1、董事会中的工人
我们估计了共享治理或共同决定的工资效应，即授权三分之一的公司董事会席位由工人代表占有。我们研究了德国的一项改革，该改革突然取消对1994年8月后成立的股票公司的授权，同时锁定了对年龄较大公司的授权。我们的研究设计比较了改革前后的企业组群;在稳健性检验中，我们利用了未受影响的公司类型(有限责任公司)的类似差异。我们发现董事会层面的共同决定对工资和工资结构没有影响，即使是在工资特别灵活的公司。租金分摊程度和劳动收入占比也不受影响。我们不认为，撤资可能通过规范的拖延渠道抵消了工资效应，因为共享治理(如果有的话)会增加资本形成。
We estimate the wage effects of shared governance, or codetermination, in the form of a mandate of one-third of corporate board seats going to worker representatives. We study a reform in Germany that abruptly abolished this mandate for stock corporations incorporated after August 1994, while it locked the mandate for the slightly older cohorts. Our research design compares firm cohorts incorporated before the reform and after; in a robustness check we draw on the analogous difference in unaffected firm types (LLCs). We find no effects of board-level codetermination on wages and the wage structure, even in firms with particularly flexible wages. The degree of rent sharing and the labor share are also unaffected. We reject that disinvestment could have offset wage effects through the canonical hold-up channel, as shared governance, if anything, increases capital formation.
参考文献：Simon Jäger, Benjamin Schoefer, Jörg Heining, Labor in the Boardroom, The Quarterly Journal of Economics, Volume 136, Issue 2, May 2021, Pages 669–725
2、美国私营企业的劳动权益
我们提出了劳动权益理论，即企业所有者建立客户基础、客户名单和其他无形资产的时间和费用的价值。我们运用来自美国国民经济核算、商业普查和中介销售的数据，对这一理论进行了研究，估计私营企业部门的劳动权益价值相当于美国GDP的1.2倍，这与这些企业使用的固定资产价值大致相同。对于一个特定所有者来说，26%的劳动权益可以通过继承或出售进行转让。股权价值与企业收入和基于会计数据的加成标准衡量标准正相关，但与所有者金融资产或企业全要素生产率不相关。使用我们的理论证明，从汗水活动中提取会导致显著低估降低企业所得税税率对私营企业活动在广延和集约边际上的影响。尽管发现了更大的响应，我们的模型中关于企业和业主工时的隐含税收弹性与公共财政文献中的实证估计一致。考虑融资约束和超级巨星公司并没有推翻我们的主要发现。
We develop a theory of sweat equity—the value of business owners’ time and expenses to build customer bases, client lists, and other intangible assets. We discipline the theory using data from U.S. national accounts, business censuses, and brokered sales to estimate a value for sweat equity in the private business sector equal to 1.2 times U.S. GDP, which is about the same magnitude as the value of fixed assets in use in these businesses. For a typical owner, 26% of the sweat equity is transferable through inheritance or sale. The equity values are positively correlated with business incomes and standard measures of markups based on accounting data, but not with owners’ financial assets or standard measures of business total factor productivity. We use our theory to show that abstracting from sweat activity leads to a significant understatement of the effects of lowering business income tax rates on private business activity for both the extensive and intensive margins. Despite finding larger responses, our model’s implied tax elasticities of establishments and owner hours are in line with empirical estimates in the public finance literature. Allowing for financial constraints and superstar firms does not overturn our main findings.
参考文献：Anmol Bhandari, Ellen R McGrattan, Sweat Equity in U.S. Private Business, The Quarterly Journal of Economics, Volume 136, Issue 2, May 2021, Pages 727–781,
3、银行业、贸易和主导货币的形成
我们探讨了以不同货币计价的贸易结算模式和安全资产定价之间的相互作用。我们的理论强调了以下几点:(i)货币作为计价单位的作用与其作为安全的价值储存的作用是互补的;(ii) 这种互补性可能导致在贸易结算和全球银行业务中出现一种占主导地位的货币，即使是在多个候选大国具有类似的经济基础的情况下; (iii) 新兴市场国家的企业通过借入主导货币，从内生角度承担货币错配问题;(iv)以主导货币计价的安全资产的预期回报低于以其他货币计价的类似安全资产的预期回报，从而赋予主导货币过高的特权。因此，该理论为为什么一种主要货币在贸易结算和全球金融中被如此广泛地使用提供了一个统一的解释。
We explore the interplay between trade-invoicing patterns and the pricing of safe assets in different currencies. Our theory highlights the following points: (i) a currency’s role as a unit of account for invoicing decisions is complementary to its role as a safe store of value; (ii) this complementarity can lead to the emergence of a single dominant currency in trade invoicing and global banking, even when multiple large candidate countries share similar economic fundamentals; (iii) firms in emerging-market countries endogenously take on currency mismatches by borrowing in the dominant currency; and (iv) the expected return on dominant-currency safe assets is lower than that on similarly safe assets denominated in other currencies, thereby bestowing an “exorbitant privilege” on the dominant currency. The theory thus provides a unified explanation for why a dominant currency is so heavily used in both trade invoicing and in global finance.
