New This Week

Papers are available on-line in PDF format when listed on this page. We recommend using the latest version of Adobe Reader, which can be downloaded free of charge from Adobe's Web site. Hard copy Working Papers are available by mail within a few weeks of their electronic release.

• Immigration, Wages, and Compositional Amenities
  David Card, Christian Dustmann, and Ian Preston #15521 (LS)
  
• Agricultural Improvements and Access to Rail Transportation: The American Midwest as a Test Case, 1850-1860
  Jeremy Atack and Robert A. Margo #15520 (DAE)
  
• The Feldstein-Horioka fact
  Domenico Giannone and Michele Lenza #15519 (EFG)
  
• The Carry Trade and Fundamentals: Nothing to Fear But FEER Itself
  Òscar Jordà and Alan M. Taylor #15518 (IFM)
  
• A Mathematical Model for Estimating the Number of Health Workers Required for Universal Antiretroviral Treatment
  Till Bärnighausen, David E. Bloom, and Salal Humair #15517 (HC, HE)
  
• Global Climate Policy Architecture and Political Feasibility: Specific Formulas and Emission Targets to Attain 460 ppm CO2 Concentrations
  Valentina Bosetti and Jeffrey A. Frankel #15516 (EEE, IFM)
  
• Did Fair-Value Accounting Contribute to the Financial Crisis?
  Christian Laux and Christian Leuz #15515 (CF)
  
• Anchors Away: How Fiscal Policy Can Undermine the Taylor Principle
  Eric M. Leeper #15514 (EFG)
  
• Decentralized Trading with Private Information
  Mikhail Golosov, Guido Lorenzoni, and Aleh Tsyvinski #15513 (AP, EFG)
  
• Credit Booms Gone Bust: Monetary Policy, Leverage Cycles and Financial Crises, 1870–2008
  Moritz Schularick and Alan M. Taylor #15512 (DAE, EFG, IFM, ME)
  
• Innovators: Songwriters
  David Galenson #15511 (LS)
  
• Heterogeneity in the effect of regulation on entrepreneurship and entry size
  Silvia Ardagna and Annamaria Lusardi #15510 (AG)
  
• Gravity in the Weightless Economy
  Wolfgang Keller and Stephen R. Yeaple #15509 (EFG, ITI, PR)
  
• The Level and Distribution of Global Household Wealth
  James B. Davies, Susanna Sandström, Anthony B. Shorrocks, and Edward N. Wolff #15508 (PR)
  
• The Effect of Immigration on Productivity: Evidence from US States
  Giovanni Peri #15507 (ITI, LS, PR)
  
• Risk Price Dynamics
  Jaroslav Borovička, Lars Peter Hansen, Mark Hendricks, and José A. Scheinkman #15506 (AP)
  
• On Quality Bias and Inflation Targets
  Stephanie Schmitt-Grohe and Martin Uribe #15505 (ME)
  
• An Empirical Evaluation of the Long-Run Risks Model for Asset Prices
  Ravi Bansal, Dana Kiku, and Amir Yaron #15504 (AP, CF)
  
• Competition and Quality Upgrading
  Mary Amiti and Amit K. Khandelwal #15503 (ITI)
  
• Art and Money
  William N. Goetzmann, Luc Renneboog, and Christophe Spaenjers #15502 (EFG)
  
• The Agglomeration of US Ethnic Inventors
  William Kerr #15501 (PR)
  
• Human Capital In China
  Haizheng Li, Barbara M. Fraumeni, Zhiqiang Liu, and Xiaojun Wang #15500 (LS, PR)
  
• Banking Deregulations, Financing Constraints, and Firm Entry Size
  William Kerr and Ramana Nanda #15499 (PR)
  
• Financing Constraints and Entrepreneurship
  William Kerr and Ramana Nanda #15498 (PR)
  
• Family Violence and Football: The Effect of Unexpected Emotional Cues on Violent Behavior
  David Card and Gordon Dahl #15497 (LS)
  
• By How Much Does GDP Rise if the Government Buys More Output?
  Robert E. Hall #15496 (EFG)
  
