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作者：Frye, Dustin
作者单位：University of Wisconsin System; University of Wisconsin Madison
摘要：This paper examines the effect of expanding transportation networks on spatial industrial growth across the United States from 1953 to 2016. I use a new methodological approach that applies network theory combined with a historic military map to address the two forms of endogeneity present in expanding transportation networks: route placement and construction timing. I find that Interstate counties experienced significant growth in employment and the number of establishments relative to non-In...
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作者：Davis, Jonathan M. V.; Mazumder, Bhashkar
作者单位：University of Oregon; Federal Reserve System - USA; Federal Reserve Bank - Chicago
摘要：Relative intergenerational mobility declined for cohorts born around 1960 compared to those born around 1950. The former entered the labor market after the rise in inequality around 1980, while the latter entered the labor market earlier. We show that the rank-rank slope rose from 0.25 to 0.36 and the intergenerational elasticity increased from 0.28 to 0.45. These increases are more pronounced for men than for women. Increases in returns to schooling and in the gradient in the likelihood of ma...
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作者：Lavecchia, Adam M.; Tazhitdinova, Alisa
作者单位：McMaster University; University of California System; University of California Santa Barbara; National Bureau of Economic Research
摘要：Using panel data on a 20% random sample of Canadian taxpayers, we study behavioral responses to the cancellation of a lifetime capital gains exemption that resulted in increased capital gains taxation for some individuals. We show that the exemption did not change the number of taxpayers reporting positive capital gains, and thus unlikely resulted in increased participation in capital markets. Furthermore, our results suggest that the cancellation increased the long-run capital gains realizati...
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作者：Bancalari, Antonella
作者单位：University of London; London School Economics & Political Science
摘要：I investigate the social costs imposed by poor implementation of public infrastructure. Focusing on the period from 2005 to 2015 in Peru, when the government embarked on a nationwide initiative to expand sewerage systems, I leverage quasirandom variation in initiation of the implementation phase. By combining several sources of administrative data, I find that infrastructure development increased infant and under-5 mortality. These effects are driven by health and safety hazards associated wit...
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作者：Nicholas, Tom
作者单位：Harvard University
摘要：This paper estimates the returns to human capital accumulation during the first era of mega-firms in the United States by linking employees at General Electric-a canonical enterprise associated with the visible hand of managerial hierarchies-to the 1940 census. I find large returns to higher education through seniority in the hierarchy, span of control, earnings, and selection into management training, using the proximity of land-grant colleges and historical universities to birth states for i...
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作者：Fudenberg, Drew; Gao, Wayne; Liang, Annie
作者单位：Massachusetts Institute of Technology (MIT); University of Pennsylvania; Northwestern University
摘要：We propose a restrictiveness measure for economic models based on how well they fit predefined synthetic data. This measure, together with a measure for how well the model fits real data, outlines a Pareto frontier, where models that rule out more regularities, yet capture the regularities that are present in real data, are preferred. To illustrate our approach, we evaluate the restrictiveness of models in two laboratory settings-certainty equivalents and initial play-and one field setting- ta...
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作者：Alysandratos, Theodore; Georganas, Sotiris; Sutter, Matthias
作者单位：Ruprecht Karls University Heidelberg; City St Georges, University of London; University of Cologne; University of Innsbruck; Leibniz Association; Ifo Institut
摘要：In markets with asymmetric information between sellers and buyers, feedback mechanisms are important to increase market efficiency and reduce the informational disadvantage of buyers. Feedback mechanisms might work because of self-selection of more trustworthy sellers into markets with such mechanisms or because of reputational concerns of sellers. We show in a field experiment how to disentangle self-selection from reputation effects. Based on 476 taxi rides with four different types of taxis...
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作者：Brunet, Gillian
作者单位：Smith College
摘要：I use newly digitized contract data on U.S. war production spending over 1940-1945 to analyze the macroeconomic effects of U.S. military spending in World War II. I find personal income multipliers of 0.34 over two years and 0.49 over three years. Personal income multipliers may substantially understate gross domestic product multipliers, perhaps by as much as 50%. Employment estimates imply costs per job-year over the same time horizons of $405,013 and $232,268 in 2015 dollars, suggesting job...
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作者：Dautovic, Ernest; Hau, Harald; Huang, Yi
作者单位：European Central Bank; University of Geneva; Centre for Economic Policy Research - UK; Swiss Finance Institute (SFI); Fudan University
摘要：This article evaluates the impact of the Chinese minimum-wage policy on consumption of low-wage households for the period 2002-2009. Using a representative panel of urban households, we find that the consumption response to minimum-wage income hikes increases in the share of minimum-wage income in total household income. In particular, poorer households fully consume their additional income, while meaningful negative employment effects are absent. The large marginal propensity to consume is dr...
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作者：Eppinger, Peter; Ma, Hong
作者单位：Carl von Ossietzky Universitat Oldenburg; Leibniz Association; Ifo Institut; Tsinghua University
摘要：theories of the firm posit that firm ownership is allocated to minimize contractual inefficiencies. Yet, it remains unclear how much the optimal ownership choice affects firm performance in practice. This paper provides a first quantification of the gains from optimal ownership within multinational firms by exploiting a major liberalization of China's policy restrictions on foreign ownership. The liberalization allowed previously restricted firms to become fully foreign-owned. We find that the...