参考文献：Gita Gopinath, Jeremy C Stein, Banking, Trade, and the Making of a Dominant Currency, The Quarterly Journal of Economics, Volume 136, Issue 2, May 2021, Pages 783–830,
4、贸易政策的环境偏向
本文描述了一个新的事实，并分析了其原因和后果:在大多数国家，污染产业的进口关税和非关税壁垒远低于清洁产业，清洁产业的污染定义为每美元产出的二氧化碳排放量。这种贸易政策上的差异造成了对国际贸易商品的二氧化碳排放的全球隐性补贴，并加剧了气候变化。这种全球对二氧化碳排放的隐性补贴每年总计数千亿美元。对相对清洁的下游产业的保护力度加大，是这种模式的主要原因。下游模式可以用以下理论来解释:行业游说对其投入物征收低关税，但最终消费者组织不善。一个定量的一般均衡模型表明，如果各国对清洁产品和不清洁产品实施类似的贸易政策，全球二氧化碳排放量将会减少，全球实际收入将不会有太大变化。
This article describes a new fact, then analyzes its causes and consequences: in most countries, import tariffs and nontariff barriers are substantially lower on dirty than on clean industries, where an industry’s “dirtiness” is defined as its carbon dioxide (CO2) emissions per dollar of output. This difference in trade policy creates a global implicit subsidy to CO2 emissions in internationally traded goods and contributes to climate change. This global implicit subsidy to CO2 emissions totals several hundred billion dollars annually. The greater protection of downstream industries, which are relatively clean, substantially accounts for this pattern. The downstream pattern can be explained by theories where industries lobby for low tariffs on their inputs but final consumers are poorly organized. A quantitative general equilibrium model suggests that if countries applied similar trade policies to clean and dirty goods, global CO2 emissions would decrease and global real income would change little.
参考文献：Joseph S Shapiro, The Environmental Bias of Trade Policy, The Quarterly Journal of Economics, Volume 136, Issue 2, May 2021, Pages 831–886,
5、失业保险与求职行为
失业保险如何影响失业工人的搜索行为?搜索模型预测，在福利耗尽之前，失业保险会抑制求职努力，并增加保留工资。在失业期间，寻找工作的努力应该会增加，以使福利耗尽，并在失业后保持高位。与此同时，保留工资应减少到受益耗尽，并在此后保持较低水平。为了验证这些预测，我们将管理登记册与法国一家主要在线求职平台上的求职行为数据匹配起来。我们跟踪了超过40万的工人，只要他们仍然失业。我们分析了搜寻行为在福利耗尽前后的变化，并采取了两个步骤来分离个体对失业福利的反应。首先，我们的纵向数据允许我们纠正休息期中样本组成的变化。其次，我们利用符合12 - 24个月失业保险条件的工人以及不符合失业保险条件的工人数据，来控制在失业期间独立于失业保险的行为变化。我们的结果证实了搜索模型的预测。我们发现，在福利耗尽的前一年，寻找工作的努力(工作申请的数量)至少增加了50%，此后仍保持高水平。在福利耗尽的前一年，每月目标工资至少下降2.4%，此后仍保持较低水平。此外，我们还提供了持续时间依赖性的证据:无论失业状况如何，工人每年都会降低他们的目标工资1.5%。
How does unemployment insurance (UI) affect unemployed workers’ search behavior? Search models predict that until benefit exhaustion, UI depresses job search effort and increases reservation wages. Over an unemployment spell, search effort should increase up to benefit exhaustion and stay high thereafter. Meanwhile, reservation wages should decrease up to benefit exhaustion and stay low thereafter. To test these predictions, we link administrative registers to data on job search behavior from a major online job search platform in France. We follow over 400,000 workers, as long as they remain unemployed. We analyze the changes in search behavior around benefits exhaustion and take two steps to isolate the individual response to unemployment benefits. First, our longitudinal data allows us to correct for changes in sample composition over the spell. Second, we exploit data on workers eligible for 12–24 months of UI as well as workers ineligible for UI, to control for behavior changes over the unemployment spell that are independent of UI. Our results confirm the predictions of search models. We find that search effort (the number of job applications) increases by at least 50% during the year preceding benefits exhaustion and remains high thereafter. The target monthly wage decreases by at least 2.4% during the year preceding benefits exhaustion and remains low thereafter. In addition, we provide evidence for duration dependence: workers decrease the wage they target by 1.5% over each year of unemployment, irrespective of their UI status.
