#allbiz

Sweat Equity in U.S. Private Business -- by Anmol Bhandari, Ellen R. McGrattan

Published: 17/04/2018

In this paper, we first provide evidence that existing measures of business incomes and valuations based on widely-used surveys such as the Survey of Consumer Finances are mismeasured. We then develop ... Read more

Source: papers.nber.org
Forward Guidance -- by Marcus Hagedorn, Jinfeng Luo, Iourii Manovskii, Kurt Mitman

Published: 17/04/2018

We assess the power of forward guidance--promises about future interest rates--as a monetary tool in a liquidity trap using a quantitative incomplete-markets model. Our results suggest the effects of ... Read more

Source: papers.nber.org
Financial Frictions and Trade Dynamics -- by Paul Bergin, Ling Feng, Ching-Yi Lin

Published: 17/04/2018

This paper demonstrates theoretically that a financial shock can have very persistent effects on international trade. Motivation is taken from the aftermath of the dramatic trade collapse in 2008-9, w ... Read more

Source: papers.nber.org

Health, Employment, and Disability: Implications from the Undocumented Population -- by George J. Borjas, David J.G. Slusky

Published: 17/04/2018

Disability benefit recipients in the United States have nearly doubled in the past two decades, growing substantially faster than the population. It is difficult to estimate how much of this increase ... Read more

Source: papers.nber.org
Environmental Policy, Full-Employment Models, and Employment: A Critical Analysis -- by Marc A. C. Hafstead, Roberton C. Williams III, Yunguang Chen

Published: 17/04/2018

This paper assesses the use of full-employment computable-general equilibrium (CGE) models to predict the labor-market effects of environmental policy. Specifically, it compares the predictions of a s ... Read more

Source: papers.nber.org
The Effect of Infrastructure on Worker Mobility: Evidence from High-Speed Rail Expansion in Germany -- by Daniel F. Heuermann, Johannes F. Schmieder

Published: 17/04/2018

We use the expansion of the high-speed rail network in Germany as a natural experiment to examine the causal effect of reductions in commuting time between regions on the commuting decisions of worker ... Read more

Source: papers.nber.org

Mortgage-Backed Securities and the Financial Crisis of 2008: a Post Mortem -- by Juan Ospina, Harald Uhlig

Published: 17/04/2018

We examine the payoff performance, up to the end of 2013, of non-agency residential mortgage-backed securities (RMBS), issued up to 2008. We have created a new and detailed data set on the universe of ... Read more

Source: papers.nber.org
Amateurs Crowds & Professional Entrepreneurs as Platform Complementors -- by Kevin J. Boudreau

Published: 17/04/2018

Platforms often have "crowds" of amateurs working on them as complementors, in other cases professional entrepreneurs--or both. What can a platform owner do to implement these outcomes? I document evi ... Read more

Source: papers.nber.org
Corporate Foreign Bond Issuance and Interfirm Loans in China -- by Yi Huang, Ugo Panizza, Richard Portes

Published: 17/04/2018

This paper uses firm-level data to document and analyze international bond issuance by Chinese non-financial corporations and the use of the proceeds of issuance. We find that dollar issuance is posit ... Read more

Source: papers.nber.org

Using Massive Online Choice Experiments to Measure Changes in Well-being -- by Erik Brynjolfsson, Felix Eggers, Avinash Gannamaneni

Published: 17/04/2018

GDP and derived metrics (e.g., productivity) have been central to understanding economic progress and well-being. In principle, the change in consumer surplus (compensating expenditure) provides a sup ... Read more

Source: papers.nber.org
The Long-Term Spillover Effects of Changes in the Return to Schooling -- by Ran Abramitzky, Victor Lavy, Santiago Perez

Published: 17/04/2018

We study the short and long-term spillover effects of a pay reform that substantially increased the returns to schooling in Israeli kibbutzim. This pay reform, which induced kibbutz students to improv ... Read more

Source: papers.nber.org
Firm-Level Financial Resources and Environmental Spills -- by Jonathan Cohn, Tatyana Deryugina

Published: 17/04/2018

Using novel US environmental spill data, we document a robust negative relationship between the number of spills a firm experiences in a given year and its contemporaneous and lagged (but not future) ... Read more

Source: papers.nber.org

Coordination Frictions in Venture Capital Syndicates -- by Ramana Nanda, Matthew Rhodes-Kropf

Published: 17/04/2018

An extensive literature on venture capital has studied asymmetric information and agency problems between investors and entrepreneurs, examining how separating entrepreneurs from the investor can crea ... Read more

Source: papers.nber.org
Declining Search Frictions, Unemployment and Growth -- by Paolo Martellini, Guido Menzio

Published: 17/04/2018

Over the last century, unemployment, vacancy, job-finding and job-loss rates as well as the Beveridge curve have no trend. Yet, the last century has seen the development and diffusion of many informat ... Read more

