Internet Rising, Prices Falling: Measuring Inflation in a World of E-Commerce...
We use Adobe Analytics data on online transactions for millions of products in many different categories from 2014 to 2017 to shed light on how online inflation compares to overall inflation, and to...
View ArticleMarket-making with Search and Information Frictions -- by Benjamin Lester,...
We develop a dynamic model of trading through market-makers that incorporates two canonical sources of illiquidity: trading (or search) frictions, which imply that market-makers have some amount of...
View ArticleExtrapolation using Selection and Moral Hazard Heterogeneity from within the...
I aim to shed light on why emergency room (ER) utilization increased following the Oregon Health Insurance Experiment but decreased following a Massachusetts policy. To do so, I unite the literatures...
View ArticleGlobal Portfolio Diversification for Long-Horizon Investors -- by Luis M....
This paper conducts a theoretical and empirical investigation of the risk of globally diversified portfolios of stocks and bonds and of optimal intertemporal global portfolio choice for long horizon...
View ArticleThe Critical Role of Markets in Climate Change Adaptation -- by Sarah E....
This paper summarizes and synthesizes the role of markets in facilitating climate change adaptation. It explains how market signals encourage adaptation through land markets. It also identifies...
View ArticleDo 'All-Age' Bicycle Helmet Laws Work? Evidence from Canada -- by Christopher...
Twenty-one states and the District of Columbia require youths to wear helmets when riding a bicycle, and there has been a push to extend such laws to adults. We provide new evidence on helmet laws by...
View ArticlePractical Policy Evaluation -- by Narayana R. Kocherlakota
In the wake of the Lucas Critique, the study of appropriate macroeconomic policy has largely focused on the comparison of different regimes/rules. In practice, few policymakers are faced with making...
View ArticleGenetic Endowments and Wealth Inequality -- by Daniel Barth, Nicholas W....
We show that genetic endowments linked to educational attainment strongly and robustly predict wealth at retirement. The estimated relationship is not fully explained by flexibly controlling for...
View ArticlePricing Long-Lived Securities in Dynamic Endowment Economies -- by Jerry...
We solve for asset prices in a general affine representative-agent economy with isoelastic recursive utility and rare events. Our novel solution method is exact in two special cases: no preference for...
View ArticleGlobal Melting? The Economics of Disintegration of the Greenland Ice Sheet --...
Concerns about the impact on large-scale earth systems have taken center stage in the scientific and economic analysis of climate change. The present study analyzes the economic impact of a potential...
View ArticleHeat and Learning -- by Joshua Goodman, Michael Hurwitz, Jisung Park,...
We provide the first evidence that cumulative heat exposure inhibits cognitive skill development and that school air conditioning can mitigate this effect. Student fixed effects models using 10 million...
View ArticleFrom Revolving Doors to Regulatory Capture? Evidence from Patent Examiners --...
Many regulatory agency employees are hired by the firms they regulate, creating a "revolving door" between government and the private sector. We study these transitions using detailed data from the US...
View ArticleTrends in Labor Force Participation of Older Workers in Spain -- by Pilar...
Similar to other OECD countries, labor force participation rates of Spanish older workers were falling until the mid-1990s when there was a reversal in the trend. Labor force participation rates of...
View ArticleWhy are People Working Longer in the Netherlands? -- by Adriaan Kalwij, Arie...
Labor force participation at older ages has been rising in the Netherlands since the mid-nineteen-nineties. Reforms of the social security and pension systems have often been put forward as main...
View ArticleA Mechanism Design Approach to Identification and Estimation -- by Bradley...
This paper presents a two-step identification argument for a large class of quasilinear utility trading games, imputing agents' values using revealed preference based on their choices from a convex...
View ArticleInputs, Incentives, and Complementarities in Education: Experimental Evidence...
The idea that complementarities across policies can yield increasing returns from joint implementation has been posited in several economic settings. Yet there is limited, well-identified evidence of...
View ArticleBusiness Cycle Anatomy -- by George-Marios Angeletos, Fabrice Collard, Harris...
We dissect the comovement patterns of the macroeconomic data, identify a single shock that accounts for the bulk of the business-cycle volatility in the key quantities, and use its empirical properties...
View ArticleThe Labor Force Participation of Older Men in Canada: -- by Kevin S....
We explore recent trends in the labour force participation rates of men aged 55-69 in Canada. Following steady declines in participation until the mid-1990s, the participation rates of older men have...
View ArticleWhat Causes Labor Turnover To Vary? -- by Edward P. Lazear, Kristin McCue
Most turnover reflects churn, where hires replace departures. Churn varies substantially by employer, industry and worker characteristics. In the LEHD (QWI) data, permanent employer differences account...
View ArticleIs Automation Labor-Displacing? Productivity Growth, Employment, and the...
Many technological innovations replace workers with machines, but this capital-labor substitution need not reduce aggregate labor demand because it simultaneously induces four countervailing responses:...
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