参考文献：Ioana Marinescu, Daphné Skandalis, Unemployment Insurance and Job Search Behavior, The Quarterly Journal of Economics, Volume 136, Issue 2, May 2021, Pages 887–931,
6、信念运动、不确定性减少和理性更新
当一个贝叶斯学会了新的信息并改变她的信念时，她必须同时对世界的状态更加确信。因此，贝叶斯很少会在保持相对不确定的情况下频繁地改变信仰，或者相反地，在信仰运动相对较少的情况下变得非常自信。我们通过制定具体的运动措施和减少不确定性使得贝叶斯的信念随时间变化来确定这种直觉，表明这些措施在期望上是相等的，并为贝叶斯性创建相应的统计测试。然后，我们展示了这两个核心概念和四种常见的心理偏差之间的联系，这表明该测试可能特别擅长检测这些偏差。我们通过模拟我们的测试和其他鞅测试的性能来支持这一结论。最后，我们将测试应用于个人、算法和市场信念的数据集。
When a Bayesian learns new information and changes her beliefs, she must on average become concomitantly more certain about the state of the world. Consequently, it is rare for a Bayesian to frequently shift beliefs substantially while remaining relatively uncertain, or, conversely, become very confident with relatively little belief movement. We formalize this intuition by developing specific measures of movement and uncertainty reduction given a Bayesian’s changing beliefs over time, showing that these measures are equal in expectation and creating consequent statistical tests for Bayesianess. We then show connections between these two core concepts and four common psychological biases, suggesting that the test might be particularly good at detecting these biases. We provide support for this conclusion by simulating the performance of our test and other martingale tests. Finally, we apply our test to data sets of individual, algorithmic, and market beliefs.
参考文献：Ned Augenblick, Matthew Rabin, Belief Movement, Uncertainty Reduction, and Rational Updating, The Quarterly Journal of Economics, Volume 136, Issue 2, May 2021, Pages 933–985
7、融合会改变性别态度吗?将女性随机分配到传统的男性团队中的影响
我们研究了在传统上由男性主导的环境中融合男性女性是否可以改变男性对混合性别生产力、性别角色和性别认同的态度。我们的背景是挪威的军队，在新兵训练营中，我们随机地将女性新兵分配到一些班，而不是其他班。我们发现，与女性一起生活和工作八周会让男性有更平等的态度。14%以上的男人认为混合性别团队的表现与同性团队一样好或更好,认为家务应该平等分担的男性增加了8%，而不完全否认女性特征的男性增加了14%。此外，男女混合团队中的男性更有可能在女性比例较高的新兵训练营结束后立即选择军事职业。但是一旦干预停止，这些影响就不会持续。在为期六个月的跟踪调查中，接受干预的男性的态度与对照组的态度趋于一致，而且，对于结束兵役后女性比例更高的学习领域、职业或工作场所的选择，也没有长期影响。与许多政策制定者的预测相反，我们没有发现让女性融入团队会影响男性新兵的表现或对服务的满意度，无论是在新兵训练营还是他们随后的军事任务中。这些发现提供了证据，证明即使在一个性别高度扭曲的环境中，性别刻板印象也具有可塑性，可以通过整合异性成员来改变。但它们也表明，如果没有持续的高强度暴露，影响不太可能持续。
We examine whether integrating men and women in a traditionally male-dominated environment can change men's attitudes about mixed-gender productivity, gender roles, and gender identity. Our context is the military in Norway, where we randomly assigned female recruits to some squads but not others during boot camp. We find that living and working with women for eight weeks causes men to have more egalitarian attitudes. There is a 14 percentage point higher fraction of men who think mixed-gender teams perform as well or better than same-gender teams, an 8 percentage point increase in men who think household work should be shared equally, and a 14 percentage point increase in men who do not completely disavow feminine traits. Moreover, men in mixed-gender teams are more likely to choose military occupations immediately after boot camp that have a higher fraction of women in them. But these effects do not persist once treatment stops. Treated men’s attitudes converge to those of the controls in a six-month follow-up survey, and there is no long-term effect on choosing fields of study, occupations, or workplaces with a higher fraction of women after military service ends. Contrary to the predictions of many policy makers, we do not find that integrating women into squads hurt male recruits’ performance or satisfaction with service, either during boot camp or their subsequent military assignment. These findings provide evidence that even in a highly gender-skewed environment, gender stereotypes are malleable and can be altered by integrating members of the opposite sex. But they also suggest that without continuing intensive exposure, effects are unlikely to persist.
