Wage Risk and Government and Spousal Insurance
The extent to which households can self-insure depends on family structure and wage risk. We calibrate a model of couples and singles’ savings and labor supply under two types of wage processes. The...
View ArticleStructural Change, Elite Capitalism, and the Emergence of Labor Emancipation
This study argues that the decline of coercive labor institutions over the course of industrialization was partly driven by complementarity between physical capital and effective labor in...
View ArticleU.S. Market Concentration and Import Competition
Many studies have documented that the sales concentration of U.S. producers has risen in recent decades. In this paper, we show that this increase was accompanied by more entry and growth of foreign...
View ArticleTalent, Geography, and Offshore R&D
I model and quantify the impact of a new dimension of globalization: offshore R&D. In the model, firms employ researchers across the globe to develop new product blueprints and then engage in...
View ArticleTapping into Talent: Coupling Education and Innovation Policies for Economic...
How do innovation and education policy affect individual career choices and aggregate productivity? This paper analyzes the effect of R&D subsidies and higher education policy on productivity...
View ArticleA Theory of Socially Responsible Investment
We characterize the conditions under which a socially responsible (SR) fund induces firms to reduce externalities, even when profit-seeking capital is in perfectly elastic supply. Such impact requires...
View ArticleThe Elusive Gains from Nationally Oriented Monetary Policy
The gains from monetary policy cooperation depend on real and financial distortions in the economy and evolve dynamically with prevailing economic conditions. We show that, with international trade in...
View Article(Successful) Democracies Breed Their Own Support
Using large-scale survey data covering more than 110 countries and exploiting within-country variation across cohorts and surveys, we show that individuals with longer exposure to democracy display...
View ArticleEfficient and Convergent Sequential Pseudo-Likelihood Estimation of Dynamic...
We propose a new sequential Efficient Pseudo-Likelihood (k-EPL) estimator for dynamic discrete choice games of incomplete information. k-EPL considers the joint behavior of multiple players...
View ArticleThe Impact of Online Competition on Local Newspapers: Evidence from the...
How does competition from online platforms affect the organization, performance, and editorial choices of newspapers? What are the implications of these changes for the information voters are exposed...
View ArticleConsumption Quality and Employment Across the Wealth Distribution
In the United States, market hours worked are approximately flat across the wealth distribution. Accounting for this phenomenon is a standing challenge for standard heterogeneous-agent macro models. In...
View ArticleSearch Complementarities, Aggregate Fluctuations, and Fiscal Policy
We document five novel facts about the role of search effort in forming trading relationships among firms by combining a variety of micro and macro datasets. These facts strongly suggest the presence...
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