What do Editors Maximize? Evidence from Four Leading Economics Journals -- by...
We study editorial decision-making using anonymized submission data for four leading economics journals: the Journal of the European Economics Association, the Quarterly Journal of Economics, the...
View ArticleMonetary Policy, Bounded Rationality, and Incomplete Markets -- by Emmanuel...
This paper extends the benchmark New-Keynesian model with a representative agent and rational expectations by introducing two key frictions: (1) agent heterogeneity with incomplete markets, uninsurable...
View ArticleMapping the Interconnectedness between EU Banks and Shadow Banking Entities...
This paper provides a unique snapshot of the exposures of EU banks to shadow banking entities within the global financial system. Drawing on a rich and novel dataset, the paper documents the...
View ArticleUrban Productivity in the Developing World -- by Edward L. Glaeser, Wentao Xiong
Africa is urbanizing rapidly, and this creates both opportunities and challenges. Labor productivity appears to be much higher in developing-world cities than in rural areas, and historically...
View ArticleThe Political Economy of Heterogeneity and Conflict -- by Enrico Spolaore,...
We present a conceptual framework linking cultural heterogeneity to inter-group conflict. When conflict is about control of public goods, more heterogeneous groups are expected to fight more with each...
View ArticleDo The Effects of Social Nudges Persist? Theory and Evidence from 38 Natural...
This study examines the mechanisms underlying long-run reductions in energy consumption caused by a widely studied social nudge. Our investigation considers two channels: physical capital in the home...
View ArticleText as Data -- by Matthew Gentzkow, Bryan T. Kelly, Matt Taddy
An ever increasing share of human interaction, communication, and culture is recorded as digital text. We provide an introduction to the use of text as an input to economic research. We discuss the...
View ArticleMedium- and Long-Term Educational Consequences of Alternative Conditional...
We show that three Colombian conditional cash transfer (CCT) programs for secondary schools improve educational outcomes eight and 12 years after random assignment relative to a control group. Forcing...
View ArticleDemand for Information and Asset Pricing -- by Azi Ben-Rephael, Bruce I....
Previously, academics have used the supply of information that arrives to market (e.g., macroeconomic announcements, earnings reports, or news releases) to study how information affects asset prices...
View ArticleCompeting for Capital: Auditing and Credibility in Financial Reporting -- by...
When self-interested agents compete for scarce resources, they often exaggerate the promise of their activities. As such, principals must consider both the quality of each opportunity and each agent's...
View ArticleTropical Forests, Tipping Points, and the Social Cost of Deforestation -- by...
Recent work has suggested that tropical forest and savanna represent alternative stable states, which are subject to drastic switches at tipping points, in response to changes in rainfall patterns and...
View ArticleAdaptation and the Mortality Effects of Temperature Across U.S. Climate...
We study heterogeneity in the relationship between temperature and mortality across U.S. climate regions and its implications for climate adaptation. Using exogenous variation in temperature and data...
View ArticleRegional Heterogeneity and Monetary Policy -- by Martin Beraja, Andreas...
We argue that the time-varying regional distribution of housing equity influences the aggregate consequences of monetary policy through its effects on mortgage refinancing. Using detailed loan-level...
View ArticleEarly Effects of the Affordable Care Act on Health Care Access, Risky Health...
The goal of the Affordable Care Act (ACA) was to achieve nearly universal health insurance coverage through a combination of mandates, subsidies, marketplaces, and Medicaid expansions, most of which...
View ArticleWhat is a Patent Worth? Evidence from the U.S. Patent "Lottery" --...
We provide evidence on the value of patents to startups by leveraging the random assignment of applications to examiners with different propensities to grant patents. Using unique data on all...
View ArticleExchange Rate Prediction Redux: New Models, New Data, New Currencies -- by...
Previous assessments of nominal exchange rate determination, following Meese and Rogoff (1983) have focused upon a narrow set of models. Cheung et al. (2005) augmented the usual suspects with...
View ArticleExchange Rate Policies at the Zero Lower Bound -- by Manuel Amador, Javier...
We study how a monetary authority pursues an exchange rate objective in an environment that features a zero lower bound (ZLB) constraint on nominal interest rates and limits to arbitrage in...
View ArticleMinimizing Justified Envy in School Choice: The Design of New Orleans' OneApp...
In 2012, New Orleans Recovery School District (RSD) became the first U.S. district to unify charter and traditional public school admissions in a single-offer assignment mechanism known as OneApp. The...
View ArticleLiving Up to Expectations: How Job Training Made Women Better Off and Men...
We study the interaction between job and soft skills training on expectations and labor market outcomes in the context of a youth training program in the Dominican Republic. Program applicants were...
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