21 January 2020

Moral Hazard and Wildfire Supression Expenditures

An analysis by Patrick Baylis and Judson Boomhower finds that large public expenditures on wildfire protection subsidize development in areas at high risk of fires, often by more than 20 percent of a home's value.

17 January 2020

Labor in the Boardroom

Studying the results of a change in German law that left some firms but not others reserving a third of their board seats for workers, Simon Jäger, Benjamin Schoefer, and Jörg Heining find that shared governance raised investment spending and value-added per worker.

16 January 2020

Stranded Fossil Fuel Reserves and Firm Value

In a sample of 679 North American oil firms, Christina Atanasova and Eduardo S. Schwartz find that developed reserves are strongly associated with firm value, but the growth of undeveloped reserves reduces value, arguably because of concern that such assets will be stranded.

15 January 2020

Cost-Sharing in the Affordable Care Act Marketplace

The Affordable Care Act requires insurers to provide cost-sharing reductions to low-income consumers on health insurance marketplaces. Kurt J. Lavetti, Thomas DeLeire, and Nicolas R. Ziebarth calculate that these taxpayer-funded price subsidies increase demand for high-value care, but also for inefficient low-value care.

14 January 2020

Productivity and Wages across Countries and Industries

Cross-industry comparisons reveal that industries dominated by highly educated workers experienced higher-than-average productivity growth that is more than sufficient to account for increasing skill differentials, Edward P. Lazear reports.

13 January 2020

Demand Analysis with Many Prices

Recognizing that the price that consumers face for a given good is likely to vary at any point in time, Victor Chernozhukov, Jerry A. Hausman, and Whitney K. Newey apply machine learning tools to develop new estimators of both demand elasticities and consumer surplus. Applied to household purchases of soft drinks, they find that demand elasticities tend to be smaller in panel than in cross-sectional data.

10 January 2020

The Skill Premium and the Choice of College Majors

Ran Abramitzky, Victor Lavy, and Maayan Segev study a shift in Israeli kibbutzim from equal sharing to productivity-based wages and find that the shift spurred a dramatic increase in the rate of return to schooling and a large increase in the probability of receiving a bachelor degree, especially in STEM fields.

9 January 2020

Children's Looks and Children's Cognitive Development

Being better-looking is associated with higher objective learning outcomes among children in the US and UK, according to Daniel S. Hamermesh, Rachel A. Gordon, and Robert Crosnoe. A person whose looks are judged to be one standard deviation above average attains 0.4 years more schooling than an otherwise identical individual.

8 January 2020

Intergenerational Mobility of Immigrants in the US

Children of immigrants from nearly every sending country have higher rates of upward mobility than children of the US-born despite dramatic shifts in sending countries and US immigration policy, Ran Abramitzky, Leah Platt Boustan, Elisa Jácome, and Santiago Pérez find.

7 January 2020

The EITC and the Extensive Margin: A Reappraisal

The only Earned Income Tax Credit reform associated with clear employment increases is the expansion enacted in 1993, a study by Henrik Kleven shows. Employment increases in the mid-late ‘90s were very large, but appear to have been the result of welfare reform and a booming macroeconomy.
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