Who Owns the Wealth in Tax Havens? Macro Evidence and Implications for Global...
Drawing on newly published macroeconomic statistics, this paper estimates the amount of household wealth owned by each country in offshore tax havens. The equivalent of 10% of world GDP is held in tax...
View ArticleEnjoying the Quiet Life: Corporate Decision-Making by Entrenched Managers --...
In this study, we empirically test "quiet life hypothesis," which predicts that managers who are subject to weak monitoring from the shareholders avoid making difficult decisions such as risky...
View ArticleThe Effects of Graduation Requirements on Risky Health Behaviors of High...
Previous studies have shown that years of formal schooling attained affects health behaviors, but little is known about how the stringency of academic programs affects such behaviors, especially among...
View ArticleHow do Credit Supply Shocks Affect the Real Economy? Evidence from the United...
Does an expansion in credit supply affect the economy by increasing productive capacity, or by boosting demand? We design a test to uncover which of the two channels is more dominant, and we apply it...
View ArticleMarket Power, Production (Mis)Allocation and OPEC -- by John Asker, Allan...
This paper estimates the extent to which market power is a source of production misallocation. Productive inefficiency occurs through more production being allocated to higher-cost units of production,...
View ArticleThe Origins of Financial Development: How the African Slave Trade Continues...
We assess how the African slave trade--which had enduring effects on social cohesion--continues to influence financial systems. After showing that the intensity with which people were enslaved and...
View ArticleUnderstanding Precautionary Cash at Home and Abroad -- by Michael W....
Has the need for precautionary savings driven the dramatic increase in U.S. corporate cash? We show that the run-up in cash is concentrated in foreign subsidiaries of multinational corporations....
View ArticleFinTech Adoption Across Generations: Financial Fitness in the Information Age...
This paper analyzes how better access to financial information via new technology changes use of consumer credit and affects financial fitness. We exploit the introduction of a smartphone application...
View ArticleLong-Term Care in Latin America and the Caribbean? Theory and Policy...
This paper discusses theoretical and practical issues related to long-term care (LTC) services in Latin America. Demand for these services will rise as the region undergoes a swift demographic...
View ArticleUncertainty Shocks as Second-Moment News Shocks -- by David Berger, Ian...
We provide evidence on the relationship between aggregate uncertainty and the macroeconomy. Identifying uncertainty shocks using methods from the news shocks literature, the analysis finds that...
View ArticleWhere Modern Macroeconomics Went Wrong -- by Joseph E. Stiglitz
This paper provides a critique of the DSGE models that have come to dominate macroeconomics during the past quarter-century. It argues that at the heart of the failure were the wrong microfoundations,...
View ArticleStructural Transformation, Deep Downturns, and Government Policy -- by Joseph...
Most recessions are a result of some shock to the economic system, typically amplified by financial accelerators, and leading to large balance sheet effects of households and firms, which result in the...
View ArticleCan Financial Incentives Reduce the Baby Gap? Evidence from a Reform in...
To assess whether earnings-dependent maternity leave positively impacts fertility and narrows the baby gap between high educated (high earning) and low educated (low earning) women, I exploit a major...
View ArticleHigh-Dosage Tutoring and Reading Achievement: Evidence from New York City --...
This study examines the impact on student achievement of high-dosage reading tutoring for middle school students in New York City Public Schools, using a school-level randomized field experiment....
View ArticleThe Accident Externality from Trucking -- by Lucija Muehlenbachs, Stefan...
How much risk does a heavy truck impose on highway safety? To answer this question, we look at the rapid influx of trucks during the shale gas boom in Pennsylvania. Using quasi-experimental variation...
View ArticleTarnishing the Golden and Empire States: Land-Use Restrictions and the U.S....
This paper studies the impact of state-level land-use restrictions on U.S. economic activity, focusing on how these restrictions have depressed macroeconomic activity since 2000. We use a variety of...
View ArticleFiscal Stimulus and Fiscal Sustainability -- by Alan J. Auerbach, Yuriy...
The Great Recession and the Global Financial Crisis have left many developed countries with low interest rates and high levels of public debt, thus limiting the ability of policymakers to fight the...
View ArticleHow was the Quantitative Easing Program of the 1930s Unwound? -- by Matthew...
Outside of the recent past, excess reserves have only concerned policymakers in one other period: the Great Depression. The data show that excess reserves in the 1930s were never actively unwound...
View ArticleRational Inattention and Sequential Information Sampling -- by Benjamin...
We propose a new principle for measuring the cost of information structures in rational inattention problems, based on the cost of generating the information used to make a decision through a dynamic...
View ArticleThe Second Era of Globalization is Not Yet Over: An Historical Perspective --...
The recent rise of populist anti-globalization political movements has led to concerns that the current wave of globalization that goes back to the 1870s may end in turmoil just like the first wave...
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