The Long-Run Dynamics of Electricity Demand: Evidence from Municipal...
Understanding the response of consumers to electricity prices is essential for crafting efficient energy market regulations, evaluating climate change policy, and investing optimally in infrastructure....
View ArticlePer Capita Income and the Demand for Skills -- by Justin Caron, Thibault...
Almost all of the literature about the growth of income inequality and the relationship between skilled and unskilled wages approaches the issue from the production side of general equilibrium...
View ArticleUpstart Industrialization and Exports, Japan 1880-1910 -- by Christopher M....
Japanese exports between 1880 and 1910 increased massively in volume, changed composition, and shifted away from leading industrialized countries toward poorer Asian neighbors. The product mix also...
View ArticleRobust Bond Risk Premia -- by Michael D. Bauer, James D. Hamilton
A consensus has recently emerged that variables beyond the level, slope, and curvature of the yield curve can help predict bond returns. This paper shows that the statistical tests underlying this...
View ArticleQuantifying the Life-cycle Benefits of a Prototypical Early Childhood Program...
This paper quantifies the experimentally evaluated life-cycle benefits of a widely implemented early childhood program targeting disadvantaged families. We join experimental data with non-experimental...
View ArticleAn Evaluation of Bias in Three Measures of Teacher Quality: Value-Added,...
There are three primary measures of teaching performance: student test-based measures (i.e., value added), classroom observations, and student surveys. Although all three types of measures could be...
View ArticleWorld War II and the Industrialization of the American South -- by Taylor...
When private incentives are insufficient, a big push by government may lead to industrialization. This paper uses mobilization for World War II to test the big push hypothesis in the context of postwar...
View ArticleComplex Asset Markets -- by Andrea L. Eisfeldt, Hanno Lustig, Lei Zhang
We develop a dynamic equilibrium model of complex asset markets with endogenous entry and exit in which the investment technology of investors with more expertise is subject to less asset-specific...
View ArticleInsurgent Learning -- by Francesco Trebbi, Eric Weese, Austin L. Wright,...
We study a model of insurgent learning during a counterinsurgency campaign. We test empirical implications of the model using newly declassified microdata documenting improvised explosive devices...
View ArticleTaper Tantrums: QE, its Aftermath and Emerging Market Capital Flows -- by...
This paper provides a novel perspective on the impact of U.S. unconventional monetary policy (UMP) on emerging market capital flows and asset prices. Using high-frequency Treasury futures data to...
View ArticleTax Advantages and Imperfect Competition in Auctions for Municipal Bonds --...
We show that the effect of tax advantages of municipal bonds on the market microstructure of municipal bond auctions is a crucial determinant of state and local governments' borrowing costs....
View ArticleWho Is Screened Out? Application Costs and the Targeting of Disability...
The application process is critical to the targeting of disability programs because disability, relative to other tags, is difficult to observe and costly to verify. We study the effect of application...
View ArticleDid the Affordable Care Act Young Adult Provision Affect Labor Market...
We study the impact of the Affordable Care Act (ACA) young adult dependent coverage requirement on labor market-related outcomes, including measures of employment status, job characteristics, and...
View ArticleMeasuring and Bounding Experimenter Demand -- by Jonathan de Quidt, Johannes...
We propose a technique for assessing robustness of behavioral measures and treatment effects to experimenter demand effects. The premise is that by deliberately inducing demand in a structured way we...
View ArticleAcquiring Banking Networks -- by Ross Levine, Chen Lin, Zigan Wang
Does the pre-deal geographic overlap of the subsidiaries and branches of two banks affect the probability that they merge and post-merger value creation and synergies? We compile comprehensive...
View ArticleExit, Voice or Loyalty? An Investigation into Mandated Portability of...
We study theoretically and empirically how consumers in an individual private long-term health insurance market with front-loaded contracts respond to newly mandated portability requirements of their...
View ArticleFlexibility of Adjustment to Shocks: Economic Growth and Volatility of...
The pronounced and persistent impact of the global financial crisis of 2008 motivates our empirical analysis of the role of institutions and macroeconomic fundamentals on countries' adjustment to...
View ArticleDisability Benefits, Consumption Insurance, and Household Labor Supply -- by...
While a mature literature finds that Disability Insurance (DI) receipt discourages work, the welfare implications of these findings depend on two rarely studied economic quantities: the full cost of DI...
View ArticleMaking People Feel That They Count
Andrea Illy, CEO of Illy Coffee, talks in this short video about how important it is for people to feel that they "count" in an organization.
View ArticleLeaders as the Rim vs. the Hub
In Adam Bryant's New York Times Corner Office column, he interviewed Edison International CEO Pedro Pizarro recently. Pizarro offers this very insightful description of how he thinks about the role...
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