-
作者：Fang, Hanming; Gavazza, Alessandro
作者单位：University of Pennsylvania; New York University
摘要：We investigate the effects of the institutional settings of the US health care system on individuals' life-cycle medical expenditures. Health is a form of general human capital; labor turnover and labor-market frictions prevent an employer-employee pair from capturing the entire surplus from investment in an employee's health. Thus, the pair underinvests in health during working years, thereby increasing medical expenditures during retirement. We provide empirical evidence consistent with the ...
-
作者：Erickson, Tim; Pakes, Ariel
作者单位：United States Department of Labor; Harvard University
摘要：The CPI component indices are obtained from comparing price quotes at a given store in different periods. If we omit comparisons from goods in the store in the initial, but not in the comparison, period we generate a selection bias: goods that exit are disproportionately obsolete goods that have falling prices. Building on Pakes (2003), we explain why standard hedonic predictions for second-period prices of exiting goods do not account for this bias. New hedonic methods are derived, shown to h...
-
作者：Shavell, Steven
作者单位：Harvard University
-
作者：Hall, Robert E.
作者单位：Stanford University; Stanford University; National Bureau of Economic Research
摘要：In a market-clearing economy, declines in demand from one sector do not cause large declines in aggregate output because other sectors expand. The key price mediating the response is the interest rate. A decline in the rate stimulates all categories of spending. But in a low-inflation economy, the room for a decline in the rate is small, because of the notorious lower limit of zero on the nominal interest rate. In the Great Depression, substantial deflation caused the real interest rate to rea...
-
作者：Abaluck, Jason; Gruber, Jonathan
作者单位：Massachusetts Institute of Technology (MIT)
摘要：We evaluate the choices of elders across their insurance options under the Medicare Part D Prescription Drug plan, using a unique dataset of prescription drug claims matched to information on the characteristics of choice sets. We document that elders place much more weight on plan premiums than on expected out-of-pocket costs; value plan financial characteristics beyond any impacts on their own financial expenses or risk; and place almost no value on variance-reducing aspects of plans. Partia...
-
作者：McCrary, Justin; Royer, Heather
作者单位：University of California System; University of California Berkeley; University of California System; University of California Santa Barbara
摘要：This paper uses age-at-school-entry policies to identify the effect of female education on fertility and infant health. We focus on sharp contrasts in schooling, fertility, and infant health between women born just before and after the school entry date. School entry policies affect female education and the quality of a woman's mate and have generally small, but possibly heterogeneous, effects on fertility and infant health. We argue that school entry policies manipulate primarily the educatio...
-
作者：Hotz, V. Joseph; Xiao, Mo
作者单位：Duke University; University of Arizona
摘要：We examine the impact of state child care regulations on the supply and quality of care in child care markets. We exploit panel data on both individual establishments and local markets to control for state, time, and, where possible, establishment-specific fixed effects to mitigate the potential bias due to policy endogeneity. We find that the imposition of regulations reduces the number of center-based child care establishments, especially in lower income markets. However, such regulations in...
-
作者：Plott, Charles R.; Zeiler, Kathryn
作者单位：California Institute of Technology; Georgetown University
-
作者：Hornstein, Andreas; Krusell, Per; Violante, Giovanni L.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Richmond; Stockholm University; New York University; National Bureau of Economic Research
摘要：We propose a new measure of frictional wage dispersion: the mean-min wage ratio. For a large class of search models, we show that this measure is independent of the wage-offer distribution but depends on statistics of labor-market turnover and on preferences. Under plausible preference parameterizations, observed magnitudes for worker flows imply that in the basic search model, and in most of its extensions, frictional wage dispersion is very small. Notable exceptions are some of the most rece...
-
作者：Bianchi, Javier
作者单位：New York University; University of Wisconsin System; University of Wisconsin Madison
