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作者：Haughwout, Andrew; Hyman, Benjamin; Shachar, Or
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：States and localities are relied upon to implement macroeconomic stabilization policies and ensure service delivery in times of crisis. In April 2020, the introduction of the Municipal Liquidity Facility (MLF) added an emergency lending instrument to the policy arsenal, guaranteeing liquidity, but at a price. Using a regression discontinuity design that exploits MLF-lending-eligibility population cutoffs, we find that the MLF contributed to the easing of liquidity pressures and reduced perceiv...
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作者：Ding, Hui
作者单位：Fudan University; Shanghai Institute of International Finance & Economics
摘要：The older population bears a heavy burden of mental illness. Despite the availability of effective treatments, including services (e.g., psychotherapy) and drugs (e.g., antidepressants, antipsychotics), this paper documents substantial geographic variation in treatment utilization rates among Medicare enrollees. Exploiting patient migration, I show that 45.8 percent of service utilization variation is attributable to place-specific factors, compared to 15.1 percent for drug utilization. Furthe...
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作者：Crema, Angela
作者单位：University of Rochester
摘要：I study the effects of charters on student racial segregation, identifying a novel mechanism: the assignment of White and non-White students to regular classrooms within their school-grade. Exploiting almost 100 entries of elementary charters in North Carolina from 1997 to 2015, I show that the announcement of an opening significantly increases classroom segregation within public schools nearby, relative to schools farther away, especially within non-majority-White schools and for charter open...
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作者：Anagol, Santosh; Ferreira, Fernando; Rexer, Jonah
作者单位：University of Pennsylvania; National Bureau of Economic Research; The World Bank
摘要：We estimate the economic value of zoning reform in S & atilde;o Paulo, which altered maximum permitted construction along transportation corridors. Developers increased filings for multifamily construction in blocks affected by the reform, leading to more housing supply and lower housing prices in neighborhoods that allow more densification. Our equilibrium model of housing markets estimates an aggregate 1.6 percent increase in housing stock and a 0.4 percent reduction in prices, resulting in ...
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作者：Demalach, Elad; Schlosser, Analia
作者单位：Bank of Israel; Tel Aviv University
摘要：We estimate the causal impacts of universal preschool by leveraging a quasi-experimental design based on Israel's implementation of free public preschool for children ages 3 and 4 beginning in September 1999. We focus on the Arab population, who were the main beneficiaries of the first phase of the law's implementation. Using a difference-in-differences (DID) research design, we find that universal preschool enhanced individuals' academic performance from elementary school through high school,...
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作者：Ager, Philipp; Hansen, Casper W.; Lin, Peter Z.
作者单位：University of Mannheim; Centre for Economic Policy Research - UK; University of Copenhagen; Western Kentucky University
摘要：We examine the impact of the free supply of diphtheria antitoxin, the first effective medical treatment for an infectious disease, on the historical health transition in Massachusetts. Using newly collected municipality-level data on the distribution of antitoxin and information from over 1.5 million death certificates from 1880 to 1914, we find that the rapid availability of antitoxin treatment significantly increased life expectancy at young ages. Our findings suggest that medicine, combined...
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作者：Bremus, Franziska; Rieth, Malte
作者单位：Leibniz Association; DIW Berlin - Deutsches Institut fur Wirtschaftsforschung; Martin Luther University Halle Wittenberg
摘要：We study the role of international financial integration in buffer-ing natural disaster shocks, using a large sample of advanced and emerging economies. Natural disasters are largely unpredictable and unrelated to the state of financial integration. We document that integration improves the absorption of such shocks: Output, con-sumption, and investment are significantly higher after a natural disaster in states with high than in states with low integration. The benefits are most clear for adv...
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作者：Marioli, Francisco Arroyo; Vegh, Carlos A.
作者单位：The World Bank; Johns Hopkins University; National Bureau of Economic Research
摘要：A large literature has documented that fiscal policy is procyclical in emerging markets/developing countries and acyclical/countercycli-cal in advanced economies. This paper analyzes fiscal procyclicality in commodity-exporting countries. The paper makes two novel contributions. First, based on the when it rains, it pours phenomenon (that is, contractionary fiscal policy amplifies the business cycle), the paper shows that, on average, government spending magnifies the business cycle by 21 perc...
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作者：Remmy, Kevin
作者单位：University of Mannheim; Centre for Economic Policy Research - UK
摘要：This paper develops a structural model of endogenous product attribute choice in the presence of indirect network effects to study electric vehicle (EV) subsidies. Using data on the German EV market, I find that a support scheme almost doubled EV sales but substantially affected EVs' price and driving range. These adjustments create a trade-off between optimizing different policy objectives when designing subsidies. Large purchase subsidies maximize EV sales, whereas large charging station sub...
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作者：Herskowitz, Sylvan; Blumenstock, Joshua E.; Ghani, Tarek; Kapstein, Ethan B.; Scherer, Thomas L.; Toomet, Ott
作者单位：The World Bank; University of California System; University of California Berkeley; Washington University (WUSTL); Princeton University; University of California System; University of California San Diego; University of Washington; University of Washington Seattle
摘要：We provide empirical evidence on how insecurity affects firm behavior by linking data on deadly terrorist attacks in Afghanistan to geolocated data on corporate mobile phone activity. We first develop an approach to estimate the geographic footprint of firms based on employee locations. Using these measures, our main analysis shows that violent shocks reduce local firm presence by both increasing firm exit and decreasing entry. Firms respond most strongly to violence in their headquarters dist...
