Leverage-Induced Fire Sales and Stock Market Crashes -- by Jiangze Bian,...
We provide direct evidence of leverage-induced fire sales contributing to a market crash using account-level trading data for brokerage- and shadow-financed margin accounts during the Chinese stock...
View ArticleA Test of Supply-side Explanations of Geographic Variation in Health Care Use...
Evidence of regional variation in health care utilization has been well-documented over the past 40 years. Yet uncertainty persists about whether this variation is primarily the result of supply-side...
View ArticleICT, R&D and Organizational Innovation: Exploring Complementarities in...
This paper examines whether there are complementarities between investments in ICT, R&D and organizational innovation, and the effects of different investment profiles on total factor productivity...
View ArticleUnderstanding Joint Retirement -- by Pierre-Carl Michaud, Arthur van Soest,...
Evidence from different sources shows that spouses' retirement decisions are correlated. Retirement policies affecting individuals in couples are therefore also likely to affect behavior of their...
View ArticleDo Equal Employment Opportunity Statements Backfire? Evidence From A Natural...
Labor force composition and the allocation of talent remain of vital import to modern economies. For their part, governments and companies around the globe have implemented equal employment opportunity...
View ArticlePeer Advice on Financial Decisions: A case of the blind leading the blind? --...
Previous research shows that many people seek financial advice from non-experts, and that peer interactions influence financial decisions. We investigate whether such influences are beneficial,...
View ArticleEliminating the Pass-Through: Towards FDI Statistics that Better Capture the...
FDI plays a central role in managing global production networks, but FDI statistics also reflect other factors, including tax avoidance, that make it difficult to differentiate between FDI for...
View ArticleRare Disasters, Financial Development, and Sovereign Debt -- by Sergio...
We study the implications of the interaction between rare disasters and financial development for sovereign debt markets. In our model, countries vary in their financial development, by which we mean...
View ArticlePolicy Experimentation, Redistribution and Voting Rules -- by Renee Bowen,...
We study optimal policy experimentation by a committee. We consider a dynamic bargaining game in which committee members choose either a risky reform or a safe alternative each period. When no...
View ArticleLack of Study Time is the Problem, but What is the Solution? Unsuccessful...
We evaluate two low-cost college support programs designed to directly target insufficient study time, a common characteristic among a large fraction of undergraduates. We conduct our experiment across...
View ArticleNon-Monetary News in Central Bank Communication -- by Anna Cieslak, Andreas...
We quantify the importance of non-monetary news in central bank communication. Using evidence from four major central banks and a comprehensive classification of events, we decompose news conveyed by...
View ArticleSkill versus Voice in Local Development -- by Katherine Casey, Rachel...
Where the state is weak, traditional authorities often control the local provision of land, justice, and public goods. These authorities are criticized for ruling in an undemocratic and unaccountable...
View ArticlePublic Health Efforts and the Decline in Urban Mortality -- by D. Mark...
Using data on 25 major American cities for the period 1900-1940, we explore the effects of municipal-level public health efforts that were viewed as critical in the fight against food- and water-borne...
View ArticleDo Neighborhoods Affect Credit Market Decisions of Low-Income Borrowers?...
This paper provides new evidence on the role of neighborhood in the financial decisions and outcomes of low-income borrowers. We link participants in the Moving to Opportunity experiment to credit...
View ArticleInsurance Contracts when Individuals "Greatly Value" Certainty:...
In discussing the paradoxical violation of expected utility theory that now bears his name, Maurice Allais noted that individuals tend to "greatly value" payoffs that are certain. Allais' observation...
View ArticleThe Effects of Conventional and Unconventional Monetary Policy on Exchange...
What are the effects of monetary policy on exchange rates? And have unconventional monetary policies changed the way monetary policy is transmitted to international financial markets? According to...
View ArticleDeduction Dilemmas: The Taiwan Assignment Mechanism -- by Umut M. Dur, Parag...
This paper analyzes the properties of the Taiwan mechanism, used for high school placement nationwide starting in 2014. In the Taiwan mechanism, points are deducted from an applicant's score with...
View ArticleIntegrability and Generalized Separability -- by Thibault Fally
This paper examines demand systems where the demand for a good depends only on its own price, consumer income, and a single aggregator synthesizing information on all other prices. This generalizes...
View ArticleNevertheless She Persisted? Gender Peer Effects in Doctoral STEM Programs --...
We study the effects of peer gender composition, a proxy for female-friendliness of environment, in STEM doctoral programs on persistence and degree completion. Leveraging unique new data and...
View ArticleLazy Prices -- by Lauren Cohen, Christopher Malloy, Quoc Nguyen
Using the complete history of regular quarterly and annual filings by U.S. corporations from 1995-2014, we show that when firms make an active change in their reporting practices, this conveys an...
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