NBER Working Papers

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17661: Fiduciary Duties and Equity-Debtholder Conflicts

Bo Becker and Per Stromberg

17660: The Valuation Effects of Geographic Diversification: Evidence from U.S. Banks

Martin Goetz, Luc Laeven and Ross Levine

17659: Cross-Sectoral Variation in The Volatility of Plant-Level Idiosyncratic Shocks

Rui Castro, Gian Luca Clementi and Yoonsoo Lee

17658: Take-Up of Public Insurance and Crowd-out of Private Insurance Under Recent CHIP Expansions to Higher Income Children

Carole Roan Gresenz, Sarah E. Edgington, Miriam J. Laugesen and José J. Escarce

17657: The Best of Times, the Worst of Times: Understanding Pro-cyclical Mortality

Ann Stevens, Douglas Miller, Marianne Page and Mateusz Filipski

17656: The Contribution of Schooling in Development Accounting: Results from a Nonparametric Upper Bound

Francesco Caselli and Antonio Ciccone

17655: The Electoral Consequences of Large Fiscal Adjustments

Alberto Alesina, Dorian Carloni and Giampaolo Lecce

17654: The Expanding Social Safety Net

Casey Mulligan

17653: Evaporating Liquidity

Stefan Nagel

17652: Competing on Speed

Emiliano Pagnotta and Thomas Philippon

17651: Do Mood Swings Drive Business Cycles and is it Rational?

Paul Beaudry, Deokwoo Nam and Jian Wang

17650: Can the Doha Round be a Development Round? Setting a Place at the Table

Kyle Bagwell and Robert Staiger

17649: Aggregate Impacts of a Gift of Time

Jungmin Lee, Daiji Kawaguchi and Daniel Hamermesh

17648: Avoiding The Ask: A Field Experiment on Altruism, Empathy, and Charitable Giving

James Andreoni, Justin M. Rao and Hannah Trachtman

17647: Moral Hazard, Incentive Contracts and Risk: Evidence from Procurement

Gregory Lewis and Patrick Bajari

17646: Does Practice-Based Teacher Preparation Increase Student Achievement? Early Evidence from the Boston Teacher Residency

John P. Papay, Martin R. West, Jon B. Fullerton and Thomas J. Kane

17645: Linking External Sector Imbalances and Changing Financial Instability before the 2008 Financial Crisis

John Whalley, Manmohan Agarwal, Jing Wang, Sean Walsh and Chen Yan

17644: The Use of Tax Havens in Exemption Regimes

Anna Gumpert, James Hines and Monika Schnitzer

17643: Regression Discontinuity Designs with an Endogenous Forcing Variable and an Application to Contracting in Health Care

Patrick Bajari, Han Hong, Minjung Park and Robert Town

17642: Optimal Dynamic Taxes

Mikhail Golosov, Maxim Troshkin and Aleh Tsyvinski

17641: The International Monetary System: Living with Asymmetry

Maurice Obstfeld

17640: Cultural Diversity, Geographical Isolation, and the Origin of the Wealth of Nations

Quamrul Ashraf and Oded Galor

17639: Selecting the Best? Spillover and Shadows in Elimination Tournaments

Jennifer Brown and Dylan B. Minor

17638: Recessions and the Cost of Job Loss

Steven Davis and Till von Wachter

17637: Alcohol and Student Performance: Estimating the Effect of Legal Access

Jason Lindo, Isaac D. Swensen and Glen Waddell

17636: Rewarding Altruism? A Natural Field Experiment

Nicola Lacetera, Mario Macis and Robert Slonim

17635: Crowding-Out Charitable Contributions in Canada: New Knowledge from the North

James Andreoni and A. Payne

17634: The Control of Politicians in Normal Times and Times of Crisis: Wealth Accumulation by U.S. Congressmen, 1850-1880

Pablo Querubin and James Snyder

17633: Gains and Gaps: Changing Inequality in U.S. College Entry and Completion

Martha Bailey and Susan Dynarski

17632: Getting Beneath the Veil of Effective Schools: Evidence from New York City

Will Dobbie and Roland Fryer

17631: Does Trade Globalization Induce or Inhibit Corporate Transparency? Unbundling the Growth Potential and Product Market Competition Channels

