NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
New NBER Research

18 April 2014

The Euro and the Geography of Debt Flows

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

The Expansion of U.S. Railroads and Informed Bank Lending

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

How Much Worker Sorting Across Firms?

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

Retirement Incentives and Disability Insurance in France

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.
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