• Regulation, Allocation, and Leakage in Cap-and-Trade Markets for CO2
  James B. Bushnell and Yihsu Chen #15495 (EEE)
  
• Foreign Demand for Domestic Currency and the Optimal Rate of Inflation
  Stephanie Schmitt-Grohé and Martín Uribe #15494 (EFG, IFM, ME)
  

• Family Bonding with Universities
  Jonathan Meer and Harvey S. Rosen #15493 (PE)
  
• The Economics of Trade Agreements in the Linear Cournot Delocation Model
  Kyle Bagwell and Robert W. Staiger #15492 (ITI)
  
• Revealing Failures in the History of School Finance
  Peter H. Lindert #15491 (DAE, ED)
  
• Cross-Country Differences in Productivity: The Role of Allocation and Selection
  Eric J. Bartelsman, John C. Haltiwanger, and Stefano Scarpetta #15490 (EFG, PR)
  
• The Role of Search in University Productivity: Inside, Outside, and Interdisciplinary Dimensions
  James D. Adams and J. Roger Clemmons #15489 (PR)
  
• Trends in the Level and Distribution of Income Support
  Robert A. Moffitt and John Karl Scholz #15488 (CH, PE)
  
• A Preferred-Habitat Model of the Term Structure of Interest Rates
  Dimitri Vayanos and Jean-Luc Vila #15487 (AP, EFG, ME)
  
• Bidding for Brains: Intellectual Property Rights and the International Migration of Knowledge Workers
  Carol McAusland and Peter J. Kuhn #15486 (ITI, LS, PR)
  
• The Impact of Minimum Wage Rates on Body Weight in the United States
  David O. Meltzer and Zhuo Chen #15485 (HC, HE)
  
• Hoarding International Reserves Versus a Pigovian Tax-Cum-Subsidy Scheme: Reflections on the Deleveraging Crisis of 2008-9, and a Cost Benefit Analysis
  Joshua Aizenman #15484 (ITI)
  
• Unequal We Stand: An Empirical Analysis of Economic Inequality in the United States, 1967-2006
  Jonathan Heathcote, Fabrizio Perri, and Giovanni L. Violante #15483 (EFG)
  
• Dynamic Debt Runs
  Zhiguo He and Wei Xiong #15482 (AP, CF, ME)
  
• The Chinese Warrants Bubble
  Wei Xiong and Jialin Yu #15481 (AP, ME)
  
• Short-run Effects of Parental Job Loss on Children's Academic Achievement
  Ann Huff Stevens and Jessamyn Schaller #15480 (CH, LS)
  
• Fire Sales in a Model of Complexity
  Ricardo J. Caballero and Alp Simsek #15479 (AP, CF, EFG, IFM)
  
• Thirty Years of Currency Crises in Argentina: External Shocks or Domestic Fragility?
  Graciela Kaminsky, Amine Mati, and Nada Choueiri #15478 (IFM)
  
• Families as Roommates: Changes in U.S. Household Size from 1850 to 2000
  Alejandrina Salcedo, Todd Schoellman, and Michèle Tertilt #15477 (EFG)
  
• The Welfare Effects of Ticket Resale
  Phillip Leslie and Alan Sorensen #15476 (IO)
  
• The Global 1970s and the Echo of the Great Depression
  Alan M. Taylor #15475 (DAE, ITI, POL)
  
• The US Productivity Slowdown, the Baby Boom, and Management Quality
  James Feyrer #15474 (EFG, LS, PR)
  
• Are High Quality Schools Enough to Close the Achievement Gap? Evidence from a Social Experiment in Harlem
  Will Dobbie and Roland G. Fryer, Jr #15473 (CH, ED, LS)
  
• Mortgage Default, Foreclosure, and Bankruptcy
  Wenli Li and Michelle J. White #15472 (LE)
  
• The Rate of Return to the High/Scope Perry Preschool Program
  James J. Heckman, Seong Hyeok Moon, Rodrigo Pinto, Peter A. Savelyev, and Adam Yavitz #15471 (CH, ED)
  
