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作者：Pedemonte, Mathieu
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Cleveland
摘要：This paper shows how policy announcements can be used to manage expectations. Using regional variation in radio exposure, I evaluate the impact of FDR's 1935 Fireside Chat, in which he showcased the introduction of important social policies, establishing a new expansionary cycle of the New Deal. I document that cities with higher exposure to the announcement exhibited a significant increase in spending on durable goods. The estimated effect is consistent with changes in expectations in line wi...
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作者：Janys, Lena
作者单位：Newcastle University - UK; IZA Institute Labor Economics
摘要：Women are underrepresented in academia in general and economics in particular. I introduce a test to detect an underresearched form of hiring bias: implicit quotas. I derive a test under the null hypothesis of gender-blind hiring that requires no additional information about individual hires and can be used to analyze hiring bias in a variety of other hiring settings. I derive its asymptotic distribution and propose a parametric bootstrap procedure that resamples from the exact distribution. I...
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作者：Dahl, Gordon B.; Kreiner, Claus Thustrup; Nielsen, Torben Heien; Serena, Benjamin Ly
作者单位：University of California System; University of California San Diego; University of Copenhagen; Copenhagen Business School
摘要：We provide a novel decomposition of changing gaps in life expectancy between rich and poor into differential changes in age-specific mortality rates and differences in survivability. Declining age-specific mortality rates increases life expectancy, but the gain is small if the likelihood of living to this age is small (ex ante survivability) or if the expected remaining lifetime is short (ex post survivability). Lower survivability of the poor explains half of the recent rise in inequality in ...
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作者：Aggarwal, Shilpa; Giera, Brian; Jeong, Dahyeon; Robinson, Jonathan; Spearot, Alan
作者单位：Indian School of Business (ISB); The World Bank; University of California System; University of California Santa Cruz; National Bureau of Economic Research; University of California System; University of California Santa Cruz
摘要：We collect data on prices, travel costs, and farmer decisions to quantify market access for chemical fertilizer and its impact on agricultural productivity in 1,180 villages in Northern Tanzania. Villages at the bottom of the travel cost-adjusted input price distribution face 40%-55% less favorable prices than those at the top. A standard deviation increase in village-level remoteness is associated with 20%-25% lower input adoption. A spatial model of input adoption conservatively estimates th...
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作者：Soltas, Evan J.
摘要：In many cities, incentives and regulations lead developers to integrate low-income housing into market-rate buildings. How cost-effective are these policies? I study take-up of a tax incentive in New York City using a model in which developers trade off between tax savings and pretax income. Estimating the model using policy variation and microdata on development from 2003 to 2015, I find a citywide marginal fiscal cost of $1.6 million per low-income unit. Differences in neighborhoods, not dev...
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作者：Havranek, Tomas; Irsova, Zuzana; Laslopova, Lubica; Zeynalova, Olesia
作者单位：Charles University Prague; Anglo-American University
摘要：A key parameter in the analysis of wage inequality is the elasticity of substitution between skilled and unskilled labor. We show that the empirical literature is consistent with both publication and attenuation bias in the estimated inverse elasticities. Publication bias, which exaggerates the mean reported inverse elasticity, dominates and results in corrected inverse elasticities closer to zero than the typically published estimates. The implied mean elasticity is 4, with a lower bound of 2...
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作者：Boehl, Gregor; Goy, Gavin; Strobel, Felix
作者单位：University of Bonn; European Central Bank; De Nederlandsche Bank NV; Deutsche Bundesbank
摘要：Using nonlinear Bayesian methods that fully account for the binding zero lower bound (ZLB), we estimate a large-scale macrofinance DSGE model on U.S. data. Counterfactual analysis suggests that by easing financing conditions, quantitative easing facilitated a net increase in aggregate investment. The resulting expansion of firms' production capacities lowered their marginal costs. These disinflationary supply side effects dominated over the inflationary effects induced by the stimulus to aggre...
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作者：Jagnani, Maulik
作者单位：Children's Hospital Colorado; University of Colorado System; University of Colorado Denver; University of Colorado Anschutz Medical Campus
摘要：This paper uses exogenous variation in sleep induced by sunset time to present the first human capital estimates of (i) the effects of child sleep from the developing world and (ii) the long-run effects of child sleep in any context. Later sunset reduces children's sleep: when the sun sets later, children go to bed later but fail to compensate by waking up later. Sleep-deprived children study less and increase nap time and indoor leisure activities. Short-run sleep loss decreases children's te...
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作者：Meier, Matthias; Reinelt, Timo
作者单位：University of Mannheim
摘要：We study the role of markup dispersion and aggregate TFP for monetary transmission. Empirically, we show that the response of markup dispersion to monetary policy shocks can account for a significant fraction of the aggregate TFP response in the first two years after the shock. Analytically, we show that heterogeneous price rigidity can explain the response of markup dispersion if firms have a precautionary price-setting motive, which is present in common New Keynesian environments. We provide...
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作者：Faria-e-Castro, Miguel
作者单位：Federal Reserve System - USA; Federal Reserve Bank - St. Louis
摘要：I study the effects of the U.S. fiscal policy response to the Great Recession, accounting for both standard tools and financial sector interventions. A nonlinear model calibrated to the United States allows me to study the state-dependent effects of different fiscal policies. I combine the model with data on the fiscal policy response to find that the fall in consumption would have been one-third larger in the absence of that response, for a cumulative loss of 7.18%. Transfers and bank recapit...
