NBER Working Papers

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28611: Pay Me Later: Savings Constraints and the Demand for Deferred Payments

Lasse Brune, Eric Chyn and Jason Kerwin

28610: Slippery Fish: Enforcing Regulation when Agents Learn and Adapt

Andres Gonzalez-Lira and Ahmed Mobarak

28609: The Rise of Dual-Class Stock IPOs

Dhruv Aggarwal, Ofer Eldar, Yael Hochberg and Lubomir P. Litov

28608: Exchange Rate Fluctuations and Firm Leverage

Sebnem Kalemli-Ozcan, Ilhyock Shim and Xiaoxi Liu

28607: Aspirations and Financial Decisions: Experimental Evidence from the Philippines

David McKenzie, Aakash Mohpal and Dean Yang

28606: Rugged Entrepreneurs: The Geographic and Cultural Contours of New Business Formation

John Barrios, Yael Hochberg and Daniele Macciocchi

28605: Career Spillovers in Internal Labor Markets

Nicola Bianchi, Giulia Bovini, Jin Li, Matteo Paradisi and Michael Powell

28604: Diagnostic Business Cycles

Francesco Bianchi, Cosmin Ilut and Hikaru Saijo

28603: Africa's Latent Assets

Soeren J. Henn and James Robinson

28602: Patent Auctions and Bidding Coalitions: Structuring the Sale of Club Goods

John Asker, Mariagiovanna Baccara and SangMok Lee

28601: Addressing the COVID-19 Pandemic: Comparing Alternative Value Frameworks

Maddalena Ferranna, Sevilla Jp and David Bloom

28600: Misdemeanor Prosecution

Amanda Agan, Jennifer Doleac and Anna Harvey

28599: Sovereign Debt Ratchets and Welfare Destruction

Peter DeMarzo, Zhiguo He and Fabrice Tourre

28598: Sovereign Debt in the 21st Century

Kris James Mitchener and Christoph Trebesch

28597: Industrialization and Urbanization in Nineteenth Century America

Jeremy Atack, Robert Margo and Paul Rhode

28596: Diversity in Schools: Immigrants and the Educational Performance of U.S. Born Students

David Figlio, Paola Giuliano, Riccardo Marchingiglio, Umut Özek and Paola Sapienza

28595: Welfare Consequences of Sustainable Finance

Harrison Hong, Neng Wang and Jinqiang Yang

28594: Combining Rules and Discretion in Economic Development Policy: Evidence on the Impacts of the California Competes Tax Credit

Matthew Freedman, David Neumark and Shantanu Khanna

28593: Experimental Evidence on the Effectiveness of Non-Experts for Improving Vaccine Demand

Marcella Alsan and Sarah Eichmeyer

28592: The Voice of Monetary Policy

Yuriy Gorodnichenko, Tho Pham and Oleksandr Talavera

28591: Adaptation to Environmental Change: Agriculture and the Unexpected Incidence of the Acid Rain Program

Nicholas J. Sanders and Alan Barreca

28590: The Value of Employer-Sponsored Health Insurance

Casey Mulligan

28589: Dynamic Oligopoly Pricing with Asymmetric Information: Implications for Horizontal Mergers

Andrew Sweeting, Xuezhen Tao and Xinlu Yao

28588: Digital Resilience: How Work-From-Home Feasibility Affects Firm Performance

John (Jianqiu) Bai, Erik Brynjolfsson, Wang Jin, Sebastian Steffen and Chi Wan

28587: The Repeated Setbacks of HIV Vaccine Development Laid the Groundwork for SARS-CoV-2 Vaccines

Jeffrey E. Harris

28586: Human Capital and Black-White Earnings Gaps, 1966-2017

Owen Thompson

28585: Central Bank Swap Arrangements in the COVID-19 Crisis

Joshua Aizenman, Hiro Ito and Gurnain Pasricha

28584: Information Spillovers in Experience Goods Competition

Zhuoqiong Charlie Chen, Christopher T. Stanton and Catherine Thomas

28583: Old Boys' Clubs and Upward Mobility Among the Educational Elite

Valerie Michelman, Joseph Price and Seth Zimmerman

28582: Dynamic Bank Expansion: Spatial Growth, Financial Access, and Inequality

Yan Ji, Songyuan Teng and Robert Townsend

28581: Reducing Parent-School Information Gaps and Improving Education Outcomes: Evidence from High-Frequency Text Messages

Samuel Berlinski, Matias Busso, Taryn Dinkelman and Claudia Martínez A.

