NBER Working Papers

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20081: Uncertainty Shocks, Asset Supply and Pricing over the Business Cycle

Francesco Bianchi, Cosmin Ilut and Martin Schneider

20080: The Role of Proximity in Foreclosure Externalities: Evidence from Condominiums

Lynn Fisher, Lauren Lambie-Hanson and Paul Willen

20079: Evolving Comparative Advantage and the Impact of Climate Change in Agricultural Markets: Evidence from 1.7 Million Fields around the World

Arnaud Costinot, Dave Donaldson and Cory Smith

20078: The Evolution of Bank Boards of Directors in New York, 1840-1950

Howard Bodenhorn and Eugene White

20077: What is driving the 'African Growth Miracle'?

Margaret McMillan and Kenneth Harttgen

20076: The Common Factor in Idiosyncratic Volatility: Quantitative Asset Pricing Implications

Bernard Herskovic, Bryan T. Kelly, Hanno Lustig and Stijn Van Nieuwerburgh

20075: Financial Health Economics

Ralph Koijen, Tomas Philipson and Harald Uhlig

20074: Market Structure, Reputation, and the Value of Quality Certification

Daniel Elfenbein, Raymond Fisman and Brian McManus

20073: The Wealthy Hand-to-Mouth

Greg Kaplan, Giovanni Violante and Justin Weidner

20072: Investment Noise and Trends

Robert Stambaugh

20071: Do ETFs Increase Volatility?

Itzhak Ben-David, Francesco Franzoni and Rabih Moussawi

20070: Macroeconomic Drivers of Bond and Equity Risks

John Campbell, Carolin Pflueger and Luis Viceira

20069: Firms and the Economics of Skilled Immigration

Sari Pekkala Kerr, William Kerr and William Lincoln

20068: Understanding Earnings Dynamics: Identifying and Estimating the Changing Roles of Unobserved Ability, Permanent and Transitory Shocks

Lance Lochner and Youngki Shin

20067: On the Distributive Costs of Drug-Related Homicides

Nicolas Ajzenman, Sebastian Galiani and Enrique Seira Bejarano

20066: Job Displacement and the Duration of Joblessness: The Role of Spatial Mismatch

Fredrik Andersson, John Haltiwanger, Mark Kutzbach, Henry O. Pollakowski and Daniel Weinberg

20065: Declining Migration within the U.S.: The Role of the Labor Market

Raven Molloy, Christopher Smith and Abigail Wozniak

20064: Disease and Development: A Reply to Bloom, Canning, and Fink

Daron Acemoglu and Simon Johnson

20063: In Search of the Armington Elasticity

Robert Feenstra, Philip Luck, Maurice Obstfeld and Katheryn Russ

20062: Rare Booms and Disasters in a Multi-sector Endowment Economy

Jerry Tsai and Jessica Wachter

20061: Firms, Destinations, and Aggregate Fluctuations

Julian di Giovanni, Andrei Levchenko and Isabelle Mejean

20060: Localized and Biased Technologies: Atkinson and Stiglitz's New View, Induced Innovations, and Directed Technological Change

Daron Acemoglu

20059: Economic Well-being and Anti-Semitic, Xenophobic, and Racist Attitudes in Germany

Naci Mocan and Christian Raschke

20058: Bequests and Heterogeneity in Retirement Wealth

Mariacristina De Nardi and Fang Yang

20057: Co-residence, Life-Cycle Savings and Inter-generational Support in Urban China

Mark Rosenzweig and Junsen Zhang

20056: Promise Scholarship Programs as Place-Making Policy: Evidence from School Enrollment and Housing Prices

Michael LeGower and Randall Walsh

20055: Inflation in the Great Recession and New Keynesian Models

Marco Del Negro, Marc Giannoni and Frank Schorfheide

20054: The Causal Effect of Competition on Prices and Quality: Evidence from a Field Experiment

Matias Busso and Sebastian Galiani

20053: How Do Providers Respond to Public Health Insurance Expansions? Evidence from Adult Medicaid Dental Benefits

Thomas Buchmueller, Sarah Miller and Marko Vujicic

20052: Can Taxes Shape an Industry? Evidence from the Implementation of the “Amazon Tax”

Brian Baugh, Itzhak Ben-David and Hoonsuk Park

20051: Internal versus External Growth in Industries with Scale Economies: A Computational Model of Optimal Merger Policy

Ben Mermelstein, Volker Nocke, Mark A. Satterthwaite and Michael Whinston

20050: Aggregate Fertility and Household Savings: A General Equilibrium Analysis using Micro Data