• Micro, Macro, and Strategic Forces in International Trade Invoicing
  Linda S. Goldberg and Cédric Tille #15470 (IFM, ITI)
  
• Financial Literacy and Financial Sophistication Among Older Americans
  Annamaria Lusardi, Olivia S. Mitchell, and Vilsa Curto #15469 (AG)
  

• Investments in Pharmaceuticals Before and After TRIPS
  Margaret Kyle and Anita McGahan #15468 (HE, ITI, PR)
  
• Why are the 2000s so different from the 1970s? A structural interpretation of changes in the macroeconomic effects of oil prices
  Olivier J. Blanchard and Marianna Riggi #15467 (EFG, IFM)
  
• Incentives and Creativity: Evidence from the Academic Life Sciences
  Pierre Azoulay, Joshua S. Graff Zivin, and Gustavo Manso #15466 (PR)
  
• The Economic Cost of Harboring Terrorism
  Efraim Benmelech, Claude Berrebi, and Esteban F. Klor #15465 (LS, PE, POL)
  
• Identifying Government Spending Shocks: It's All in the Timing
  Valerie A. Ramey #15464 (EFG, ME)
  
• Testing the Correlated Random Coefficient Model
  James J. Heckman, Daniel A. Schmierer, and Sergio S. Urzua #15463 (TWP)
  
• Can Owning a Home Hedge the Risk of Moving?
  Todd M. Sinai and Nicholas S. Souleles #15462 (AP, EFG, ME, PE)
  
• Cheaper By the Dozen: Using Sibling Discounts at Catholic Schools to Estimate the Price Elasticity of Private School Attendance
  Susan Dynarski, Jonathan Gruber, and Danielle Li #15461 (CH, ED, PE)
  
• Breach, Remedies and Dispute Settlement in Trade Agreements
  Giovanni Maggi and Robert W. Staiger #15460 (ITI)
  
• Can Learnability Save New-Keynesian Models?
  John H. Cochrane #15459 (EFG)
  
• Paulson's Gift
  Pietro Veronesi and Luigi Zingales #15458 (AP, CF)
  
• The Demographics of Innovation and Asset Returns
  Nicolae Gârleanu, Leonid Kogan, and Stavros Panageas #15457 (AP, EFG)
  
• High-Powered Incentives in Developing Country Health Insurance: Evidence from Colombia’s Régimen Subsidiado
  Grant Miller, Diana M. Pinto, and Marcos Vera-Hernández #15456 (CH, HC, HE)
  

• Is Newer Better? Penn World Table Revisions and Their Impact on Growth Estimates
  Simon Johnson, William Larson, Chris Papageorgiou, and Arvind Subramanian #15455 (EFG, IFM)
  
• A Theory of Banks, Bonds, and the Distribution of Firm Size
  Katheryn N. Russ and Diego Valderrama #15454 (ITI)
  
• Are CEOs Expected Utility Maximizers?
  John List and Charles Mason #15453 (EEE, PE)
  
• Macro-Hedging for Commodity Exporters
  Eduardo Borensztein, Olivier Jeanne, and Damiano Sandri #15452 (IFM)
  
• The Environment and Directed Technical Change
  Daron Acemoglu, Philippe Aghion, Leonardo Bursztyn, and David Hemous #15451 (EEE, EFG, PE)
  
• Attention Allocation Over the Business Cycle
  Marcin Kacperczyk, Stijn Van Nieuwerburgh, and Laura Veldkamp #15450 (AP, EFG)
  
• Institutional Investors and Proxy Voting on Compensation Plans: The Impact of the 2003 Mutual Fund Voting Disclosure Regulation
  Martijn Cremers and Roberta Romano #15449 (CF)
  
• India Transformed? Insights from the Firm Level 1988-2005
  Laura Alfaro and Anusha Chari #15448 (CF, IFM, ITI, POL, EFG)
  
• Evidence of Regulatory Arbitrage in Cross-Border Mergers of Banks in the EU
  Santiago Carbo-Valverde, Edward J. Kane, and Francisco Rodriguez-Fernandez #15447 (CF)
  
• The Changing Selectivity of American Colleges
  Caroline M. Hoxby #15446 (ED, LS, PE)
  