Source: papers.nber.org
Does Scientist Immigration Harm US Science? An Examination of Spillovers -- by Ajay Agrawal, John McHale, Alex Oettl

Published: 17/04/2018

The recruitment of foreign scientists enhances US science through an expanded workforce but could also cause harm by displacing better connected domestic scientists, thereby reducing localized knowled ... Read more

Source: papers.nber.org

Insurance Expansions and Children's Use of Substance Use Disorder Treatment -- by Sarah Hamersma, Johanna Catherine Maclean

Published: 17/04/2018

This study provides the first evidence on the effects of U.S. state-level private and public insurance expansions on specialty substance use disorder (SUD) treatment use among children ages 12 to 18. ... Read more

Source: papers.nber.org
The Role of Technology in Mortgage Lending -- by Andreas Fuster, Matthew Plosser, Philipp Schnabl, James Vickery

Published: 17/04/2018

Technology-based ("FinTech") lenders increased their market share of U.S. mortgage lending from 2% to 8% from 2010 to 2016. Using market-wide, loan-level data on U.S. mortgage applications and origina ... Read more

Source: papers.nber.org
The Impact of the Dodd-Frank Act on Small Business -- by Michael D. Bordo, John V. Duca

Published: 17/04/2018

There are concerns that the Dodd-Frank Act (DFA) has impeded small business lending. By increasing the fixed regulatory compliance requirements needed to make business loans and operate a bank, the DF ... Read more

Source: papers.nber.org

The Lack of Wage Growth and the Falling NAIRU -- by David N.F. Bell, David G. Blanchflower

Published: 17/04/2018

There remains a puzzle around the world over why wage growth is so benign given the unemployment rate has returned to pre-recession levels. It is our contention that a considerable part of the explana ... Read more

Source: papers.nber.org
Rural Emancipation in the Face of Authoritarianism? Reflections on the 2018 Emancipatory Rural Politics Initiative (ERPI) Conference

Published: 16/04/2018

This week, I am very pleased to host two guest voices from the Agroecology Research-Action Collective (ARC). ARC is a new initiative that aims to bring together scholars with frontline farmer and rura ... Read more

Source: blogs.berkeley.edu

#allbiz

Sweat Equity in U.S. Private Business -- by Anmol Bhandari, Ellen R. McGrattan

Forward Guidance -- by Marcus Hagedorn, Jinfeng Luo, Iourii Manovskii, Kurt Mitman

Financial Frictions and Trade Dynamics -- by Paul Bergin, Ling Feng, Ching-Yi Lin

Health, Employment, and Disability: Implications from the Undocumented Population -- by George J. Borjas, David J.G. Slusky

Environmental Policy, Full-Employment Models, and Employment: A Critical Analysis -- by Marc A. C. Hafstead, Roberton C. Williams III, Yunguang Chen

The Effect of Infrastructure on Worker Mobility: Evidence from High-Speed Rail Expansion in Germany -- by Daniel F. Heuermann, Johannes F. Schmieder

Mortgage-Backed Securities and the Financial Crisis of 2008: a Post Mortem -- by Juan Ospina, Harald Uhlig

Amateurs Crowds & Professional Entrepreneurs as Platform Complementors -- by Kevin J. Boudreau

Corporate Foreign Bond Issuance and Interfirm Loans in China -- by Yi Huang, Ugo Panizza, Richard Portes

Using Massive Online Choice Experiments to Measure Changes in Well-being -- by Erik Brynjolfsson, Felix Eggers, Avinash Gannamaneni

The Long-Term Spillover Effects of Changes in the Return to Schooling -- by Ran Abramitzky, Victor Lavy, Santiago Perez

Firm-Level Financial Resources and Environmental Spills -- by Jonathan Cohn, Tatyana Deryugina

Coordination Frictions in Venture Capital Syndicates -- by Ramana Nanda, Matthew Rhodes-Kropf

Declining Search Frictions, Unemployment and Growth -- by Paolo Martellini, Guido Menzio

Does Scientist Immigration Harm US Science? An Examination of Spillovers -- by Ajay Agrawal, John McHale, Alex Oettl

Insurance Expansions and Children's Use of Substance Use Disorder Treatment -- by Sarah Hamersma, Johanna Catherine Maclean

The Role of Technology in Mortgage Lending -- by Andreas Fuster, Matthew Plosser, Philipp Schnabl, James Vickery

The Impact of the Dodd-Frank Act on Small Business -- by Michael D. Bordo, John V. Duca

The Lack of Wage Growth and the Falling NAIRU -- by David N.F. Bell, David G. Blanchflower

Rural Emancipation in the Face of Authoritarianism? Reflections on the 2018 Emancipatory Rural Politics Initiative (ERPI) Conference

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