Hui Tong and Shang-Jin Wei

17630: The Incidence of Geography on Canada's Services Trade

James Anderson, Catherine A. Milot and Yoto Yotov

17629: Optimal Expectations and Limited Medical Testing: Evidence from Huntington Disease

Emily Oster, Ira Shoulson and E. Ray Dorsey

17628: Conflicts of Interest Distort Public Evaluations: Evidence from the Top 25 Ballots of NCAA Football Coaches

Matthew Kotchen and Matthew Potoski

17627: The Empirics of Firm Heterogeneity and International Trade

Andrew Bernard, J. Jensen, Stephen Redding and Peter Schott

17626: Target Loans, Current Account Balances and Capital Flows: The ECB's Rescue Facility

Hans-Werner Sinn and Timo Wollmershaeuser

17625: The Evolving Impact of the Ogallala Aquifer: Agricultural Adaptation to Groundwater and Climate

Richard Hornbeck and Pinar Keskin

17624: When Should Sellers Use Auctions?

James W. Roberts and Andrew Sweeting

17623: A Theory of Monitoring and Internal Labor Markets

Gautam Bose and Kevin Lang

17622: Macroeconomics With Heterogeneity: A Practical Guide

Fatih Guvenen

17621: When Credit Bites Back: Leverage, Business Cycles, and Crises

Oscar Jorda, Moritz Schularick and Alan Taylor

17620: The Long-Run Effects of the Scramble for Africa

Stelios Michalopoulos and Elias Papaioannou

17619: On Graduation from Fiscal Procyclicality

Jeffrey Frankel, Carlos Vegh and Guillermo Vuletin

17618: Diversity and Donations: The Effect of Religious and Ethnic Diversity on Charitable Giving

James Andreoni, A. Payne, Justin Smith and David Karp

17617: The Euro and European Economic Conditions

Martin Feldstein

17616: Optimal Taxation of Top Labor Incomes: A Tale of Three Elasticities

Thomas Piketty, Emmanuel Saez and Stefanie Stantcheva

17615: Time-Varying Fund Manager Skill

Marcin Kacperczyk, Stijn Van Nieuwerburgh and Laura Veldkamp

17614: Household Stock Market Beliefs and Learning

Gabor Kezdi and Robert Willis

17613: Logical Implications of GASB's Methodology for Valuing Pension Liabilities

Robert Novy-Marx

17612: Risk Sharing through Capital Gains

Faruk Balli, Sebnem Kalemli-Ozcan and Bent Sorensen

17611: Hedonic Prices and Implicit Markets: Estimating Marginal Willingness to Pay for Differentiated Products Without Instrumental Variables

Kelly Bishop and Christopher Timmins

17610: Permanent Income and the Black-White Test Score Gap

Jesse Rothstein and Nathan Wozny

17609: Immigrant-Native Substitutability: The Role of Language Ability

Ethan Lewis

17608: Can Governments Do It Better? Merger Mania and Hospital Outcomes in the English NHS

Martin Gaynor, Mauro Laudicella and Carol Propper

17607: Economic History or History of Economics? A Review Essay on Sylvia Nasar's Grand Pursuit: the Story of Economic Genius

Orley Ashenfelter

17606: Contracting With Synergies

Alex Edmans, Itay Goldstein and John Zhu

17605: Skill-biased Technological Change, Earnings of Unskilled Workers, and Crime

Naci Mocan and Bulent Unel

17604: Skill Biased Heterogeneous Firms, Trade Liberalization, and the Skill Premium

James Harrigan and Ariell Reshef

17603: Size Inequality, Coordination Externalities and International Trade Agreements

Nuno Limão and Kamal Saggi

17602: The Role of Information in Competitive Experimentation

Ufuk Akcigit and Qingmin Liu

17601: Resource Windfalls, Political Regimes, and Political Stability

Francesco Caselli and Andrea Tesei

17600: The Impact of the Macroeconomy on Health Insurance Coverage: Evidence from the Great Recession

John Cawley, Asako S. Moriya and Kosali Simon

17599: Should Derivatives be Privileged in Bankruptcy?

