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��ࡱ�>�� \^����[�������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������� �r��bjbj�)�)20�c�g�c�g� �������66������������8<z��n�nnnnn���fnhnhnhnhnhnhn$�p��sf�n�������n��nn4�n�����n�nfn��fn���n�����⣰r�������"�rn�n0�n��s�f�s���0�s�zk����������n�n(�����n�������������������������������������������������������������������������s���������6b �: the american economic review volume 113, issue 5, may 2023 1. title: nobel lecture: banking, credit, and economic fluctuations authors: bernanke, ben s. abstract: credit markets, including the market for bank loans, are characterized by imperfect and asymmetric information. these informational frictions can interact with other economic forces to produce periods of credit-market stress, in which intermediation is unusually costly and households and businesses have difficulty obtaining credit. a high level of credit-market stress, as in a severe financial crisis, may in turn produce a deep and prolonged recession. i present evidence that financial distress and disrupted credit markets were important sources of the great depression of the 1930s and the great recession of 2007�2009. changes in the state of credit markets also play a role in " garden-variety" business cycles and in the transmission of monetary policy to the economy. 2. title: information, mobile communication, and referral effects authors: barwick, panle jia; liu, yanyan; patacchini, eleonora; wu, qi. abstract: this paper uses the universe of cellphone records from a chinese telecommunication provider for a northern chinese city to examine the role of information exchange in urban labor markets. we provide the first direct evidence of increased communication among referral pairs around job changes. information provided by social contacts mitigates information asymmetry and improves labor market performance. 3. title: the costs of job displacement over the business cycle and its sources: evidence from germany. authors: schmieder, johannes f.; von wachter, till; heining, j�rg. abstract: we document the sources behind the costs of job loss over the business cycle using administrative data from germany. losses in annual earnings after displacement are large, persistent, and highly cyclical, nearly doubling in size during downturns. a large part of the long-term earnings losses and their cyclicality is driven by declines in wages. key to these long-lasting wage declines and their cyclicality are changes in employer characteristics, as displaced workers switch to lower-paying firms. these losses increase with duration of nonemployment. changes in characteristics of displaced workers or displacing firms, and other post-job loss career outcomes explain little of the cyclicality. 4. title: law and norms: empirical evidence authors: lane, tom; nosenzo, daniele; sonderegger, silvia. abstract: a large theoretical literature argues laws exert a causal effect on norms, but empirical evidence remains scant. using a novel identification strategy, we provide a compelling empirical test of this proposition. we use incentivized vignette experiments to directly measure social norms relating to actions subject to legal thresholds. our large-scale experiments (n = 7,000) run in the united kingdom, united states, and china show that laws can causally influence social norms. results are robust across different samples and methods of measuring norms, and are consistent with a model of social image concerns where individuals care about the inferences others make about their underlying prosociality. 5. title: social exclusion and social preferences: evidence from colombia's leper colony authors: ramos-toro, diego. abstract: this paper explores the intergenerational consequences of social exclusion on prosociality. a lab-in-the-field approach in the historical region of colombia's leper colony reveals that descendants of socially excluded individuals are locally altruistic and extend such altruism to outsiders who have undergone similar circumstances. these individuals also display mistrust toward those who have, historically, been exclusionary�in this case, doctors. the content of historical narratives shared by ancestors who were excluded, which emphasize the endured mistreatment and doctors' historical misinformation, is one mechanism that partially explains the intergenerational patterns. 6. title: smart contracts and the coase conjecture authors: brzustowski, thomas; georgiadis-harris, alkis; szentes, bal�zs. abstract: this paper reconsiders the problem of a durable-good monopolist who cannot make intertemporal commitments. the buyer's valuation is binary and his private information. the seller has access to dynamic contracts and, in each period, decides whether to deploy the previous period's contract or to replace it with a new one. the main result of the paper is that the coase conjecture fails: the monopo-list's payoff is bounded away from the low valuation irrespective of the discount factor. 7. title: the cost of information: the case of constant marginal costs authors: pomatto, luciano; strack, philipp; tamuz, omer. abstract: we develop an axiomatic theory of information acquisition that captures the idea of constant marginal costs in information production: the cost of generating two independent signals is the sum of their costs, and generating a signal with probability half costs half its original cost. together with blackwell monotonicity and a continuity condition, these axioms determine the cost of a signal up to a vector of parameters. these parameters have a clear economic interpretation and determine the difficulty of 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