NBER Working Papers

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24727: Spatial Competition, Innovation and Institutions: The Industrial Revolution and the Great Divergence

Klaus Desmet, Avner Greif and Stephen Parente

24726: Racial Divisions and Criminal Justice: Evidence from Southern State Courts

Benjamin Feigenberg and Conrad Miller

24725: Fetal Shock or Selection? The 1918 Influenza Pandemic and Human Capital Development

Brian Beach, Joseph P. Ferrie and Martin Saavedra

24724: Public Contracting for Private Innovation: Government Expertise, Decision Rights, and Performance Outcomes

Joshua R. Bruce, John M. de Figueiredo and Brian Silverman

24723: Psychology-based Models of Asset Prices and Trading Volume

Nicholas C. Barberis

24722: Portfolio Rebalancing in General Equilibrium

Miles Kimball, Matthew Shapiro, Tyler Shumway and Jing Zhang

24721: Are Reference Points Merely Lagged Beliefs Over Probabilities?

Ori Heffetz

24720: Towards a Legal Theory of the Firm: The Effects of Enterprise Liability on Asset Partitioning, Decentralization and Corporate Group Growth

Sharon Belenzon, Honggi Lee and Andrea Patacconi

24719: Financial Asset Ownership and Political Partisanship: Liberty Bonds and Republican Electoral Success in the 1920s

Eric Hilt and Wendy M. Rahn

24718: Managing Trade: Evidence from China and the US

Nicholas Bloom, Kalina Manova, John van Reenen, Stephen Teng Sun and Zhihong Yu

24717: The Economic Limits of Bitcoin and the Blockchain

Eric Budish

24716: XX>XY?: The Changing Female Advantage in Life Expectancy

Claudia Goldin and Adriana Lleras-Muney

24715: The Impact of Trade Liberalization on Firm Productivity and Innovation

Pian Shu and Claudia Steinwender

24714: Global Effective Lower Bound and Unconventional Monetary Policy

Jing Cynthia Wu and Ji Zhang

24713: Platforms, Promotion, and Product Discovery: Evidence from Spotify Playlists

Luis Aguiar and Joel Waldfogel

24712: Variable Pricing and the Cost of Renewable Energy

Imelda Imelda, Matthias Fripp and Michael Roberts

24711: Characterization, Existence, and Pareto Optimality in Insurance Markets with Asymmetric Information with Endogenous and Asymmetric Disclosures: Revisiting Rothschild-Stiglitz

Joseph Stiglitz, Jungyoll Yun and Andrew Kosenko

24710: Inequality, Business Cycles, and Monetary-Fiscal Policy

Anmol Bhandari, David Evans, Mikhail Golosov and Thomas Sargent

24709: q⁵

Kewei Hou, Haitao Mo, Chen Xue and Lu Zhang

24708: Termination Risk and Agency Problems: Evidence from the NBA

Alma Cohen, Nadav Levy and Roy Sasson

24707: The IT Revolution and the Globalization of R&D

Lee G. Branstetter, Britta M. Glennon and J. Jensen

24706: Government Guarantees and the Valuation of American Banks

Andrew Atkeson, Adrien d'Avernas, Andrea Eisfeldt and Pierre-Olivier Weill

24705: Federal Lands, Opportunity Costs, and Bureaucratic Management

Gary Libecap

24704: Forced Migration and Human Capital: Evidence from Post-WWII Population Transfers

Sascha Becker, Irena Grosfeld, Pauline Grosjean, Nico Voigtländer and Ekaterina Zhuravskaya

24703: The Rationale for Motions in the Design of Adjudication

Steven Shavell

24702: The Macroeconomics of Border Taxes

Omar Barbiero, Emmanuel Farhi, Gita Gopinath and Oleg Itskhoki

24701: The Missing Profits of Nations

Thomas R. Tørsløv, Ludvig S. Wier and Gabriel Zucman

24700: How European Markets Became Free: A Study of Institutional Drift

German Gutierrez and Thomas Philippon

24699: The Capitalization of Consumer Financing into Durable Goods Prices

Bronson Argyle, Taylor D. Nadauld, Christopher Palmer and Ryan D. Pratt

24698: The Simple Empirics of Optimal Online Auctions

Dominic Coey, Bradley Larsen, Kane Sweeney and Caio Waisman

24697: Investor Experiences and Financial Market Dynamics

Ulrike Malmendier, Demian Pouzo and Victoria Vanasco

24696: Scarred Consumption

Ulrike Malmendier and Leslie Sheng Shen

24695: The Short-Run and Long-Run Effects of Resources on Economic Outcomes: Evidence From the United States 1936-2015

Karen Clay and Margarita Portnykh

24694: The Geography of Linguistic Diversity and the Provision of Public Goods

Klaus Desmet, Joseph Gomes and Ignacio Ortuño-Ortín

24693: Market Integration, Demand and the Growth of Firms: Evidence from a Natural Experiment in India

Robert T. Jensen and Nolan H. Miller

24692: Monetary Policy Analysis when Planning Horizons are Finite

Michael Woodford

24691: Does Prenatal WIC Participation Improve Child Outcomes?

