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作者：Chandra, Amitabh; Kakani, Pragya; Sacarny, Adam
作者单位：Harvard University; National Bureau of Economic Research; Harvard University; Columbia University
摘要：We develop a framework to measure the role of hospital allocation in racial disparities in health care and use it to study Black and white heart attack patients. Black patients receive care at lower-performing hospitals than white patients. However, over two decades, the performance gap between hospitals treating Black and white patients shrank by over two-thirds. This progress is due to more rapid performance improvement at hospitals that tended to treat Black patients rather than reallocatio...
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作者：Aaronson, Daniel; Phelan, Brian J.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Chicago; DePaul University
摘要：This paper uses minimum wage hikes to evaluate the susceptibility of low-wage employment to technological substitution. We find that automation is accelerating and supplanting a broader set of low-wage routine jobs since the 2008-2009 financial crisis. Simultaneously, low-wage interpersonal jobs are increasing and offsetting routine job loss. However, interpersonal job growth does not appear to be enough, as it was prior to the financial crisis, to fully offset the negative effects of automati...
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作者：Norris, Samuel; Pecenco, Matthew; Weaver, Jeffrey
作者单位：University of British Columbia; Brown University; University of Southern California
摘要：This paper analyzes the effect of incarceration on mortality using administrative data from Ohio between 1992 and 2017. We first document that long-run survival is higher among the incarcerated than similar nonincarcerated defendants. Using event study designs centered around the time of release, we show why: mortality risk halves during the period of incarceration, with large reductions in murders, overdoses, and natural causes of death. However, incarceration does not increase postrelease mo...
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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：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：Barron, Kai; Parry, Charles D. H.; Bradshaw, Debbie; Dorrington, Rob; Groenewald, Pam; Laubscher, Ria; Matzopoulos, Richard
作者单位：South African Medical Research Council; Stellenbosch University; University of Cape Town
摘要：This paper evaluates the impact of a sudden and unexpected nationwide alcohol sales ban in South Africa. We find that this policy causally reduced injury-induced mortality in the country by at least 14%. We argue that this estimate constitutes a lower bound on the true impact of alcohol on injury-induced mortality. We also document a sharp drop in violent crimes, indicating a tight link between alcohol and aggressive behavior in society. Our results underscore the severe harm that alcohol can ...
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作者：Aghion, Philippe; Akcigit, Ufuk; Hyytinen, Ari; Toivanen, Otto
作者单位：University of London; London School Economics & Political Science; INSEAD Business School; University of Chicago; Hanken School of Economics; Aalto University; KU Leuven
摘要：We look at how the arrival of an invention affects wage returns and the probability of moving out of employment for white- and blue-collar co-workers of the inventor. First results suggest that older workers are hurt by the arrival of an invention. This negative effect disappears when we control for education and, in particular, for the time since obtaining the last formal degree, that is, distance to human capital frontier. If anything, this effect is slightly higher for non-STEM than STEM-ed...
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作者：Li, Jia; Wang, Dishen; Zhang, Qiushi
作者单位：Singapore Management University; University of International Business & Economics
摘要：We propose an Optimal candlesticK (OK) estimator for the spot volatility using high-frequency candlestick observations. Under a standard infill asymptotic setting, we show that the OK estimator is asymptotically unbiased and has minimal asymptotic variance within a class of linear estimators. Its estimation error can be coupled by a Brownian functional, which permits valid inference. Our theoretical and numerical results suggest that the proposed candlestick-based estimator is much more accura...
