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作者：Aronoff, Daniel; Rafey, Will
作者单位：Massachusetts Institute of Technology (MIT); Massachusetts Institute of Technology (MIT); University of California System; University of California Los Angeles; National Bureau of Economic Research
摘要：We introduce an empirical framework for valuing markets in environmental offsets. Using newly collected data on wetland conservation and offsets, we apply this framework to evaluate a set of decentralized markets in Florida, where land developers purchase offsets from long-lived producers who restore wetlands over time. We find offsets led to substantial private gains from trade, creating $2.4 billion of net surplus from 1995 to 2020 relative to direct conservation. Offset trading also generat...
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作者：Danieli, Oren; Nevo, Daniel; Walk, Itai; Weinstein, Bar; Zeltzer, Dan
作者单位：Tel Aviv University; University of California System; University of California Berkeley
摘要：The validity of instrumental variable (IV) designs is typically tested using two types of falsification tests. We characterize these tests as conditional independence tests between negative control variables - proxies for unobserved variables posing a threat to the identification - and the IV or the outcome. We describe the conditions variables must satisfy in order to serve as negative controls. We show these falsification tests examine not only independence and the exclusion restriction but ...
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作者：Dahl, Gordon B.; Knepper, Matthew
作者单位：University of California System; University of California San Diego; National Bureau of Economic Research; Leibniz Association; Ifo Institut; Leibniz Association; Ifo Institut; IZA Institute Labor Economics; Centre for Economic Policy Research - UK; Amazon.com
摘要：Why is workplace sexual harassment chronically underreported? We hypothesize that employers coerce victims into silence through the threat of a retaliatory firing. To test this, we estimate how two external shocks that reduce workers'outside options - unemployment rate increases and sharp cuts to unemployment insurance benefits - affect the selectivity of sexual harassment charges filed with the Equal Employment Opportunity Commission. We find that both shocks increase selectivity, which impli...
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作者：Eeckhout, Jan; Fu, Chunyang; Li, Wenjian; Weng, Xi
作者单位：Pompeu Fabra University; Centre de Recerca en Economia Internacional (CREI); Central University of Finance & Economics; Zhejiang University; Peking University
摘要：Should optimal income taxation change when firms have market power? We analyze how the planner can optimally tax labor income of workers and profits of entrepreneurs. We derive optimal tax rates that depend on markups and identify four distinct components: the Mirrleesian incentive effect, the Pigouvian tax correction of the negative externality of market power, redistribution through altered factor prices, and reallocation of output toward the most productive firms. We quantify the optimal ta...
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作者：Afrouzi, Hassan; Halac, Marina; Rogoff, Kenneth; Yared, Pierre
作者单位：Columbia University; National Bureau of Economic Research; Yale University; Centre for Economic Policy Research - UK; Harvard University; Columbia University
摘要：This paper studies the implications of central bank credibility for long-run inflation and inflation dynamics. We introduce central bank lack of commitment into a standard nonlinear New Keynesian economy with sticky-price monopolistically competitive firms. Inflation is driven by the interaction of lack of commitment and the economic environment. We show that long-run inflation increases following an unanticipated permanent increase in the labor wedge or decrease in the elasticity of substitut...
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作者：Munnich, Elizabeth L.; Richards, Michael R.; Whaley, Christopher M.; Zhao, Xiaoxi
作者单位：University of Louisville; Cornell University; National Bureau of Economic Research; Brown University; RAND Corporation
摘要：Principal-agent problems often extend beyond what can be directly addressed through conventional incentive arrangements. We examine a context where physicians are likely under-incentivized to minimize total medical costs until their private financial interests align with those of patients. Leveraging novel data on physician ownership of ambulatory surgery centers--that is, same-day facilities--we show that these equity holdings cause a substitution away from higher cost, rival settings that lo...
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作者：Chetty, Raj; Friedman, John N.; Hendren, Nathaniel; Jones, Maggie R.; Porter, Sonya R.
作者单位：Harvard University; National Bureau of Economic Research; Brown University; Massachusetts Institute of Technology (MIT)
摘要：We construct a public atlas of mean outcomes in adulthood by childhood census tract. Outcomes vary sharply across neighborhoods: For children whose parents earn $27,000, the standard deviation of mean household income in adulthood is $10,420 across tracts within counties. Only half the variation in outcomes is explained by traditional measures of neighborhood opportunity like poverty rates. Experimental and quasi-experimental estimates indicate 60 percent of the variation in outcomes across ne...
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作者：Chan, David; Chen, Yiqun
作者单位：University of California System; University of California Berkeley; National Bureau of Economic Research; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital
摘要：This paper studies the productivity of nurse practitioners (NPs) and physicians, two professions performing overlapping tasks but with starkly different backgrounds, training, and pay. Using quasi-experimental variation inpatient assignment to NPs versus physicians in Veterans Health Administration emergency departments, we find that, on average, NPs use more resources and exhibit a higher 30-day preventable hospitalization rate than physicians. However, the NP-physician performance difference...
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作者：Boar, Corina; Gorea, Denis; Midrigan, Virgiliu
作者单位：New York University; National Bureau of Economic Research; Bank for International Settlements (BIS)
摘要：We use firm-level data to document that private businesses experience large fluctuations in their profit shares. These are due to large, fat-tailed, and transitory changes in output that are not fully accompanied by changes in their inputs. We interpret this evidence using a model of entrepreneurial dynamics. Because firms can limit their exposure to risk by operating at a smaller scale, our model predicts large macroeconomic losses from uninsurable business risk, much larger than those stemmi...
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作者：Masten, Matthew A.; Poirier, Alexandre
作者单位：Duke University; Georgetown University
摘要：We show that, depending on how the impact of omitted variables is measured, it can be substantially easier for omitted variables to flip coefficient signs than to drive them to zero. This behavior occurs with Oster's delta (Oster 2019a), a widely reported robustness measure. Consequently, any time this measure is large-suggesting omitted variables may be unimportant-a much smaller value reverses the sign of the parameter of interest. We propose a modified measure of robustness to address this ...
