Volatility Risk Pass-through -- by Riccardo Colacito, Mariano Max Croce, Yang...
We develop a novel measure of volatility pass-through to assess international propagation of output volatility shocks to macroeconomic aggregates, equity prices, and currencies. An increase in...
View ArticleThe Micro-Level Anatomy of the Labor Share Decline -- by Matthias Kehrig,...
The aggregate labor share in U.S. manufacturing declined from 62 percentage points (ppt) in 1967 to 41 ppt in 2012. The labor share of the typical U.S. manufacturing establishment, in contrast, rose by...
View ArticleRationalizing Rational Expectations? Tests and Deviations -- by Xavier...
In this paper, we build a new test of rational expectations based on the marginal distributions of realizations and subjective beliefs. This test is widely applicable, including in the common situation...
View ArticleGreen Technology Diffusion: A Post-Mortem Analysis of the Eco-Patent Commons...
We revisit the effect of the "Eco-Patent Commons" (EcoPC) on the diffusion of patented environmentally friendly technologies following its discontinuation in 2016, using both participant survey and...
View ArticleNon-Randomly Sampled Networks: Biases and Corrections -- by Chih-Sheng Hsieh,...
This paper analyzes statistical issues arising from non-representative network samples of the population, the most common network data used. We first characterize the biases in both network statistics...
View ArticleLearning by Suffering? Patterns in Flu Shot Take-up -- by Ginger Zhe Jin,...
An annual flu shot is one of the least controversial and most widely-recommended preventative health measures. In spite of such advice, only a fraction of those who are suggested to get a flu shot...
View ArticleHeterogeneity in Expectations, Risk Tolerance, and Household Stock Shares:...
This paper jointly estimates the relationship between stock share and expectations and risk preferences. The survey allows individual-level, quantitative estimates of risk tolerance and of the...
View ArticleLong-term and Intergenerational Effects of Education: Evidence from School...
In 1973, the Indonesian government began one of the largest school construction programs ever. We use 2016 nationally representative data to examine the long-term and intergenerational effects of...
View ArticleMeasuring Technological Innovation over the Long Run -- by Bryan Kelly,...
We use textual analysis of high-dimensional data from patent documents to create new indicators of technological innovation. We identify significant patents based on textual similarity of a given...
View ArticleBenchmark Regulation of Multiproduct Firms: An Application to the Rail...
A number of formerly regulated multiproduct industries have a transitional or permanent residual regulatory mandate to protect consumers from "excessive" prices. The legislation that deregulated most...
View ArticleBorder Walls -- by Treb Allen, Caue de Castro Dobbin, Melanie Morten
What are the economic impacts of a border wall between the United States and Mexico? We use confidential data on bilateral flows of primarily unauthorized Mexican workers to the United States to...
View ArticleHow Much of Barrier to Entry is Occupational Licensing? -- by Peter Q. Blair,...
We exploit state variation in licensing laws to study the effect of licensing on occupational choice using a boundary discontinuity design. We find that licensing reduces equilibrium labor supply by an...
View ArticleThe Paper Money of Colonial North Carolina, 1712-74: Reconstructing the...
Beginning in 1712, North Carolina's assembly emitted its own paper money and maintained some amount of paper money in public circulation for the rest of the colonial period. Yet, data on colonial North...
View ArticleA Lifetime of Changes: State Pensions and Work Incentives at Older Ages in...
We describe the history of state pension policy in the UK since 1948 and calculate summary measures of the generosity of the system over time and the degree to which the it created implicit taxes on,...
View ArticleHealth and the Wage: Cause, Effect, Both, or Neither? New Evidence on an Old...
We investigate two-way causality between health and the hourly wage by employing insights from the human capital and compensating wage differential models, a panel formed from the National Longitudinal...
View ArticleDo Male Workers Prefer Male Leaders? An Analysis of Principals' Effects on...
Using a 40-year panel of all public school teachers and principals in New York State, we explore how female principals affect rates of teacher turnover--an important determinant of school quality. We...
View ArticleWhen Fair Isn't Fair: Understanding Choice Reversals Involving Social...
In settings with uncertainty, tension exists between ex ante and ex post notions of fairness (e.g., equal opportunity versus equal outcomes). In a laboratory experiment, the most common behavioral...
View ArticleAn Analysis of Puerto Rico's Debt Relief Needs to Restore Debt Sustainability...
This paper makes two contributions. First, we examine the macroeconomic implications of Puerto Rico's Fiscal Plan that was certified in March 2017 for fiscal years 2017-18 to 2026-27. Second, we...
View ArticleMeasuring the Impact of Household Innovation using Administrative Data -- by...
We link USPTO patent data to U.S. Census Bureau administrative records on individuals and firms. The combined dataset provides us with a directory of patenting household inventors as well as a...
View ArticleDesigned to Fail: Effects of the Default Option and Information Complexity on...
We ask why so few student loan borrowers enroll in Income Driven Repayment when the majority would benefit from doing so. To do so we run an incentivized laboratory experiment using a facsimile of the...
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