• The WTO: Theory and Practice
  Kyle Bagwell and Robert W. Staiger #15445 (ITI)
  
• Delocation and Trade Agreements in Imperfectly Competitive Markets
  Kyle Bagwell and Robert W. Staiger #15444 (ITI)
  
• Breakthrough Inventions and Migrating Clusters of Innovation
  William R. Kerr #15443 (PR)
  
• International Trade, Foreign Direct Investment, and Technology Spillovers
  Wolfgang Keller #15442 (EFG, IO, ITI, PR)
  
• Unilateral Measures and Emissions Mitigation
  Shurojit Chatterji, Sayantan Ghosal, Sean Walsh, and John Whalley #15441 (EEE)
  
• The Reorganization of Inventive Activity in the United States during the Early Twentieth Century
  Naomi R. Lamoreaux, Kenneth L. Sokoloff, and Dhanoos Sutthiphisal #15440 (DAE)
  
• Long Term Effects of Minimum Legal Drinking Age Laws on Adult Alcohol Use and Driving Fatalities
  Robert Kaestner and Benjamin Yarnoff #15439 (HE)
  
• Large Changes in Fiscal Policy: Taxes Versus Spending
  Alberto F. Alesina and Silvia Ardagna #15438 (POL)
  
• Not Invented Here? Innovation in Company Towns
  Ajay K. Agrawal, Iain M. Cockburn, and Carlos Rosell #15437 (PR)
  
• Effects of Urban Sprawl on Obesity
  Zhenxiang Zhao and Robert Kaestner #15436 (HE)
  
• What the Stock Market Decline Means for the Financial Security and Retirement Choices of the Near-Retirement Population
  Alan L. Gustman, Thomas L. Steinmeier, and Nahid Tabatabai #15435 (AG, LS)
  
• Paying a Premium on Your Premium? Consolidation in the U.S. Health Insurance Industry
  Leemore Dafny, Mark Duggan, and Subramaniam Ramanarayanan #15434 (HC, IO, PE)
  

• Parametric Estimations of the World Distribution of Income
  Maxim Pinkovskiy and Xavier Sala-i-Martin #15433 (EFG, PR)
  
• Financial Globalization, Financial Crises and Contagion
  Enrique G. Mendoza and Vincenzo Quadrini #15432 (EFG, IFM)
  
• Gun Control after Heller: Litigating against Regulation
  Philip J. Cook, Jens Ludwig, and Adam Samaha #15431 (LE)
  
• An Empirical Analysis of the Gender Gap in Mathematics
  Roland G. Fryer, Jr and Steven D. Levitt #15430 (ED, LS)
  
• Investment in Energy Infrastructure and the Tax Code
  Gilbert E. Metcalf #15429 (EEE, PE)
  
• Medium Term Business Cycles in Developing Countries
  Diego A. Comin, Norman Loayza, Farooq Pasha, and Luis Serven #15428 (EFG, IFM, ITI, PR)
  
• Adaptive Consumption Behavior
  Peter Howitt and Ömer Özak #15427 (EFG)
  
• Executive Compensation: Facts
  Gian Luca Clementi and Thomas F. Cooley #15426 (CF)
  
• FINANCIAL CRISES AND LIQUIDITY SHOCKS: A Bank-Run Perspective
  Guillermo A. Calvo #15425 (IFM)
  
• Inflation targeting and private sector forecasts
  Stephen G. Cecchetti and Craig Hakkio #15424 (ME)
  
• Where Does Energy R&D Come From? Examining Crowding Out from Environmentally-Friendly R&D
  David Popp and Richard G. Newell #15423 (EEE, PR)
  
• Tobacco Regulation through Litigation: The Master Settlement Agreement
  W. Kip Viscusi and Joni Hersch #15422 (LE)
  
• Household Response to the 2008 Tax Rebate: Survey Evidence and Aggregate Implications
  Claudia R. Sahm, Matthew D. Shapiro, and Joel B. Slemrod #15421 (EFG, ME, PE)
  
• The Economics of Open Air Markets
  John A. List #15420 (IO, PE)
  
