The 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....
View ArticleFinding Needles in Haystacks: Artificial Intelligence and Recombinant Growth...
Innovation is often predicated on discovering useful new combinations of existing knowledge in highly complex knowledge spaces. These needle-in-a-haystack type problems are pervasive in fields like...
View ArticleCharacteristics Are Covariances: A Unified Model of Risk and Return -- by...
We propose a new modeling approach for the cross section of returns. Our method, Instrumented Principal Components Analysis (IPCA), allows for latent factors and time-varying loadings by introducing...
View ArticleThe Role of Transportation Speed in Facilitating High Skilled Teamwork -- by...
High skilled workers gain from face to face interactions. If the skilled can move at higher speeds, then knowledge diffusion and idea spillovers are likely to reach greater distances. This paper uses...
View ArticleAre Recessions Good for Government Hires? The Effect of Unemployment on...
Utilizing a large dataset on U.S. federal government employees covering 24 years, we estimate and analyze the persistent wage effect of entering government employment during recessions for recent...
View ArticleInequality of Educational Opportunity? Schools as Mediators of the...
Chetty et al. (2014b) show that children from low-income families achieve higher adult incomes, relative to those from higher income families, in some commuting zones (CZs) than in others. I...
View ArticleThe Impact of New Drug Launches on Life-Years Lost in 2015 from 19 Types of...
This study employs a two-way fixed effects research design to measure the mortality impact and cost-effectiveness of cancer drugs: it analyzes the correlation across 36 countries between relative...
View ArticleEvidence-Based Policymaking: Promise, Challenges and Opportunities for...
The use of evidence and economic analysis in policymaking is on the rise, and accounting standard setting and financial regulation are no exception. This article discusses the promise of evidence-based...
View ArticleThe Optimal Supply of Public and Private Liquidity -- by Marina Azzimonti,...
We develop a theory of optimal government debt in which publicly-issued and privately-issued safe assets are substitutes. While government bonds are backed by future tax revenues, privately-issued safe...
View ArticleSocial Capital, Government Expenditures and Growth -- by Giacomo A.M....
This paper shows that social capital increases economic growth by raising government investment in human capital. We present a model of stochastic endogenous growth with imperfect political agency....
View ArticleGeography and Agricultural Productivity: Cross-Country Evidence from Micro...
Why is agricultural productivity so low in poor countries relative to the rest of the world? Is it due to geography or constrained economic choices? We assess the quantitative role of geography and...
View ArticleThe Elasticity of Taxable Income in the Presence of Intertemporal Income...
Knowing the elasticity of taxable income (ETI) is crucial for understanding the effects of taxation on taxpayer behavior and consequently on tax revenues. Previous research finds that high-income...
View ArticleThe Production of Inequalities within Families and Across Generations: The...
There has long been interest in the extent to which effects of social stratification extend and persist across generations. We take a novel approach to this question by asking whether birth order and...
View ArticleA Measure of Risk Appetite for the Macroeconomy -- by Carolin Pflueger, Emil...
We document a strong and robust positive relationship between real rates and the contemporaneous valuation of volatile stocks, which we contend measures the economy's risk appetite. Our novel proxy for...
View ArticleDo Opioids Help Injured Workers Recover and Get Back to Work? The Impact of...
We estimate the effect of opioid prescriptions on the duration of temporary disability benefits among workers with work-related low back injuries. We use local opioid prescribing patterns to construct...
View ArticleEscaping Import Competition and Downstream Tariffs -- by Ana Cecilia Fieler,...
We propose and provide evidence for a new source of gains from trade: Firms invest in product differentiation to escape import competition. In the data and in the model, these investments are...
View ArticleHow Redeployable are Patent Assets? Evidence from Failed Startups -- by...
Entrepreneurial firms are important sources of patented inventions. Yet little is known about what happens to patents "released" to the market when startups fail. This study provides a first look at...
View ArticleIndivisibilities in Distribution -- by Thomas J. Holmes, Ethan Singer
This paper develops and estimates a model of indivisibilities in shipping and economies of scale in consolidation. It uses highly detailed data on imports for which it is possible to observe the...
View ArticleThe Production of Cognitive and Non-cognitive Human Capital in the Global...
A country's welfare depends on its ability to accumulate cognitive and noncognitive human capital. However, we do not fully understand what makes some countries successful at producing human capital...
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