The Mortality Effects of Retirement: Evidence from Social Security...
Social Security eligibility begins at age 62, and approximately one third of Americans immediately claim at that age. We examine whether age 62 is associated with a discontinuous change in aggregate...
View ArticleA Macroeconomic Model with Financial Panics -- by Mark Gertler, Nobuhiro...
This paper incorporates banks and banking panics within a conventional macroeconomic framework to analyze the dynamics of a financial crisis of the kind recently experienced. We are particularly...
View ArticleScale versus Scope in the Diffusion of New Technology: Evidence from the Farm...
Using the farm tractor as a case study, I show that lags in technology diffusion arise along two distinct margins, which I term scale and scope. Though tractors are now used in nearly every...
View ArticleOne Markup to Rule Them All: Taxation by Liquor Pricing Regulation -- by...
Government often chooses simple rules to regulate industry even when firms and consumers are heterogeneous. We evaluate the implications of this practice in the context of alcohol pricing where the...
View ArticleTaxes and Turnout -- by Felix Bierbrauer, Aleh Tsyvinski, Nicolas D. Werquin
We develop a model of political competition with endogenous turnout and endogenous platforms. Parties face a trade-off between maximizing their base and getting their supporters out to vote. We study...
View ArticleThe Effects of Quantitative Easing: Taking a Cue from Treasury Auctions -- by...
To understand the effects of large-scale asset purchase programs recently implemented by central banks, we study how markets absorb large demand shocks for risk-free debt. Using high-frequency...
View ArticleGeography, Income, and Trade in the 21st Century -- by Dan Liu, Christopher...
We investigate the relationship between GDP per capita, trade costs, demand, and income inequality between 1996 and 2011. Specifically we apply the aggregate AIDS-based gravity model as developed in...
View ArticleLow-Skill and High-Skill Automation -- by Daron Acemoglu, Pascual Restrepo
We present a task-based model in which high- and low-skill workers compete against machines in the production of tasks. Low-skill (high-skill) automation corresponds to tasks performed by low-skill...
View ArticleThe Diffusion of New Institutions: Evidence from Renaissance Venice's Patent...
What factors affect the diffusion of new economic institutions? This paper examines this question by exploiting the introduction of the first regularized patent system, which appeared in the Venetian...
View ArticleOn the Estimation of Treatment Effects with Endogenous Misreporting -- by...
Participation in social programs is often misreported in survey data, complicating the estimation of the effects of those programs. In this paper, we propose a model to estimate treatment effects under...
View ArticleEndogenous Production Networks -- by Daron Acemoglu, Pablo D. Azar
We develop a tractable model of endogenous production networks. Each one of a number of products can be produced by combining labor and an endogenous subset of the other products as inputs. Different...
View ArticleWeak States: Causes and Consequences of the Sicilian Mafia -- by Daron...
We document that the spread of the Mafia in Sicily at the end of the 19th century was in part shaped by the rise of socialist Peasant Fasci organizations. In an environment with weak state presence,...
View ArticleThe Long-Run Effects of the Earned Income Tax Credit on Women's Earnings --...
We use longitudinal data on marriage and children from the Panel Study of Income Dynamics to characterize women's exposure to the federal and state Earned Income Tax Credit (EITC) during their first...
View ArticleThe Influence of Peer Genotypes and Behavior on Smoking Outcomes: Evidence...
We introduce a novel use of genetic data for studying social influences on behavior: Using data from the National Longitudinal Study of Adolescent to Adult Health (Add Health), we deploy the...
View ArticleThe Rate of Return on Everything, 1870-2015 -- by Oscar Jorda, Katharina...
This paper answers fundamental questions that have preoccupied modern economic thought since the 18th century. What is the aggregate real rate of return in the economy? Is it higher than the growth...
View ArticleThe Geography of Poverty and Nutrition: Food Deserts and Food Choices Across...
We study the causes of "nutritional inequality": why the wealthy tend to eat more healthfully than the poor in the U.S. Using two event study designs exploiting entry of new supermarkets and...
View ArticleInvestment Responses to Trade Liberalization: Evidence from U.S. Industries...
This paper examines the effect of a change in U.S. trade policy on the domestic investment of U.S. manufacturers. Using a difference-in-differences identification strategy, we find that industries more...
View ArticleIntergovernmental Cooperation and Tax Enforcement -- by Ugo Troiano
Improving the efficiency of tax collection is important for development and fairness purposes. I study the Audit Exchange Information Agreements, which are agreements between the states and the U.S....
View ArticleRegulating Capital Flows to Emerging Markets: An Externality View -- by Anton...
We show that capital flows to emerging market economies create externalities that differ by an order of magnitude depending on the state-contingent payoff profile of the flows. Those with pro-cyclical...
View ArticleRecent Manufacturing Employment Growth: The Exception That Proves the Rule....
This Paper challenges two widely held views: first that trade performance has been the primary reason for the declining share of manufacturing employment in the United States and other industrial...
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