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作者：Clay, Karen; Troesken, Werner; Haines, Michael
作者单位：Carnegie Mellon University; National Bureau of Economic Research; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; Colgate University
摘要：This paper examines the effect of waterborne lead exposure on infant mortality in American cities over the period 1900 to 1920. Variation across cities in water acidity and the types of service pipes, which together determined the extent of lead exposure, identifies the effects of lead on infant mortality. In 1900, a decline in exposure equivalent to an increase in pH from 6.675 (25th percentile) to 7.3 (50th percentile) in cities with lead-only pipes would have been associated with a decrease...
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作者：Lee, Lung-fei; Li, Ji; Lin, Xu
作者单位：University System of Ohio; Ohio State University; Capital One Financial Corporation; Wayne State University
摘要：This paper extends Brock and Durlauf's (2001a, 2001b) binary choice complete network (or group interaction) model with homogeneous rational expectations to a general network model with heterogeneous rational expectations. In our model, individuals will form expectations regarding peers' behaviors taking into account their characteristics. Endogenous, contextual, and correlated effects are all identifiable. Conditions for unique equilibrium are established. For a complete network with heterogen...
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作者：Ewens, Michael; Tomlin, Bryan; Wang, Liang Choon
作者单位：Carnegie Mellon University; Monash University
摘要：A model of racial discrimination provides testable implications for two features of statistical discriminators: differential treatment of signals by race and heterogeneous experience that shapes perception. We construct an experiment in the U. S. rental apartment market that distinguishes statistical discrimination from taste-based discrimination. Responses from over 14,000 rental inquiries with varying applicant quality show that landlords treat identical information from applicants with Afri...
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作者：Hurst, Erik; Li, Geng; Pugsley, Benjamin
作者单位：University of Chicago; Federal Reserve System - USA; Federal Reserve System Board of Governors; Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：A large literature shows that the self-employed underreport their income to tax authorities. In this paper, we quantify the extent to which the self-employed also systematically underreport their income in U. S. household surveys. We use the Engel curve describing the relationship between income and expenditures of wage and salary workers to infer the actual income, and thus the reporting gap, of the self-employed based on their reported expenditures. On average, the self-employed underreport ...
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作者：Davig, Troy; Doh, Taeyoung
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Kansas City
摘要：Using Bayesian methods, we estimate a Markov-switching New Keynesian (MSNK) model that allows shifts in the monetary policy reaction coefficients and shock volatilities with U. S. data. We find that a more aggressive monetary policy regime was in place after the Volcker disinflation and before 1970 than during the Great Inflation of the 1970s. Our estimates also indicate that a low-volatility regime has been in place during most of the sample period after 1984. We connect the timing of the dif...
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作者：Weinberger, Catherine J.
作者单位：University of California System; University of California Santa Barbara
摘要：Data linking 1972 and 1992 adolescent skill endowments to adult outcomes reveal increasing complementarity between cognitive and social skills. In fact, previously noted growth in demand for cognitive skills affected only individuals with strong endowments of both social and cognitive skills. These findings are corroborated using Census and CPS data matched with Dictionary of Occupational Titles (DOT) job task measures; employment in and earnings premia to occupations requiring high levels of ...
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作者：Ahern, Kenneth R.
作者单位：University of Southern California
摘要：Though common stocks are one of the most important assets in an economy, little is known about their demand curves. I estimate demand curves for 144 NYSE stocks using a unique data set of all orders, including off-equilibrium orders, during three months in 1990 and 1991. Connecting asset pricing with industrial organization, I find that stocks of firms in less competitive industries are more elastic because they have closer substitutes than stocks in more competitive industries. Tests that exp...
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作者：Stahl, Dale O.
作者单位：University of Texas System; University of Texas Austin
摘要：There is much interest in ambiguity-averse behavior under uncertainty, and many theories have been advanced to explain this. Empirical analyses of choices involving ambiguous options have typically used a representative agent model. We address the question of whether representative agent models are accurate approximations of reality or whether there is substantial heterogeneity in ambiguity preferences. In contrast to the representative agent model, we find that the vast majority of participan...
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作者：Bozzoli, Carlos; Quintana-Domeque, Climent
作者单位：Universidad Torcuato Di Tella; University of Oxford; IZA Institute Labor Economics
摘要：We investigate how prenatal economic fluctuations affected birth weight in Argentina during the period from January 2000 to December 2005 and document its procyclicality. We find evidence that the birth weight of children born to low-educated (less than high school) mothers is sensitive to macroeconomic fluctuations during both the first and third trimesters of pregnancy, while those of high-educated (high school or above) mothers react only to the first trimester of pregnancy. Our results are...
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作者：Grigolon, Laura; Verboven, Frank
作者单位：McMaster University; KU Leuven; Centre for Economic Policy Research - UK
摘要：We propose a random coefficients nested logit (RCNL) model to compare the tractable nested logit (NL) model with the more complex random coefficients logit (RC) model. After a simulation study, we use data on the European automobile market. Both the NL and RC models are rejected against the RCNL model. The RC model results in different substitution patterns and a wider market definition than the NL and RCNL models. Nevertheless, the predicted price effects from mergers are robust across models...