• Are Bilateral Remittances Countercyclical?
  Jeffrey A. Frankel #15419 (IFM)
  
• One TV, One Price?
  Jean Imbs, Haroon Mumtaz, Morten O. Ravn, and Hélène Rey #15418 (IFM, IO, ITI)
  
• Culture, Policies and Labor Market Outcomes
  Francesco Giavazzi, Fabio Schiantarelli, and Michel Serafinelli #15417 (IFM, POL)
  
• Two Perspectives on Preferences and Structural Transformation
  Berthold Herrendorf, Richard Rogerson, and Ákos Valentinyi #15416 (EFG)
  

• Family Ties and Political Participation
  Alberto F. Alesina and Paola Giuliano #15415 (POL)
  
• Crises and Liquidity in Over-the-Counter Markets
  Ricardo Lagos, Guillaume Rocheteau, and Pierre-Olivier Weill #15414 (AP, EFG, ME)
  
• Traffic Congestion and Infant Health: Evidence from E-ZPass
  Janet Currie and Reed Walker #15413 (CH, EEE, HE, PE)
  
• Accidental Death and the Rule of Joint and Several Liability
  Daniel Carvell, Janet Currie, and W. Bentley MacLeod #15412 (HE, LE)
  
• Endowments, Fiscal Federalism, and the Cost of Capital for States: Evidence from Brazil, 1891-1930
  André C. Martínez Fritscher and Aldo Musacchio #15411 (DAE)
  
• Moral Hazard Matters: Measuring Relative Rates of Underinsurance Using Threshold Measures
  Jean Marie Abraham, Thomas DeLeire, and Anne Beeson Royalty #15410 (HE)
  
• The Area and Population of Cities: New Insights from a Different Perspective on Cities
  Hernán D. Rozenfeld, Diego Rybski, Xavier Gabaix, and Hernán A. Makse #15409 (EFG)
  
• Top Incomes in the Long Run of History
  Anthony B. Atkinson, Thomas Piketty, and Emmanuel Saez #15408 (DAE, LS, PE)
  
• Activist Fiscal Policy to Stabilize Economic Activity
  Alan J. Auerbach and William G. Gale #15407 (EFG, PE)
  
• Recent Trends in the Earnings of New Immigrants to the United States
  George J. Borjas and Rachel M. Friedberg #15406 (LS)
  
• Optimal taxation in the presence of bailouts
  Stavros Panageas #15405 (AP, EFG, PE)
  
• Why are we in a recession? The Financial Crisis is the Symptom not the Disease!
  Ravi Jagannathan, Mudit Kapoor, and Ernst Schaumburg #15404 (EFG)
  

• Banking Crises and the Rules of the Game
  Charles Calomiris #15403 (CF, DAE, POL)
  
• Government Advertising and Media Coverage of Corruption Scandals
  Rafael Di Tella and Ignacio Franceschelli #15402 (POL)
  
• Are Hard Pegs Ever Credible in Emerging Markets? Evidence from the Classical Gold Standard
  Kris James Mitchener and Marc D. Weidenmier #15401 (DAE, IFM)
  
• Power Fluctuations and Political Economy
  Daron Acemoglu, Mikhail Golosov, and Aleh Tsyvinski #15400 (EFG, PE, POL)
  
• Disasters Risk and Business Cycles
  François Gourio #15399 (AP, EFG, ME)
  
• Spatial Mismatch, Immigrant Networks, and Hispanic Employment in the United States
  Judith K. Hellerstein, Melissa McInerney, and David Neumark #15398 (LS)
  
• U.S. Trade Policy Since 1934: An Uneven Path Toward Greater Trade Liberalization
  Robert E. Baldwin #15397 (ITI, POL)
  
• Microinsurance, Trust and Economic Development: Evidence from a Randomized Natural Field Experiment
  Hongbin Cai, Yuyu Chen, Hanming Fang, and Li-An Zhou #15396 (PE)
  
• The Market Crash and Mass Layoffs: How the Current Economic Crisis May Affect Retirement
  Courtney Coile and Phillip B. Levine #15395 (AG, LS)
  
