Price Uncertainty and Price-Contingent Securities -- by Geoffrey Heal
I extend the classical general equilibrium treatment of uncertainty about exogenous states of nature to uncertainty about prices. Traders do not know the prices at which markets will clear but have...
View ArticleThe Affordable Care Act and Ambulance Response Times -- by Charles...
This study contributes to the literature on supply-side adjustments to insurance expansions by examining the effect of the Affordable Care Act (ACA) on ambulance response times. Exploiting temporal and...
View ArticleFirst and Second Generation Impacts of the Biafran War -- by Richard Akresh,...
We analyze long-term impacts of the 1967-1970 Nigerian Civil War, providing the first evidence of intergenerational impacts. Women exposed to the war in their growing years exhibit reduced adult...
View ArticleOligopoly in International Trade: Rise, Fall and Resurgence -- by Keith Head,...
Large firms played a central role in the "new trade" models that became a major focus of trade economists in the early 1980s. Subsequent literature for the most part kept imperfect competition but...
View ArticleTesting for Peer Effects Using Genetic Data -- by John Cawley, Euna Han,...
Estimating peer effects is notoriously difficult because of the reflection problem and the endogeneity of peer group formation. This paper tests for peer effects in obesity in a novel way that...
View ArticleWhat Does (Formal) Health Insurance Do, and For Whom? -- by Amy Finkelstein,...
Health insurance confers benefits to the previously uninsured, including improvements in health, reductions in out-of-pocket spending, and reduced medical debt. But because the nominally uninsured pay...
View ArticleThe Effect of Fertility on Mothers' Labor Supply over the Last Two Centuries...
This paper documents the evolving impact of childbearing on the work activity of mothers. Based on a compiled dataset of 441 censuses and surveys between 1787 and 2015, representing 103 countries and...
View ArticleCommodity Booms and Busts in Emerging Economies -- by Thomas Drechsel,...
Emerging economies, particularly those dependent on commodity exports, are prone to highly disruptive economic cycles. This paper proposes a small open economy model for a net commodity exporter to...
View ArticleThe Decline in Bank-Led Corporate Restructuring in Japan: 1981-2010 -- by...
Using a unique dataset on all major corporate restructuring events in Japan between 1981 and 2010, we examine how bank-led rescue operations in Japan have changed over time. The incidence of...
View ArticleEffects of State-Level Earned Income Tax Credit Laws in the U.S. on Maternal...
The purpose of this paper is to investigate the effects of state-level Earned Income Tax Credit (EITC) laws in the U.S. on maternal health behaviors and infant health outcomes. Using multi-state,...
View ArticleMigration-Induced Redistribution with and without Migrant's Voting -- by...
We are motivated by the unique migration experience of Israel of a supply-side shock triggering skilled immigration and the concurrent decline in welfare-state redistribution. This paper develops a...
View ArticleFrom Soviets to Oligarchs: Inequality and Property in Russia, 1905-2016 -- by...
This paper combines national accounts, survey, wealth and fiscal data (including recently released tax data on high-income taxpayers) in order to provide consistent series on the accumulation and...
View ArticleCentral Bank Digital Currency and the Future of Monetary Policy -- by Michael...
We consider how a central bank digital currency (CBDC) could transform all aspects of the monetary system and facilitate the systematic and transparent conduct of monetary policy. In particular, we...
View ArticleMostly Harmless Regulation? Electronic Cigarettes, Public Policy and Consumer...
Electronic cigarettes are a less harmful alternative to combustible cigarettes. We analyze data on e-cigarette choices in an online experimental market. Our data and mixed logit model capture two...
View ArticleCan Superstition Create a Self-Fulfilling Prophecy? School Outcomes of Dragon...
In Chinese culture those who are born in the year of the Dragon under the zodiac calendar are believed to be destined for good fortune and greatness, and parents prefer their kids to be born in a...
View ArticleMispriced Index Option Portfolios -- by George M. Constantinides, Michal...
The optimal portfolio of a utility-maximizing investor trading in the S&P 500 index and cash, subject to proportional transaction costs, becomes stochastically dominated when overlaid with a...
View ArticleRethinking the Power of Forward Guidance: Lessons from Japan -- by Mark Gertler
In the spring of 2013 the Bank of Japan introduced a state-of-the-art monetary policy which included among other things inflation targeting and aggressive use of forward guidance. In contrast to the...
View ArticleThe Time-Varying Price of Financial Intermediation in the Mortgage Market --...
The U.S. mortgage market links homeowners with savers all over the world. In this paper, we ask how much of the flow of money from savers to borrowers goes to the intermediaries that facilitate these...
View ArticleThe Housing Boom and Bust: Model Meets Evidence -- by Greg Kaplan, Kurt...
We build a model of the U.S. economy with multiple aggregate shocks (income, housing finance conditions, and beliefs about future housing demand) that generate fluctuations in equilibrium house prices....
View ArticleWho Moves Up the Job Ladder? -- by John Haltiwanger, Henry Hyatt, Erika...
In this paper, we use linked employer-employee data to study the reallocation of heterogeneous workers between heterogeneous firms. We build on recent evidence of a cyclical job ladder that reallocates...
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