Sources of Displaced Workers' Long-Term Earnings Losses -- by Marta...
We estimate the earnings losses of a cohort of workers displaced during the Great Recession and decompose those long-term losses into components attributable to fewer work hours and to reduced hourly...
View ArticleIdentification and Estimation of Dynamic Causal Effects in Macroeconomics...
An exciting development in empirical macroeconometrics is the increasing use of external sources of as-if randomness to identify the dynamic causal effects of macroeconomic shocks. This approach - the...
View ArticleWhy Are Professors "Poorly Paid"? -- by Daniel S. Hamermesh
Using Current Population Survey data, I demonstrate a 15-percentage point wage disadvantage among academics compared to all other doctorate-holders with the same demographics. Time-diary data show that...
View ArticleEndogenous and Selective Service Choices After Airline Mergers -- by Sophia...
We estimate a model of service choice and price competition in airline markets, allowing for the carriers that provide nonstop service to be a selected subset of the carriers competing in the market....
View ArticleCorporate Credit Risk Premia -- by Antje Berndt, Rohan Douglas, Darrell...
We measure credit risk premia - prices for bearing corporate default risk in excess of expected default losses - using Markit CDS and Moody's Analytics EDF data. We find dramatic variation over time in...
View ArticleE-cigarettes and Adult Smoking -- by Henry Saffer, Daniel Dench, Dhaval Dave,...
Over the past few years adult use of e-cigs has been increasing while adult smoking has been declining. It is important to determine if there is a causal effect of e-cig use on smoking because of the...
View ArticleThe Distributional Effects of Building Energy Codes -- by Christopher D....
State-level building energy codes have been around for over 40 years, but recent empirical research has cast doubt on their effectiveness. A potential virtue of standards-based policies is that they...
View ArticleRight-to-Carry Laws and Violent Crime: A Comprehensive Assessment Using Panel...
The prescription drug component of the Consumer Price Index (CPI measures recent and past drug price changes, and provides the basis for projecting future price trends and health care expenditures....
View ArticleFrom the Bargaining Table to the Ballot Box: Political Effects of Right to...
Labor unions play a central role in the Democratic party coalition, providing candidates with voters, volunteers, and contributions, as well as lobbying policymakers. Has the sustained decline of...
View ArticleAre Interest Rates Really Low? -- by Daniel R. Feenberg, Clinton Tepper, Ivo...
Contrary to common perception, many fixed-income investors have not suffered unusually low real interest rates in and after the Great Recession of 2008. This is because taxable investors must first pay...
View ArticleSaving and Dissaving with Hyperbolic Discounting -- by Dan Cao, Ivan Werning
Is the standard hyperbolic-discounting model capable of robust qualitative predictions for savings behavior? Despite results suggesting a negative answer, we provide a positive one. We give conditions...
View ArticleDemographics and FDI: Lessons from China's One-Child Policy -- by John B....
Lucas (1990) argues that the neoclassical adjustment process fails to explain the relative paucity of FDI inflows from rich to poor countries. In this paper we consider a natural experiment: using...
View ArticleEffects of Copyrights on Science - Evidence from the US Book Republication...
Copyrights for books, news, and other types of media are a critical mechanism to encourage creativity and innovation. Yet economic analyses continue to be rare, partly due to a lack of experimental...
View ArticleAI and International Trade -- by Avi Goldfarb, Daniel Trefler
This paper explores the international dimensions of the economics of artificial intelligence. Trade theory emphasizes the roles of scale, competition, and knowledge creation and knowledge diffusion as...
View ArticleArtificial Intelligence and Consumer Privacy -- by Ginger Zhe Jin
Thanks to big data, artificial intelligence (AI) has spurred exciting innovations. In the meantime, AI and big data are reshaping the risk in consumer privacy and data security. In this essay, I first...
View ArticleThe Anatomy of a Trade Collapse: The UK, 1929-33 -- by Alan de Bromhead, Alan...
A recent literature explores the nature and causes of the collapse in international trade during 2008 and 2009. The decline was particularly great for automobiles and industrial supplies; it occurred...
View ArticleN-S Trade with Weak Institutions -- by James E. Anderson
States with weak institutions (South) can lose from institutional response to trade with North. A Ricardian model of trade subject to predation characterizes the case. South labor earns equal returns...
View ArticleExchange Traded Funds 101 For Economists -- by Martin Lettau, Ananth Madhavan
Exchange-traded funds (ETFs) represent one of the most important financial innovations in decades. An ETF is an investment vehicle that trades intraday and seeks to replicate the performance of a...
View ArticleDo Management Interventions Last? Evidence from India -- by Nicholas Bloom,...
Beginning in 2008, we ran a randomized controlled trial that changed management practices in a set of Indian weaving firms (Bloom et al. 2013). In 2017 we revisited the plants and found three main...
View ArticleDo CCTs Improve Employment and Earnings in the Very Long-Term? Evidence from...
We assess long-term impacts of the Mexican conditional cash transfer (CCT) program on youth employment and earnings. We rely on the original random assignment into early and late treatment localities,...
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