• When is the government spending multiplier large?
  Lawrence Christiano, Martin Eichenbaum, and Sergio Rebelo #15394 (EFG)
  
• Intellectual Property Rights, Foreign Direct Investment, and Industrial Development
  Lee Branstetter and Kamal Saggi #15393 (ITI, PR)
  
• Regulation of private health insurance markets: Lessons from enrollment, plan type choice, and adverse selection in Medicare Part D
  Florian Heiss, Daniel McFadden, and Joachim Winter #15392 (AG, HE)
  
• Son Preference and the Persistence of Culture: Evidence from Asian Immigrants to Canada
  Douglas Almond, Lena Edlund, and Kevin Milligan #15391 (CH)
  
• Music for a Song: An Empirical Look at Uniform Song Pricing and its Alternatives
  Ben Shiller and Joel Waldfogel #15390 (IO)
  

• Credit Crises, Money and Contractions: an historical view
  Michael D. Bordo and Joseph G. Haubrich #15389 (DAE, IFM)
  
• The formation of inflation expectations: an empirical analysis for the UK
  David G. Blanchflower and Conall MacCoille #15388 (ME)
  
• Into College, Out of Poverty? Policies to Increase the Postsecondary Attainment of the Poor
  David Deming and Susan Dynarski #15387 (CH, ED, LS, PE)
  
• Evidence from Two Large Field Experiments that Peer Comparison Feedback Can Reduce Residential Energy Usage
  Ian Ayres, Sophie Raseman, and Alice Shih #15386 (EEE)
  
• Evaluating Monetary Policy
  Lars E.O. Svensson #15385 (EFG, ME)
  
• Credit Default Swaps and the Credit Crisis
  René M. Stulz #15384 (CF)
  
• The Welfare Effects of Medical Malpractice Liability
  Darius N. Lakdawalla and Seth A. Seabury #15383 (HC, HE, PE)
  
• Is the Volatility of the Market Price of Risk due to Intermittent Portfolio Re-balancing?
  Yi-Li Chien, Harold L. Cole, and Hanno Lustig #15382 (AP, EFG)
  
• On the Scholes Liquidation Problem
  David B. Brown, Bruce Ian Carlin, and Miguel Sousa Lobo #15381 (AP)
  
• The Effects of School Desegregation on Crime
  David A. Weiner, Byron F. Lutz, and Jens Ludwig #15380 (CH, HE)
  
• Financial Crises and Economic Activity
  Stephen G. Cecchetti, Marion Kohler, and Christian Upper #15379 (ME)
  
• Persistence of Civil Wars
  Daron Acemoglu, Davide Ticchi, and Andrea Vindigni #15378 (POL)
  
• Clusters of Entrepreneurship
  Edward L. Glaeser, William R. Kerr, and Giacomo A.M. Ponzetto #15377 (EFG)
  
• The Fundamental Law of Road Congestion: Evidence from US cities
  Gilles Duranton and Matthew A. Turner #15376 (EEE)
  
• Methods versus Substance: Measuring the Effects of Technology Shocks on Hours
  José-Víctor Ríos-Rull, Frank Schorfheide, Cristina Fuentes-Albero, Maxym Kryshko, and Raül Santaeulàlia-Llopis #15375 (EFG, ME)
  
• Riding the Wave of Trade: Explaining the Rise of Labor Regulation in the Golden Age of Globalization
  Michael Huberman and Christopher M. Meissner #15374 (DAE)
  
• The Economic and Policy Consequences of Catastrophes
  Robert S. Pindyck and Neng Wang #15373 (EEE, EFG, PE)
  
• Measuring How Risk Tradeoffs Adjust With Income
  Mary F. Evans and V. Kerry Smith #15372 (EEE)
  
• The Impact of Tort Reform on Employer-Sponsored Health Insurance Premiums
  Ronen Avraham, Leemore S. Dafny, and Max M. Schanzenbach #15371 (HC, LE)
  
• Level versus Equivalent Intensity Carbon Mitigation Commitments
  Huifang Tian and John Whalley #15370 (EEE)
  

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