Analyzing the Aftermath of a Compensation Reduction -- by Jason Sandvik,...
Firms rarely cut compensation, so little is known about the after-effects when compensation reductions do occur. We use commission reductions at a sales firm to estimate how work effort and turnover...
View ArticleFrom Paper to Plastic: Understanding the Impact of eWIC on WIC Recipient...
Evidence shows that the Special Supplemental Nutrition Program for Women, Infants, and Children (WIC) is underutilized. WIC enrolls only sixty percent of eligible persons. Participants claim only a...
View ArticleLinear IV Regression Estimators for Structural Dynamic Discrete Choice Models...
In structural dynamic discrete choice models, the presence of serially correlated unobserved states and state variables that are measured with error may lead to biased parameter estimates and...
View ArticleMore Amazon Effects: Online Competition and Pricing Behaviors -- by Alberto...
I study how online competition, with its algorithmic pricing technologies and the transparency of the Internet, can change the pricing behavior of large retailers and affect aggregate inflation...
View ArticleNavigating Complex Financial Decisions at Retirement: Evidence from Annuity...
Choices regarding the disposition of wealth at retirement can have substantial implications for retirement income security. We analyze the factors determining annuity option choices offered by a public...
View ArticleFatal Attraction? Extended Unemployment Benefits, Labor Force Exits, and...
We estimate the causal effect of permanent and premature exits from the labor force on mortality. To overcome the problem of negative health selection into early retirement, we exploit a policy change...
View ArticleThe Federal Reserve Is Not Very Constrained by the Lower Bound on Nominal...
I survey the literature on monetary policy at the zero lower bound (ZLB) and effective lower bound (ELB) to make three main points: First, the Federal Reserve's forward guidance and large-scale asset...
View ArticleCapital Structure and a Firm's Workforce -- by David A. Matsa
While businesses require funding to start and grow, they also rely on human capital, which affects how they raise funds. Labor market frictions make financing labor different than financing capital....
View ArticleThe Minimum Wage and Search Effort -- by Camilla Adams, Jonathan Meer,...
Labor market search-and-matching models posit supply-side responses to minimum wage increases that may lead to improved matches and lessen or even reverse negative employment effects. Yet there is no...
View ArticleThe Limits (and Human Costs) of Population Policy: Fertility Decline and Sex...
The vast majority of China's fertility decline predates the famous One Child Policy - and instead occurred under its predecessor, the Later, Longer, Fewer (LLF) fertility control policy. In this paper,...
View ArticleOvercoming Wealth Inequality by Capital Taxes that Finance Public Investment...
Wealth inequality is rising in rich countries. Capital taxation used simply to finance redistribution may not be able to counteract this trend, but can increased public investment financed by higher...
View ArticlePost-FOMC Announcement Drift in U.S. Bond Markets -- by Jordan Brooks,...
The sensitivity of long-term rates to short-term rates represents a puzzle for standard macro-finance models. Post-FOMC announcement drift in Treasury markets after Fed Funds target changes contributes...
View ArticleIs Education Consumption or Investment? Implications for the Effect of School...
Many observers have argued that giving parents freedom to choose schools would improve education (Friedman, 1955). We review the evidence, and find little indication that households systematically...
View ArticleDo Survey Expectations of Stock Returns Reflect Risk-Adjustments? -- by Klaus...
Motivated by the observation that survey expectations of stock returns are inconsistent with rational return expectations under real-world probabilities, we investigate whether alternative expectations...
View ArticleHappiness at Different Ages: The Social Context Matters -- by John F....
This paper uses a variety of individual-level survey data from several countries to test for interactions between subjective well-being at different ages and variables measuring the nature and quality...
View ArticleTrade and Domestic Production Networks -- by Felix Tintelnot, Ayumu Ken...
We use Belgian data with information on domestic firm-to-firm sales and foreign trade transactions to study how international trade affects firm efficiency and real wages. The data allow us to...
View ArticleWorst-Case Bounds on R&D and Pricing Distortions: Theory with an...
We prove that, for general demand and cost conditions and market structures, the fraction of first-best surplus that a monopolist is unable to extract in a market provides a tight upper bound on the...
View ArticleVacancy Durations and Entry Wages: Evidence from Linked...
This paper explores the relationship between the duration of a vacancy and the starting wage of a new job, using unusually informative data comprising detailed information on vacancies, the...
View ArticleExporting Pollution -- by Itzhak Ben-David, Stefanie Kleimeier, Michael Viehs
Despite awareness of the detrimental impact of CO2 pollution on the world climate, countries vary widely in how they design and enforce environmental laws. Using novel micro data about firms' CO2...
View ArticleUnequal Use of Social Insurance Benefits: The Role of Employers -- by Sarah...
California's Disability Insurance (DI) and Paid Family Leave (PFL) programs have become important sources of social insurance, with benefit payments now exceeding those of the state's Unemployment...
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