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作者：Gyourko, Joseph; Mayer, Christopher; Sinai, Todd
作者单位：University of Pennsylvania; National Bureau of Economic Research; Columbia University
摘要：We document large long-run differences in average house price appreciation across metropolitan areas over the past 50 years, and show they can be explained by an inelastic supply of land in some unique locations combined with an increasing number of high-income households nationally. The resulting high house prices and price-to-rent ratios in those superstar areas crowd out lower income households. The same forces generate a similar pattern among municipalities within a metropolitan area. Thes...
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作者：Knight, Brian
作者单位：Brown University
摘要：This paper provides a theoretical and empirical analysis of cross-state externalities associated with gun regulations that impact gun trafficking. Using tracing data, which identify the source state for crime guns recovered in destination states, we find that firearms tend to flow from states with weak laws to states with strict laws, satisfying a key theoretical condition for the existence of externalities. We also find that gun flows are more significant between nearby states, suggesting tha...
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作者：Gaynor, Martin; Moreno-Serra, Rodrigo; Propper, Carol
作者单位：Carnegie Mellon University; University of Bristol; National Bureau of Economic Research; Imperial College London; Imperial College London; Center for Economic & Policy Research (CEPR); Imperial College London
摘要：The effect of competition on the quality of health care remains a contested issue. Most empirical estimates rely on inference from nonexperimental data. In contrast, this paper exploits a pro-competitive policy reform to provide estimates of the impact of competition on hospital outcomes. The English government introduced a policy in 2006 to promote competition between hospitals. Using this policy to implement a difference-in-differences research design, we estimate the impact of the introduct...
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作者：Antwi, Yaa Akosa; Moriya, Asako S.; Simon, Kosali
作者单位：Purdue University System; Purdue University; Purdue University in Indianapolis; Indiana University System; Indiana University Bloomington; National Bureau of Economic Research
摘要：Using data from the Survey of Income and Program Participation (SIPP), we study the health insurance and labor market implications of the recent Affordable Care Act (ACA) provision that allows dependents to remain on parental policies until age 26. Our comparison of outcomes for young adults aged 19-25 with those who are older and younger, before and after the law, shows a high take-up of parental coverage, resulting in substantial reductions in uninsurance and other forms of coverage. We also...
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作者：Bushnell, James B.; Chong, Howard; Mansur, Erin T.
作者单位：University of California System; University of California Davis; National Bureau of Economic Research; Cornell University; Dartmouth College
摘要：We investigate how cap-and-trade regulation affects profits. In late April 2006, the EU CO2 allowance price dropped 50 percent, equating to a (sic) 28 billion reduction in the value of aggregate annual allowances. We examine daily returns for 552 stocks from the EUROSTOXX index. Despite reductions in environmental costs, we find that stock prices fell for firms in both carbon- and electricity-intensive industries, particularly for firms selling primarily within the EU. Our results imply that i...
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作者：Niepmann, Friederike; Schmidt-Eisenlohr, Tim
作者单位：University of Oxford
摘要：Financial institutions are increasingly linked internationally. As a result, financial crises and government intervention have stronger effects beyond borders. We provide a model of international contagion allowing for bank bailouts. While a social planner trades off tax distortions, liquidation losses, and intra- and intercountry income inequality, in the noncooperative game between governments there are inefficiencies due to externalities, a lack of burden sharing, and free riding. We show t...
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作者：Cullen, Joseph
作者单位：Washington University (WUSTL)
摘要：Production subsidies for renewable energy, such as solar or wind power, are rationalized by their environmental benefits. Subsidizing these projects allows clean, renewable technologies to produce electricity that otherwise would have been produced by dirtier, fossil-fuel power plants. In this paper, I quantify the emissions offset by wind power for a large electricity grid in Texas using the randomness inherent in wind power availability. When accounting for dynamics in the production process...
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作者：Becker, Sascha O.; Egger, Peter H.; von Ehrlich, Maximilian
作者单位：University of Warwick; Centre for Economic Policy Research - UK; University of Oxford; IZA Institute Labor Economics; University of Nottingham; Centre for Economic Policy Research - UK; University of Oxford; University of Bern
摘要：Researchers often estimate average treatment effects of programs without investigating heterogeneity across units. Yet, individuals, firms, regions, or countries vary in their ability to utilize transfers. We analyze Objective 1 transfers of the EU to regions below a certain income level by way of a regression discontinuity design with systematically varying heterogeneous treatment effects. Only about 30 percent and 21 percent of the regions-those with sufficient human capital and good-enough ...
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作者：Pindyck, Robert S.; Wang, Neng
作者单位：Massachusetts Institute of Technology (MIT); Columbia University
摘要：How likely is a catastrophic event that would substantially reduce the capital stock, GDP, and wealth? How much should society be willing to pay to reduce the probability or impact of a catastrophe? We answer these questions and provide a framework for policy analysis using a general equilibrium model of production, capital accumulation, and household preferences. Calibrating the model to economic and financial data, we estimate the mean arrival rate of shocks and their size distribution, the ...
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作者：Niehaus, Paul; Sukhtankar, Sandip
作者单位：University of California System; University of California San Diego; Dartmouth College
摘要：Theoretical work on disciplining corrupt agents has emphasized the role of expected future rents-for example, efficiency wages. Yet taken seriously this approach implies that illicit future rents should also deter corruption. We study this golden goose effect in the context of a statutory wage increase in India's employment guarantee scheme, comparing official microrecords to original household survey data to measure corruption. We estimate large golden goose effects that reduced the total imp...