Abhijit Banerjee, Xin Meng, Tommaso Porzio and Nancy Qian

20049: Place-Based Policies

David Neumark and Helen Simpson

20048: The Role of Sales Agents in Information Disclosure: Evidence from a Field Experiment

Hunt Allcott and Richard Sweeney

20047: The Effect of Effectiveness: Donor Response to Aid Effectiveness in a Direct Mail Fundraising Experiment

Dean Karlan and Daniel H. Wood

20046: Host-Country Financial Development and Multinational Activity

Kamran Bilir, Davin Chor and Kalina Manova

20045: Health Care in a Multipayer System: The Effects of Health Care Service Demand among Adults under 65 on Utilization and Outcomes in Medicare

Sherry A. Glied

20044: Private Information and Sunspots in Sequential Asset Markets

Jess Benhabib and Pengfei Wang

20043: Capital Taxation under Political Constraints

Florian Scheuer and Alexander Wolitzky

20042: Systemic and Idiosyncratic Sovereign Debt Crises

Graciela Kaminsky and Pablo Vega-García

20041: Credit Risk in the Euro Area

Simon Gilchrist and Benoit Mojon

20040: Understanding the Great Recession

Lawrence Christiano, Martin Eichenbaum and Mathias Trabandt

20039: Algorithms and the Changing Frontier

Hezekiah Agwara, Philip Auerswald and Brian Higginbotham

20038: Uncertainty, Financial Frictions, and Investment Dynamics

Simon Gilchrist, Jae Sim and Egon Zakrajšek

20037: The (Changing) Knowledge Production Function: Evidence from the MIT Department of Biology for 1970-2000

Annamaria Conti and Christopher C. Liu

20036: Information Technology and the Distribution of Inventive Activity

Chris Forman, Avi Goldfarb and Shane Greenstein

20035: Health Status, Disability and Retirement Incentives in Belgium

Alain Jousten, Mathieu Lefebvre and Sergio Perelman

20034: Structuring Incentives Within Organizations: The Case of Accountable Care Organizations

Brigham Frandsen and James Rebitzer

20033: The Euro and The Geography of International Debt Flows

Galina Hale and Maurice Obstfeld

20032: Did Railroads Make Antebellum U.S. Banks More Sound?

Jeremy Atack, Matthew Jaremski and Peter Rousseau

20031: An Empirical Model of Wage Dispersion with Sorting

Jesper Bagger and Rasmus Lentz

20030: Retirement, Early Retirement and Disability: Explaining Labor Force Participation after 55 in France

Luc Behaghel, Didier Blanchet and Muriel Roger

20029: Colonial Institutions, Commodity Booms, and the Diffusion of Elementary Education in Brazil, 1889-1930

Aldo Musacchio, André Martínez Fritscher and Martina Viarengo

20028: Understanding Corporate Governance Through Learning Models of Managerial Competence

Benjamin Hermalin and Michael Weisbach

20027: The Flight from Maturity

Gary Gorton, Andrew Metrick and Lei Xie

20026: Which Peers Matter? The Relative Impacts of Collaborators, Colleagues, and Competitors

George Borjas and Kirk Doran

20025: Input Diffusion and the Evolution of Production Networks

Vasco M. Carvalho and Nico Voigtländer

20024: Savings in Transnational Households: A Field Experiment among Migrants from El Salvador

Nava Ashraf, Diego Aycinena, Claudia Martínez A. and Dean Yang

20023: Book Translations as Idea Flows: The Effects of the Collapse of Communism on the Diffusion of Knowledge

Ran Abramitzky and Isabelle Sin

20022: Behavioral and Descriptive Forms of Choice Models

Ariel Pakes

20021: How Much Favorable Selection Is Left in Medicare Advantage?

Joseph Newhouse, Mary Price, J. Michael McWilliams, John Hsu and Thomas McGuire

20020: The ACA: Some Unpleasant Welfare Arithmetic

Casey Mulligan

20019: How Consumers Respond to Environmental Certification and the Value of Energy Information

Sébastien Houde

20018: The Impact of Emerging Climate Risks on Urban Real Estate Price Dynamics

Devin Michelle Bunten and Matthew Kahn

20017: The Nature of Surgeon Human Capital Depreciation

Jason Hockenberry and Lorens Helmchen

20016: Specialty drug prices and utilization after loss of U.S. patent exclusivity, 2001-2007

Rena Conti and Ernst R. Berndt

20015: Holdup by Junior Claimholders: Evidence from the Mortgage Market

Sumit Agarwal, Gene Amromin, Itzhak Ben-David, Souphala Chomsisengphet and Yan Zhang

