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Active Choice, Implicit Defaults, and the Incentive to Choose -- by John Beshears, James J. Choi, David Laibson, Brigitte C. Madrian
Published: 22/01/2019Home-delivered prescriptions have no delivery charge and lower copayments than prescriptions picked up at a pharmacy. Nevertheless, when home delivery is offered on an opt-in basis, the take-up rate i ... Read moreSource: papers.nber.org -
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The Effect of Superstition on Health: Evidence from the Taiwanese Ghost Month -- by Martin Halla, Chia-Lun Liu, Jin-Tan Liu
Published: 22/01/2019Superstition is a widespread phenomenon. We empirically examine its impact on health-related behavior and health outcomes. We study the case of the Taiwanese Ghost Month. During this period, which is ... Read moreSource: papers.nber.org -
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Has the U.S. Wage Phillips Curve Flattened? A Semi-Structural Exploration -- by Jordi Gali, Luca Gambetti
Published: 22/01/2019Unconditional reduced form estimates of a conventional wage Phillips curve for the U.S. economy point to a decline in its slope coefficient in recent years, as well as a shrinking role of lagged price ... Read moreSource: papers.nber.org
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Markets for Financial Innovation -- by Ana Babus, Kinda Cheryl Hachem
Published: 22/01/2019We propose a model where both security design and market structure are endogenously determined to explain why standardized securities are frequently traded in decentralized markets. We find that issue ... Read moreSource: papers.nber.org -
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Noisy Memory and Over-Reaction to News -- by Rava Azeredo da Silveira, Michael Woodford
Published: 22/01/2019We propose a model of optimal decision making subject to a memory constraint. The constraint is a limit on the complexity of memory measured using Shannon's mutual information, as in models of rationa ... Read moreSource: papers.nber.org -
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Digital Cash: Principles & Practical Steps -- by Michael D. Bordo, Andrew T. Levin
Published: 22/01/2019If the global economy encounters another severe adverse shock in coming years, will major central banks be able to provide sufficient monetary stimulus to preserve price stability and foster economic ... Read moreSource: papers.nber.org
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Inference on Winners -- by Isaiah Andrews, Toru Kitagawa, Adam McCloskey
Published: 22/01/2019Many empirical questions can be cast as inference on a parameter selected through optimization. For example, researchers may be interested in the effectiveness of the best policy found in a randomized ... Read moreSource: papers.nber.org -
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Local Fiscal Multipliers and Fiscal Spillovers in the United States -- by Alan J. Auerbach, Yuriy Gorodnichenko, Daniel Murphy
Published: 22/01/2019We estimate local fiscal multipliers and spillovers for the United States using a rich dataset based on U.S. Department of Defense contracts and a variety of outcome variables relating to income and e ... Read moreSource: papers.nber.org -
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On the Direct and Indirect Real Effects of Credit Supply Shocks -- by Laura Alfaro, Manuel Garcia-Santana, Enrique Moral-Benito
Published: 22/01/2019We consider the real effects of bank lending shocks and how they permeate the economy through buyer-supplier linkages. We combine administrative data on all firms in Spain with a matched bank-firm-loa ... Read moreSource: papers.nber.org
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Corporate Debt, Firm Size and Financial Fragility in Emerging Markets -- by Laura Alfaro, Gonzalo Asis, Anusha Chari, Ugo Panizza
Published: 22/01/2019The post-Global Financial Crisis period shows a surge in corporate leverage in emerging markets and a number of countries with deteriorated corporate financial fragility indicators (Altman's Z-score). ... Read moreSource: papers.nber.org -
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Addressing Cross-National Generalizability in Educational Impact Evaluation -- by Eric A. Hanushek
Published: 22/01/2019The evaluation of educational programs has accelerated dramatically in the past quarter century. While such evaluations were once almost exclusively conducted in the U.S., they have broadened dramatic ... Read moreSource: papers.nber.org -
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Beating the Odds: Black Jockeys in the Kentucky Derby, 1870-1911 -- by Michael Leeds, Hugh Rockoff
Published: 22/01/2019The Kentucky Derby is the premier American horse race. The first race was held in 1875 and 13 of the 15 jockeys were African Americans. African American jockeys continued to play an important role unt ... Read moreSource: papers.nber.org
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Global Wealth Inequality -- by Gabriel Zucman
Published: 22/01/2019This article reviews the recent literature on the dynamics of global wealth inequality. I first reconcile available estimates of wealth inequality in the United States. Both surveys and tax data show ... Read moreSource: papers.nber.org -
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Fiscal Rules and Discretion under Limited Enforcement -- by Marina Halac, Pierre Yared
Published: 22/01/2019We study a fiscal policy model in which the government is present-biased towards public spending. Society chooses a fiscal rule to trade off the benefit of committing the government to not overspend a ... Read moreSource: papers.nber.org -
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Aggregation and the Gravity Equation -- by Stephen J. Redding, David E. Weinstein
Published: 22/01/2019One of the most successful empirical relationships in international trade is the gravity equation, which relates bilateral trade flows between an origin and destination to bilateral trade frictions, o ... Read moreSource: papers.nber.org
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Dynamism Diminished: The Role of Housing Markets and Credit Conditions -- by Steven J. Davis, John C. Haltiwanger
Published: 22/01/2019The Great Recession and its aftermath saw the worst relative performance of young firms in at least 35 years. More broadly, as we show, young-firm activity shares move strongly with local economic con ... Read moreSource: papers.nber.org -
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Securities laws and the choice between loans and bonds for highly levered firms -- by Robert Prilmeier, Rene M. Stulz
Published: 22/01/2019In contrast to bonds, levered loans do not require SEC registration. We show that this distinction plays an important role in firms' choice between funding through loans and bonds and helps understand ... Read moreSource: papers.nber.org -
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Age-Based Property Tax Exemptions -- by H. Spencer Banzhaf, Ryan Mickey, Carlianne E. Patrick
Published: 22/01/2019Many local jurisdictions offer property tax exemptions or similar concessions to older citizens. Such exemptions represent substantial intergenerational transfers and may have important implications f ... Read moreSource: papers.nber.org
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China vs. U.S.: IMS Meets IPS -- by Emmanuel Farhi, Matteo Maggiori
Published: 22/01/2019Currently both the International Monetary System (IMS) and the International Price Systems (IPS) are dominated by the U.S. The emergence of China, both as reserve currency and as a currency of invoici ... Read moreSource: papers.nber.org -
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Measuring Productivity: Lessons from Tailored Surveys and Productivity Benchmarking -- by David Atkin, Amit Khandelwal, Adam Osman
Published: 22/01/2019We use tailored surveys and benchmarking in the flat-weave rug industry to better understand the shortcomings of standard productivity measures. TFPQ performs poorly because of variation in product sp ... Read moreSource: papers.nber.org -
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An Extra Year to Learn English? Early Grade Retention and the Human Capital Development of English Learners -- by David N. Figlio, Umut Ozek
Published: 22/01/2019In this study, we use microdata from 12 Florida county-level school districts and a regression discontinuity design to examine the effects of early grade retention on the short-, medium-, and long-ter ... Read moreSource: papers.nber.org