28580: Real and Private-Value Assets

William Goetzmann, Christophe Spaenjers and Stijn Van Nieuwerburgh

28579: Not a Typical Firm: The Joint Dynamics of Firms, Labor Shares, and Capital–Labor Substitution

Joachim Hubmer and Pascual Restrepo

28578: The Political Economy of Responses to COVID-19 in the U.S.A

Zhihan Cui, Geoffrey Heal, Howard Kunreuther and Lu Liu

28577: Oh, How the Mighty Have Fallen: The Bank Failures and Near Failures That Started America’s Greatest Financial Panics

Hugh Rockoff

28576: Trading Spaces: Medicare’s Regulatory Spillovers on Treatment Setting for Non-Medicare Patients

Michael Geruso and Michael R. Richards

28575: The Causal Effect of Depression and Anxiety on Life Satisfaction: An Instrumental Variable Approach

Arnar Buason, Edward Norton, Paul McNamee, Edda Bjork Thordardottir and Tinna Laufey Asgeirsdóttir

28574: The Mortgage Piggy Bank: Building Wealth through Amortization

Asaf Bernstein and Peter Koudijs

28573: JUE Insight: The Impacts of Opportunity Zones on Zone Residents

Matthew Freedman, Shantanu Khanna and David Neumark

28572: Unequal Jury Representation and Its Consequences

Shamena Anwar, Patrick Bayer and Randi Hjalmarsson

28571: SVARs With Occasionally-Binding Constraints

S. Boragan Aruoba, Marko Mlikota, Frank Schorfheide and Sergio Villalvazo

28570: Testing for Parameter Instability and Structural Change in Persistent Predictive Regressions

Torben Andersen and Rasmus T. Varneskov

28569: Consistent Local Spectrum (LCM) Inference for Predictive Return Regressions

Torben Andersen and Rasmus T. Varneskov

28568: Consistent Inference for Predictive Regressions in Persistent Economic Systems

Torben Andersen and Rasmus T. Varneskov

28567: The Impact of the Federal Pandemic Unemployment Compensation on Job Search and Vacancy Creation

Ioana Marinescu, Daphne Skandalis and Daniel Zhao

28566: Family Companionship and Elderly Suicide: Evidence from the Chinese Lunar New Year

Hanming Fang, Ziteng Lei, Liguo Lin and Peng Zhang

28565: A Welfare Analysis of Competitive Insurance Markets with Vertical Differentiation and Adverse Selection

W. Bentley Macleod

28564: Climate Royalty Surcharges

Brian Prest and James H. Stock

28563: Water Infrastructure and Health in U.S. Cities

Brian Beach

28562: Uncertainty and Risk-Taking in Science: Meaning, Measurement and Management in Peer Review of Research Proposals

Chiara Franzoni and Paula Stephan

28561: Big Push in Distorted Economies

Francisco Buera, Hugo Hopenhayn, Yongseok Shin and Nicholas Trachter

28560: The Diffusion of Health Care Fraud: A Network Analysis

A. James O'Malley, Thomas A. Bubolz and Jonathan S. Skinner

28559: Why Did Bank Stocks Crash During COVID-19?

Viral Acharya, Robert Engle, Maximilian Jager and Sascha Steffen

28558: Migration and Redistribution: Federal Governance of an Economic Union Matters

Assaf Razin and Efraim Sadka

28557: Discount Rates, Mortality Projections, and Money's Worth Calculations for US Individual Annuities

James Poterba and Adam Solomon

28556: The Effects of Child Tax Benefits on Poverty and Labor Supply: Evidence from the Canada Child Benefit and Universal Child Care Benefit

Michael Baker, Derek Messacar and Mark Stabile

28555: Effects of Recent Minimum Wage Policies in California and Nationwide: Results from a Pre-specified Analysis Plan

David Neumark and Maysen Yen

28554: A Soul's View of the Optimal Population Problem

David de la Croix and Matthias Doepke

28553: Government Policies in a Granular Global Economy

Cecile Gaubert, Oleg Itskhoki and Maximilian Vogler

28552: Student Learning in Online College Programs

Stephanie Riegg Cellini and Hernando Grueso

28551: Growing Like India: The Unequal Effects of Service-Led Growth

Tianyu Fan, Michael Peters and Fabrizio Zilibotti

28550: CEO Stress, Aging, and Death

Mark Borgschulte, Marius Guenzel, Canyao Liu and Ulrike Malmendier

28549: Global Value Chains

Pol Antras and Davin Chor

28548: Minimax Risk and Uniform Convergence Rates for Nonparametric Dyadic Regression

Bryan Graham, Fengshi Niu and James Powell

28547: Doing Business in China: Parental Background and Government Intervention Determine Who Owns Businesses

Ruixue Jia, Xiaohuan Lan and Gerard Padró I Miquel

28546: On the Distribution of Estates and the Distribution of Wealth: Evidence from the Dead

Yonatan Berman and Salvatore Morelli

28545: Licensing Life-Saving Drugs for Developing Countries: Evidence from the Medicines Patent Pool

Alberto Galasso and Mark Schankerman

28544: Education and Innovation

Barbara Biasi, David Deming and Petra Moser

28543: Lessons from Denmark about Inequality and Social Mobility

James J. Heckman and Rasmus Landersø

28542: Tax Evasion at the Top of the Income Distribution: Theory and Evidence

John Guyton, Patrick Langetieg, Daniel Reck, Max Risch and Gabriel Zucman

28541: Does Mobility Explain Why Slums Were Hit Harder by COVID-19 in Mumbai, India?

