NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

The NBER Reporter 2017 Number 4

Program Meetings


Asset Pricing
Behavioral Finance
Chinese Economy
Corporate Finance
Economic Fluctuations and Growth
Education
Entrepreneurship
Health Care
Insurance


International Finance and Macroeconomics
International Trade and Investment
Labor Studies
Market Design
Monetary Economics
NBER Development Economics/BREAD
Organizational Economics
Political Economy
Public Economics

Market Design

The NBER's Working Group on Market Design met in Cambridge October 20–21. Working Group Co-Directors Michael Ostrovsky of Stanford University and Parag A. Pathak of MIT organized the meeting. These researchers' papers were presented and discussed:

    Haluk Ergin, University of California, Berkeley and Tayfun Sönmez and Utku Unver, Boston College, "Efficient and Incentive Compatible Liver Exchange"

    Nikhil Agarwal, MIT and NBER; Itai Ashlagi, Stanford University; Paulo J. Somaini, Stanford University and NBER; Michael A. Rees, University of Toledo Medical Center; and Daniel C. Waldinger, MIT, "An Empirical Framework for Sequential Assignments: The Allocation of Deceased Donor Kidneys"

    Eric Budish, University of Chicago and NBER; Robin S. Lee, Harvard University and NBER; and John Shim, University of Chicago, "Will the Market Fix the Market? A Theory of Stock Market Competition and Innovation"

    Albert Kyle, University of Maryland, and Jeongmin Lee, Washington University in St. Louis, "Toward a Fully Continuous Exchange"

    Paul Milgrom and Ilya Segal, Stanford University, "Deferred-Acceptance Clock Auctions and Radio Spectrum Reallocation"

    Lawrence Ausubel, University of Maryland; Christina Aperjis, Power Auctions LLC; and Oleg V. Baranov, University of Colorado Boulder, "Market Design and the FCC Incentive Auction"

    Ulrich Doraszelski and Katja Seim, University of Pennsylvania and NBER; Michael Sinkinson, Yale University and NBER; and Peichun Wang, University of Pennsylvania, "Ownership Concentration and Strategic Supply Reduction"(NBER Working Paper No. 23034)

    New Directions: Transportation and Market Design

    Michael Ostrovsky and Michael Schwarz, Google Research, "Carpooling and the Economics of Self-Driving Cars"

    Peter Cramton, University of Maryland; Richard Geddes, Cornell University; and Axel Ockenfels, University of Cologne, "Markets for Road Use: Eliminating Congestion through Scheduling, Routing, and Real-Time Road Pricing"

    Juan Camilo Castillo, Stanford University; Dan Knoepfle, Uber; and Glen Weyl, Microsoft Research, "Surge Pricing Solves the Wild Goose Chase"

    Parag A. Pathak and Peng Shi, MIT, "How Well Do Structural Demand Models Work? Counterfactual Predictions in School Choices"

    Georgy Artemov, University of Melbourne; Yeon-Koo Che, Columbia University; and Yinghua He, Rice University, "Strategic 'Mistakes': Implications for Market Design Research"

    Jacob D. Leshno and Irene Y. Lo, Columbia University, "The Cutoff Structure of Top Trading Cycles in School Choice"

    Esen Onur, David Reiffen, and Lynn Riggs, Commodity Futures Trading Commission; and Haoxiang Zhu, MIT and NBER, "Mechanism Selection and Trade Formation on Swap Execution Facilities: Evidence from Index CDS Trades"

    Constantinos Daskalakis, MIT; Christos H. Papadimitriou, University of California at Berkeley; and Christos Tzamos, Microsoft Research, "Does Information Revelation Improve Revenue?"

    Dirk Bergemann, Yale University, and Tibor Heumann and Stephen Morris, Princeton University, "Information and Market Power"

    New Directions: Development Economics and Market Design

    Jean-François Houde, Cornell University and NBER; Terence R. Johnson, University of Notre Dame; Molly Lipscomb, University of Virginia; and Laura A. Schechter, University of Wisconsin at Madison, "Using Market Mechanisms to Increase the Take-up of Improved Sanitation in Senegal"

    Reshmaan N. Hussam, Yale University, and Natalia Rigol and Benjamin N. Roth, MIT, "Targeting High Ability Entrepreneurs Using Community Information: Mechanism Design in the Field"

    Yusuke Narita, Yale University, "Experimental Design as Market Design: Billions of Dollars Worth of Treatment Assignments"

Summaries of these papers are at:
http://www.nber.org/confer/2017/MDf17/summary.html

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Public Economics

Members of the NBER's Public Economics Program met at the Stanford Institute for Economic Policy Research on October 26–27. Program Director Raj Chetty of Stanford University and Faculty Research Fellow Danny Yagan of the University of California, Berkeley organized the meeting. These researchers' papers were presented and discussed:

