Job Vacancies and Immigration: Evidence from Pre- and Post-Mariel Miami -- by...
How does immigration affect labor market opportunities in a receiving country? This paper contributes to the voluminous literature by reporting findings from a new (but very old) data set. Beginning in...
View ArticleIs Your Lawyer a Lemon? Incentives and Selection in the Public Provision of...
Governments in the U.S. must offer free legal services to low-income people accused of crimes. These services are frequently provided by assigned counsel, who handle cases for indigent defendants on a...
View ArticleAn Aggregative Games Approach to Merger Analysis in Multiproduct-Firm...
Using an aggregative games approach, we analyze horizontal mergers in a model of multiproduct-firm price competition with nested CES or nested logit demands. We show that the Herfindahl index provides...
View ArticleInnovation and Diffusion of Medical Treatment -- by Barton H. Hamilton,...
This paper develops and estimates a dynamic structural model of demand for a multi-attribute product. The demand side equilibrium supports a product spectrum, the characteristics of which evolve over...
View ArticleWorking Longer in the U.S.: Trends and Explanations -- by Courtney Coile
Over the past two decades, labor force participation rates for older men have been rising, reversing a century-long trend towards earlier retirement. Participation rates for older women are rising as...
View ArticleDo Properly Anticipated Prices Fluctuate Randomly? Evidence from VIX Futures...
The VIX index is not traded on the spot market. Hence, in contrast to other futures markets, the VIX futures contract and spot index are not linked by a no-arbitrage condition. We examine (a) whether...
View ArticleNew Evidence on the Markup of Prices over Marginal Costs and the Role of...
The markup of price over marginal cost reveals market power. The distinction between marginal and average cost is key. Average cost is easy to measure, but the price/average cost ratio understates the...
View ArticleThe Impact of High School Curriculum on Confidence, Academic Success, and...
This paper investigates the causal effect of high school curriculum on various student outcomes including academic performance at the university, happiness, physical and mental health, self-confidence,...
View ArticleMoral NIMBY-ism? Understanding Societal Support for Monetary Compensation to...
The growing demand for plasma, especially for the manufacture of therapeutic products, prompts discussions on the merits of different procurement systems. We conducted a randomized survey experiment...
View ArticleThe Finance Uncertainty Multiplier -- by Ivan Alfaro, Nicholas Bloom, Xiaoji Lin
We show how real and financial frictions amplify the impact of uncertainty shocks. We build a model with real frictions, and find adding financial frictions roughly doubles the impact of uncertainty...
View ArticleTechnology and Skill: Twin Engines of Growth -- by Nancy L. Stokey
A model is developed in which two complementary forms of investment contribute to growth--technology and skill acquisition, and growth takes two forms--TFP and variety growth. The rate of TFP growth...
View ArticleAsymmetric Business-Cycle Risk and Social Insurance -- by Christopher Busch,...
This paper studies the business-cycle variation in higher-order (labor) income risk--that is, risks that are captured by moments higher than the variance. We examine the extent to which such risks can...
View ArticleStructural Change in Investment and Consumption: A Unified Approach -- by...
Existing models of structural change typically assume that all of investment is produced in manufacturing. This assumption is strongly counterfactual: in the postwar US, the share of services value...
View ArticleThe Poverty Reduction of Social Security and Means-Tested Transfers -- by...
Many studies examine the anti-poverty effects of social insurance and means-tested transfers, relying solely on survey data with substantial errors. We improve on past work by linking administrative...
View ArticleThe Lifetime Medical Spending of Retirees -- by John Bailey Jones,...
Using dynamic models of health, mortality, and out-of-pocket medical spending (both inclusive and net of Medicaid payments), we estimate the distribution of lifetime medical spending that retired U.S....
View ArticleCorporate Tax Cuts Increase Income Inequality -- by Suresh Nallareddy, Ethan...
This paper studies the effects of corporate tax changes on income inequality. Using state corporate tax rate changes as a setting, we show that cutting state corporate tax rates leads to increases in...
View ArticleInference in Structural Vector Autoregressions When the Identifying...
Reporting point estimates and error bands for structural vector autoregressions that are only set identified is a very common practice. However, unless the researcher is persuaded on the basis of prior...
View ArticleDoes Investment in National Highways Help or Hurt Hinterland City Growth? --...
We investigate the effects of the recently constructed Chinese national highway system on local economic outcomes. On average, roads that improve access to local markets have small or negative effects...
View ArticleDeveloping Novel Drugs -- by Joshua L. Krieger, Danielle Li, Dimitris...
We analyze the economic tradeoffs associated with firms' decisions to invest in incremental and radical innovation, in the context of pharmaceutical research and development. We develop a new, ex ante,...
View ArticleSafety Net Investments in Children -- by Hilary W. Hoynes, Diane Whitmore...
In this paper, we examine what groups of children are served by core childhood social-safety net programs--including Medicaid, EITC, CTC, SNAP, and AFDC/TANF--and how that's changed over time. We find...
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