-
作者：Persico, N; Postlewaite, A; Silverman, D
作者单位：University of Pennsylvania; University of Michigan System; University of Michigan
摘要：Taller workers receive a wage premium. Net of differences in family background, the disparity is similar in magnitude to the race and gender gaps. We exploit variation in an individual's height over time to explore how height affects wages. Controlling for teen height essentially eliminates the effect of adult height on wages for white men. The teen height premium is not explained by differences in resources or endowments. The teen height premium is partially mediated through participation in ...
-
作者：Gomes, J; Kogan, L; Zhang, L
作者单位：University of Pennsylvania; Massachusetts Institute of Technology (MIT); University of Rochester
-
作者：Menzly, L; Santos, T; Veronesi, P
作者单位：University of Southern California; Columbia University; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); University of Chicago
摘要：We propose a general equilibrium model with multiple securities in which investors' risk preferences and expectations of dividend growth are time-varying. While time-varying risk preferences induce the standard positive relation between the dividend yield and expected returns, time-varying expected dividend growth induces a negative relation between them. These offsetting effects reduce the ability of the dividend yield to forecast returns and eliminate its ability to forecast dividend growth,...
-
作者：Gelbach, JB
作者单位：University System of Maryland; University of Maryland College Park
摘要：I show that among women likely to use welfare, movers move to higher-benefit states. I also find that the probability likely welfare users will move at all is lower in higher-benefit states. This effect is concentrated early in the life cycle, as theory predicts. I construct a theoretical framework to measure the impact of welfare migration on optimal state benefits. Simulation results suggest little impact in higher-benefit states, but possibly a more substantial impact in other states. Final...
-
作者：MacDonald, G; Weisbach, MS
作者单位：Washington University (WUSTL); University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; National Bureau of Economic Research
摘要：The evolution of technology causes human capital to become obsolete. We study this phenomenon in an overlapping generations setting, assuming that technology evolves stochastically and that older workers find updating uneconomic. Experience and learning by doing may offer the old some income protection, but technology advance always turns them into has-beens to some degree. We focus on the determinants (demand elasticities, persistence of technology change, etc.) of the severity of the has-bee...
-
作者：Welch, I
作者单位：Yale University; National Bureau of Economic Research
摘要：U.S. corporations do not issue and repurchase debt and equity to counteract the mechanistic effects of stock returns on their debt-equity ratios. Thus over one-to five-year horizons, stock returns can explain about 40 percent of debt ratio dynamics. Although corporate net issuing activity is lively and although it can explain 60 percent of debt ratio dynamics ( long-term debt issuing activity being most capital structure-relevant), corporate issuing motives remain largely a mystery. When stock...
-
作者：Acemoglu, D; Autor, DH; Lyle, D
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; United States Department of Defense; United States Army; United States Military Academy
摘要：We exploit the military mobilization for World War II to investigate the effects of female labor supply on the wage structure. The mobilization drew many women into the workforce permanently. But the impact was not uniform across states. In states with greater mobilization of men, women worked more after the war and in 1950, though not in 1940. These induced shifts in female labor supply lowered female and male wages and increased earnings inequality between high school- and college-educated m...
-
作者：Ashenfelter, O; Greenstone, M
作者单位：Princeton University; National Bureau of Economic Research; Massachusetts Institute of Technology (MIT)
摘要：In 1987 the federal government permitted states to raise the speed limit on their rural interstate roads, but not on their urban interstate roads, from 55 mph to 65 mph. Since the states that adopted the higher speed limit must have valued the travel hours they saved more than the fatalities incurred, this institutional change provides an opportunity to estimate an upper bound on the public's willingness to trade off wealth for a change in the probability of death. Our estimates indicate that ...
-
作者：Cooley, T; Marimon, R; Quadrini, V
作者单位：New York University; National Bureau of Economic Research; National Bureau of Economic Research; Pompeu Fabra University; Centre for Economic Policy Research - UK; University of Southern California
摘要：We study a general equilibrium model in which entrepreneurs finance investment with optimal financial contracts. Because of enforceability problems, contracts are constrained efficient. We show that limited enforceability amplifies the impact of technological innovations on aggregate output. This implies that economies with lower enforceability of contracts are characterized by greater macroeconomic volatility. A key assumption for the amplification result is that defaulting entrepreneurs are ...
-
作者：Carlton, DW; Frankel, AS; Landes, EM
作者单位：University of Chicago
摘要：This paper provides one of the few successful demonstrations of the efficiency of certain types of restrictions in the context of a joint venture. The joint venture we examine is the National Hockey League (NHL) in the 1980s, which was then composed of 21 separately owned teams. ( It now has 30 teams.) The restriction we analyze is the NHL rule on franchise relocation. Before one can fully understand the effect of the restriction, one must understand the theory of how sports leagues operate an...