Anna V. Chorniy, Janet Currie and Lyudmyla Sonchak

24690: Economic Policy for Artificial Intelligence

Ajay Agrawal, Joshua Gans and Avi Goldfarb

24689: AI and the Economy

Jason Furman and Robert Seamans

24688: The Healthcare Cost of Air Pollution: Evidence from the World’s Largest Payment Network

Panle Barwick, Shanjun Li, Deyu Rao and Nahim Bin Zahur

24687: A Skeptical View of the Impact of the Fed’s Balance Sheet

David Greenlaw, James Hamilton, Ethan Harris and Kenneth West

24686: Air Pollution and Mental Health: Evidence from China

Shuai Chen, Paulina Oliva and Peng Zhang

24685: On the Macroeconomic Consequences of Over-Optimism

Paul Beaudry and Tim Willems

24684: Macroeconomics with Heterogeneous Agents and Input-Output Networks

David Baqaee and Emmanuel Farhi

24683: Self-Fulfilling Debt Dilution: Maturity and Multiplicity in Debt Models

Mark Aguiar and Manuel Amador

24682: Reputation and Sovereign Default

Manuel Amador and Christopher Phelan

24681: A Theory of Equality Before the Law

Daron Acemoglu and Alexander Wolitzky

24680: Costs of Managerial Attention and Activity as a Source of Sticky Prices: Structural Estimates from an Online Market

Sara Fisher Ellison, Christopher Snyder and Hongkai Zhang

24679: When Less is More: Experimental Evidence on Information Delivery During India's Demonetization

Abhijit Banerjee, Emily Breza, Arun Chandrasekhar and Benjamin Golub

24678: Generic Machine Learning Inference on Heterogeneous Treatment Effects in Randomized Experiments, with an Application to Immunization in India

Victor Chernozhukov, Mert Demirer, Esther Duflo and Ivan Fernandez-Val

24677: Global Financial Cycles and Risk Premiums

Oscar Jorda, Moritz Schularick, Alan Taylor and Felix Ward

24676: Mood Betas and Seasonalities in Stock Returns

David Hirshleifer, Danling Jiang and Yuting Meng

24675: Complex Disclosure

Ginger Zhe Jin, Michael Luca and Daniel Martin

24674: Funding Breakthrough Research: Promises and Challenges of the “ARPA Model”

Pierre Azoulay, Erica Fuchs, Anna Goldstein and Michael Kearney

24673: International Currencies and Capital Allocation

Matteo Maggiori, Brent Neiman and Jesse Schreger

24672: Selection versus Talent Effects on Firm Value

Briana Chang and Harrison Hong

24671: Debauchery and Original Sin: The Currency Composition of Sovereign Debt

Charles Engel and JungJae Park

24670: Cumulative Impacts of Conditional Cash Transfer Programs: Experimental Evidence from Indonesia

Nur Cahyadi, Rema Hanna, Benjamin Olken, Rizal Prima, Elan Satriawan and Ekki Syamsulhakim

24669: Older Men’s Labor Force Participation in Belgium

Alain Jousten and Mathieu Lefebvre

24668: Insurance without Commitment: Evidence from the ACA Marketplaces

Rebecca Diamond, Michael J. Dickstein, Timothy McQuade and Petra Persson

24667: Long-run Effects of Lottery Wealth on Psychological Well-being

Erik Lindqvist, Robert Östling and David Cesarini

24666: Building Nations Through Shared Experiences: Evidence from African Football

Emilio Depetris-Chauvin, Ruben Durante and Filipe Campante

24665: Social Protection and Economic Development: Are the Poorest Being Lifted-Up or Left-Behind?

Martin Ravallion, Dean Jolliffe and Juan Margitic

24664: Livestreaming Pollution: A New Form of Public Disclosure and a Catalyst for Citizen Engagement?

