#allbiz

Political Discretion and Antitrust Policy: Evidence from the Assassination of President McKinley -- by Richard B. Baker, Carola Frydman, Eric Hilt

Published: 13/11/2018

We study the importance of discretion in antitrust enforcement by analyzing the response of asset prices to the sudden accession of Theodore Roosevelt to the presidency. During McKinley's term in offi ... Read more

Source: papers.nber.org
Saving Regret -- by Axel H. Boersch-Supan, Tabea Bucher-Koenen, Michael D. Hurd, Susann Rohwedder

Published: 13/11/2018

We define saving regret as the wish in hindsight to have saved more earlier in life. We measured saving regret and possible determinants in a survey of a probability sample of those aged 60-79. We inv ... Read more

Source: papers.nber.org
A Monetary Model of Bilateral Over-the-Counter Markets -- by Ricardo Lagos, Shengxing Zhang

Published: 13/11/2018

We develop a model of monetary exchange in bilateral over-the-counter markets to study the effects of monetary policy on asset prices and financial liquidity. The theory predicts asset prices carry a ... Read more

Source: papers.nber.org

Minimum Wages and the Distribution of Family Incomes -- by Arindrajit Dube

Published: 13/11/2018

There is robust evidence that higher minimum wages increase family incomes at the bottom of the distribution. The long run (3 or more years) minimum wage elasticity of the non-elderly poverty rate wit ... Read more

Source: papers.nber.org
Factor Incomes in Global Value Chains: The Role of Intangibles -- by Wen Chen, Bart Los, Marcel P. Timmer

Published: 13/11/2018

Recent studies document a decline in the share of labour and a simultaneous increase in the share of residual ('factorless') income in national GDP. We argue the need for study of factor incomes in cr ... Read more

Source: papers.nber.org
Social Security Programs and the Elderly Employment in Japan -- by Takashi Oshio, Akiko S. Oishi, Satoshi Shimizutani

Published: 13/11/2018

We examine how the change in the trend of the elderly's employment rates has been associated with changes in incentives of social security and its related programs in Japan since the 1980s. We compute ... Read more

Source: papers.nber.org

The Impact of Medicaid Expansion on Voter Participation: Evidence from the Oregon Health Insurance Experiment -- by Katherine Baicker, Amy Finkelstein

Published: 13/11/2018

In 2008, a group of uninsured low-income adults in Oregon was selected by lottery for the chance to apply for Medicaid. Using this randomized design and state administrative data on voter behavior, we ... Read more

Source: papers.nber.org
Who Profits from Patents? Rent-Sharing at Innovative Firms -- by Patrick Kline, Neviana Petkova, Heidi Williams, Owen Zidar

Published: 13/11/2018

This paper analyzes how patent-induced shocks to labor productivity propagate into worker compensation using a new linkage of US patent applications to US business and worker tax records. We infer the ... Read more

Source: papers.nber.org
Globalization, Gender, and the Family -- by Wolfgang Keller, Hale Utar

Published: 13/11/2018

This paper shows that globalization has far-reaching implications for the economy's fertility rate and family structure because they influence work-life balance. Employing population register data on ... Read more

Source: papers.nber.org

The Short-Run Effects of GDPR on Technology Venture Investment -- by Jian Jia, Ginger Zhe Jin, Liad Wagman

Published: 13/11/2018

The General Data Protection Regulation (GDPR) came into effect in the European Union in May 2018. We study its short-run impact on investment in new and emerging technology firms. Our findings indicat ... Read more

Source: papers.nber.org
Social Security Programs and Employment at Older Ages in the Netherlands -- by Klaas de Vos, Arie Kapteyn, Adriaan Kalwij

Published: 13/11/2018

There have been a vast number of social security reforms aimed at increasing employment at older ages over the last two decades in the Netherlands. These reforms mainly lead to more stringent eligibil ... Read more

Source: papers.nber.org
Using Empirical Marginal Cost to Measure Market Power in the US Economy -- by Robert E. Hall

Published: 13/11/2018

Market power arises in the case where a seller is aware that raising output will depress price. In the profit-maximizing equilibrium with market power, price exceeds marginal cost. The Lerner index--- ... Read more

Source: papers.nber.org

Reputation Cycles and Earnings Dynamics -- by Boyan Jovanovic, Julien Prat

Published: 13/11/2018

Cyclical patterns in earnings can arise when contracts between firms and their workers are incomplete, and when workers cannot borrow or lend so as to smooth their consumption. Earnings cycles generat ... Read more

Source: papers.nber.org
The Long-Run Impacts of Same-Race Teachers -- by Seth Gershenson, Cassandra M. D. Hart, Joshua Hyman, Constance Lindsay, Nicholas W. Papageorge

Published: 13/11/2018

We examine the impact of having a same-race teacher on students' long-run educational attainment. Leveraging random student-teacher pairings in the Tennessee STAR class-size experiment, we find that b ... Read more

Source: papers.nber.org
Teacher Expectations Matter -- by Nicholas W. Papageorge, Seth Gershenson, Kyung Min Kang

