Developing Novel Drugs -- by Joshua L. Krieger, Danielle Li, Dimitris...
We analyze the economic tradeoffs associated with firms' decisions to invest in incremental and radical innovation, in the context of pharmaceutical research and development. We develop a new, ex ante,...
View ArticleSafety Net Investments in Children -- by Hilary W. Hoynes, Diane Whitmore...
In this paper, we examine what groups of children are served by core childhood social-safety net programs--including Medicaid, EITC, CTC, SNAP, and AFDC/TANF--and how that's changed over time. We find...
View ArticleThe Recent Rise of Labor Force Participation of Older Workers in Sweden -- by...
This paper studies the background to the increase in labor force participation of older workers in Sweden since 2000. In the first part, we study how the characteristics of the elderly have changed...
View ArticleHow Happy are Your Neighbours? Variation in Life Satisfaction among 1200...
This paper presents a new public-use dataset for community-level life satisfaction in Canada, based on more than 400,000 observations from the Canadian Community Health Surveys and the General Social...
View ArticleDeath of the Salesman, but not the Sales Force: Reputational Entrepreneurship...
Using citations as a measure of valuation and death as a shock that affects efforts to "sell" scientific work but not the quality of the work itself, we estimate the importance of "reputational...
View ArticleSpinning the Web: The Impact of ICT on Trade in Intermediates and Technology...
This paper studies how information and communication technology (ICT) improvements affect trade along the value chain and international technology diffusion. We examine the impact of a revolutionary...
View ArticleDeposit Inflows and Outflows in Failing Banks: The Role of Deposit Insurance...
Using unique, daily, account-level balances data we investigate deposit stability and the drivers of deposit outflows and inflows in a distressed bank. We observe an outflow of uninsured depositors...
View ArticleStructural Estimation of a Model of School Choices: the Boston Mechanism vs....
We model household choice of schools under the Boston mechanism (BM) and develop a new method, applicable to a broad class of mechanisms, to fully solve the choice problem even if it is infeasible via...
View ArticleUnions and Inequality Over the Twentieth Century: New Evidence from Survey...
It is well-documented that, since at least the early twentieth century, U.S. income inequality has varied inversely with union density. But moving beyond this aggregate relationship has proven...
View ArticleRiding the Credit Boom -- by Christopher Hansman, Harrison Hong, Wenxi Jiang,...
Research on leverage and asset-price fluctuations focuses on the direct effect of lax bank lending enabling financially-constrained investors to take excessive risks. Ignored are unconstrained...
View ArticleDouglass C. North: Transaction Costs, Property Rights, and Economic Outcomes...
Douglass North asked why some societies historically and contemporarily have rising per-capita incomes and individual welfare, whereas others do not? He argued that successful economies had property...
View ArticleSocial Security Programs and Retirement Around the World: Working Longer -...
This is the introduction and summary to the eighth phase of an ongoing project on Social Security Programs and Retirement Around the World. This project, which compares the experiences of a dozen...
View ArticleCognition and SES Relationships Among the Mid-Aged and Elderly: A Comparison...
In this paper, we use a measure of fluid intelligence, an adaptive number series test, to measure that part of cognition for respondents in two developing countries: China and Indonesia, both with very...
View ArticleBanking on Deposits: Maturity Transformation without Interest Rate Risk -- by...
We show that maturity transformation does not expose banks to significant interest rate risk--it actually hedges banks' interest rate risk. We argue that this is driven by banks' deposit franchise....
View ArticleHow Effective is Energy-Efficient Housing? Evidence from a Field Experiment...
Despite growing enthusiasm, there is little empirical evidence on how well energy efficiency investments work. Evidence is particularly lacking from low- and middle-income countries, despite a...
View ArticleThe Political Impact of Immigration: Evidence from the United States -- by...
In this paper we study the impact of immigration to the United States on the vote for the Republican Party by analyzing county-level data on election outcomes between 1990 and 2010. Our main...
View ArticlePauvrete, Egalite, Mortalite: Mortality (In)Equality in France and the United...
We develop a method to compare levels and trends in inequality in mortality in the United States and France in a similar framework. The comparison shows that while income inequality has increased in...
View ArticleHave R&D Spillovers Changed? -- by Brian Lucking, Nicholas Bloom, John...
This paper revisits the results of Bloom, Schankerman, and Van Reenen (2013) examining the impact of R&D on the performance of US firms, especially through spillovers. We extend their analysis to...
View ArticleChanges in Nutrient Intake at Retirement -- by Melvin Stephens Jr., Desmond...
While the literature finding a decrease in food expenditures at retirement suggests households do not adequately save for retirement, subsequent evidence that nutrient intake is unaffected by...
View ArticleAn Assessment of the Forward-Looking Hypothesis of the Demand for Cigarettes...
In this article we develop a model of the demand for cigarettes that incorporates forward-looking behavior related to the adverse health consequences of smoking and the addictive nature of cigarettes....
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