Bureaucratic Competence and Procurement Outcomes -- by Francesco Decarolis,...
To what extent does a more competent public workforce contribute to better economic outcomes? We analyze this question in the context of the US federal procurement by combining data on office-level...
View ArticleStatistical Discrimination and Duration Dependence in the Job Finding Rate --...
This paper models a frictional labor market where employers endogenously discriminate against the long term unemployed. The estimated model replicates recent experimental evidence which documents that...
View ArticleMisallocation Measures: The Distortion That Ate the Residual -- by John...
A large literature on misallocation and productivity has arisen in recent years, with Hsieh and Klenow (2009; hereafter HK) as its standard empirical framework. The framework's usefulness and...
View ArticleDinner Table Human Capital and Entrepreneurship -- by Hans K. Hvide, Paul Oyer
We document three new facts about entrepreneurship. First, a majority of male entrepreneurs start a firm in the same or a closely related industry as their fathers' industry of employment. Second, this...
View ArticleMatch Quality, Search, and the Internet Market for Used Books -- by Glenn...
This paper examines the effect of the Internet on markets in which match-quality is important, including an analysis of the market for used books. A model in which sellers of unusual objects wait for...
View ArticleArtificial Intelligence, Automation and Work -- by Daron Acemoglu, Pascual...
We summarize a framework for the study of the implications of automation and AI on the demand for labor, wages, and employment. Our task-based framework emphasizes the displacement effect that...
View ArticleTriffin: dilemma or myth? -- by Michael D. Bordo, Robert N. McCauley
Triffin gained enormous influence by reviving the interwar story that gold scarcity threatened deflation. In particular, he held that central banks needed to accumulate claims on the United States to...
View ArticleValue for Money? Community Targeting in Vote-Buying and Politician...
Community targeting of vote payments -- defined as the saturation of entire neighborhoods with cash prior to elections -- is widespread in the developing world. In this paper, we utilize laboratory...
View ArticleThe Welfare Effects of Encouraging Rural-Urban Migration -- by David Lagakos,...
This paper studies the welfare effects of encouraging rural-urban migration in the developing world. To do so, we build a dynamic incomplete-markets model of migration in which heterogenous agents face...
View ArticleThe Intergenerational Effects of Parental Incarceration -- by Will Dobbie,...
We estimate the causal effect of parental incarceration on children's medium-run outcomes using administrative data from Sweden. Our empirical strategy exploits exogenous variation in parental...
View ArticleWhat Do Workplace Wellness Programs Do? Evidence from the Illinois Workplace...
Workplace wellness programs cover over 50 million workers and are intended to reduce medical spending, increase productivity, and improve well-being. Yet, limited evidence exists to support these...
View ArticleRegulating Mismeasured Pollution: Implications of Firm Heterogeneity for...
This paper provides the first estimates of within-industry heterogeneity in energy and CO2 productivity for the entire U.S. manufacturing sector. We measure energy and CO2 productivity as output per...
View ArticleIntergenerational Effects of Incarceration -- by Manudeep Bhuller, Gordon B....
An often overlooked population in discussions of prison reform is the children of inmates. How a child is affected depends both on what incarceration does to their parent and what they learn from their...
View ArticleThe Power of Working Longer -- by Gila Bronshtein, Jason Scott, John B....
This paper compares the relative strengths of working longer vs. saving more in terms of increasing a household's affordable, sustainable standard of living in retirement. Both stylized households and...
View ArticleThe Effect of Education on Health and Mortality: A Review of Experimental and...
Education is strongly associated with better health and longer lives. However, the extent to which education causes health and longevity is widely debated. We develop a human capital framework to...
View ArticleShadow Funding Costs: Measuring the Cost of Balance Sheet Constraints -- by...
Recent theory suggests that balance sheet frictions and constraints faced by financial intermediaries can have major asset pricing implications. We propose a new measure of the impact of these...
View ArticleReal Keynesian Models and Sticky Prices -- by Paul Beaudry, Franck Portier
In this paper we present a generalized sticky price model which allows, depending on the parameterization, for demand shocks to maintain strong expansionary effects even in the presence of perfectly...
View ArticleLiquidity Regimes and Optimal Dynamic Asset Allocation -- by Pierre...
We solve for the optimal dynamic asset allocation when expected returns, volatilities, and trading costs follow a regime switching model. The optimal policy is to trade partially towards an aim...
View ArticleFinancial Heterogeneity and the Investment Channel of Monetary Policy -- by...
We study the role of heterogeneity in firms' financial positions in determining the investment channel of monetary policy. Empirically, we show that firms with low leverage or high credit ratings are...
View ArticleWage Dynamics and Returns to Unobserved Skill -- by Lance Lochner, Youngmin...
Economists disagree about the factors driving the substantial increase in residual wage inequality in the U.S. over the past few decades. We identify and estimate a general model of log wage residuals...
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