Published: 13/11/2018

We develop and estimate a joint model of the education and teacher-expectation production functions that identifies both the distribution of biases in teacher expectations and the impact of those bias ... Read more

Source: papers.nber.org

Semiparametrically Efficient Estimation of the Average Linear Regression Function -- by Bryan S. Graham, Cristine Campos de Xavier Pinto

Published: 13/11/2018

Let Y be an outcome of interest, X a vector of treatment measures, and W a vector of pre-treatment control variables. Here X may include (combinations of) continuous, discrete, and/or non-mutually exc ... Read more

Source: papers.nber.org
Long Time Out: Unemployment and Joblessness in Canada and the United States -- by Kory Kroft, Fabian Lange, Matthew J. Notowidigdo, Matthew Tudball

Published: 13/11/2018

We compare patterns of unemployment and joblessness between Canada and the U.S. during the Great Recession. Similar to previous findings for the U.S. in Kroft et al. [2016], we document a rise in long ... Read more

Source: papers.nber.org
Enhancing financial inclusion among bottom-of-the-pyramid entrepreneurs in Mexico

Published: 10/11/2018

Co-authored by Byron Villacis On the corner of a bustling, working-class neighborhood in Mexico City, Maria González* has run a small photography business for years. Recently, she took out a ba ... Read more

Source: blogs.berkeley.edu

Identifying Price Informativeness -- by Eduardo Davila, Cecilia Parlatore

Published: 6/11/2018

We show that outcomes (parameter estimates and R-squareds) of regressions of prices on fundamentals allow us to recover exact measures of the ability of asset prices to aggregate dispersed information ... Read more

Source: papers.nber.org
May the Force be With You: Investor Power and Company Valuations -- by Thomas Hellmann, Veikko Thiele

Published: 6/11/2018

This paper examines the effect of investor power in a model of staged equity financing. It shows how the usual effect where market power reduces valuations can be reversed in later rounds. Once they b ... Read more

Source: papers.nber.org
Do Household Finances Constrain Unconventional Fiscal Policy? -- by Scott R. Baker, Lorenz Kueng, Leslie McGranahan, Brian T. Melzer

Published: 6/11/2018

When the zero lower bound on nominal interest rate binds, monetary policy makers may lack traditional tools to stimulate aggregate demand. We investigate whether "unconventional" fiscal policy, in the ... Read more

Source: papers.nber.org

#allbiz

Political Discretion and Antitrust Policy: Evidence from the Assassination of President McKinley -- by Richard B. Baker, Carola Frydman, Eric Hilt

Saving Regret -- by Axel H. Boersch-Supan, Tabea Bucher-Koenen, Michael D. Hurd, Susann Rohwedder

A Monetary Model of Bilateral Over-the-Counter Markets -- by Ricardo Lagos, Shengxing Zhang

Minimum Wages and the Distribution of Family Incomes -- by Arindrajit Dube

Factor Incomes in Global Value Chains: The Role of Intangibles -- by Wen Chen, Bart Los, Marcel P. Timmer

Social Security Programs and the Elderly Employment in Japan -- by Takashi Oshio, Akiko S. Oishi, Satoshi Shimizutani

The Impact of Medicaid Expansion on Voter Participation: Evidence from the Oregon Health Insurance Experiment -- by Katherine Baicker, Amy Finkelstein

Who Profits from Patents? Rent-Sharing at Innovative Firms -- by Patrick Kline, Neviana Petkova, Heidi Williams, Owen Zidar

Globalization, Gender, and the Family -- by Wolfgang Keller, Hale Utar

The Short-Run Effects of GDPR on Technology Venture Investment -- by Jian Jia, Ginger Zhe Jin, Liad Wagman

Social Security Programs and Employment at Older Ages in the Netherlands -- by Klaas de Vos, Arie Kapteyn, Adriaan Kalwij

Using Empirical Marginal Cost to Measure Market Power in the US Economy -- by Robert E. Hall

Reputation Cycles and Earnings Dynamics -- by Boyan Jovanovic, Julien Prat

The Long-Run Impacts of Same-Race Teachers -- by Seth Gershenson, Cassandra M. D. Hart, Joshua Hyman, Constance Lindsay, Nicholas W. Papageorge

Teacher Expectations Matter -- by Nicholas W. Papageorge, Seth Gershenson, Kyung Min Kang

Semiparametrically Efficient Estimation of the Average Linear Regression Function -- by Bryan S. Graham, Cristine Campos de Xavier Pinto

Long Time Out: Unemployment and Joblessness in Canada and the United States -- by Kory Kroft, Fabian Lange, Matthew J. Notowidigdo, Matthew Tudball

Enhancing financial inclusion among bottom-of-the-pyramid entrepreneurs in Mexico

Identifying Price Informativeness -- by Eduardo Davila, Cecilia Parlatore

May the Force be With You: Investor Power and Company Valuations -- by Thomas Hellmann, Veikko Thiele

Do Household Finances Constrain Unconventional Fiscal Policy? -- by Scott R. Baker, Lorenz Kueng, Leslie McGranahan, Brian T. Melzer

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