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作者：Finkelstein, A
作者单位：Harvard University; National Bureau of Economic Research
摘要：Public policies designed to increase utilization of existing technologies may also affect incentives to develop new technologies. This paper investigates this phenomenon by examining policies designed to increase usage of preexisting vaccines. I find that these policies were associated with a 2.5-fold increase in clinical trials for new vaccines. For several diseases, the induced innovation is socially wasteful, though small in magnitude. In one case, however, the dynamic social welfare benefi...
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作者：Morgan, DP; Rime, B; Strahan, PE
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York; Boston College; National Bureau of Economic Research
摘要：We investigate how integration of bank ownership across states has affected economic volatility within states. In theory, bank integration could cause higher or lower volatility, depending on whether credit supply or credit demand shocks predominate. In fact, year-to-year fluctuations in a state's economic growth fall as its banks become more integrated (via holding companies) with banks in other states. As the bank linkages between any pair of states increase, fluctuations in those two states...
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作者：Acemoglu, D; Linn, J
作者单位：Massachusetts Institute of Technology (MIT)
摘要：This paper investigates the effect of ( potential) market size on entry of new drugs and pharmaceutical innovation. Focusing on exogenous changes driven by U. S. demographic trends, we find a large effect of potential market size on the entry of nongeneric drugs and new molecular entities. These effects are generally robust to controlling for a variety of supply-side factors and changes in the technology of pharmaceutical research.
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作者：Hall, RE
作者单位：Stanford University; National Bureau of Economic Research
摘要：I estimate adjustment costs for labor and capital from the Euler equations for factor demand. For both factors, I find relatively strong evidence against substantial adjustment costs. My estimates use annual data from two-digit industries. My results support the view that rents arising from adjustment costs are relatively small and are not an important part of the explanation of the large movements of the values of corporations in relation to the reproduction costs of their capital. I investig...
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作者：King, RG; Wolman, AL
作者单位：Boston University; Federal Reserve System - USA; Federal Reserve Bank - Richmond; National Bureau of Economic Research
摘要：A discretionary policy-maker responds to the state of the economy each period. Private agents' current behavior determines the future state based on expectations of future policy. Discretionary policy thus can lead to dynamic complementarity between private agents and a policy-maker, which in turn can generate multiple equilibria. Working in a simple new Keynesian model with two-period staggered pricing-in which equilibrium is unique under commitment-we illustrate this interaction: if firms ex...
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作者：Bertrand, M; Duflo, E; Mullainathan, S
作者单位：University of Chicago; National Bureau of Economic Research; Centre for Economic Policy Research - UK; Massachusetts Institute of Technology (MIT)
摘要：Most papers that employ Differences-in-Differences estimation (DD) use many years of data and focus on serially correlated outcomes but ignore that the resulting standard errors are inconsistent. To illustrate the severity of this issue, we randomly generate placebo laws in state-level data on female wages from the Current Population Survey. For each law, we use OLS to compute the DD estimate of its effect as well as the standard error of this estimate. These conventional DD standard errors se...
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作者：Fryer, RG Jr; Levitt, SD
作者单位：Harvard University; University of Chicago
摘要：In the 1960s Blacks and Whites chose relatively similar first names for their children. Over a short period of time in the early 1970s, that pattern changed dramatically with most Blacks ( particularly those living in racially isolated neighborhoods) adopting increasingly distinctive names, but a subset of Blacks actually moving toward more assimilating names. The patterns in the data appear most consistent with a model in which the rise of the Black Power movement influenced how Blacks percei...
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作者：Castro, R
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作者：Fernández, R; Fogli, A; Olivetti, C
作者单位：New York University; University of London; London School Economics & Political Science; Centre for Economic Policy Research - UK; National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; Boston University
摘要：This paper argues that the growing presence of a new type of man-one brought up in a family in which the mother worked-has been a significant factor in the increase in female labor force participation over time. We present cross-sectional evidence showing that the wives of men whose mothers worked are themselves significantly more likely to work. We use variation in the importance of World War II as a shock to women's labor force participation-as proxied by variation in the male draft rate acr...
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作者：Lee, DS; Moretti, E; Butler, MJ
作者单位：University of California System; University of California Berkeley; National Bureau of Economic Research
摘要：There are two fundamentally different views of the role of elections in policy formation. In one view, voters can affect candidates' policy choices: competition for votes induces politicians to move toward the center. In this view, elections have the effect of bringing about some degree of policy compromise. In the alternative view, voters merely elect policies: politicians cannot make credible promises to moderate their policies, and elections are merely a means to decide which one of two opp...
