Energy Productivity and Energy Demand: Experimental Evidence from Indian...
This paper studies a field experiment among energy-intensive Indian manufacturing plants that offered energy consulting to raise energy productivity, the amount plants can produce with each unit of...
View ArticleEstimating Latent Asset-Pricing Factors -- by Martin Lettau, Markus Pelger
We develop an estimator for latent factors in a large-dimensional panel of financial data that can explain expected excess returns. Statistical factor analysis based on Principal Component Analysis...
View ArticleThe other 1%: Class Leavening, Contamination and Voting for Redistribution --...
We perform an experiment to measure how changes in the effort exerted by a small fraction of a low-reward group affect the willingness of the high-reward group to vote for redistributive taxation. We...
View ArticlePartial Identification of the Distribution of Treatment Effects with an...
We bound the distribution of treatment effects under plausible and testable assumptions on the joint distribution of potential outcomes, namely that potential outcomes are mutually stochastically...
View ArticleJudicial Politics and Sentencing Decisions -- by Alma Cohen, Crystal Yang
This paper investigates whether judge political affiliation contributes to racial and gender disparities in sentencing using data on over 500,000 federal defendants linked to sentencing judge....
View ArticleLabor Force Participation of the Elderly in Japan -- by Takashi Oshio, Emiko...
Japan experienced increases in labor force participation (LFP) of the elderly in recent years, as have other advanced countries. In the present study, we overview the employment trend of the elderly in...
View ArticleThe ECB's Fiscal Policy -- by Hans-Werner Sinn
While the ECB helped mitigate the euro crisis in the aftermath of Lehman, it has stretched its monetary mandate and moved into fiscal territory. This text describes and summarizes the crucial role...
View ArticleDoes the New Keynesian Model Have a Uniqueness Problem? -- by Lawrence...
This paper addresses whether non-uniqueness of equilibrium is a substantive problem for the analysis of fiscal policy in New-Keynesian (NK) models at the zero lower bound (ZLB). There would be a...
View ArticleTrust in State and Non-State Actors: Evidence from Dispute Resolution in...
Lack of trust in state institutions, often due to poor service provision, is a pervasive problem in many developing countries. If this increases reliance on non-state actors for crucial services, the...
View ArticleParents' Beliefs About Their Children's Academic Ability: Implications for...
Information about children's school performance appears to be readily available. Do frictions prevent parents, particularly poor parents, from acting on this information when making decisions? I...
View ArticleEarly Social Security Claiming and Old-Age Poverty: Evidence from the...
Social Security faces a major financing shortfall. One policy option for addressing this shortfall would be to raise the earliest age at which individuals can claim their retirement benefits. A welfare...
View ArticleHysteresis and the Welfare Effect of Corrective Policies: Theory and Evidence...
A growing body of evidence documents that policies can affect household behaviors persistently, even if they are no longer in place. This paper studies the importance of such "hysteresis" - the failure...
View ArticleToxic Truth: Lead and Fertility -- by Karen Clay, Margarita Portnykh, Edson...
Using U.S county level data on lead in air for 1978-1988 and lead in topsoil in the 2000s, this paper examines the impact of lead exposure on a critical human function with societal implications -...
View ArticleLong-run Trends in the Economic Activity of Older People in the UK -- by...
We document employment rates of older men and women in the UK over the last forty years. In both cases growth in employment since the mid 1990s has been stronger than for younger age groups. On...
View ArticleWhom Do Employers Want? The Role of Recent Employment and Unemployment Status...
We use a resume audit study to better understand the role of employment and unemployment histories in affecting callbacks to job applications. We focus on how the effect of career history varies by...
View ArticleThe Carbon Abatement Game -- by Christoph Hambel, Holger Kraft, Eduardo S....
Climate change is considered as one of the major global challenges. Although countries past and future contributions to the accumulation of greenhouse gases in the atmosphere are different, all...
View ArticleLeadership and Social Norms: Evidence from the Forty-Eighters in the Civil...
A growing theoretical literature emphasizes the role that leaders play in shaping beliefs and social norms. We provide empirical evidence for such 'civic leadership.' We focus on the Forty-Eighters, a...
View ArticlePrice Rigidities and Relative PPP -- by Andres Blanco, Javier Cravino
We measure the proportion of real exchange rate movements accounted for by cross-country movements in relative reset prices (prices that changed since the previous period) using CPI microdata for five...
View ArticlePrice Stickiness along the Income Distribution and the Effects of Monetary...
We document that the prices of the goods consumed by high-income households are more sticky and less volatile than those of the goods consumed by middle-income households. This suggests that monetary...
View ArticlePublic Policy in an AI Economy -- by Austan Goolsbee
This paper considers the role of policy in an AI-intensive economy (interpreting AI broadly). It emphasizes the speed of adoption of the technology for the impact on the job market and the implications...
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