Review of Economics and Statistics

最新文章

• A Tie That Binds: Revisiting the Trilemma in Emerging Market Economies AI翻译
  作者：Obstfeld, Maurice; Ostry, Jonathan D.; Qureshi, Mahvash S.
  作者单位：National Bureau of Economic Research; University of California System; University of California Berkeley; Center for Economic & Policy Research (CEPR); International Monetary Fund
  摘要：This paper examines the claim that exchange rate regimes are of little salience in the transmission of global financial conditions to domestic financial and macroeconomic conditions by focusing on a sample of about forty emerging market countries over 1986 to 2013. Our findings show that exchange rate regimes do matter. The transmission of global financial shocks to domestic credit and house price growth, as well as to banking sector leverage and domestic output, is magnified under fixed excha...
• People and Machines: A Look at the Evolving Relationship between Capital and Skill in Manufacturing, 1860-1930, Using Immigration Shocks AI翻译
  作者：Lafortune, Jeanne; Lewis, Ethan; Tessada, Jose
  作者单位：Pontificia Universidad Catolica de Chile; Dartmouth College; National Bureau of Economic Research
  摘要：This paper estimates the elasticity of substitution between capital and skill in manufacturing using immigration-induced variation in skill mix across U.S. counties between 1860 and 1930. We find that capital initially complemented both high- and low-skill labor (determined by literacy) and, unlike today, was more complementary with low-skill labor. Around 1890, capital increased its relative complementarity with high-skill labor. Simulations calibrated to our estimates imply the level of capi...
• Employment Effects of Financial Constraints during the Great Recession AI翻译
  作者：Siemer, Michael
  作者单位：Federal Reserve System - USA
  摘要：Employment declined substantially during the 2007-2009 recession, especially in small and young firms. Using confidential firm-level data of the universe of firms and a difference-in-differences methodology, this paper estimates that financial constraints reduced employment growth by 4 to 8 percentage points in small firms relative to large firms and by 7 to 9 percentage points in young relative to old firms. I find that the effect of financial constraints on small firms is driven to a large e...
• The Impact of Violence on Individual Risk Preferences: Evidence from a Natural Experiment AI翻译
  作者：Jakiela, Pamela; Ozier, Owen
  作者单位：University System of Maryland; University of Maryland College Park; IZA Institute Labor Economics; The World Bank
  摘要：We estimate the impact of Kenya's postelection crisis on individual risk preferences. The crisis interrupted a longitudinal survey of more than five thousand Kenyan youth, creating plausibly exogenous variation in exposure to civil conflict prior to the survey. Our results indicate that the postelection crisis sharply increased individual risk aversion. Immediately after the crisis, the fraction of subjects displaying extreme risk aversion increased by more than 80%. Findings remain robust whe...
• Racial Sorting and the Emergence of Segregation in American Cities AI翻译
  作者：Shertzer, Allison; Walsh, Randall P.
  作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; National Bureau of Economic Research
  摘要：Residential segregation by race grew sharply during the early twentieth century as black migrants from the South arrived in northern cities. Using newly assembled neighborhood-level data, we provide the first systematic evidence on the impact of prewar population dynamics within cities on the emergence of the American ghetto. Leveraging exogenous changes in neighborhood racial composition, we show that white flight in response to black arrivals was quantitatively large and accelerated between ...
• Education, Decision Making, and Economic Rationality AI翻译
  作者：Banks, James; Carvalho, Leandro S.; Perez-Arce, Francisco
  作者单位：University of Manchester; University of Southern California
  摘要：This paper studies the causal effect of education on decision making. In 1972, England raised its minimum school-leaving age from 15 to 16 for students born after September 1, 1957. An online survey was conducted with 2,700 individuals born in a 36-month window on either side of this date. Participants made 25 incentivized risk choices that allow us to measure multiple dimensions of decision making. Despite the policy having effects on education, educational qualifications, and income, we find...
• The Market for High-Quality Medicine: Retail Chain Entry and Drug Quality in India AI翻译
  作者：Bennett, Daniel; Yin, Wesley
  作者单位：University of Southern California; University of California System; University of California Los Angeles
  摘要：This study examines the effect of chain store entry on drug quality and prices in India. In contrast to prevailing mom-and-pop pharmacies, chains exploit scale economies in distribution and signaling to offer high-quality drugs at lower cost. We show that chain entry leads to a 5% improvement in drug quality and a 2% decrease in prices at incumbent retailers. Effects are larger for locally distributed drug brands but do not depend on consumer SES. Our findings suggest that in markets with asym...
• Inference in Differences-in-Differences with Few Treated Groups and Heteroskedasticity AI翻译
  作者：Ferman, Bruno; Pinto, Cristine
  作者单位：Getulio Vargas Foundation
  摘要：We derive an inference method that works in differences-in-differences settings with few treated and many control groups in the presence of heteroskedasticity. As a leading example, we provide theoretical justification and empirical evidence that heteroskedasticity generated by variation in group sizes can invalidate existing inference methods, even in data sets with a large number of observations per group. In contrast, our inference method remains valid in this case. Our test can also be com...
• Information Frictions and Adverse Selection: Policy Interventions in Health Insurance Markets AI翻译
  作者：Handel, Benjamin R.; Kolstad, Jonathan T.; Spinnewijn, Johannes
  作者单位：University of California System; University of California Berkeley; National Bureau of Economic Research; University of London; London School Economics & Political Science; Center for Economic & Policy Research (CEPR)
  摘要：Despite evidence that many consumers in health insurance markets are subject to information frictions, approaches used to evaluate these markets typically assume informed, active consumers. We develop a general framework to study insurance market equilibrium in the presence of choice frictions and evaluate key policy interventions. We identify sufficient relationships between the underlying distributions of consumer costs, surplus from risk protection, and choice frictions that determine the w...
• Are Minimum Wages a Silent Killer? New Evidence on Drunk Driving Fatalities AI翻译
  作者：Sabia, Joseph J.; Pitts, M. Melinda; Argys, Laura M.
  作者单位：California State University System; San Diego State University; University System Of New Hampshire; University of New Hampshire; IZA Institute Labor Economics; Federal Reserve System - USA; Federal Reserve Bank - Atlanta; University of Colorado System; University of Colorado Denver
  摘要：In volume 94 of this REVIEW, Adams, Blackburn, and Cotti (ABC), using Fatal Accident Reporting System data from 1998 to 2006, find that a 10% increase in the minimum wage is associated with a 7% to 11% increase in alcohol-related fatal traffic accidents involving teen drivers. We find this result does not hold when the analysis period is expanded to include 1991 through 2013. In addition, auxiliary analyses provide no support for income-driven increases in alcohol consumption, the primary mech...