Decision Fatigue and Heuristic Analyst Forecasts -- by David Hirshleifer,...
Psychological evidence indicates that decision quality declines after an extensive session of decision-making, a phenomenon known as decision fatigue. We study whether decision fatigue affects...
View ArticleUsing Online Prices for Measuring Real Consumption Across Countries -- by...
We show that online prices can be used to construct quarterly purchasing power parities (PPPs) with a closely-matched set of goods and identical methodologies in a variety of developed and developing...
View ArticleAncient Origins of the Global Variation in Economic Preferences -- by Anke...
Variation in economic preferences is systematically related to both individual and aggregate economic outcomes, yet little is known about the origins of the worldwide preference variation. This paper...
View ArticleDo Discrete Choice Approaches to Valuing Urban Amenities Yield Different...
Amenities that vary across cities are typically valued using either a hedonic model, in which amenities are capitalized into wages and housing prices, or a discrete model of household location choice....
View ArticleThe Comparative Advantage of Medicare Advantage -- by Joseph P. Newhouse,...
We ascertain the degree of service-level selection in Medicare Advantage (MA) using individual level data on the 100 most frequent HCC's or combination of HCC's from two national insurers in 2012-2013....
View ArticleKaldor and Piketty's Facts: The Rise of Monopoly Power in the United States...
The macroeconomic data of the last thirty years has overturned at least two of Kaldor's famous stylized growth facts: constant interest rates, and a constant labor share. At the same time, the research...
View ArticleExplaining the Decline in the U.S. Employment-to-Population Ratio: A Review...
This paper first documents trends in employment rates and then reviews what is known about the various factors that have been proposed to explain the decline in the overall employment-to-population...
View ArticleThe Impact of Education on Family Formation: Quasi-Experimental Evidence from...
We examine the impact of educational attainment on fertility and mating market outcomes. Using a regression discontinuity design, we exploit an extension of the compulsory schooling age from 15 to 16...
View ArticleThe Importance of Psychology in Economic Activity: Evidence from Terrorist...
Terrorist attacks influence economic growth and individual psychology. However, identifying the direct effect of terrorism on economics and psychology is difficult because institutions also change in...
View ArticleManaging Financial Globalization: Insights from the Recent Literature -- by...
This paper seeks to draw lessons for developing countries based on a survey of the recent literature on financial globalization. First, while capital account openness holds promises (by potentially...
View ArticleMeasuring the Equilibrium Impacts of Credit: Evidence from the Indian...
In October 2010, the state government of Andhra Pradesh, India issued an emergency ordinance, bringing microfinance activities in the state to a complete halt and causing a nation-wide shock to the...
View ArticleThe Optimal Inflation Target and the Natural Rate of Interest -- by Philippe...
We study how changes in the value of the steady-state real interest rate affect the optimal inflation target, both in the U.S. and the euro area, using an estimated New Keynesian DSGE model that...
View ArticleIntuitive Donating: Testing One-Line Solicitations for $1 Donations in a...
We partnered with a large online auction website to test differing messages' effects on the decision to donate to charity at checkout. Our setting, where impulsive decisions are likely to be driving...
View ArticleNonlinear Household Earnings Dynamics, Self-insurance, and Welfare -- by...
Earnings dynamics are much richer than typically assumed in macro models with heterogenous agents. This holds for individual-pre-tax and household-post-tax earnings and across administrative (Social...
View ArticleUncertainty and Economic Activity: A Multi-Country Perspective -- by Ambrogio...
Measures of economic uncertainty are countercyclical, but economic theory does not provide definite guidance on the direction of causation between uncertainty and the business cycle. This paper...
View ArticleLinking Individuals Across Historical Sources: a Fully Automated Approach --...
Linking individuals across historical datasets relies on information such as name and age that is both non-unique and prone to enumeration and transcription errors. These errors make it impossible to...
View ArticlePolitical Alignment, Attitudes Toward Government and Tax Evasion -- by Julie...
We ask whether attitudes toward government play a causal role in the evasion of U.S. personal income taxes. We first use individual-level survey data to demonstrate a link between sharing the party of...
View ArticleFinance and Business Cycles: The Credit-Driven Household Demand Channel -- by...
Every major financial crisis leaves its unique footprint on economic thought. The early banking crises taught us the importance of financial sector liquidity and the lender of last resort. The Great...
View ArticleModeling Automation -- by Daron Acemoglu, Pascual Restrepo
This paper points out that modeling automation as factor-augmenting technological change has several unappealing implications. Instead, modeling it as the process of machines replacing tasks previously...
View ArticleGlobal Portfolio Rebalancing and Exchange Rates -- by Nelson Camanho, Harald...
We examine international equity allocations at the fund level and show how different returns on the foreign and domestic proportion of portfolios determine rebalancing behavior and trigger capital...
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