20014: Intellectual Property Rights, the Pool of Knowledge, and Innovation

Joseph Stiglitz

20013: Preferences, Selection, and Value Added: A Structural Approach

Pelin Akyol and Kala Krishna

20012: Why Stars Matter

Ajay Agrawal, John McHale and Alexander Oettl

20011: Predictability and Power in Legislative Bargaining

S. Nageeb Ali, B. Douglas Bernheim and Xiaochen Fan

20010: Using Social Media to Measure Labor Market Flows

Dolan Antenucci, Michael Cafarella, Margaret Levenstein, Christopher Ré and Matthew Shapiro

20009: Debt, Taxes, and Liquidity

Patrick Bolton, Hui Chen and Neng Wang

20008: On the Role of Group Size in Tournaments: Theory and Evidence from Lab and Field Experiments

John List, Daan van Soest, Jan Stoop and Haiwen Zhou

20007: The Behavioralist As Tax Collector: Using Natural Field Experiments to Enhance Tax Compliance

Michael Hallsworth, John List, Robert Metcalfe and Ivo Vlaev

20006: Does Classroom Time Matter? A Randomized Field Experiment of Hybrid and Traditional Lecture Formats in Economics

Ted Joyce, Sean Crockett, David Jaeger, Onur Altindag and Stephen O'Connell

20005: Unintended Consequences of Products Liability: Evidence from the Pharmaceutical Market

Eric Helland, Darius Lakdawalla, Anup Malani and Seth Seabury

20004: Democracy Does Cause Growth

Daron Acemoglu, Suresh Naidu, Pascual Restrepo and James Robinson

20003: Commodity-Price Comovement and Global Economic Activity

Ron Alquist, Saroj Bhattarai and Olivier Coibion

20002: A Global View of Cross-Border Migration

Julian di Giovanni, Andrei Levchenko and Francesc Ortega

20001: Option Value of Work, Health Status, and Retirement Decisions in Japan: Evidence from the Japanese Study on Aging and Retirement (JSTAR)

Satoshi Shimizutani, Takashi Oshio and Mayu Fujii

20000: Getting Better or Feeling Better? How Equity Investors Respond to Investment Experience

John Campbell, Tarun Ramadorai and Benjamin Ranish

19999: Building State Capacity: Evidence from Biometric Smartcards in India

Karthik Muralidharan, Paul Niehaus and Sandip Sukhtankar

19998: Risk Adjustment of Health Plan Payments to Correct Inefficient Plan Choice from Adverse Selection

Jacob Glazer, Thomas McGuire and Julie Shi

19997: Anatomy of a Credit Crunch: From Capital to Labor Markets

Francisco Buera, Roberto Fattal-Jaef and Yongseok Shin

19996: Less Cash, Less Crime: Evidence from the Electronic Benefit Transfer Program

Richard Wright, Erdal Tekin, Volkan Topalli, Chandler McClellan, Timothy Dickinson and Richard Rosenfeld

19995: Fiscal Federalism and Legislative Malapportionment: Causal Evidence from Independent but Related Natural Experiments

Sebastian Galiani, Iván Torre and Gustavo Torrens

19994: Optimal Development Policies with Financial Frictions

Oleg Itskhoki and Benjamin Moll

19993: Price Cutting and Business Stealing in Imperfect Cartels

B. Douglas Bernheim and Erik Madsen

19992: Trade, Skills, and Quality Upgrading: A Theory with Evidence from Colombia

Ana Cecília Fieler, Marcela Eslava and Yi Xu

19991: Evasive Shareholder Meetings

David Yermack and Yuanzhi Li

19990: Large and Small Sellers: A Theory of Equilibrium Price Dispersion with Sequential Search

Guido Menzio and Nicholas Trachter

19989: Who Benefits when the Government Pays More? Pass-Through in the Medicare Advantage Program

Mark Duggan, Amanda Starc and Boris Vabson

19988: Optimal Employment Contracts with Hidden Search

Rasmus Lentz

19987: The Causal Effects of Competition on Innovation: Experimental Evidence

Philippe Aghion, Stefan Bechtold, Lea Cassar and Holger Herz

19986: Putting integrity Into Finance: A Purely Positive Approach

Werner Erhard and Michael Jensen

19985: Nonlinearities in Sovereign Risk Pricing: The Role of CDS Index Contracts

Anne-Laure Delatte, Julien Fouquau and Richard Portes

19984: Why Do Banks Practice Regulatory Arbitrage? Evidence from Usage of Trust Preferred Securities

Nicole Boyson, Ruediger Fahlenbrach and René Stulz

19983: Instrumental Variables: An Econometrician's Perspective

Guido Imbens

19982: Global Benefits of Marine Protected Areas

James Rising and Geoffrey Heal