Patrick Bolton and Martin Oehmke

17598: Coping with Shocks and Shifts: The Multilateral Trading System in Historical Perspective

Douglas Irwin and Kevin O'Rourke

17597: Anticipating the Great Depression? Gustav Cassel's Analysis of the Interwar Gold Standard

Douglas Irwin

17596: Local Industrial Structures and Female Entrepreneurship in India

Ejaz Ghani, William Kerr and Stephen O'Connell

17595: Gold Sterilization and the Recession of 1937-38

Douglas Irwin

17594: Trade Prices and the Global Trade Collapse of 2008-2009

Gita Gopinath, Oleg Itskhoki and Brent Neiman

17593: The External Impact of China's Exchange Rate Policy: Evidence from Firm Level Data

Barry Eichengreen and Hui Tong

17592: The Leverage Effect Puzzle: Disentangling Sources of Bias at High Frequency

Yacine Ait-Sahalia, Jianqing Fan and Yingying Li

17591: Does School Autonomy Make Sense Everywhere? Panel Estimates from PISA

Eric Hanushek, Susanne Link and Ludger Woessmann

17590: Shaped by Booms and Busts: How the Economy Impacts CEO Careers and Management Styles

Antoinette Schoar and Luo Zuo

17589: Substitution and Stigma: Evidence on Religious Competition from the Catholic Sex-Abuse Scandal

Daniel Hungerman

17588: Marginal Effects in Multivariate Probit and Kindred Discrete and Count Outcome Models, with Applications in Health Economics

John Mullahy

17587: The Welfare Economics of Default Options in 401(k) Plans

B. Douglas Bernheim, Andrey Fradkin and Igor Popov

17586: Sovereign CDS and Bond Pricing Dynamics in the Euro-area

Giorgia Palladini and Richard Portes

17585: Charitable Giving When Altruism and Similarity are Linked

Julio Rotemberg

17584: Rising Labor Productivity during the 2008-9 Recession

Casey Mulligan

17583: Credit Crises, Precautionary Savings, and the Liquidity Trap

Veronica Guerrieri and Guido Lorenzoni

17582: Feedback Effects and the Limits to Arbitrage

Alex Edmans, Itay Goldstein and Wei Jiang

17581: The Determinants and Long-term Projections of Saving Rates in Developing Asia

Charles Horioka and Akiko Hagiwara

17580: Socioeconomic Differences in the Impact of Smoking Tobacco and Alcohol Prices on Smoking in India

G Emmanuel Guindon, Arindam Nandi, Frank Chaloupka and Prabhat Jha

17579: Laws and Norms

Roland Benabou and Jean Tirole

17578: What U.S. Data Should be Used to Measure the Price Elasticity of Demand for Alcohol?

Christopher Ruhm, Alison Jones, William C. Kerr, Thomas K. Greenfield, Joseph Terza, Ravi S. Pandian and Kerry Anne McGeary

17577: The Dynamics of Firm Lobbying

William Kerr, William Lincoln and Prachi Mishra

17576: How Would EU Corporate Tax Reform Affect US Investment in Europe?

Michael Devereux and Simon Loretz

17575: Temperature, Aggregate Risk, and Expected Returns

Ravi Bansal and Juan Ochoa

17574: Welfare Costs of Long-Run Temperature Shifts

Ravi Bansal and Juan Ochoa

17573: Patent Pools and the Direction of Innovation - Evidence from the 19th-century Sewing Machine Industry

Ryan L. Lampe and Petra Moser

17572: Academic Dynasties: Decentralization and Familism in the Italian Academia

Ruben Durante, Giovanna Labartino and Roberto Perotti

17571: The "Austerity Myth": Gain Without Pain?

Roberto Perotti

17570: The Impact of Immigration on Native Poverty through Labor Market Competition

Giovanni Peri

17569: The Promise and Problems of Pricing Carbon: Theory and Experience

Joseph Aldy and Robert Stavins

17568: A Model of Private Equity Fund Compensation

Wonho Wilson Choi, Andrew Metrick and Ayako Yasuda

17567: The Effect of Liquidity on Governance

Alex Edmans, Vivian W. Fang and Emanuel Zur

17566: Persistent Liquidity Effects and Long Run Money Demand

Fernando E. Alvarez and Francesco Lippi

17565: Ownership Characteristics, Real Exchange Rate Movements and Labor Market Adjustment in China

Risheng Mao and John Whalley

17564: The Forward Premium Puzzle in a Two-Country World

Ian Martin

17563: The Lucas Orchard

Ian Martin

17562: Fiscal Policy and Unemployment

Marco Battaglini and Stephen Coate