    Amy Finkelstein, MIT and NBER, and Nathaniel Hendren and Mark Shepard, Harvard University and NBER, "Subsidizing Health Insurance for Low-Income Adults: Evidence from Massachusetts" (NBER Working Paper No. 23668)

    Mark Duggan, Stanford University and NBER, and Atul Gupta and Emilie Jackson, Stanford University, "The Impact of the Affordable Care Act: Evidence from California's Hospital Sector"

    Alexander M. Gelber, University of California at Berkeley and NBER; Timothy J. Moore, University of Melbourne; and Alexander Strand, Social Security Administration, "Disability Insurance Income Saves Lives"

    Ethan Lieber, University of Notre Dame, and Lee Lockwood, University of Virginia and NBER, "Targeting with In-kind Transfers: Evidence from Medicaid Home Care"

    Philip Armour, RAND Corporation, and Michael Lovenheim, Cornell University and NBER, "The Effect of Social Security Information on the Labor Supply and Savings of Older Americans"

    Peter Ganong, University of Chicago and NBER, and Pascal Noel, University of Chicago, "Consumer Spending During Unemployment: Positive and Normative Implications"

    Rebecca Diamond, Stanford University and NBER, and Timothy McQuade and Franklin Qian, Stanford University, "The Effects of Rent Control Expansion on Tenants, Landlords, and Inequality: Evidence from San Francisco"

    Marcelo L. Bérgolo, Rodrigo Ceni, and Matias Giaccobasso, IECON-UDELAR; Guillermo Cruces, Centro de Estudios Distributivos, Laborales y Soci; and Ricardo Perez-Truglia, University of California at Los Angeles and NBER, "Tax Audits as Scarecrows: Evidence from a Large-Scale Field Experiment" (NBER Working Paper No. 23631)

    Katrine Jakobsen, University of Copenhagen; Kristian Jakobsen, Kraka; Henrik Kleven, Princeton University; and Gabriel Zucman, University of California at Berkeley and NBER, "Wealth Taxation and Wealth Accumulation: Theory and Evidence from Denmark"

Summaries of these papers are at:
http://www.nber.org/confer/2017/PEf17/summary.html

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Economic Fluctuations and Growth

Members of the NBER's Economic Fluctuations and Growth Program met in Chicago on October 27. Research Associates Mark A. Aguiar of Princeton University and John V. Leahy of University of Michigan organized the meeting. These researchers' papers were presented and discussed:

    Matthew Smith, U.S. Department of the Treasury; Danny Yagan, University of California at Berkeley and NBER; and Owen M. Zidar and Eric Zwick, University of Chicago and NBER, "Capitalists in the Twenty-First Century"

    Ricardo J Caballero and Alp Simsek, MIT and NBER, "A Risk-centric Model of Demand Recessions and Macroprudential Policy" (NBER Working Paper No. 23614)

    Jason Faberman, Federal Reserve Bank of Chicago; Andreas I. Mueller, Columbia University and NBER; and Ayşegül Şahin and Giorgio Topa, Federal Reserve Bank of New York, "Job Search Behavior among the Employed and Non-Employed" (NBER Working Paper No. 23731)

    Germán Gutiérrez, New York University, and Thomas Philippon, New York University and NBER, "Declining Competition and Investment in the U.S." (NBER Working Paper No. 23583)

    Stefania Albanesi, University of Pittsburgh and NBER; Giacomo De Giorgi, GSEM-University of Geneva; and Jaromir Nosal, Boston College, "Credit Growth and the Financial Crisis: A New Narrative" (NBER Working Paper No. 23740)

    Anmol P. Bhandari, University of Minnesota; David Evans, University of Oregon; Mikhail Golosov, Princeton University and NBER; and Thomas J. Sargent, New York University and NBER, "Inequality, Business Cycles, and Fiscal-Monetary Policy"

Summaries of these papers are at:
http://www.nber.org/confer/2017/EFGf17/summary.html

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International Finance and Macroeconomics

Members of the NBER's International Finance and Macroeconomics Program met in Cambridge on October 27. Research Associates Guido Lorenzoni of Northwestern University and Vivian Yue of Emory University organized the meeting. These researchers' papers were presented and discussed:

    Doireann Fitzgerald Federal Reserve Bank of Minneapolis and NBER; Yaniv Yedid-Levi, University of British Columbia; and Stefanie Haller, University College Dublin, "Can Sticky Quantities Explain Exchange Rate Disconnect?"

