The Political Economy of Ideas: On Ideas Versus Interests in Policymaking --...
We develop a conceptual framework to highlight the role of ideas as a catalyst for policy and institutional change. We make an explicit distinction between ideas and vested interests and show how they...
View ArticleDancing with the Stars: Innovation Through Interactions -- by Ufuk Akcigit,...
An inventor's own knowledge is a key input in the innovation process. This knowledge can be built by interacting with and learning from others. This paper uses a new large-scale panel dataset on...
View ArticleTax Enforcement and Tax Policy: Evidence on Taxpayer Responses to EITC...
Each year, the United States Internal Revenue Service (IRS) sends notices to selected taxpayers who claim Earned Income Tax credit (EITC) benefits to request additional documentation to verify those...
View ArticleAge Gradient in Female Crime: Welfare Reform as a Turning Point -- by Hope...
This study explores how a major public policy change--the implementation of welfare reform in the U.S. in the 1990s--shaped the age gradient in female crime. We used FBI arrest data to investigate the...
View ArticleForeign Exchange Intervention Redux -- by Roberto Chang
Received wisdom posits that sterilized foreign exchange intervention can be effective by altering the currency composition of assets held by the public. This paper proposes an alternative channel:...
View ArticleSocial Media Networks, Fake News, and Polarization -- by Marina Azzimonti,...
We study how the structure of social media networks and the presence of fake news might affect the degree of misinformation and polarization in a society. For that, we analyze a dynamic model of...
View ArticleForeign Direct Investment and Knowledge Diffusion in Poor Locations: Evidence...
We quantify foreign direct investment (FDI) spillovers by comparing changes in total factor productivity (TFP) among domestic plants in districts that attracted a large greenfield foreign plant and...
View ArticleBank Examiners' Information and Expertise and Their Role in Monitoring and...
We examine whether examiners were informed and contributed to the health of the banking sector. Information included quantitative information that was eventually made public, quantitative information...
View ArticleMortgage Market Credit Conditions and U.S. Presidential Elections -- by...
Voters punish incumbent Presidential candidates for contractions in the local (county-level) supply of mortgage credit during market-wide contractions of credit, but they do not reward them for...
View ArticleSize and Value in China -- by Jianan Liu, Robert F. Stambaugh, Yu Yuan
We construct size and value factors in China. The size factor excludes the smallest 30% of firms, which are companies valued significantly as potential shells in reverse mergers that circumvent tight...
View ArticleThe Revealed Preference of the Chinese Communist Party Leadership: Investing...
Over the last 30 years, the Chinese government has invested in new industrial parks with the intent of stimulating urban economic growth. The central government delegates the site selection decision to...
View ArticleTrade and Minimum Wages in General Equilibrium: Theory and Evidence -- by Xue...
Do minimum wages affect economic outcomes beyond low-skill employment? This paper develops a new model with heterogeneous firms under perfect competition in a Heckscher-Ohlin setting to show that a...
View ArticleInternational Joint Ventures and Internal vs. External Technology Transfer:...
This paper studies international joint ventures, where foreign direct investment is performed by a foreign and a domestic firm that together set up a new firm, the joint venture. Employing...
View ArticleThe International Transmission of Monetary Policy -- by Claudia M. Buch,...
This paper presents the novel results from an internationally coordinated project by the International Banking Research Network (IBRN) on the cross-border transmission of conventional and...
View ArticleKnowledge Transfer Abroad: The Role of U.S. Inventors within Global R&D...
The location of US multinational foreign R&D has shifted significantly to include emerging markets in addition to traditional Western R&D hubs, resulting in two challenges for multinationals:...
View ArticleMortality from Nestle's Marketing of Infant Formula in Low and Middle-Income...
Intensive and controversial marketing of infant formula is believed to be responsible for millions of infant deaths in low and middle-income countries (LMICs), yet to date there have been no rigorous...
View ArticleTax-Exempt Lobbying: Corporate Philanthropy as a Tool for Political Influence...
We explore the role of charitable giving as a means of political influence, a channel that has been heretofore unexplored in the political economy literature. For philanthropic foundations associated...
View ArticleMore than Just a Nudge: Supporting Kindergarten Parents with Differentiated...
Recent studies show that texting-based interventions can produce educational benefits in children across a range of ages. We study effects of a text-based program for parents of kindergarten children,...
View ArticleThe Impact of Artificial Intelligence on Innovation -- by Iain M. Cockburn,...
Artificial intelligence may greatly increase the efficiency of the existing economy. But it may have an even larger impact by serving as a new general-purpose "method of invention" that can reshape the...
View ArticleControl Versus Execution: Endogenous Appropriability and Entrepreneurial...
This paper considers the role of Rosenbergian uncertainty (i.e., economic uncertainties that arise after successful invention) in shaping appropriability for start-up innovators. Rather than assuming...
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