Immigration and the Rise of American Ingenuity -- by Ufuk Akcigit, John...
This paper builds on the analysis in Akcigit, Grigsby, and Nicholas (2017) by using U.S. patent and Census data to examine macro and micro-level aspects of the relationship between immigration and...
View ArticleThe Anatomy of Sentiment-Driven Fluctuations -- by Sushant Acharya, Jess...
We characterize the entire set of linear equilibria of beauty contest games under general information structures. In particular, we focus on equilibria in which sentiments, that is self-fulfilling...
View ArticleThe Country Chronologies to Exchange Rate Arrangements into the 21st Century:...
Detailed country-by-country chronologies are an informative companion piece to our paper "Exchange Arrangements Entering the 21st Century: Which Anchor Will Hold?," which provides a comprehensive...
View ArticleExchange Arrangements Entering the 21st Century: Which Anchor Will Hold? --...
This paper provides a comprehensive history of anchor or reference currencies, exchange rate arrangements, and a new measure of foreign exchange restrictions for 194 countries and territories over...
View ArticleThe Global Rise of Corporate Saving -- by Peter Chen, Loukas Karabarbounis,...
The sectoral composition of global saving changed dramatically during the last three decades. Whereas in the early 1980s most of global investment was funded by household saving, nowadays nearly...
View ArticleThe Recent Growth Boom in Developing Economies: A Structural Change...
Growth has accelerated in a wide range of developing countries over the last couple of decades, resulting in an extraordinary period of convergence with the advanced economies. We analyze this...
View ArticleAntitrust Treatment of Nonprofits: Should Hospitals Receive Special Care? --...
Nonprofit hospitals receive favorable tax treatment in exchange for providing socially beneficial activities. Extending this rationale would suggest that, insofar as suppression of competition would...
View ArticleSocial Ties and Favoritism in Chinese Science -- by Raymond Fisman, Jing Shi,...
We study favoritism via hometown ties, a common source of favor exchange in China, in fellow selection of the Chinese Academies of Sciences and Engineering. Hometown ties to fellow selection committee...
View ArticleCapital Misallocation: Frictions or Distortions? -- by Joel M. David, Venky...
We study a model of investment in which both technological and informational frictions as well as institutional/policy distortions lead to capital misallocation, i.e., static marginal products are not...
View ArticleLand Misallocation and Productivity -- by Diego Restuccia, Raul...
Using detailed household-level data from Malawi on physical quantities of outputs and inputs in agricultural production, we measure total factor productivity (TFP) for farms controlling for land...
View ArticleRents, Technical Change, and Risk Premia: Accounting for Secular Trends in...
The secular decline in safe interest rates since the early 1980s has been the subject of considerable attention. In this short paper, we argue that it is important to consider the evolution of safe...
View ArticleRe-examining the Middle-Income Trap Hypothesis (MITH): What to Reject and...
Do middle-income countries face difficult challenges producing consistent growth? Using transition matrix analysis, we can easily reject any unconditional notion of a "middle-income trap" in the data....
View ArticleImmigration Restrictions as Active Labor Market Policy: Evidence from the...
An important class of active labor market policy has received little rigorous impact evaluation: immigration barriers intended to improve the terms of employment for domestic workers by deliberately...
View ArticleOn the Global Financial Market Integration "Swoosh" and the...
We propose a simple measure of de facto financial market integration based on a factor model of monthly equity returns, which can be computed back to the first era of financial globalization for 17...
View ArticleWhen No Bad Deed Goes Punished: Relational Contracting in Ghana versus the UK...
In relational contracting the threat of punishment in future periods provides an incentive not to cheat. But to what extent do people actually carry out this punishment? We compare relational...
View ArticleKeepin' 'em Down on the Farm: Migration and Strategic Investment in...
In rural areas of most developing countries, intergenerational coresidence is both widespread and an important determinant of well-being for the elderly. Most parents want at least one adult child to...
View ArticleAssessing Managerial Ability: Implications for Corporate Governance -- by...
A manager's current and potential future employers are continually assessing her or his ability. Such assessment is a crucial component of corporate governance and this chapter provides an overview of...
View ArticleWho Becomes a Politician? -- by Ernesto Dal Bo, Frederico Finan, Olle Folke,...
Can a democracy attract competent leaders, while attaining broad representation? Economic models suggest that free-riding incentives and lower opportunity costs give the less competent a comparative...
View ArticleGlobal Inequality Dynamics: New Findings from WID.world -- by Facundo...
This paper presents new findings on global inequality dynamics from the World Wealth and Income Database (WID.world), with particular emphasis on the contrast between the trends observed in the United...
View ArticleMeasuring Loan Outcomes at Postsecondary Institutions: Cohort Repayment Rates...
Low- and middle-income college borrowers often struggle with economic opportunity and loan burdens after leaving school. However, some institutions, including some non-selective schools, do a good job...
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