Parenthood, Family Friendly Firms, and the Gender Gaps in Early Work Careers...
We consider the role that firm attributes play in accounting for the divergence in the careers of women and men, with the onset of parenthood. We exploit a matched employer-employee data set from...
View ArticleIntermediation as Rent Extraction -- by Maryam Farboodi, Gregor Jarosch,...
We propose a theory of intermediation as rent extraction, and explore its implications for the extent of intermediation, welfare and policy. A frictional asset market is populated by agents who are...
View ArticleCrude Oil Price Differentials and Pipeline Infrastructure -- by Shaun McRae
Crude oil production in the United States increased by nearly 80 percent between 2008 and 2016, mostly in areas that were far from existing refining and pipeline infrastructure. The production increase...
View ArticleWhen Corporate Social Responsibility Backfires: Theory and Evidence from a...
Corporate Social Responsibility (CSR) has become a cornerstone of modern business practice, developing from a "why" in the 1960s to a "must" today. Early empirical evidence on both the demand and...
View ArticleThe Death of a Regulator: Strict Supervision, Bank Lending and Business...
An important question in banking is how strict supervision affects bank lending and in turn local business activity. Forcing banks to recognize losses could choke off lending and amplify local economic...
View ArticleStructural Interpretation of Vector Autoregressions with Incomplete...
Traditional approaches to structural vector autoregressions can be viewed as special cases of Bayesian inference arising from very strong prior beliefs. These methods can be generalized with a less...
View ArticleInferring Inequality with Home Production -- by Job Boerma, Loukas Karabarbounis
We revisit the causes, welfare consequences, and policy implications of the dispersion in households' labor market outcomes using a model with uninsurable risk, incomplete asset markets, and a home...
View ArticleProductivity and Pay: Is the link broken? -- by Anna M. Stansbury, Lawrence...
Since 1973 median compensation has diverged starkly from average labor productivity. Since 2000, average compensation has also begun to diverge from labor productivity. These divergences lead to the...
View ArticleThe Cross-Section of Risk and Return -- by Kent Daniel, Lira Mota, Simon...
In the finance literature, a common practice is to create factor-portfolios by sorting on characteristics (such as book-to-market, profitability or investment) associated with average returns. The goal...
View ArticleShort and Long Horizon Behavioral Factors -- by Kent Daniel, David...
Recent theories suggest that both risk and mispricing are associated with commonality in security returns, and that the loadings on characteristic-based factors can be used to predict future returns....
View ArticleNecessary and Sufficient Conditions for Existence and Uniqueness of Recursive...
We study existence, uniqueness and stability of solutions for a class of discrete time recursive utilities models. By combining two streams of the recent literature on recursive preferences - one that...
View ArticleHow Do Individuals Repay Their Debt? The Balance-Matching Heuristic -- by...
We study how individuals repay their debt using linked data on multiple credit cards from five major issuers. We find that individuals do not allocate repayments to the higher interest rate card, which...
View ArticleChanges across Cohorts in Wage Returns to Schooling and Early Work...
This paper investigates the wage returns to schooling and actual early work experiences, and how these returns have changed over the past twenty years. Using the NLSY surveys, we develop and estimate a...
View ArticleKnowledge Spillovers and Learning in the Workplace: Evidence from the U.S....
Using application-level data from the Patent Office from 2001 to 2012, merged with personnel data on patent examiners, we explore the extent to which the key decision of examiners--whether to allow a...
View ArticleThe Arsenal of Democracy: Production and Politics During WWII -- by Paul W....
We study the geographic distribution of military supply contracts during World War II. This is a unique case, since over $3 trillion current day dollars was spent, and there were concerns that the...
View ArticleWillingness to Pay for Clean Air in China -- by Richard Freeman, Wenquan...
We develop a residential sorting model incorporating migration disutility to recover the implicit value of clean air in China. The model is estimated using China Population Census Data along with PM2.5...
View ArticleOpen Enrollment Periods and Plan Choices -- by Francesco Decarolis, Andrea...
Open enrollment periods are pervasively used in insurance markets to limit adverse selection risks resulting when enrollees can switch plans at will. We exploit a change in the open enrollment rules of...
View ArticlePhysician Practice Style and Healthcare Costs: Evidence from Emergency...
We examine the variation across emergency department (ED) physicians in their resource use and health outcomes, and the relationship between ED resource use and future healthcare costs and outcomes....
View ArticleAn Historical Perspective on the Quest for Financial Stability and the...
This paper surveys the co-evolution of monetary policy and financial stability for a number of countries across four exchange rate regimes from 1880 to the present. I present historical evidence on the...
View ArticleEnvironmental Externalities and Free-riding in the Household -- by Kelsey...
Water use and electricity use, which generate negative environmental externalities, are susceptible to a second externality problem: with household-level billing, each person enjoys private benefits of...
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