Production Flexibility, Misallocation and Total Factor Productivity -- by...
Economy-wide institutional deficiencies causing factor misallocation have been emphasized as essential determinants of aggregate TFP differences. This paper argues that production flexibility at the...
View ArticleA Tale of Two Cities: Cross-Border Casino Competition Between Detroit and...
We develop a framework to study analytically and quantitatively relentless cross-border casino competition with social-disorder and income-creation externalities. Two bordering casinos compete with...
View ArticleIdentification in Macroeconomics -- by Emi Nakamura, Jon Steinsson
This paper discusses empirical approaches macroeconomists use to answer questions like: What does monetary policy do? How large are the effects of fiscal stimulus? What caused the Great Recession? Why...
View ArticleThe Economics of PIPEs -- by Jongha Lim, Michael W. Schwert, Michael S. Weisbach
This paper considers a sample of 3,001 private investments in public equities (PIPEs). Issuing firms tend to be small and poorly performing, so have limited access to traditional sources of finance. To...
View ArticleTechnology and the Effectiveness of Regulatory Programs Over Time: Vehicle...
Personal automobile emissions are a major source of urban air pollution. Many U.S. states control emissions through mandated vehicle inspections and repairs. But there is little empirical evidence...
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Corporate Finance: Theory and Practice, 5th Edition
The essential corporate finance text, updated with new dataread more...
View ArticleOur Low Risk (Low Volatility) World
In case you haven't noticed -- and I haven't -- we apparently are in a world of exceptionally low risk. To see this you need look no further than the volatility of the major markets. The volatility of...
View ArticleA Numerical Scheme for A Singular control problem: Investment-Consumption...
This paper concerns the numerical solution of a fully nonlinear parabolic double obstacle problem arising from a finite portfolio selection with proportional transaction costs. We consider the optimal...
View ArticleWhat's Wrong With the IMF and How to Fix It
The IMF stands at a crossroad. Derided as increasingly irrelevant in the first decade of the new millennium, the Fund has had its power and prestige restored by the fallout from the 2008 global...
View ArticleWhat's Wrong With the IMF and How to Fix It
The IMF stands at a crossroad. Derided as increasingly irrelevant in the first decade of the new millennium, the Fund has had its power and prestige restored by the fallout from the 2008 global...
View ArticleMedicaid and Financial Health -- by Kenneth Brevoort, Daniel Grodzicki,...
This paper investigates the effects of the Medicaid expansion provision of the Affordable Care Act (ACA) on households' financial health. Our findings indicate that, in addition to reducing the...
View ArticleArtificial Intelligence and the Modern Productivity Paradox: A Clash of...
We live in an age of paradox. Systems using artificial intelligence match or surpass human level performance in more and more domains, leveraging rapid advances in other technologies and driving...
View ArticleHow Bargaining in Marriage drives Marriage Market Equilibrium -- by Robert A....
This paper investigates marriage market equilibrium under the assumption that Bargaining In Marriage (BIM) determines allocation within marriage. Prospective spouses, when they meet in the marriage...
View ArticleA Note on Variance Decomposition with Local Projections -- by Yuriy...
We propose and study properties of several estimators of variance decomposition in the local-projections framework. We find for empirically relevant sample sizes that, after being bias corrected with...
View ArticleFrontier Culture: The Roots and Persistence of "Rugged...
In a classic 1893 essay, Frederick Jackson Turner argued that the American frontier promoted individualism. We revisit the Frontier Thesis and examine its relevance at the subnational level. Using...
View ArticleUniform Pricing in US Retail Chains -- by Stefano DellaVigna, Matthew Gentzkow
We show that most US food, drugstore, and mass merchandise chains charge nearly-uniform prices across stores, despite wide variation in consumer demographics and the level of competition. Estimating a...
View ArticleImpact of Comprehensive Smoking Bans on the Health of Infants and Children --...
As evidence of the negative effects of environmental tobacco smoke (ETS) has mounted, an increasingly popular public policy response has been to impose restrictions on smoking through 100% smoke-free...
View ArticleCity Equilibrium with Borrowing Constraints: Structural Estimation and...
This paper develops a general equilibrium model of location choice with social interactions where mortgage approval rates determine household-specific choice sets that differ across neighborhoods and...
View ArticleTrade, Merchants, and the Lost Cities of the Bronze Age -- by Gojko...
We analyze a large dataset of commercial records produced by Assyrian merchants in the 19th Century BCE. Using the information collected from these records, we estimate a structural gravity model of...
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