Financial Centrality and Liquidity Provision -- by Arun G. Chandrasekhar,...
We study an endowment economy in which agents face income risk, as if uncertain returns on a portfolio, and agents can only make transfers in states when they are actively participating in the market....
View ArticleThe Retirement-Consumption Puzzle: New Evidence from Personal Finances -- by...
This paper uses a detailed panel of individual spending, income, account balances, and credit limits from a personal finance management software provider to investigate how expenditures, liquid...
View ArticleSaving Lives by Tying Hands: The Unexpected Effects of Constraining Health...
The emergency department (ED) is a complex node of healthcare delivery that is facing market and regulatory pressure across developed economies to reduce wait times. In this paper we study how ED...
View ArticleResource Misallocation in European Firms: The Role of Constraints, Firm...
Using a new survey, we show that the dispersion of marginal products across firms in the European Union is about twice as large as that in the United States. Reducing it to the US level would increase...
View ArticleCapital Flow Management with Multiple Instruments -- by Viral V. Acharya,...
We examine theoretically the role of reserves management and macro-prudential capital controls as ex-post and ex-ante safeguards, respectively, against sudden stops, and argue that these measures are...
View ArticleEffectiveness of Connected Legislators -- by Marco Battaglini, Valerio Leone...
In this paper, we study the extent to which social connections influence the legislative effectiveness of members of the U.S. Congress. We propose a new model of legislative effectiveness that...
View ArticleRace and Economic Opportunity in the United States: An Intergenerational...
We study the sources of racial and ethnic disparities in income using de-identified longitudinal data covering nearly the entire U.S. population from 1989-2015. We document three sets of results....
View ArticleU.S. Employment and Opioids: Is There a Connection? -- by Janet Currie, Jonas...
This paper uses quarterly county-level data to examine the relationship between opioid prescription rates and employment-to-population ratios from 2006-2014. We first estimate models of the effect of...
View ArticleForeign Safe Asset Demand and the Dollar Exchange Rate -- by Zhengyang Jiang,...
We develop a theory that links foreign investors' demand for the safety of U.S. Treasury bonds to the value of the dollar in spot markets. An increase in the convenience yield that foreign investors...
View ArticleThe Impacts of Paid Family Leave Benefits: Regression Kink Evidence from...
Although the United States provides unpaid maternity and family leave to qualifying workers, it is the only OECD country without a national paid leave policy, making wage replacement a pivotal issue...
View ArticleDoes Cheap Talk Affect Market Outcomes? Evidence from eBay -- by Daniel W....
We study the use of and response to cheap talk by firms and their consumers, focusing on unverifiable promises of charitable donations on eBay. For transactions during March 2005 - May 2006, cheap talk...
View ArticleDo Financial Frictions Explain Chinese Firms' Saving and Misallocation? -- by...
We use firm-level data to identify financial frictions in China and explore the extent to which they can explain firms' saving and capital misallocation. We first document the features of the data in...
View ArticleSelecting Directors Using Machine Learning -- by Isil Erel, Lea H. Stern,...
Can an algorithm assist firms in their hiring decisions of corporate directors? This paper proposes a method of selecting boards of directors that relies on machine learning. We develop algorithms with...
View ArticleMarkups Across Space and Time -- by Eric Anderson, Sergio Rebelo, Arlene Wong
In this paper, we provide direct evidence on the behavior markups in the retail sector across space and time. Markups are measured using gross margins. We consider three levels of aggregation: the...
View ArticleCapital Inflows, Equity Issuance Activity, and Corporate Investment -- by...
We use issuance-level data to study how equity capital inflows that enter emerging market economies affect equity issuance and corporate investment. We show that foreign inflows are strongly correlated...
View ArticleThe Macroeconomic Announcement Premium -- by Jessica A. Wachter, Yicheng Zhu
Empirical studies demonstrate striking patterns in stock market returns in relation to scheduled macroeconomic announcements. First, a large proportion of the total equity premium is realized on days...
View ArticleWho Owned Citibank? Familiarity Bias and Business Network Influences on Stock...
We study factors influencing individuals' decisions to purchase Citibank stock during the 1920s. Citibank stock had a very high price per share and was only an investment option for wealthy people. The...
View ArticleHow News and Its Context Drive Risk and Returns Around the World -- by...
We develop a classification methodology for the context and content of news articles to predict risk and return in stock markets in 51 developed and emerging economies. A parsimonious summary of news,...
View ArticleThe Return to Work and Women's Employment Decisions -- by Nicole Maestas
It is well documented that individuals in couples tend to retire around the same time. But because women tend to marry older men, this means many married women retire at younger ages than their...
View ArticleEstimating the Effects of a Large For-Profit Charter School Operator -- by...
An error occurred with the "new this week" email. This paper will be released soon.
View Article