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作者：Dong, Yingying; Lewbel, Arthur
作者单位：University of California System; University of California Irvine; Boston College
摘要：Regression discontinuity models are commonly used to nonparametrically identify and estimate a local average treatment effect (LATE).We show that the derivative of the treatment effect with respect to the running variable at the cutoff, referred to as the treatment effect derivative (TED), is nonparametrically identified, easily estimated, and has implications for testing external validity and extrapolating the estimated LATE away from the cutoff. Given a local policy invariance assumption, we...
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作者：Fulford, Scott L.
作者单位：Boston College
摘要：Do banks matter for growth, and if so, how? This paper examines the effects of national banks in the United States from 1870 to 1900. I use the discontinuity in entry caused by a large minimum size requirement to identify the effects of banking. For the counties on the margin between getting a bank and not, gaining a bank increased production per person by 10%. National banks in rural areas improved agriculture over manufacturing, moving counties toward geographic comparative advantage. Since ...
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作者：Lacetera, Nicola; Sydnor, Justin
作者单位：University of Toronto; University of Wisconsin System; University of Wisconsin Madison
摘要：Are location-specific factors important for understanding firms' heterogeneities? We examine prices and quality metrics for Japanese cars at wholesale auctions, comparing otherwise identical cars assembled in the United States versus Japan. We find similar values regardless of country of assembly. These results indicate that Japanese automakers in general have successfully transferred their practices to their U.S. transplants and that there is no inherent limitation to high-quality automobile ...
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作者：Allen, Treb
作者单位：Northwestern University
摘要：This paper examines how the fertility of enslaved women was affected by the promise of freedom. Exploiting geographic variation in the effect of the Fugitive Slave Law of 1850, I demonstrate a negative correlation between fertility and the distance to freedom. This negative correlation is stronger on larger plantations but weaker when the slaveholder is a woman. A similar correlation is not present for white children, slave children with white fathers, or slave children born prior to the Fugit...
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作者：Ater, Itai; Orlov, Eugene
作者单位：Tel Aviv University
摘要：We argue that the rise of online travel agencies changed the nature of competition in the airline industryfrom competition on elapsed scheduled flight times to price competition. Using flight-level data between 1997 and 2007 and geographical Internet growth patterns, we find a positive relationship between Internet access and flight times. The magnitude of this relationship is larger in competitive markets without low-cost carriers and for flights with shortest scheduled times. We also find th...
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作者：Blanchard, Emily; Matschke, Xenia
作者单位：Dartmouth College; Universitat Trier
摘要：We combine firm-level panel data on U.S. foreign affiliate activity with detailed measures of U.S. trade policy to study the relationship between offshoring and preferential market access. Consistent with theory, we find that trade preferences and offshoring activity are positively and significantly correlated. Using instrumental variables, we estimate that a 10% increase in U.S. foreign affiliate exports to the United States is associated with a 4 percentage point increase in the rate of pref...
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作者：Lakdawalla, Darius; Yin, Wesley
作者单位：University of Southern California; National Bureau of Economic Research; University of California System; University of California Berkeley
摘要：By influencing the size and bargaining power of private insurers, public subsidization of private health insurance may project effects beyond the subsidized population. We test for such spillovers by analyzing how increases in insurer size resulting from the implementation of Medicare Part D affected drug prices negotiated in the non-Medicare commercial market. On average, Part D lowered prices for commercial enrollees by 3.7 percentage. The external commercial market savings amount to $1.5 bi...
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作者：McCabe, Mark J.; Snyder, Christopher M.
作者单位：Boston University; University of Michigan System; University of Michigan; SKEMA Business School; Dartmouth College; National Bureau of Economic Research
摘要：Does online availability boost citations? Using a panel of citations to economics and business journals, we show that the enormous effects found in previous studies were an artifact of their failure to control for article quality, disappearing once fixed effects are added as controls. The absence of aggregate effects masks heterogeneity across platforms: JSTOR has a uniquely large effect, boosting citations around 10%. We examine other sources of heterogeneity, including whether JSTOR dispropo...
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作者：Milanovic, Branko
作者单位：University System of Maryland; University of Maryland College Park
摘要：Suppose that all people in the world are allocated only two characteristics over which they have (almost) no control: country of residence and income distribution within that country. Assume further that there is no migration. We show that more than one-half of variability in income of world population classified according to their household per capita in 1% income groups (by country) is accounted for by these two characteristics. The role of effort or luck cannot play a large role in explaini...
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作者：Penaranda, Francisco; Sentana, Enrique
摘要：Regression and SDF approaches with centered or uncentered moments and symmetric or asymmetric normalizations are commonly used to empirically evaluate linear factor pricing models. We show that unlike two-step or iterated GMM procedures, single-step estimators such as continuously updated GMM yield numerically identical risk prices, pricing errors, and overidentifying restrictions tests irrespective of the model validity and regardless of the factors being traded, or the use of excess or gross...
