Organizing Global Supply Chains: Input Cost Shares and Vertical Integration...
We study whether and how the technological importance of an input - measured by its cost share - is related to the decision of whether to "make" or "buy" that input. Using detailed French international...
View ArticleThe Contribution of Patients and Providers to the Overuse of Prescription...
Overuse of medical care is often attributed to an informed expert problem, whereby doctors induce patients to purchase unnecessary treatments. Alternatively, patients may drive overuse of medications...
View ArticleTax Reform Made Me Do It! -- by Michelle Hanlon, Jeffrey L. Hoopes, Joel Slemrod
This paper examines corporations' actions, and statements about actions, following the tax law change known as the Tax Cuts and Jobs Act (TCJA). Specifically, we examine four different...
View ArticleAccounting for Macro-Finance Trends: Market Power, Intangibles, and Risk...
Real risk-free interest rates have trended down over the past 30 years. Puzzlingly in light of this decline, (1) the return on private capital has remained stable or even increased, creating an...
View ArticleDrivers of the Great Housing Boom-Bust: Credit Conditions, Beliefs, or Both?...
Two potential driving forces of house price fluctuations are commonly cited: credit conditions and beliefs. We posit some simple empirical calculations using direct measures of credit conditions and...
View ArticleWhen Fair Isn't Fair: Understanding Choice Reversals Involving Social...
In settings with uncertainty, tension exists between ex ante and ex post notions of fairness (e.g., equal opportunity versus equal outcomes). In a laboratory experiment, the most common behavioral...
View ArticleAn Analysis of Puerto Rico's Debt Relief Needs to Restore Debt Sustainability...
This paper makes two contributions. First, we examine the macroeconomic implications of Puerto Rico's Fiscal Plan that was certified in March 2017 for fiscal years 2017-18 to 2026-27. Second, we...
View ArticleMeasuring the Impact of Household Innovation using Administrative Data -- by...
We link USPTO patent data to U.S. Census Bureau administrative records on individuals and firms. The combined dataset provides us with a directory of patenting household inventors as well as a...
View ArticleWhen Fair Isn't Fair: Understanding Choice Reversals Involving Social...
In settings with uncertainty, tension exists between ex ante and ex post notions of fairness (e.g., equal opportunity versus equal outcomes). In a laboratory experiment, the most common behavioral...
View ArticleMeasuring the Impact of Household Innovation using Administrative Data -- by...
We link USPTO patent data to U.S. Census Bureau administrative records on individuals and firms. The combined dataset provides us with a directory of patenting household inventors as well as a...
View ArticleDesigned to Fail: Effects of the Default Option and Information Complexity on...
We ask why so few student loan borrowers enroll in Income Driven Repayment when the majority would benefit from doing so. To do so we run an incentivized laboratory experiment using a facsimile of the...
View ArticleWhen Fair Isn't Fair: Understanding Choice Reversals Involving Social...
In settings with uncertainty, tension exists between ex ante and ex post notions of fairness (e.g., equal opportunity versus equal outcomes). In a laboratory experiment, the most common behavioral...
View ArticleShackling the Identification Police? -- by Christopher J. Ruhm
This paper examines potential tradeoffs between research methods in answering important questions versus providing more cleanly identified estimates on problems that are potentially of lesser interest....
View ArticleLow Inflation: High Default Risk AND High Equity Valuations -- by Harjoat S....
We develop an asset-pricing model with endogenous corporate policies that explains how inflation jointly impacts real asset prices and corporate default risk. Our model includes two empirically...
View ArticleMoney Markets, Collateral and Monetary Policy -- by Fiorella De Fiore, Marie...
Interbank money markets have been subject to substantial impairments in the recent decade, such as a decline in unsecured lending and substantial increases in haircuts on posted collateral. This paper...
View ArticleInformation Costs and Sequential Information Sampling -- by Benjamin Hebert,...
We propose a new approach to modeling the cost of information structures in rational inattention problems, the "neighborhood-based" cost functions. These cost functions have two properties that we view...
View ArticleElite Schools and Opting-In: Effects of College Selectivity on Career and...
Using College and Beyond data and a variant on Dale and Krueger's (2002) matched-applicant approach, this paper revisits the question of how attending an elite college affects later-life outcomes. We...
View ArticleUnions and Wage Inequality: The Roles of Gender, Skill and Public Sector...
We examine the changing relationship between unionization and wage inequality in Canada and the United States. Our study is motivated by profound recent changes in the composition of the unionized...
View ArticleWhy is Math Cheaper than English? Understanding Cost Differences in Higher...
The private return to postsecondary investment varies widely by field, but the resources required by different fields are not well known. This paper establishes five new facts about college costs using...
View ArticlePolicy Evolution under the Clean Air Act -- by Richard Schmalensee, Robert N....
The U.S. Clean Air Act, passed in 1970 with strong bipartisan support, was the first environmental law to give the Federal government a serious regulatory role, established the architecture of the U.S....
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