The Impacts of Neighborhoods on Intergenerational Mobility II: County-Level...
We estimate the causal effect of each county in the U.S. on children's earnings and other outcomes in adulthood using a fixed effects model that is identified by analyzing families who move across...
View ArticleThe Impacts of Neighborhoods on Intergenerational Mobility I: Childhood...
We show that the neighborhoods in which children grow up play a significant role in determining their earnings, college attendance rates, and fertility and marriage rates by studying more than 7...
View ArticleGrowth and Childbearing in the Short- and Long-Run -- by Shoumitro...
Despite being key to theories of economic growth and the demographic transition, evidence on how fertility responds to aggregate income change is mixed. We analyze economic growth and fertility change...
View ArticleInequality in Human Capital and Endogenous Credit Constraints -- by Rong Hai,...
This paper investigates the determinants of inequality in human capital with an emphasis on the role of the credit constraints. We develop and estimate a model in which individuals face uninsured human...
View ArticleMeasuring Instructor Effectiveness in Higher Education -- by Pieter De...
Instructors are a chief input into the higher education production process, yet we know very little about their role in promoting student success. This is in contrast to elementary and secondary...
View ArticleReal Estate Bubbles and Urban Development -- by Edward L. Glaeser
Why are real estate bubbles so common? Can these bubbles actually do some good? Real estate booms have regularly occurred throughout the world leaving painful busts and financial crises in their wake....
View ArticleThe Out-of-State Tuition Distortion -- by Brian G. Knight, Nathan M. Schiff
Public universities in the United States typically charge much higher tuition to non-residents. Perhaps due, at least in part, to these differences in tuition, roughly 75 percent of students nationwide...
View ArticleThe Effects of Non-Contributory Pensions on Material and Subjective Well...
Public expenditures on non-contributory pensions are equivalent to at least 1 percent of GDP in several countries in Latin America and is expected to increase. We explore the effect of non-contributory...
View ArticleA Theory of Bundling Advertisements in Media Markets -- by Kevin M. Murphy,...
Watching TV and other forms of media consumption represent, after sleeping and working, the main activity that adults perform in developed countries. We present a dynamic theory of commercial...
View ArticleThe Life-cycle Benefits of an Influential Early Childhood Program -- by Jorge...
This paper estimates the long-term benefits from an influential early childhood program targeting disadvantaged families. The program was evaluated by random assignment and followed participants...
View ArticleKiller Incentives: Status Competition and Pilot Performance during World War...
A growing theoretical and empirical literature shows that public recognition can lead to greater effort amongst employees. At the same time, status competition can be associated with excessive...
View ArticleFinancial Frictions and Fluctuations in Volatility -- by Cristina Arellano,...
During the recent U.S. financial crisis, the large decline in aggregate output and labor was accompanied by both a tightening of financial conditions and a large increase in the dispersion of growth...
View ArticleMultinomial method for option pricing under Variance Gamma....
This paper presents a multinomial method for option pricing when the underlying asset follows an exponential Variance Gamma process. The continuous time Variance Gamma process is approximated by a...
View ArticleNumerical analysis of an extended structural default model with mutual...
We consider a structural default model in an interconnected banking network as in Lipton [International Journal of Theoretical and Applied Finance, 19(6), 2016], with mutual obligations between each...
View ArticleThe Big Pad of 50 Blank, Extra-Large Business Model Canvases and 50 Blank,...
100 Blank, Extra Large, Tear-Out Canvases Give You More Space to Brainstorm and Strategizeread more...
View ArticleAsymmetric information and the securitization of SME loans
Using credit register data for loans to Italian firms we test for the presence of asymmetric information in the securitization market by looking at the correlation between the securitization...
View ArticleFinalising Basel III reforms
Press release about the completion of the Basel III reforms (3 January 2017)
View ArticleGasoline Price Uncertainty and the Design of Fuel Economy Standards -- by...
What are the implications of gasoline price volatility for the design of fuel economy policies? I show that this problem has a strong parallel to Weitzman's (1974) classic model of using price or...
View ArticleMaximizing the Impact of Climate Finance: Funding Projects or Pilot Projects?...
This paper contributes to the understanding of how to maximize the impact of publicly provided climate finance to leverage the private sector. Agencies seeking to promote private investment in support...
View ArticleExpectation, Disappointment, and Exit: Reference Point Formation in a...
We study expectation-based reference point formation using data from an online auction marketplace. We hypothesize that exit from the marketplace is affected by disappointment from abruptly losing an...
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