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作者：Lanteri, Andrea; Rampini, Adriano A.
作者单位：Duke University
摘要：We characterize efficiency in an equilibrium model of investment and capital reallocation with heterogeneous firms facing collateral constraints. The model features two types of pecuniary externalities: collateral externalities, because the resale price of capital affects collateral constraints, and distributive externalities, because buyers of old capital are more financially constrained than sellers, consis-tent with empirical evidence. We prove that the stationary equilib-rium price of old ...
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作者：Frandsen, Brigham; Lefgren, Lars; Leslie, Emily
作者单位：Brigham Young University
摘要：We propose a nonparametric test for the exclusion and monotonicity assumptions invoked in instrumental variable (IV) designs based on the random assignment of cases to judges. We show its asymptotic validity and demonstrate its finite-sample performance in simula-tions. We apply our test in an empirical setting from the literature examining the effects of pretrial detention on defendant outcomes in New York. When the assumptions are not satisfied, we propose weaker versions of the usual exclus...
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作者：Black, Sandra E.; Denning, Jeffrey T.; Dettling, Lisa J.; Goodman, Sarena; Turner, Lesley J.
作者单位：Columbia University; National Bureau of Economic Research; University of Notre Dame; National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve System Board of Governors; University of Chicago; National Bureau of Economic Research
摘要：Growing reliance on student loans and repayment difficulties have raised concerns of a student debt crisis in the United States, but little is known about the effects of student borrowing on human capital and long-run financial well-being. We use variation induced by recent expansions in federal loan limits combined with administrative data sets to identify the effects of increased access to student loans on credit-constrained students' educational attainment, earnings, debt, and loan repaymen...
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作者：Janssen, Aljoscha; Zhang, Xuan
作者单位：Singapore Management University
摘要：This study investigates the role of retail pharmacy ownership in the opioid epidemic. Using data of prescription opioid orders, we show that compared with chain pharmacies, independent pharmacies dis-pense 39.1 percent more opioids and 60.5 percent more OxyContin. After an independent pharmacy becomes a chain pharmacy, opioid dispensing decreases. Using the OxyContin reformulation, which reduced nonmedical demand but not the legitimate medical demand, we show that at least one-third of the dif...
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作者：Deshpande, Manasi; Dizon-Ross, Rebecca
作者单位：University of Chicago; University of Chicago
摘要：How does the expectation that a child will receive government benefits in adulthood affect parental investments in the child's human capital? Most parents whose children receive Supplemental Security Income (SSI) benefits overestimate the likelihood that their child will receive SSI benefits in adulthood. We present randomly selected families with the predicted likelihood that their child will receive SSI benefits in adulthood. Reducing parents' expectations that children will receive benefits...
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作者：Chan, David C.; Card, David; Taylor, Lowell
作者单位：US Department of Veterans Affairs; Veterans Health Administration (VHA); VA Palo Alto Health Care System; Stanford University; National Bureau of Economic Research; University of California System; University of California Berkeley; Carnegie Mellon University
摘要：We study public versus private provision of health care for veterans aged 65 and older who may receive care provided by the US Department of Veterans Affairs (VA) and in private hospitals financed by Medicare. Utilizing the ambulance design of Doyle et al. (2015), we find that the VA reduces 28- day mortality by 46 percent ( 4.5 percentage points) and that these survival gains are persistent. The VA also reduces 28- day spending by 21 percent and delivers strikingly different reported services...
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作者：Djourelova, Milena
作者单位：University of Chicago
摘要：I study the persuasive effects of slanted language, exploiting a ban on the politically charged term illegal immigrant by the Associated Press (AP) news wire. My empirical strategy combines the timing of the ban with variation across media outlets in their baseline reliance on AP copy. I document sizable diffusion of the ban from AP copy to media outlets. Moreover, individuals exposed to the ban through local media show significantly lower support for restrictive immi-gration policies. This ef...
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作者：Currie, Janet; Voorheis, John; Walker, Reed
作者单位：Princeton University; University of California System; University of California Berkeley
摘要：This project links administrative census microdata to spatially continuous measures of particulate pollution (PM2.5) to first doc-ument and then decompose the key drivers of convergence in black -white pollution exposure differences. We use quantile regression to show that a significant portion of the convergence in Black-White exposure is attributable to differential impacts of the Clean Air Act (CAA) in Black and White communities. Areas with larger Black populations saw greater CAA-related ...
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作者：Ito, Koichiro; Ida, Takanori; Tanaka, Makoto
作者单位：University of Chicago; National Bureau of Economic Research; Kyoto University; National Graduate Institute for Policy Studies
摘要：We study a problem in which policymakers need to screen self- selected individuals by unobserved heterogeneity in social welfare gains from a policy intervention. In our framework, the marginal treatment effects and marginal treatment responses arise as key statistics to characterize social welfare. We apply this framework to a randomized field experiment on electricity plan choice. Consumers were offered welfare- improving dynamic pricing with randomly assigned take- up incentives. We find th...
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作者：Mulhern, Christine
作者单位：RAND Corporation
摘要：Counselors are a common school resource for students navigating complicated and consequential education choices. I estimate counselors' causal effects using quasi-random assignment policies in Massachusetts. Counselors vary substantially in their effectiveness at increasing high school graduation and college attendance, selectivity, and persistence. Counselor effects on educational attainment are similar in magnitude to teacher effects, but they flow through improved information and assistance...