参考文献：Gordon B Dahl, Andreas Kotsadam, Dan-Olof Rooth, Does Integration Change Gender Attitudes? The Effect of Randomly Assigning Women to Traditionally Male Teams, The Quarterly Journal of Economics, Volume 136, Issue 2, May 2021, Pages 987–1030
8、劳动收入占比下降的微观解剖
美国制造业的劳动收入占比从1967年的61%下降到2012年的41%。相比之下，美国典型制造业的劳动收入占比同期上升了3%以上。利用微观层面的数据，我们发现了五个显著的事实:(i)自20世纪80年代以来，增加值大幅重新分配向劳动收入占比的下端;(ii)这种总体再分配并非由于进入/退出、超级明星增长较快或大型企业降低其劳动收入占比，而是由于单位规模增长时劳动收入占比下降;(iii)低劳动收入占比企业受益于高收入的劳动生产率，而不是低工资;(iv)与同行相比，他们也享有产品价格溢价;(v)他们的劳动收入占比只是暂时较低，5到8年后会反弹。随着时间的推移，这种短暂的模式变得越来越明显，增值和就业的动态越来越脱节。综上所述，我们认为这些事实指向了需求侧力量的重要作用。
The labor share in U.S. manufacturing declined from 61% in 1967 to 41% in 2012. The labor share of the typical U.S. manufacturing establishment, in contrast, rose by over 3 percentage points during the same period. Using micro-level data, we document five salient facts: (i) since the 1980s, there has been a dramatic reallocation of value added toward the lower end of the labor share distribution; (ii) this aggregate reallocation is not due to entry/exit, to “superstars” growing faster, or to large establishments lowering their labor shares, but is instead due to units whose labor share fell as they grew in size; (iii) low labor share (LL) establishments benefit from high revenue labor productivity, not low wages; (iv) they also enjoy a product price premium relative to their peers; and (v) they have only temporarily lower labor shares that rebound after five to eight years. This transient pattern has become more pronounced over time, and the dynamics of value added and employment are increasingly disconnected. Taken together, we interpret these facts as pointing to a significant role for demand-side forces.
参考文献：Matthias Kehrig, Nicolas Vincent, The Micro-Level Anatomy of the Labor Share Decline, The Quarterly Journal of Economics, Volume 136, Issue 2, May 2021, Pages 1031–1087
9、卢旺达咖啡连锁店的竞争和关系合同
当正式合同不能执行，当事人诉诸关系合同时，竞争如何影响市场结果?衡量关系契约和处理竞争内生性的困难使这个问题不容易回答。我们通过研究卢旺达咖啡产业中上游农民和下游工厂之间的关系合同来取得进展。首先，我们确定了他们的关系契约的显著维度，并通过对磨坊和农民的原始调查来测量它们。其次，我们利用一个工程模型来优化工厂的布局，以构建一个工具，隔离地理上的竞争变化。根据在集水区安置工厂的适宜性，我们发现，被更适宜区域包围的工厂(i)面临更多来自其他工厂的竞争，(ii)与农民的关系合同较少，以及(iii)表现出更差的绩效。额外的竞争磨坊也(iv)减少了农民向磨坊供应的咖啡总量，(v)使农民的境况变差。竞争通过增加农民对关系合同违约的诱惑直接阻碍了关系合同，并通过减少磨坊利润间接阻碍了关系合同。
How does competition affect market outcomes when formal contracts are not enforceable and parties resort to relational contracts? Difficulties with measuring relational contracts and dealing with the endogeneity of competition have frustrated attempts to answer this question. We make progress by studying relational contracts between upstream farmers and downstream mills in Rwanda’s coffee industry. First, we identify salient dimensions of their relational contracts and measure them through an original survey of mills and farmers. Second, we take advantage of an engineering model for the optimal placement of mills to construct an instrument that isolates geographically determined variation in competition. Conditional on the suitability for mills’ placement in the catchment area, we find that mills surrounded by more suitable areas (i) face more competition from other mills, (ii) use fewer relational contracts with farmers, and (iii) exhibit worse performance. An additional competing mill also (iv) reduces the aggregate quantity of coffee supplied to mills by farmers and (v) makes farmers worse off. Competition hampers relational contracts directly by increasing farmers’ temptation to default on the relational contract and indirectly by reducing mills’ profits.