Jaymee Sheng, Anup Malani, Ashish Goel and Purushotham Botla

28540: A Model of Credit, Money, Interest, and Prices

Saki Bigio and Yuliy Sannikov

28539: The Value of Privacy in Cartels: An Analysis of the Inner Workings of a Bidding Ring

Kei Kawai, Jun Nakabayashi and Juan Ortner

28538: Market Power in Neoclassical Growth Models

Laurence Ball and N. Gregory Mankiw

28537: ‘You Will:’ A Macroeconomic Analysis of Digital Advertising

Jeremy Greenwood, Yueyuan Ma and Mehmet Yorukoglu

28536: Do Monetary Policy Frameworks Matter in Low Income Countries?

Alina Carare, Carlos de Resende, Andrew Levin and Chelsea Zhang

28535: Artificial Intelligence and Pricing: The Impact of Algorithm Design

John Asker, Chaim Fershtman and Ariel Pakes

28534: Science and the Market for Technology

Ashish Arora, Sharon Belenzon and Jungkyu Suh

28533: First-mover Advantage and the Private Value of Public Science

Ashish Arora, Sharon Belenzon and Bernardo Dionisi

28532: Deterrence and Compellence in the Parliament

Duha Altindag, Naci Mocan and Jie Zhang

28531: Not Too Late: Improving Academic Outcomes Among Adolescents

Jonathan Guryan, Jens Ludwig, Monica P. Bhatt, Philip J Cook, Jonathan Davis, Kenneth Dodge, George Farkas, Roland Fryer, Susan Mayer, Harold Pollack and Laurence Steinberg

28530: Equilibrium in the Market for Public School Teachers: District Wage Strategies and Teacher Comparative Advantage

Barbara Biasi, Chao Fu and John Stromme

28529: Sharing the Burden of Subsidization: Evidence on Pass-Through from a Subsidy Revision in Medicare Part D

Colleen Carey

28528: Replicating the Dow Jones Industrial Average

Jacky Lin, Genevieve C. Selden, John B. Shoven and Clemens Sialm

28527: Income Dynamics of Immigrants and Natives in Sweden 1985-2016

Benjamin Friedrich, Lisa Laun and Costas Meghir

28526: A New Spatial Hedonic Equilibrium in the Emerging Work-from-Home Economy?

Jan Brueckner, Matthew Kahn and Gary C. Lin

28525: Climate Policy, Financial Frictions, and Transition Risk

Stefano Carattini, Garth Heutel and Givi Melkadze

28524: The World Management Survey at 18: lessons and the way forward

Daniela Scur, Raffaella Sadun, John van Reenen, Renata Lemos and Nicholas Bloom

28523: COVID-19 Has Strengthened the Relationship Between Alcohol Consumption and Domestic Violence

Aaron Chalfin, Shooshan Danagoulian and Monica Deza

28522: Voice at Work

Jarkko Harju, Simon Jäger and Benjamin Schoefer

28521: Can Automatic Government Spending Be Procyclical?

Luciana Galeano, Alejandro Izquierdo, Jorge Puig, Carlos Vegh and Guillermo Vuletin

28520: Exchange Rate Pass-Through, Monetary Policy, and Real Exchange Rates: Iceland and the 2008 Crisis

Sebastian Edwards and Luis Cabezas

28519: The Trade-off Between Prioritization and Vaccination Speed Depends on Mitigation Measures

Nikhil Agarwal, Andrew Komo, Chetan A. Patel, Parag Pathak and Utku Unver

28518: Limited-Tenure Concessions for Collective Goods

Nicolas Querou, Agnes Tomini and Christopher Costello

28517: The Distribution of School Spending Impacts

C. Kirabo Jackson and Claire Mackevicius

28516: Measuring Commuting and Economic Activity inside Cities with Cell Phone Records

Gabriel E. Kreindler and Yuhei Miyauchi

28515: Financial Regulation, Clientele Segmentation, and Stock Exchange Order Types

Sida Li, Mao Ye and Miles Zheng

28514: Permanent and Transitory Responses to Capital Gains Taxes: Evidence from a Lifetime Exemption in Canada

Adam Lavecchia and Alisa Tazhitdinova

28513: Portfolios for Long-Term Investors

John Cochrane

28512: School Assignment by Match Quality

Atila Abdulkadiroglu, Umut Dur and Aram Grigoryan