    Javier Bianchi, Federal Reserve Bank of Minneapolis and NBER; Pablo Ottonello, University of Michigan; and Ignacio Presno, Board of Governors of the Federal Reserve System, "Fiscal Policy, Sovereign Risk, and Unemployment"

    John D. Burger, Loyola University Maryland; Francis E. Warnock, University of Virginia and NBER; and Veronica Cacdac Warnock, University of Virginia, "Currency Matters: Analyzing International Bond Portfolios" (NBER Working Paper No. 23175)

    Yusuf Soner Baskaya, University of Glasgow; Julian di Giovanni, ICREA-Universitat Pompeu Fabra; Sebnem Kalemli-Ozcan, University of Maryland and NBER; and Mehmet Fatih Ulu, California Business Roundtable, "International Spillovers and Local Credit Cycles" (NBER Working Paper No. 23149)

    Andrew K. Rose, University of California at Berkeley and NBER; Stijn Claessens, Bank for International Settlements; and Eugenio M Cerutti, International Monetary Fund, "How Important is the Global Financial Cycle? Evidence from Capital Flows" (NBER Working Paper No. 23699)

    Christopher Erceg, Andrea Prestipino, and Andrea Raffo, Federal Reserve Board, "The Macroeconomic Effects of Trade Policies"

    Tomas Williams, Universitat Pompeu Fabra, "Capital Inflows, Sovereign Debt and Bank Lending: Micro-Evidence from an Emerging Market"

Summaries of these papers are at:
http://www.nber.org/confer/2017/IFMf17/summary.html

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Monetary Economics

Members of the NBER's Monetary Economics Program met in Cambridge on November 3. Research Associate Valerie A. Ramey of University of California, San Diego and Faculty Research Fellow Johannes Wieland of the University of California, San Diego organized the meeting. These researchers' papers were presented and discussed:

    Germán Gutiérrez, New York University, and Thomas Philippon, New York University and NBER, "Declining Competition and Investment in the U.S."

    (NBER Working Paper No. 23583)

    Nicolas Crouzet, Northwestern University, and Neil Mehrotra, Federal Reserve Bank of Minneapolis, "Small and Large Firms over the Business Cycle"

    George-Marios Angeletos, MIT and NBER, and Chen Lian, MIT, "Forward Guidance without Common Knowledge"(NBER Working Paper No. 22785)

    Stephan Luck and Tom Zimmermann, Federal Reserve Board, "Employment Effects of Unconventional Monetary Policy: Evidence from QE"

    Christopher Martin and Alexander Ufier, FDIC, and Manju Puri, Duke University and NBER, "On Deposit Stability in Failing Banks"

    Sigríður Benediktsdóttir, Yale University; Gauti B. Eggertsson, Brown University and NBER; and Eggert Þórarinsson, Central Bank of Iceland, "The Rise, the Fall, and the Resurrection of Iceland"

Summaries of these papers are at:
http://www.nber.org/confer/2017/MEf17/summary.html

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Political Economy

Members of the NBER's Political Economy Program met in Cambridge on November 3. Program Director Alberto A. Alesina of Harvard University organized the meeting. These researchers' papers were presented and discussed:

    Stelios Michalopoulos, Brown University and NBER, and Melanie Meng Xue, Northwestern University, "Folklore"

    Paola Giuliano, University of California at Los Angeles and NBER, and Nathan Nunn, Harvard University and NBER, "Understanding Cultural Persistence and Change" (NBER Working Paper No. 23617)

    Alberto F. Alesina; Bryony Reich, Northwestern University; and Alessandro Riboni, École Polytechnique, "Nation-Building, Nationalism and Wars" (NBER Working Paper No. 23435)

    Julia Cage, Sciences Po, and Yasmine Bekkouche, Paris School of Economics, "The Price of a Vote: Evidence from France, 1993-2014"

    Ufuk Akcigit, University of Chicago and NBER; Salomé Baslandze, Einaudi Institute for Economics and Finance; and Francesca Lotti, Bank of Italy, "Connecting to Power: Political Connections, Innovation, and Firm Dynamics"

    James E. Alt, Harvard University; David Lassen, University of Copenhagen; and Sebastian Barfort, London School of Economics and Political Science, "The Effect of Income and Unemployment Shocks on Political Preferences"

Summaries of these papers are at:
http://www.nber.org/confer/2017/POLf17/summary.html

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Behavioral Finance

The NBER's Working Group on Behavioral Finance met in Cambridge on November 3. Working Group Director Nicholas Barberis of Yale University organized the meeting. These researchers' papers were presented and discussed:

    Augustin Landier, Toulouse School of Economics; Yueran Ma, Harvard University; and David Thesmar, MIT, "New Experimental Evidence on Expectations Formation"

    Lawrence J. Jin and Pengfei Sui, California Institute of Technology, "Asset Pricing with Return Extrapolation"

