New NBER Research
24 April 2014
By L. Kamran Bilir, Davin Chor, and Kalina Manova discover that countries with more developed financial systems attract more U.S.-based multinational firms, and display higher domestic sales by affiliates of these multinationals, than their less-developed counterparts. These effects are particularly pronounced in industries that are highly dependent on external capital.
23 April 2014
Sherry Glied finds that higher demand for health care services among the under-65 population is associated with lower per-beneficiary Medicare expenditures, suggesting the potential role of spillovers across different groups of health care consumers.
22 April 2014
Simon Gilchrist and Benoît Mojon develop credit risk indicators for banks and non-financial corporations in the euro area, and find that the 2008 financial crisis sharply increased the cost of borrowing for both groups of firms. In contrast, the 2000 dot-com collapse in the United States raised credit spreads for non-financial firms, but did not affect financial firms.
21 April 2014
Lawrence Christiano, Martin Eichenbaum, and Mathias Trabandt attribute most of the variation in aggregate real economic activity during the Great Recession to the interaction between financial frictions and the "zero lower bound" on nominal interest rates that effectively constrains the degree of monetary stimulus from the Federal Reserve.
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18 April 2014
Galina Hale and Maurice Obstfeld find that following the introduction of the euro, and the associated rise in financial integration within Europe, core nations in the European Monetary Union (EMU) increased both their borrowing from outside the EMU and their lending to nations on the EMU periphery.
17 April 2014
Jeremy Atack, Matthew Jaremski, and Peter Rousseau relate bank failures and the condition of bank balance sheets in the United States between 1830 and 1860 to the proximity to transportation infrastructure. They find that proximity to railroads, but not to other means of transportation, improved bank soundness. They attribute this to changes in bank asset composition that were due to information flows facilitated by railroads.
16 April 2014
Jesper Bagger and Rasmus Lentz estimate the variation across workers in their skill levels, and across firms in their productivity levels, using matched Danish data on employers and employees. They find a positive correlation of 0.12 between worker skill and firm productivity, and conclude that differences across firms account for 11 percent of the variation in wages, while differences across workers accounts for 51 percent.
15 April 2014
Luc Behaghel, Didier Blanchet, and Muriel Roger find that a decline in the generosity of pension benefits and disability insurance benefits in France induces individuals to remain in the labor force until older ages.
14 April 2014
Hunt Allcott and Richard Sweeney conducted a field experiment at a large national retailer and found that incentives for sales personnel and rebates for consumers work together in raising purchases of energy-efficient durables. In a related consumer survey, they found that most consumers know about energy-efficient appliances, and may even overestimate their savings. This finding calls into question the role of limited information as an explanation for low demand for energy-saving durables.
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