The Impact of Artificial Intelligence on Innovation -- by Iain M. Cockburn,...
Artificial intelligence may greatly increase the efficiency of the existing economy. But it may have an even larger impact by serving as a new general-purpose "method of invention" that can reshape the...
View ArticleControl Versus Execution: Endogenous Appropriability and Entrepreneurial...
This paper considers the role of Rosenbergian uncertainty (i.e., economic uncertainties that arise after successful invention) in shaping appropriability for start-up innovators. Rather than assuming...
View ArticleThe Health Effects of Cesarean Delivery for Low-Risk First Births -- by David...
Cesarean delivery for low-risk pregnancies is generally associated with worse health outcomes for infants and mothers. The interpretation of this correlation, however, is confounded by potential...
View ArticleThe School-Entry-Age Rule Affects Redshirting Patterns and Resulting...
Since, other things equal, older children do better in school, the extent and pattern of delayed entry affects observed patterns in academic performance. This paper provides three new sets of relevant...
View ArticleIntervening on the Data to Improve the Performance of Health Plan Payment...
The conventional method for developing health care plan payment systems uses existing data to study alternative algorithms with the purpose of creating incentives for an efficient and fair health care...
View ArticleNew Perspectives on the Decline of US Manufacturing Employment -- by Teresa...
We use relatively unexplored dimensions of US microdata to examine how US manufacturing employment has evolved across industries, firms, establishments, and regions. We show that these data provide...
View ArticleAge and High-Growth Entrepreneurship -- by Pierre Azoulay, Benjamin Jones, J....
Many observers, and many investors, believe that young people are especially likely to produce the most successful new firms. We use administrative data at the U.S. Census Bureau to study the ages of...
View ArticleLondon Fog: A Century of Pollution and Mortality, 1866-1965 -- by W. Walker...
This study provides new evidence on the impact of air pollution in London over the century from 1866-1965. To identify weeks with elevated pollution levels I use new data tracking the timing of...
View ArticleHealth and Mental Health Effects of Local Immigration Enforcement -- by Julia...
We study the effect of two local immigration enforcement policies - Section 287(g) of the Illegal Immigration Reform and Immigrant Responsibility Act and the Secure Communities Program (SC) - that have...
View ArticleMultimarket Contact in Health Insurance: Evidence from Medicare Advantage --...
Many industries, including health insurance, are characterized by a handful of large firms that compete in multiple geographic markets. Such overlap across markets, defined as multimarket contact...
View ArticleBanking, Trade, and the making of a Dominant Currency -- by Gita Gopinath,...
We explore the interplay between trade invoicing patterns and the pricing of safe assets in different currencies. Our theory highlights the following points: 1) a currency's role as a unit of account...
View ArticleFraming Effects, Earnings Expectations, and the Design of Student Loan...
Income-driven student loan repayment (IDR) plans provide protection against unaffordable loan payments and default by linking loan payments to borrowers' earnings. Despite the advantages IDR would...
View ArticleSome Simple Bitcoin Economics -- by Linda Schilling, Harald Uhlig
How do Bitcoin prices evolve? What are the consequences for monetary policy? We answer these questions in a novel, yet simple endowment economy. There are two types of money, both useful for...
View ArticleEngineering Informal Institutions: Long-run Impacts of Alternative Dispute...
Informal institutions govern property rights and disputes when formal systems are weak. Well-functioning institutions should help people reach and maintain bargains, minimizing violence. Can outside...
View ArticleCoordinating Separate Markets for Externalities -- by Jose-Miguel Abito,...
We show that inefficiencies from having separate markets to correct an environmental externality are significantly mitigated when firms participate in an integrated product market. Firms take into...
View ArticleAmbulance Utilization in New York City after the Implementation of the...
Expanding insurance coverage could, by insulating patients from having to pay full cost, encourage the utilization of arguably unnecessary medical services. It could also eliminate (or at least...
View ArticleBeauty, Job Tasks, and Wages: A New Conclusion about Employer Taste-Based...
We use novel data from the Berea Panel Study to reexamine the labor market mechanisms generating the beauty wage premium. We find that the beauty premium varies widely across jobs with different task...
View ArticleFirm Sorting and Agglomeration -- by Cecile Gaubert
The distribution of firms in space is far from uniform. Some locations host the most productive large firms, while others barely attract any. In this paper, I study the sorting of heterogeneous firms...
View ArticleOn Heckits, LATE, and Numerical Equivalence -- by Patrick M. Kline,...
Structural econometric methods are often criticized for being sensitive to functional form assumptions. We study parametric estimators of the local average treatment effect (LATE) derived from a widely...
View ArticleSell Low and Buy High: Arbitrage and Local Price Effects in Kenyan Markets --...
Large and regular seasonal price fluctuations in local grain markets appear to offer African farmers substantial inter-temporal arbitrage opportunities, but these opportunities remain largely...
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