参考文献：Rocco Macchiavello, Ameet Morjaria, Competition and Relational Contracts in the Rwanda Coffee Chain, The Quarterly Journal of Economics, Volume 136, Issue 2, May 2021, Pages 1089–1143
10、 建设有恢复力的卫生系统:来自塞拉利昂和2014年埃博拉疫情的实验证据
人们认为，对卫生系统质量的怀疑及其随之而来的使用不足是造成发展中国家高死亡率的原因。在流行期间，当人们选择是否与应对工作和一线卫生工作者合作时，所认为的卫生服务质量可能特别关键。改善人们对卫生保健质量的认知是否能够促进社区健康并最终有助于控制流行病?在2014年西非埃博拉危机的背景下，我们利用塞拉利昂的实地实验来回答这个问题。在疫情爆发的两年前，我们随机将两项干预措施分配给政府运营的卫生诊所，一项侧重于社区监测，另一项向诊所工作人员授予非经济奖励。在埃博拉危机之前，这两种干预措施都提高了诊所利用率和患者满意度。社区监测还改善了儿童健康，使5岁以下儿童的死亡人数减少了38%。后来，在危机期间，这些干预措施还使埃博拉病例报告增加了62%，社区监测大大减少了与埃博拉相关的死亡。关于机制的证据表明，这两种干预措施都改善了人们对保健质量的感知，鼓励患者报告埃博拉症状并接受医疗护理。社区监测下的健康结果的改善表明，这些变化部分反映了管理护理基本质量的提高。总的来说，我们的研究结果表明，促进问责制不仅能够在正常时期改善卫生系统，而且可以使它们更有能力应对紧急危机。
Skepticism about the quality of health systems and their consequent underuse are thought to contribute to high rates of mortality in the developing world. The perceived quality of health services may be especially critical during epidemics, when people choose whether to cooperate with response efforts and frontline health workers. Can improving the perceived quality of health care promote community health and ultimately help to contain epidemics? We leverage a field experiment in Sierra Leone to answer this question in the context of the 2014 West African Ebola crisis. Two years before the outbreak, we randomly assigned two interventions to government-run health clinics—one focused on community monitoring, and the other conferred nonfinancial awards to clinic staff. Prior to the Ebola crisis, both interventions increased clinic utilization and patient satisfaction. Community monitoring additionally improved child health, leading to 38% fewer deaths of children under age five. Later, during the crisis, the interventions also increased reporting of Ebola cases by 62%, and community monitoring significantly reduced Ebola-related deaths. Evidence on mechanisms suggests that both interventions improved the perceived quality of health care, encouraging patients to report Ebola symptoms and receive medical care. Improvements in health outcomes under community monitoring suggest that these changes partly reflect a rise in the underlying quality of administered care. Overall, our results indicate that promoting accountability not only has the power to improve health systems during normal times, but can also make them more resilient to emergent crises.
