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Low Inflation: High Default Risk AND High Equity Valuations -- by Harjoat S....

We develop an asset-pricing model with endogenous corporate policies that explains how inflation jointly impacts real asset prices and corporate default risk. Our model includes two empirically...

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Unions and Wage Inequality: The Roles of Gender, Skill and Public Sector...

We examine the changing relationship between unionization and wage inequality in Canada and the United States. Our study is motivated by profound recent changes in the composition of the unionized...

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Why is Math Cheaper than English? Understanding Cost Differences in Higher...

The private return to postsecondary investment varies widely by field, but the resources required by different fields are not well known. This paper establishes five new facts about college costs using...

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Information Costs and Sequential Information Sampling -- by Benjamin Hebert,...

We propose a new approach to modeling the cost of information structures in rational inattention problems, the "neighborhood-based" cost functions. These cost functions have two properties that we view...

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Elite Schools and Opting-In: Effects of College Selectivity on Career and...

Using College and Beyond data and a variant on Dale and Krueger's (2002) matched-applicant approach, this paper revisits the question of how attending an elite college affects later-life outcomes. We...

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Women, Wealth Effects, and Slow Recoveries -- by Masao Fukui, Emi Nakamura,...

Business cycle recoveries have slowed in recent decades. This slowdown comes entirely from female employment: as women's employment rates converged towards men's over the past half-century, the growth...

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Stock Price Rewards to Climate Saints and Sinners: Evidence from the Trump...

Donald Trump's 2016 election and the subsequent nomination of Scott Pruitt, a climate skeptic, to lead the Environmental Protection Agency drastically downshifted expectations on US climate change...

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Do Children Benefit from Internet Access? Experimental Evidence from Peru --...

This paper provides experimental evidence for the impact of home internet access on a broad range of child outcomes in Peru. We compare children who were randomly chosen to receive laptops with...

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Policy Evolution under the Clean Air Act -- by Richard Schmalensee, Robert N....

The U.S. Clean Air Act, passed in 1970 with strong bipartisan support, was the first environmental law to give the Federal government a serious regulatory role, established the architecture of the U.S....

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The Returns to Parental Health: Evidence from Indonesia -- by Dara Lee Luca,...

This paper investigates the economic returns to parental health. To account for potential endogeneity between parental health and child outcomes, we leverage longitudinal microdata from Indonesia to...

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Treatment Effects with Multiple Outcomes -- by John Mullahy

This paper proposes strategies for defining, identifying, and estimating features of treatment-effect distributions in contexts where multiple outcomes are of interest. After describing existing...

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Taking Time Use Seriously: Income, Wages And Price Discrimination -- by...

The American Time Use Survey 2003-15, the French Enquete Emploi du Temps, 2009-10, and the German Zeitverwendungserhebung, 2012-13, have sufficient observations to allow examining the theory of...

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Free for Children? Patient Cost-sharing and Healthcare Utilization -- by...

This study exploits over 5,000 variations in subsidy generosity across ages and municipalities in Japan to examine how children respond to healthcare prices. We find that free care significantly...

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Testing, Stress, and Performance: How Students Respond Physiologically to...

A potential contributor to socioeconomic disparities in academic performance is the difference in the level of stress experienced by students outside of school. Chronic stress - due to neighborhood...

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The Propagation of Monetary Policy Shocks in a Heterogeneous Production...

We study the transmission of monetary policy shocks in a model in which realistic heterogeneity in price rigidity interacts with heterogeneity in sectoral size and input-output linkages, and derive...

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The Abolition of Immigration Restrictions and the Performance of Firms and...

We study a reform that granted European cross-border workers free access to the Swiss labor market. Our Differences-in-Differences estimations leverage the fact that regions close to the border were...

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The Effect of the Economic Collapse in Iceland on the Probability of...

We explore whether the 2008 economic collapse in Iceland and subsequent economic crisis affected the probability of ischemic heart disease (IHD) events, independent of regular cyclical effects...

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In the Shadows of the Government: Relationship Building During Political...

We document that following a turnover of the Party Secretary or mayor of a city in China, firms (especially private firms) headquartered in that city significantly increase their "perk spending." Both...

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Shackling the Identification Police? -- by Christopher J. Ruhm

This paper examines potential tradeoffs between research methods in answering important questions versus providing more cleanly identified estimates on problems that are potentially of lesser interest....

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Money Markets, Collateral and Monetary Policy -- by Fiorella De Fiore, Marie...

Interbank money markets have been subject to substantial impairments in the recent decade, such as a decline in unsecured lending and substantial increases in haircuts on posted collateral. This paper...

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