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View ArticleLearning to Live in a Liquidity Trap -- by Jasmina Arifovic, Stephanie...
The Taylor rule in combination with the zero lower bound on nominal rates has been shown to create an unintended liquidity-trap equilibrium. The relevance of this equilibrium has been challenged on the...
View ArticleDo Humans Suffer a Psychological Low in Midlife? Two Approaches (With and...
Using seven recent data sets, covering 51 countries and 1.3 million randomly sampled people, the paper examines the pattern of psychological well-being from approximately age 20 to age 90. Two...
View ArticlePrice Uncertainty and Price-Contingent Securities -- by Geoffrey Heal
I extend the classical general equilibrium treatment of uncertainty about exogenous states of nature to uncertainty about prices. Traders do not know the prices at which markets will clear but have...
View ArticleEquilibrium Provider Networks: Bargaining and Exclusion in Health Care...
Why do insurers choose to exclude medical providers, and when would this be socially desirable? We examine network design from the perspective of a profit-maximizing insurer and a social planner to...
View ArticleHousehold Finance in China -- by Russell Cooper, Guozhong Zhu
This paper studies household finance in China, focusing on the high savings rate, the low participation rate in the stock market, and the low stock share in household portfolios. These salient features...
View ArticleCredit Growth and the Financial Crisis: A New Narrative -- by Stefania...
A broadly accepted view contends that the 2007-09 financial crisis in the U.S. was caused by an expansion in the supply of credit to subprime borrowers during the 2001- 2006 credit boom, leading to the...
View ArticleWelfare-Consistent Global Poverty Measures -- by Martin Ravallion, Shaohua Chen
The paper provides new measures of global poverty that take seriously the idea of relative-income comparisons but also acknowledge a deep identification problem when the latent norms defining poverty...
View ArticleGoal Setting, Academic Reminders, and College Success: A Large-Scale Field...
This paper presents an independent large-scale experimental evaluation of two online goal-setting interventions. Both interventions are based on promising findings from the field of social psychology....
View ArticleSlicing the Pie: Quantifying the Aggregate and Distributional Effects of...
We develop a multi-sector gravity model with heterogeneous workers to quantify the aggregate and group-level welfare effects of trade. We estimate the model using the structural relationship between...
View ArticleThe Impact of Price Caps and Spending Cuts on U.S. Postsecondary Attainment...
Increasing the postsecondary attainment rate of college-age youth is an important economic priority in the U.S. and in other developed countries. Yet little is known about whether different forms of...
View ArticleChoice of Majors: Are Women Really Different from Men? -- by Adriana D....
Recent work suggests that women are more responsive to negative feedback than men in certain environments. We examine whether negative feedback in the form of relatively low grades in major-related...
View ArticleThe Structure and Performance of U.S. Research Joint Ventures: Inferences and...
Research Joint Ventures (RJVs) are projects that combine the research resources of different firms. A sample of RJVs supported by the U.S. Advanced Technology Program shows that the projects yield...
View ArticleRace Matters: Income Shares, Income Inequality, and Income Mobility for All...
This paper presents income shares, income inequality, and income immobility measures for all race and ethnic groups in the United States using the universe of U.S. tax returns matched at the individual...
View ArticleIncome and Wealth Distribution in Macroeconomics: A Continuous-Time Approach...
We recast the Aiyagari-Bewley-Huggett model of income and wealth distribution in continuous time. This workhorse model - as well as heterogeneous agent models more generally - then boils down to a...
View ArticleJob Search Behavior among the Employed and Non-Employed -- by R. Jason...
Using a unique new survey, we study the relationship between search effort and outcomes for employed and non-employed workers. We find that the employed fare better than the non-employed in job search:...
View ArticleThe Rise and Fall of Pellagra in the American South -- by Karen Clay, Ethan...
The result of insufficient niacin consumption, pellagra caused more deaths than any other nutrition-related disease in American history, and it reached epidemic proportions in the South during the...
View ArticleSocial Security Claiming Decisions: Survey Evidence -- by John B. Shoven,...
While research shows that there are large gains in lifetime wealth from delaying claiming Social Security, most people claim at or before full retirement age. We fielded an original, nationally...
View ArticleThe Role of Entrepreneurial Human Capital as a Driver of Endogenous Economic...
We model investment in entrepreneurial human capital (EHC) - the representative enterprise's share of production capacity allocated to investment in innovative industrial and commercial knowledge - as...
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