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作者：Adao, Rodrigo; Kolesar, Michal; Morales, Eduardo
作者单位：University of Chicago; Princeton University
摘要：We study inference in shift-share regression designs, such as when a regional outcome is regressed on a weighted average of sectoral shocks, using regional sector shares as weights. We conduct a placebo exercise in which we estimate the effect of a shift-share regressor constructed with randomly generated sectoral shocks on actual labor market outcomes across U.S. commuting zones. Tests based on commonly used standard errors with 5% nominal significance level reject the null of no effect in up...
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作者：Liu, Ernest
作者单位：Princeton University
摘要：Many developing economies adopt industrial policies favoring selected sectors. Is there an economic logic to this type of intervention? I analyze industrial policy when economic sectors form a production network via input-output linkages. Market imperfections generate distortionary effects that compound through backward demand linkages, causing upstream sectors to become the sink for imperfections and have the greatest size distortions. My key finding is that the distortion in sectoral size is...
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作者：Smith, Matthew; Yagan, Danny; Zidar, Owen; Zwick, Eric
作者单位：United States Department of the Treasury; University of California System; University of California Berkeley; National Bureau of Economic Research; Princeton University; University of Chicago
摘要：How important is human capital at the top of the U.S. income distribution? A primary source of top income is private pass-through business profit, which can include entrepreneurial labor income for tax reasons. This article asks whether top pass-through profit mostly reflects human capital, defined as all inalienable factors embodied in business owners, rather than financial capital. Tax data linking 11 million firms to their owners show that top pass-through profit accrues to working-age owne...
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作者：Hassan, Tarek A.; Hollander, Stephan; van Lent, Laurence; Tahoun, Ahmed
作者单位：Boston University; Tilburg University; Frankfurt School Finance & Management; University of London; London Business School
摘要：We adapt simple tools from computational linguistics to construct a new measure of political risk faced by individual U.S. firms: the share of their quarterly earnings conference calls that they devote to political risks. We validate our measure by showing that it correctly identifies calls containing extensive conversations on risks that are political in nature, that it varies intuitively over time and across sectors, and that it correlates with the firm's actions and stock market volatility ...
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作者：Benson, Alan; Li, Danielle; Shue, Kelly
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; Yale University
摘要：The best worker is not always the best candidate for manager. In these cases, do firms promote the best potential manager or the best worker in their current job? Using microdata on the performance of sales workers at 131 firms, we find evidence consistent with the Peter Principle, which proposes that firms prioritize current job performance in promotion decisions at the expense of other observable characteristics that better predict managerial performance. We estimate that the costs of promot...
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作者：Jones, Damon; Molitor, David; Reif, Julian
作者单位：University of Chicago; National Bureau of Economic Research; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital
摘要：Workplace wellness programs cover over 50 million U.S. workers and are intended to reduce medical spending, increase productivity, and improve well-being. Yet limited evidence exists to support these claims. We designed and implemented a comprehensive workplace wellness program for a large employer and randomly assigned program eligibility and financial incentives at the individual level for nearly 5,000 employees. We find strong patterns of selection: during the year prior to the intervention...
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作者：Allcott, Hunt; Diamond, Rebecca; Dube, Jean-Pierre; Handbury, Jessie; Rahkovsky, Ilya; Schnell, Molly
作者单位：New York University; National Bureau of Economic Research; Stanford University; University of Chicago; United States Department of Agriculture (USDA); Northwestern University
摘要：We study the causes of nutritional inequality: why the wealthy eat more healthfully than the poor in the United States. Exploiting supermarket entry and household moves to healthier neighborhoods, we reject that neighborhood environments contribute meaningfully to nutritional inequality. We then estimate a structural model of grocery demand, using a new instrument exploiting the combination of grocery retail chains' differing presence across geographic markets with their differing comparative ...
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作者：Atalay, Enghin; Hortacsu, Ali; Li, Mary Jialin; Syverson, Chad
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Philadelphia; University of Chicago
摘要：We examine the within- and across-firm shipment decisions of tens of thousands of goods-producing and goods-distributing establishments. This allows us to quantify the normally unobservable forces that determine firm boundaries, that is, which transactions are mediated by ownership control, as opposed to contracts or markets. We find firm boundaries to be an economically significant barrier to trade: having an additional vertically integrated establishment in a given destination ZIP code has t...
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作者：Coffman, Lucas C.; Conlon, John J.; Featherstone, Clayton R.; Kessler, Judd B.
作者单位：Harvard University; University of Pennsylvania; National Bureau of Economic Research
摘要：Can access to a few hundred dollars of liquidity affect the career choice of a recent college graduate? In a three-year field experiment with Teach For America (TFA), a prestigious teacher placement program, we randomly increase the financial packages offered to nearly 7,300 potential teachers who requested support for the transition into teaching. The first two years of the experiment reveal that although most applicants do not respond to a marginal $600 of grants or loans, those in the worst...
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作者：DellaVigna, Stefano; Gentzkow, Matthew
作者单位：University of California System; University of California Berkeley; National Bureau of Economic Research; Stanford University
摘要：We show that most U.S. food, drugstore, and mass-merchandise chains charge nearly uniform prices across stores, despite wide variation in consumer demographics and competition. Demand estimates reveal substantial within-chain variation in price elasticities and suggest that the median chain sacrifices $16 million of annual profit relative to a benchmark of optimal prices. In contrast, differences in average prices between chains are broadly consistent with the optimal benchmark. We discuss a r...
