recession when the government is subject to sovereign risk? we study this question in a model of endogenous sovereign default with nominal rigidities. increasing spending in a recession reduces unemployment, but it exposes the government to a debt crisis. we quantitatively analyze this trade-off between stimulus and austerity and find that expanding government spending may be undesirable, even in the presence of sizable keynesian stabilization gains and inequality concerns. consistent with these findings, we show that sovereign risk is a key driver of the fiscal procyclicality observed worldwide. 3. title: no kin in the game: moral hazard and war in the us congress. authors: mcguirk, eoin f.; hilger, nathaniel; miller, nicholas. abstract: we study agency frictions in the us congress. we examine the long-standing hypothesis that political elites engage in conflict because they fail to internalize the associated costs. we compare the voting behavior of legislators with draft age sons versus draft age daughters during the conscription-era wars of the twentieth century. we estimate that having a draft age son reduces proconscription voting by 7�11 percentage points. support for conscription recovers when a legislator's son ages out of eligibility. we establish that agency problems contribute to political conflict and that politicians are influenced by private incentives orthogonal to political concerns or ideological preferences. 4. title: collective progress: dynamics of exit waves. authors: cetemen, doruk; urgun, can; yariv, leeat. abstract: we introduce a framework for studying collective search by teams. discoveries are correlated over time and governed by a brownian path, where search speed is jointly controlled. agents individually choose when to cease search and implement their best discovery. we characterize equilibrium and optimal policies. search speeds are constant within active alliances and depend on complementarities between members. a drawdown stopping boundary governs each agent's search termination. the consequent exit waves, whereby possibly heterogeneous agents cease search simultaneously, exhibit deterministic sequencing but stochastic timing. we highlight environments with lower than optimal equilibrium speeds and search durations, and different exit waves. 5. title: local evidence and diversity in minipublics. authors: bardhi, arjada; bobkova, nina. abstract: a policymaker selects a minipublic �a group of citizens from a demographically diverse citizenry with access to local evidence about the impact of a policy. citizens face uncertainty about the policymaker's eventual policy bias, which is shown to discourage the most marginally informative minipublic citizens from discovering their evidence. we fully characterize the optimal minipublic composition. relative to the most demographically representative minipublic, the optimal minipublic overrepresents demographics at the margins of the citizenry while underrepresenting those around the median citizen. the representativeness of the optimal minipublic varies nonmonotonically with uncertainty. our findings bear practical implications for minipublic design. 6. title: trade, technology, and agricultural productivity. authors: farrokhi, farid; pellegrina, heitor s. abstract: we examine the contribution of trade to the rise of modern agriculture, taking into account interactions between trade, input requirements, and technology adoption. we develop and estimate a new multicountry general equilibrium model that incorporates producers' choices of which crops to produce and with which technologies at the level of grid cells covering the earth's surface. we find that trade cost reductions in agricultural inputs and the international transmission of productivity growth in the agricultural input sector since the 1980s induced large shifts from traditional, labor-intensive technologies to modern, input-intensive ones, with important global and distributional implications for productivity and welfare. 7. title: the stakeholder corporation and social welfare. authors: fleurbaey, marc; ponthi�re, gr�gory. abstract: the stakeholder (or responsible) firm maximizes the (weighted or unweighted) sum of the surpluses of its customers and suppliers (including workers). although this objective is hard to empirically measure, it can be pursued by simple management rules that rely on constrained profit maximization. unconstrained profit maximization gives a competitive edge to ordinary firms, but stakeholder firms are better for social welfare and internalize several important effects of their activities on society. long-term entry decisions should rely on profit modified by pigouvian pricing of externalities, and this result provides a novel justification for the polluter-pays principle.     $'/02;>@abdm�����ʸʸʦ��tl_qc6qhj�5�ojqj^jo(h�jh�j5�ojqj^jh�"�hu<�5�ojqj^jh�ud5�ojqj^jo(h�"�h�"�o(&h�"�h�"�5�cjojqj^jajo(h@ t5�cjojqj^jajh 2e5�cjojqj^jaj#hi?�hi?�5�cjojqj^jaj#h�jh�j5�cjojqj^jaj#h�"�h�"�5�cjojqj^jaj h$-�5�cjojqj^jajo(#h�jh�j5�cjojqj^jajabc��� �  n 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