Emiliano Huet-Vaughn, Nicholas Muller and Yen-Chia Hsu

24663: Reclassification Risk in the Small Group Health Insurance Market

Sebastian Fleitas, Gautam Gowrisankaran and Anthony Lo Sasso

24662: State Merit Aid Programs and Youth Labor Market Attachment

David Frisvold and Melinda Pitts

24661: Who Benefits From Productivity Growth? Direct and Indirect Effects of Local TFP Growth on Wages, Rents, and Inequality

Richard Hornbeck and Enrico Moretti

24660: Disclosure and Subsequent Innovation: Evidence from the Patent Depository Library Program

Jeffrey L. Furman, Markus Nagler and Martin Watzinger

24659: Taxes and Growth: New Narrative Evidence from Interwar Britain

James Cloyne, Nicholas Dimsdale and Natacha Postel-Vinay

24658: How Does School Accountability Affect Teachers? Evidence from New York City

Rebecca Dizon-Ross

24657: Policy Uncertainty and Innovation: Evidence from IPO Interventions in China

Lin Cong and Sabrina T. Howell

24656: Leadership and Social Movements: The Forty-Eighters in the Civil War

Christian Dippel and Stephan Heblich

24655: Price Rigidities and Relative PPP

Andres Blanco and Javier Cravino

24654: Price Stickiness along the Income Distribution and the Effects of Monetary Policy

Javier Cravino, Ting Lan and Andrei Levchenko

24653: Public Policy in an AI Economy

Austan Goolsbee

24652: Take-up and Targeting: Experimental Evidence from SNAP

Amy Finkelstein and Matthew Notowidigdo

24651: Effects of Access to Legal Same-Sex Marriage on Marriage and Health: Evidence from BRFSS

Christopher Carpenter, Samuel T. Eppink, Gilbert Gonzales and Tara McKay

24650: Perceived FOMC: The Making of Hawks, Doves and Swingers

Michael Bordo and Klodiana Istrefi

24649: Internet Rising, Prices Falling: Measuring Inflation in a World of E-Commerce

Austan Goolsbee and Pete Klenow

24648: Market-making with Search and Information Frictions

Benjamin Lester, Ali Shourideh, Venky Venkateswaran and Ariel Zetlin-Jones

24647: Reconciling Seemingly Contradictory Results from the Oregon Health Insurance Experiment and the Massachusetts Health Reform

Amanda Kowalski

24646: Global Portfolio Diversification for Long-Horizon Investors

Luis Viceira and Zixuan (Kevin) Wang

24645: The Critical Role of Markets in Climate Change Adaptation

Sarah E. Anderson, Terry L. Anderson, Alice C. Hill, Matthew Kahn, Howard Kunreuther, Gary Libecap, Hari Mantripragada, Pierre Mérel, Andrew Plantinga and V. Smith

24644: Do 'All-Age' Bicycle Helmet Laws Work? Evidence from Canada

Christopher Carpenter and Casey Warman

24643: Practical Policy Evaluation

Narayana Kocherlakota

24642: Genetic Endowments and Wealth Inequality

Daniel Barth, Nicholas Papageorge and Kevin Thom

24641: Pricing Long-Lived Securities in Dynamic Endowment Economies

Jerry Tsai and Jessica Wachter

24640: Global Melting? The Economics of Disintegration of the Greenland Ice Sheet

William Nordhaus

24639: Heat and Learning

Joshua Goodman, Michael Hurwitz, Jisung Park and Jonathan Smith

24638: From Revolving Doors to Regulatory Capture? Evidence from Patent Examiners

Haris Tabakovic and Thomas G. Wollmann

24637: Trends in Labor Force Participation of Older Workers in Spain

Pilar Garcia-Gomez, Sergi Jimenez-Martin and Judit Vall Castello

24636: Why are People Working Longer in the Netherlands?

Adriaan Kalwij, Arie Kapteyn and Klaas de Vos

24635: The Minimum Wage, Fringe Benefits, and Worker Welfare

Jeffrey Clemens, Lisa Kahn and Jonathan Meer

24634: Intertemporal Labor Supply Substitution? Evidence from the Swiss Income Tax Holidays

Isabel Martínez, Emmanuel Saez and Michael Siegenthaler

24633: The Real Exchange Rate, Innovation and Productivity: Heterogeneity, Asymmetries and Hysteresis

Laura Alfaro, Alejandro Cunat, Harald Fadinger and Yanping Liu

24632: Optimal Spatial Policies, Geography and Sorting

Pablo Fajgelbaum and Cecile Gaubert

24631: Social Media, Sentiment and Public Opinions: Evidence from #Brexit and #USElection

Yuriy Gorodnichenko, Tho Pham and Oleksandr Talavera

24630: The Cultural Divide

Klaus Desmet and Romain Wacziarg

24629: Leaning Against Housing Prices as Robustly Optimal Monetary Policy

Klaus Adam and Michael Woodford

24628: Inter-brand Competition in the Convenience Store Industry, Store Accessibility and Healthcare Utilization

Hung-Hao Chang and Chad Meyerhoefer