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作者：Alfaro, Laura; Chor, Davin; Antras, Pol; Conconi, Paola
作者单位：Harvard University; Dartmouth College; National University of Singapore; Universite Libre de Bruxelles
摘要：A key decision facing firms is the extent of control to exert over the different stages in their production processes. We develop and test a property rights model of firm boundary choices along the value chain. We construct firm-level measures of the upstreamness of integrated and nonintegrated inputs by combining information on firms' production activities in more than 100 countries with input-output tables. Whether a firm integrates upstream or downstream suppliers depends crucially on the e...
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作者：Lee, Sang Yoon (Tim); Seshadri, Ananth
作者单位：University of London; Queen Mary University London; Center for Economic & Policy Research (CEPR); University of Wisconsin System; University of Wisconsin Madison; National Bureau of Economic Research
摘要：We present a model in which human capital investments occur over the life cycle and across generations, a la Becker and Tomes. The human capital technology features multiple stages of childhood investments, college, and life cycle accumulation. The model can explain a wide range of intergenerational relationships while remaining empirically consistent with cross-sectional inequality. Much of the latter is determined by early investments in children, so that borrowing constraints faced by young...
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作者：Mitchener, Kris James; Richardson, Gary
作者单位：Santa Clara University; Center for Economic & Policy Research (CEPR); Leibniz Association; Ifo Institut; National Bureau of Economic Research; University of California System; University of California Irvine
摘要：Interbank networks amplified the contraction in lending during the Great Depression. Panics induced banks in the hinterland to withdraw interbank deposits from Federal Reserve member banks located in reserve and central reserve cities. These correspondent banks responded by curtailing lending to businesses. Between the peak in the summer of 1929 and the banking holiday in the winter of 1933, interbank amplification reduced aggregate commercial bank lending by an estimated 15 percent.
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作者：Kantor, Shawn; Whalley, Alexander
作者单位：State University System of Florida; Florida State University; National Bureau of Economic Research; University of Calgary
摘要：We use the late nineteenth-century establishment of agricultural experiment stations at preexisting land-grant colleges across the United States to estimate the importance of proximity to research for productivity growth. Our analysis reveals that proximity to newly opened permanent stations affected land productivity for about 20 years and then subsequently declined until becoming largely absent today. We conclude that spatial frictions substantially reduced the rate of return to public resea...
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作者：Almond, Douglas; Li, Hongbin; Zhang, Shuang
作者单位：Columbia University; National Bureau of Economic Research; Stanford University; University of Colorado System; University of Colorado Boulder
摘要：China's land reform in 1978-84 unleashed rapid growth in farm output and household income. In new data on reform timing in 914 counties, we find an immediate trend break in the fraction of male children following the reform. Among second births that followed a firstborn girl, sex ratios increased from 1.1 to 1.3 boys per girl in the 4 years following reform. Larger increases are found among families with more education. The land reform estimate is robust to controlling for the county-level rol...
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作者：Neumark, David; Burn, Ian; Button, Patrick
作者单位：University of California System; University of California Irvine; National Bureau of Economic Research; IZA Institute Labor Economics; Stockholm University; Tulane University; RAND Corporation
摘要：We design and implement a large-scale resume correspondence study to address limitations of existing field experiments testing for age discrimination that may bias their results. One limitation that may bias results is giving older and younger applicants similar experience to make them otherwise comparable. A second limitation is that greater unobserved differences in human capital investment of older applicants may bias the results against finding age discrimination. On the basis of over 40,0...
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作者：Jackson, Matthew O.
作者单位：Stanford University
摘要：The friendship paradox (first noted by Feld in 1991) refers to the fact that, on average, people have strictly fewer friends than their friends have. I show that this oversampling of more popular people can lead people to perceive more engagement than exists in the overall population. This feeds back to amplify engagement in behaviors that involve complementarities. Also, people with the greatest proclivity for a behavior choose to interact the most, leading to further feedback and amplificati...
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作者：Walters, Christopher
作者单位：University of California System; University of California Berkeley
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作者：Alsan, Marcella; Goldin, Claudia
作者单位：Stanford University; National Bureau of Economic Research; Harvard University
摘要：We explore the first period of sustained decline in child mortality in the United States and provide estimates of the independent and combined effects of clean water and effective sewerage systems on under-5 mortality. Our case is Massachusetts, 1880-1920, when authorities developed a sewerage and water district in the Boston area. We find the two interventions were complementary and together account for approximately one-third of the decline in log child mortality during the 41 years. Our fin...
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作者：Bernstein, Asaf; Hughson, Eric; Weidenmier, Marc
作者单位：University of Colorado System; University of Colorado Boulder; Claremont Colleges; Claremont McKenna College; Claremont Graduate University; Chapman University System; Chapman University; National Bureau of Economic Research
摘要：We examine the effect of the establishment of the New York Stock Exchange (NYSE) clearinghouse in 1892 on counterparty risk using a novel historical experiment. During this period, the NYSE stocks were dual-listed on the Consolidated Stock Exchange (CSE), which already had a clearinghouse. Using identical securities on the CSE as a control, we find that the introduction of multilateral net settlement through a clearinghouse substantially reduced volatility of NYSE returns caused by settlement ...
