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When Labor’s Lost: Health, Family Life, Incarceration, and Education in...

The economic progress of U.S. men has stagnated in recent decades, with declining labor force participation and weak growth in real earnings, particularly for less educated and non-white men. In this...

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Immigrant Entrepreneurs and Innovation in the U.S. High-Tech Sector -- by J....

We estimate differences in innovation behavior between foreign versus U.S.-born entrepreneurs in high-tech industries. Our data come from the Annual Survey of Entrepreneurs, a random sample of firms...

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Productivity Measurement: Racing to Keep Up -- by Daniel E. Sichel

This paper provides a non-technical review of the literature and issues related to the measurement of aggregate productivity. I begin with a discussion of productivity measures, their performance in...

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The Dynamics of the U.S. Trade Balance and Real Exchange Rate: The J Curve...

We study how changes in trade barriers contributed to the dynamics of the US trade balance and real exchange rate since 1980 - a period when trade tripled. Using two dynamic trade models, we decompose...

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Immigration and Preferences for Redistribution in Europe -- by Alberto...

We examine the relationship between immigration and attitudes toward redistribution using a newly assembled data set of immigrant stocks for 140 regions of 16 Western European countries. Exploiting...

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How Do Americans Repay Their Debt? The Balance-Matching Heuristic -- by John...

In Gathergood et al. (forthcoming), we studied credit card repayments using linked data on multiple cards from the United Kingdom. We showed that individuals did not allocate payments to the higher...

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The Endowment Model and Modern Portfolio Theory -- by Stephen G. Dimmock,...

We develop a dynamic portfolio-choice model with illiquid alternative assets to analyze conditions under which the “Endowment Model,” used by some large institutional investors such as university...

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Ambiguity Attitudes about Investments: Evidence from the Field -- by Kanin...

Using an incentivized survey and a representative sample of investors, we elicit ambiguity attitudes toward a familiar company stock, a local stock index, a foreign stock index, and a crypto currency....

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Bringing Satellite-Based Air Quality Estimates Down to Earth -- by Meredith...

We use state-of-the-art, satellite-based PM2.5 estimates to assess the extent to which the EPA's existing, monitor-based measurements over- or under-estimate true exposure to PM2.5 pollution. Treating...

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Retirement Implications of a Low Wage Growth, Low Real Interest Rate Economy...

We examine the implications of persistent low real interest rates and wage growth rates on individuals nearing retirement. We begin by reviewing the concept of r star – the long-term real, safe...

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Market Expectations About Climate Change -- by Wolfram Schlenker, Charles A...

An emerging literature examines how agents update their beliefs about climate change. Most studies have relied on indirect belief measures or opinion polls. We analyze a direct measure: prices of...

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Job creation in Colombia vs the U.S.: “up or out dynamics” meets...

There is growing consensus that a key difference between the U.S. and developing economies is that the latter exhibit slower employment growth over the life cycle of the average business. At the same...

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De Facto or De Jure? Ethnic Differences in Quit Responses to Legal...

This paper studies the impact of legal medical marijuana markets on the decision to quit marijuana use, distinguishing between de jure legalization, in which dispensaries are legally protected, and de...

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Chinese Bond Market and Interbank Market -- by Marlene Amstad, Zhiguo He

Over the past twenty years, especially the past decade, China has taken enormous strides to develop its bond market as an integral step of financial reform. This paper aims to provide the most...

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Do Trade Creditors Possess Private Information? Stock Returns Evidence -- by...

Theories of customer supplier relationships hold that the private information of suppliers about buyers explains the use of trade credit even when there is a competitive banking sector. If suppliers...

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Paying to Program? Engineering Brand and High-Tech Wages -- by Prasanna...

We test the hypothesis that IT workers accept a compensating differential to work with emerging IT systems, and that employers that invest in these systems can, in turn, capture greater value from the...

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The Monetary and Fiscal History of Bolivia, 1960–2017 -- by Timothy J....

After the economic reforms that followed the National Revolution of the 1950s, Bolivia seemed positioned for sustained growth. Indeed, it achieved unprecedented growth from 1960 to 1977. The rapid...

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Factor Momentum and the Momentum Factor -- by Sina Ehsani, Juhani T. Linnainmaa

Momentum in individual stock returns emanates from momentum in factor returns. Most factors are positively autocorrelated: the average factor earns a monthly return of 1 basis point following a year of...

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The Efficiency and Distributional Effects of Alternative Residential...

Electricity tariffs typically charge residential users a volumetric rate that covers the bulk of energy, transmission, and distribution costs. The resulting prices, charged per unit of electricity...

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Visibility Bias in the Transmission of Consumption Beliefs and Undersaving --...

We study how bias in the social transmission process affects contagion of consumption beliefs and behavior. In the model, consumption is more salient than non-consumption. This visibility bias causes...

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