Does Scientist Immigration Harm US Science? An Examination of Spillovers --...
The recruitment of foreign scientists enhances US science through an expanded workforce but could also cause harm by displacing better connected domestic scientists, thereby reducing localized...
View ArticleDeclining Search Frictions, Unemployment and Growth -- by Paolo Martellini,...
Over the last century, unemployment, vacancy, job-finding and job-loss rates as well as the Beveridge curve have no trend. Yet, the last century has seen the development and diffusion of many...
View ArticleCoordination Frictions in Venture Capital Syndicates -- by Ramana Nanda,...
An extensive literature on venture capital has studied asymmetric information and agency problems between investors and entrepreneurs, examining how separating entrepreneurs from the investor can...
View ArticleFirm-Level Financial Resources and Environmental Spills -- by Jonathan Cohn,...
Using novel US environmental spill data, we document a robust negative relationship between the number of spills a firm experiences in a given year and its contemporaneous and lagged (but not future)...
View ArticleThe Long-Term Spillover Effects of Changes in the Return to Schooling -- by...
We study the short and long-term spillover effects of a pay reform that substantially increased the returns to schooling in Israeli kibbutzim. This pay reform, which induced kibbutz students to improve...
View ArticleUsing Massive Online Choice Experiments to Measure Changes in Well-being --...
GDP and derived metrics (e.g., productivity) have been central to understanding economic progress and well-being. In principle, the change in consumer surplus (compensating expenditure) provides a...
View ArticleCorporate Foreign Bond Issuance and Interfirm Loans in China -- by Yi Huang,...
This paper uses firm-level data to document and analyze international bond issuance by Chinese non-financial corporations and the use of the proceeds of issuance. We find that dollar issuance is...
View ArticleAmateurs Crowds & Professional Entrepreneurs as Platform Complementors --...
Platforms often have "crowds" of amateurs working on them as complementors, in other cases professional entrepreneurs--or both. What can a platform owner do to implement these outcomes? I document...
View ArticleEffects of the Affordable Care Act on Health Behaviors after Three Years --...
This paper examines the impacts of the Affordable Care Act (ACA) - which substantially increased insurance coverage through regulations, mandates, subsidies, and Medicaid expansions - on behaviors...
View ArticleMortgage-Backed Securities and the Financial Crisis of 2008: a Post Mortem --...
We examine the payoff performance, up to the end of 2013, of non-agency residential mortgage-backed securities (RMBS), issued up to 2008. We have created a new and detailed data set on the universe of...
View ArticleThe Impact of Postdoctoral Fellowships on a Future Independent Career in...
The Ruth L. Kirschstein National Research Service Award (NRSA) program is a major research training program administered by the National Institutes of Health (NIH) with funds appropriated each year by...
View ArticleThe Effect of Infrastructure on Worker Mobility: Evidence from High-Speed...
We use the expansion of the high-speed rail network in Germany as a natural experiment to examine the causal effect of reductions in commuting time between regions on the commuting decisions of workers...
View ArticleSovereign Credit Risk and Exchange Rates: Evidence from CDS Quanto Spreads --...
Sovereign CDS quanto spreads - the difference between CDS premiums denominated in U.S. dollars and a foreign currency - tell us how financial markets view the interaction between a country's likelihood...
View ArticleEnvironmental Policy, Full-Employment Models, and Employment: A Critical...
This paper assesses the use of full-employment computable-general equilibrium (CGE) models to predict the labor-market effects of environmental policy. Specifically, it compares the predictions of a...
View ArticleHealth, Employment, and Disability: Implications from the Undocumented...
Disability benefit recipients in the United States have nearly doubled in the past two decades, growing substantially faster than the population. It is difficult to estimate how much of this increase...
View ArticleFinancial Frictions and Trade Dynamics -- by Paul Bergin, Ling Feng, Ching-Yi...
This paper demonstrates theoretically that a financial shock can have very persistent effects on international trade. Motivation is taken from the aftermath of the dramatic trade collapse in 2008-9,...
View ArticleThe Lack of Wage Growth and the Falling NAIRU -- by David N.F. Bell, David G....
There remains a puzzle around the world over why wage growth is so benign given the unemployment rate has returned to pre-recession levels. It is our contention that a considerable part of the...
View ArticleThe Impact of the Dodd-Frank Act on Small Business -- by Michael D. Bordo,...
There are concerns that the Dodd-Frank Act (DFA) has impeded small business lending. By increasing the fixed regulatory compliance requirements needed to make business loans and operate a bank, the DFA...
View ArticleThe Role of Technology in Mortgage Lending -- by Andreas Fuster, Matthew...
Technology-based ("FinTech") lenders increased their market share of U.S. mortgage lending from 2% to 8% from 2010 to 2016. Using market-wide, loan-level data on U.S. mortgage applications and...
View ArticleInsurance Expansions and Children's Use of Substance Use Disorder Treatment...
This study provides the first evidence on the effects of U.S. state-level private and public insurance expansions on specialty substance use disorder (SUD) treatment use among children ages 12 to 18....
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