The Abolition of Immigration Restrictions and the Performance of Firms and...
We study a reform that granted European cross-border workers free access to the Swiss labor market. Our Differences-in-Differences estimations leverage the fact that regions close to the border were...
View ArticleThe Effect of the Economic Collapse in Iceland on the Probability of...
We explore whether the 2008 economic collapse in Iceland and subsequent economic crisis affected the probability of ischemic heart disease (IHD) events, independent of regular cyclical effects...
View ArticleIn the Shadows of the Government: Relationship Building During Political...
We document that following a turnover of the Party Secretary or mayor of a city in China, firms (especially private firms) headquartered in that city significantly increase their "perk spending." Both...
View ArticleThe Propagation of Monetary Policy Shocks in a Heterogeneous Production...
We study the transmission of monetary policy shocks in a model in which realistic heterogeneity in price rigidity interacts with heterogeneity in sectoral size and input-output linkages, and derive...
View ArticleThe Efficiency and Distributional Effects of Alternative Residential...
Electricity tariffs typically charge residential users a volumetric rate that covers the bulk of energy, transmission, and distribution costs. The resulting prices, charged per unit of electricity...
View ArticleImmigrant Entrepreneurs and Innovation in the U.S. High-Tech Sector -- by J....
We estimate differences in innovation behavior between foreign versus U.S.-born entrepreneurs in high-tech industries. Our data come from the Annual Survey of Entrepreneurs, a random sample of firms...
View ArticleVisibility Bias in the Transmission of Consumption Beliefs and Undersaving --...
We study how bias in the social transmission process affects contagion of consumption beliefs and behavior. In the model, consumption is more salient than non-consumption. This visibility bias causes...
View ArticleWhen Labor’s Lost: Health, Family Life, Incarceration, and Education in...
The economic progress of U.S. men has stagnated in recent decades, with declining labor force participation and weak growth in real earnings, particularly for less educated and non-white men. In this...
View ArticleThe Endowment Model and Modern Portfolio Theory -- by Stephen G. Dimmock,...
We develop a dynamic portfolio-choice model with illiquid alternative assets to analyze conditions under which the âEndowment Model,â used by some large institutional investors such as university...
View ArticleBringing Satellite-Based Air Quality Estimates Down to Earth -- by Meredith...
We use state-of-the-art, satellite-based PM2.5 estimates to assess the extent to which the EPA's existing, monitor-based measurements over- or under-estimate true exposure to PM2.5 pollution. Treating...
View ArticleThe Dynamics of the U.S. Trade Balance and Real Exchange Rate: The J Curve...
We study how changes in trade barriers contributed to the dynamics of the US trade balance and real exchange rate since 1980 - a period when trade tripled. Using two dynamic trade models, we decompose...
View ArticleProductivity Measurement: Racing to Keep Up -- by Daniel E. Sichel
This paper provides a non-technical review of the literature and issues related to the measurement of aggregate productivity. I begin with a discussion of productivity measures, their performance in...
View ArticleRetirement Implications of a Low Wage Growth, Low Real Interest Rate Economy...
We examine the implications of persistent low real interest rates and wage growth rates on individuals nearing retirement. We begin by reviewing the concept of r star â the long-term real, safe...
View ArticleImmigration and Preferences for Redistribution in Europe -- by Alberto...
We examine the relationship between immigration and attitudes toward redistribution using a newly assembled data set of immigrant stocks for 140 regions of 16 Western European countries. Exploiting...
View ArticleAmbiguity Attitudes about Investments: Evidence from the Field -- by Kanin...
Using an incentivized survey and a representative sample of investors, we elicit ambiguity attitudes toward a familiar company stock, a local stock index, a foreign stock index, and a crypto currency....
View ArticleHow Do Americans Repay Their Debt? The Balance-Matching Heuristic -- by John...
In Gathergood et al. (forthcoming), we studied credit card repayments using linked data on multiple cards from the United Kingdom. We showed that individuals did not allocate payments to the higher...
View ArticleDe Facto or De Jure? Ethnic Differences in Quit Responses to Legal...
This paper studies the impact of legal medical marijuana markets on the decision to quit marijuana use, distinguishing between de jure legalization, in which dispensaries are legally protected, and de...
View ArticleFactor Momentum and the Momentum Factor -- by Sina Ehsani, Juhani T. Linnainmaa
Momentum in individual stock returns emanates from momentum in factor returns. Most factors are positively autocorrelated: the average factor earns a monthly return of 1 basis point following a year of...
View ArticlePaying to Program? Engineering Brand and High-Tech Wages -- by Prasanna...
We test the hypothesis that IT workers accept a compensating differential to work with emerging IT systems, and that employers that invest in these systems can, in turn, capture greater value from the...
View ArticleJob creation in Colombia vs the U.S.: “up or out dynamics” meets...
There is growing consensus that a key difference between the U.S. and developing economies is that the latter exhibit slower employment growth over the life cycle of the average business. At the same...
View Article