The Effect of Education and School Quality on Female Crime -- by Javier...
This paper estimates the effects of educational attainment and school quality on crime among American women. Using changes in compulsory schooling laws as instruments, we estimate significant effects...
View ArticleStudent Loan Nudges: Experimental Evidence on Borrowing and Educational...
We estimate the impact of student loan "nudges" on community college students' borrowing and provide the first experimental evidence of the effect of student loans on educational attainment. Nonbinding...
View ArticleThe Uncovered Interest Parity Puzzle, Exchange Rate Forecasting, and Taylor...
Recent research has found that the Taylor-rule fundamentals have power to forecast changes in U.S. dollar exchange rates out of sample. Our work casts some doubt on that claim. However, we find strong...
View ArticleLearning from Coworkers: Peer Effects on Individual Investment Decisions --...
We use unique data on employee decisions in the employee stock purchase plans (ESPPs) of U.S. public firms to measure the influence of networks on investment decisions. Comparing only employees within...
View ArticleShould we Get rid of the Natural Rate Hypothesis? -- by Olivier J. Blanchard
50 years ago, Milton Friedman articulated the natural rate hypothesis. It was composed of two sub-hypotheses: First, the natural rate of unemployment is independent of monetary policy. Second, there is...
View ArticleUS Exports and Employment -- by Robert C. Feenstra, Hong Ma, Yuan Xu
We examine the employment responses to import competition from China and to global export expansion from the United States, both of which have been expanding strongly during the past decades. We find...
View ArticleMoral Hazard in Health Insurance: What We Know and How We Know It -- by Liran...
We describe research on the impact of health insurance on healthcare spending ("moral hazard"), and use this context to illustrate the value of and important complementarities between different...
View ArticlePersonalized Medicine When Physicians Induce Demand -- by David H. Howard,...
Advocates for "personalized medicine" tests claim they can reduce health care spending by identifying patients unlikely to benefit from costly treatments. But most tests are imperfect, and so...
View ArticleThe Use and Misuse of Patent Data: Issues for Corporate Finance and Beyond --...
Patents and citations are powerful tools for understanding innovative activity inside the firm, and are increasingly use in corporate finance research. But due to the complexities of patent data...
View ArticleIntrinsic Openness and Endogenous Institutional Quality -- by Yang Jiao,...
Quality of public institutions has been recognized as a crucial determinant of macroeconomic outcomes. We propose that a country's intrinsic level of openness (due to population size, geography, or...
View ArticleAggregating from Micro to Macro Patterns of Trade -- by Stephen J. Redding,...
We develop a new framework for aggregating from micro to macro patterns of trade. We derive price indexes that determine comparative advantage across countries and sectors and the aggregate cost of...
View ArticleMoral Hazard Misconceptions: the Case of the Greenspan Put -- by Gideon...
Policy discussions on financial market regulation tend to assume that whenever a corrective policy is used ex post to ameliorate the effects of a crisis, there are negative side effects in terms of...
View ArticleTax Simplicity and Heterogeneous Learning -- by Philippe Aghion, Ufuk...
We study how strongly individuals respond to tax simplicity and how they learn about the complexities of the tax system. We focus on the self-employed, who can more easily adjust to tax incentives and...
View ArticleFresh Air Eases Work - The Effect of Air Quality on Individual Investor...
This paper shows that air quality has a significantly negative effect on the likelihood of individual investors to sit down, log in, and trade in their brokerage accounts controlling for investor-,...
View ArticleAre Poor Individuals Mainly Found in Poor Households? Evidence using...
Antipoverty policies assume that targeting poor households suffices in reaching poor individuals. We question this assumption. Our comprehensive assessment for sub-Saharan Africa reveals that...
View ArticleFast and Slow Learning From Reviews -- by Daron Acemoglu, Ali Makhdoumi,...
This paper develops a model of Bayesian learning from online reviews, and investigates the conditions for asymptotic learning of the quality of a product and the speed of learning under different...
View ArticleA Crypto Crystal Ball? What If Traders Settled Bitcoin Forks
Researchers are trying to improve prediction markets as potentially valuable tools for measuring community support or opposition to protocol changes.
View ArticleBitcoin Price Tops $10,000 on Korean Exchanges
The price of bitcoin is trading above $10,000 at several South Korea-based bitcoin exchanges, market data reveals.
View ArticleShort-Lived Shine? Bitcoin Gold Could Revisit Sub-$300 Levels
Bitcoin gold may have leapt up in the token rankings, but its gleam may soon dull, the price charts indicate.
View ArticleBitcoin Price Rally Has Been 'Amazing' Says Nuveen's Bob Doll
Bitcoin "feels speculative," according to the chief equity strategist for Nuveen Asset Management.Â
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