参考文献：Darin Christensen, Oeindrila Dube, Johannes Haushofer, Bilal Siddiqi, Maarten Voors, Building Resilient Health Systems: Experimental Evidence from Sierra Leone and The 2014 Ebola Outbreak, The Quarterly Journal of Economics, Volume 136, Issue 2, May 2021, Pages 1145–1198
11、谁能得到第二次机会?对犯罪分子监督的有效性和公平性
大多数罪犯在社区监督下在家服刑，而不是在监狱服刑。然而，在监督下，违反技术规则，如不支付费用，可能导致监禁。违反规则的犯人占全国监狱犯人总数的25%，在黑人罪犯中明显更为普遍。我用北卡罗来纳州的行政管理数据来检验技术规则是否能有效地识别可能的再犯和遏制犯罪，并研究它们对不同种族的影响。2011年对缓刑期间技术性违法的减刑改革分析显示，如果不严厉处罚，40%的违纪者将继续犯罪。同样的改革也缩小了33%的黑人和白人在监禁率上的差距，但并没有大幅增加黑人和白人的再犯罪率差距。这些影响综合起来表明，技术规则总体上针对风险较高的缓刑犯，但不成比例地影响了低风险的黑人罪犯。为了证明黑人缓刑犯更高的违法率是合理的，他们犯罪所付出的社会代价大约是白人缓刑犯的两倍。利用北卡罗来纳州数据的重复拼写特性，我估计了一个半参数竞争风险模型，该模型允许我区分特定类型的技术规则的影响与未观察到的缓刑者异构性。有关支付费用和罚款的规定在许多州都很常见，但在标记可能再次犯罪的人方面并没有起到作用，而且还会造成种族差异。这些发现说明了表面上种族中立的政策对司法系统种族不平等的潜在巨大影响。
Most convicted offenders serve their sentences under “community supervision” at home instead of in prison. Under supervision, however, a technical rule violation, such as not paying fees, can result in incarceration. Rule violations account for 25% of prison admissions nationally and are significantly more common among black offenders. I test whether technical rules are effective tools for identifying likely reoffenders and deterring crime and examine their disparate racial impacts using administrative data from North Carolina. Analysis of a 2011 reform reducing prison punishments for technical violations on probation reveals that 40% of rule breakers would go on to commit crimes if spared harsh punishment. The same reform also closed a 33% black-white gap in incarceration rates without substantially increasing the black-white reoffending gap. These effects combined imply that technical rules target riskier probationers overall but disproportionately affect low-risk black offenders. To justify black probationers’ higher violation rate on efficiency grounds, their crimes must be roughly twice as socially costly as that of white probationers. Exploiting the repeat spell nature of the North Carolina data, I estimate a semiparametric competing risks model that allows me to distinguish the effects of particular types of technical rules from unobserved probationer heterogeneity. Rules related to the payment of fees and fines, which are common in many states, are ineffective in tagging likely reoffenders and drive differential effects by race. These findings illustrate the potentially large influence of ostensibly race-neutral policies on racial disparities in the justice system.
参考文献：Evan K Rose, Who Gets a Second Chance? Effectiveness and Equity in Supervision of Criminal Offenders, The Quarterly Journal of Economics, Volume 136, Issue 2, May 2021, Pages 1199–1253
12、供应链中断:来自日本东部大地震的证据
本文利用2011年日本东部大地震的外生性和区域性，量化了投入产出联系作为冲击传播和放大的机制。我们证实了由灾难引起的中断沿着供应链的上游和下游传播，影响了受灾企业的直接和间接供应商和客户。使用生产网络的一般均衡模型，通过将这些传播效应考虑在内，我们得到了对灾难的总体宏观经济影响的估计。我们发现，地震及其后果导致日本的实际GDP增长率在灾后一年下降了0.47个百分点。
Exploiting the exogenous and regional nature of the Great East Japan Earthquake of 2011, this article provides a quantification of the role of input-output linkages as a mechanism for the propagation and amplification of shocks. We document that the disruption caused by the disaster propagated upstream and downstream along supply chains, affecting the direct and indirect suppliers and customers of disaster-stricken firms. Using a general equilibrium model of production networks, we then obtain an estimate for the overall macroeconomic impact of the disaster by taking these propagation effects into account. We find that the earthquake and its aftermaths resulted in a 0.47 percentage point decline in Japan’s real GDP growth in the year following the disaster.
参考文献：Vasco M Carvalho, Makoto Nirei, Yukiko U Saito, Alireza Tahbaz-Salehi, Supply Chain Disruptions: Evidence from the Great East Japan Earthquake, The Quarterly Journal of Economics, Volume 136, Issue 2, May 2021, Pages 1255–1321
