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If someone tells you your kid’s teacher would be better off with a 401(k) than a pension, don’t believe it
Published: 21/07/2017Originally published in LA Times, July 18, 2017 Two years ago my beloved high school English teacher Mrs. O-W posted on social media, after locking up her classroom for the last time, “It was a happy ... Read moreSource: blogs.berkeley.edu -
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Income Mobility, Income Risk and Welfare -- by Tom Krebs, Pravin Krishna, William F. Maloney
Published: 18/07/2017This paper presents a framework for the quantitative analysis of individual income dynamics, mobility and welfare, with ex-ante identical individuals facing a stochastic income process and market inco ... Read moreSource: papers.nber.org -
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The Cyclical Sensitivity in Estimates of Potential Output -- by Olivier Coibion, Yuriy Gorodnichenko, Mauricio Ulate
Published: 18/07/2017The fact that most of the persistent declines in output since the Great Recession have parlayed into equivalent declines in measures of potential output is commonly interpreted as implying that output ... Read moreSource: papers.nber.org
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Geography, Search Frictions and Endogenous Trade Costs -- by Giulia Brancaccio, Myrto Kalouptsidi, Theodore Papageorgiou
Published: 18/07/2017We leverage detailed data on vessel movements and shipping contracts to shed new light on world trade costs and trade flows. The data reveal new facts about shipping patterns, and motivate us to build ... Read moreSource: papers.nber.org -
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The Arrival of Fast Internet and Employment in Africa -- by Jonas Hjort, Jonas Poulsen
Published: 18/07/2017To show how fast Internet affects employment in Africa, we exploit the gradual arrival of submarine Internet cables and maps of the terrestrial cable network. Robust difference-in-differences estimate ... Read moreSource: papers.nber.org -
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Declining Competition and Investment in the U.S. -- by German Gutierrez, Thomas Philippon
Published: 18/07/2017The U.S. business sector has under-invested relative to Tobin's Q since the early 2000's. We argue that declining competition is partly responsible for this phenomenon. We use a combination of natural ... Read moreSource: papers.nber.org
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The Employment Effects of Minimum Wages: Some Questions We Need to Answer -- by David Neumark
Published: 18/07/2017The literature on the employment effects of minimum wages is about a century old, and includes hundreds of studies. Yet the debate among researchers about the employment effects of minimum wages remai ... Read moreSource: papers.nber.org -
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Check Up Before You Check Out: Retail Clinics and Emergency Room Use -- by Diane Alexander, Janet Currie, Molly Schnell
Published: 18/07/2017Retail clinics are an innovation that has the potential to improve competition in health care markets. We use the universe of emergency room (ER) visits in New Jersey from 2006-2014 to examine the imp ... Read moreSource: papers.nber.org -
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Optimal Regulation of Financial Intermediaries -- by Sebastian Di Tella
Published: 18/07/2017I characterize the optimal financial regulation policy in an economy where financial intermediaries trade capital assets on behalf of households, but must retain an equity stake to align incentives. F ... Read moreSource: papers.nber.org
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A Welfarist Role for Nonwelfarist Rules: An example with envy -- by Matthew Weinzierl
Published: 18/07/2017I propose and formalize an argument for why economists working in the welfarist normative tradition should include nonwelfarist principles in how they judge economic policy. The key idea behind this a ... Read moreSource: papers.nber.org -
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Vulnerability and Clientelism -- by Gustavo J. Bobonis, Paul Gertler, Marco Gonzalez-Navarro, Simeon Nichter
Published: 18/07/2017Political clientelism is often deemed to undermine democratic accountability and representation. This study argues that economic vulnerability causes citizens to participate in clientelism. We test th ... Read moreSource: papers.nber.org -
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Why Do Defaults Affect Behavior? Experimental Evidence from Afghanistan -- by Joshua Blumenstock, Michael Callen, Tarek Ghani
Published: 18/07/2017We report on an experiment examining why default options impact behavior. Working with one of the largest private firms in Afghanistan, we randomly assigned each of 949 employees to different variants ... Read moreSource: papers.nber.org
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Productivity, Taxes, and Hours Worked in Spain: 1970-2015 -- by Juan Carlos Conesa, Timothy J. Kehoe
Published: 18/07/2017In the early 1970s, hours worked per working-age person in Spain were higher than in the United States. Starting in 1975, however, hours worked in Spain fell by 40 percent. We find that 80 percent of ... Read moreSource: papers.nber.org -
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Towards a Political Theory of the Firm -- by Luigi Zingales
Published: 18/07/2017Neoclassical theory assumes that firms have no power of fiat any different from ordinary market contracting, thus a fortiori no power to influence the rules of the game. In the real world, firms have ... Read moreSource: papers.nber.org -
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Margins of Labor Market Adjustment to Trade -- by Rafael Dix-Carneiro, Brian K. Kovak
Published: 18/07/2017We use both longitudinal administrative data and cross-sectional household survey data to study the margins of labor market adjustment following Brazil's early 1990s trade liberalization. We document ... Read moreSource: papers.nber.org
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Executive Compensation: A Survey of Theory and Evidence -- by Alex Edmans, Xavier Gabaix, Dirk Jenter
Published: 18/07/2017This paper reviews the theoretical and empirical literature on executive compensation. We start by presenting data on the level of CEO and other top executive pay over time and across firms, the chang ... Read moreSource: papers.nber.org -
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Using Instrumental Variables for Inference about Policy Relevant Treatment Effects -- by Magne Mogstad, Andres Santos, Alexander Torgovitsky
Published: 18/07/2017We propose a method for using instrumental variables (IV) to draw inference about causal effects for individuals other than those affected by the instrument at hand. Policy relevance and external vali ... Read moreSource: papers.nber.org -
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Identification in Ascending Auctions, with an Application to Digital Rights Management -- by Joachim Freyberger, Bradley J. Larsen
Published: 18/07/2017This study provides new identification and estimation results for ascending (traditional English or online) auctions with unobserved auction-level heterogeneity and an unknown number of bidders. When ... Read moreSource: papers.nber.org
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Making the House a Home: The Stimulative Effect of Home Purchases on Consumption and Investment -- by Efraim Benmelech, Adam Guren, Brian T. Melzer
Published: 18/07/2017We introduce and quantify a new channel through which the housing market affects household spending: the home purchase channel. Using an event-study design with data from the Consumer Expenditure Surv ... Read moreSource: papers.nber.org -
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Long-Term Trends in Private School Enrollments by Family Income -- by Richard J. Murnane, Sean F. Reardon
Published: 18/07/2017We use data from multiple national surveys to describe trends in private elementary school enrollment by family income from 1968-2013. We note several important trends. First, the private school enrol ... Read moreSource: papers.nber.org -
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Juvenile Punishment, High School Graduation and Adult Crime: Evidence from Idiosyncratic Judge Harshness -- by Ozkan Eren, Naci Mocan
Published: 18/07/2017This paper contributes to the debate on the impact of juvenile punishment on adult criminal recidivism and high school completion. We link the universe of case files of those who were convicted of a c ... Read moreSource: papers.nber.org
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