    Ned Augenblick, University of California at Berkeley, and Eben Lazarus, Harvard University, "Restrictions on Asset-Price Movements under Rational Expectations: Theory and Evidence"

    Christian Leuz, University of Chicago and NBER; Steffen Meier and Andreas Hackethal, Goethe University; Maximilian Muhn, Humboldt University; and Eugene F. Soltes, Harvard University, "Who Falls Prey to the Wolf of Wall Street? Investor Participation in Market Manipulation"

    Laurent E. Calvet, HEC Paris; Claire Celerier, University of Toronto; Paolo Sodini, Stockholm School of Economics; and Boris Vallee, Harvard University, "Can Financial Innovation Solve Household Reluctance to Take Risk?"

    Francesco D'Acunto, Nagpurnanand R. Prabhala, and Alberto G. Rossi, University of Maryland, "The Promises and Pitfalls of Robo-advising "

Summaries of these papers are at:
http://www.nber.org/confer/2017/BFf17/summary.html

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Corporate Finance

Members of the NBER's Corporate Finance Program met at Stanford on November 10. Faculty Research Fellow Shai Bernstein of Stanford University and Research Associates Peter M. DeMarzo of Stanford University and Bruce I. Carlin of University of California at Los Angeles organized the meeting. These researchers' papers were presented and discussed:

    Di Li, Georgia State University; Lucian A. Taylor, University of Pennsylvania; and Wenyu Wang, Indiana University, "Inefficiencies and Externalities from Opportunistic Acquirers"

    Victoria Vanasco, Stanford University; Brendan Daley, Duke University; and Brett Green, University of California at Berkeley, "Securitization, Ratings, and Credit Supply"

    Gabriel Chodorow-Reich, Harvard University and NBER, and Antonio Falato, Federal Reserve Board, "The Loan Covenant Channel: How Bank Health Transmits to the Real Economy" (NBER Working Paper No. 23879)

    Roni Michaely, Cornell Tech; Stefano Rossi, Bocconi University; and Michael Weber, University of Chicago and NBER, "The Information Content of Dividends: Safer Profits, not Higher Profits"

    Taylor Begley, Washington University in St. Louis, and Amiyatosh Purnanandam, University of Michigan, "Color and Credit: Race, Regulation, and the Quality of Financial Services"

    Lin William Cong, University of Chicago, and Yizhou Xiao, Chinese University of Hong Kong, "Persistent Blessings of Luck"

    Joao Granja, University of Chicago, and Christian Leuz, University of Chicago and NBER, "The Death of a Regulator: Strict Supervision, Bank Lending and Business Activity"

    Matthew Smith, Department of Treasury; Danny Yagan, University of California, Berkeley and NBER; and Owen M. Zidar and Eric Zwick, University of Chicago and NBER, "Capitalists in the Twenty-First Century"

Summaries of these papers are at:
http://www.nber.org/confer/2017/CFf17/summary.html

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Asset Pricing

Members of the NBER's Asset Pricing Program met at Stanford on November 10. Research Associates Leonid Kogan and Jun Pan of MIT organized the meeting. These researchers' papers were presented and discussed:

    Michael Gofman, University of Rochester; Gill Segal, University of North Carolina at Chapel Hill; and Youchang Wu, University of Oregon, "Production Networks and Stock Returns: The Role of Creative Destruction"

    Ricardo J Caballero and Alp Simsek, MIT and NBER, "A Risk-centric Model of Demand Recessions and Macroprudential Policy" (NBER Working Paper No. 23614)

    Azi Ben-Rephael, Indiana University; Bruce I. Carlin, University of California at Los Angeles and NBER; Zhi Da, University of Notre Dame; and Ryan D. Israelsen, Michigan State University, "Demand for Information and Asset Pricing" (NBER Working Paper No. 23274)

    Antonio Falato, Federal Reserve Board; Ali Hortaçsu, University of Chicago and NBER; and Dan Li and Chaehee Shin, Federal Reserve Board, "Fire-Sale Spillovers in Debt Markets"

    Carolin Pflueger, University of British Columbia; Emil Siriwardane, Harvard University; and Adi Sunderam, Harvard University and NBER, "Does Precautionary Savings Drive the Real Interest Rate? Evidence from the Stock Market"

    Anna Cieslak, Duke University, and Annette Vissing-Jorgensen, University of California at Berkeley and NBER, "The Economics of the Fed Put"

Summaries of these papers are at:
http://www.nber.org/confer/2017/APf17/summary.html

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Education

Members of the NBER's Education Program met in Cambridge on November 16–17. Program Director Caroline Hoxby of Stanford University organized the meeting. These researchers' papers were presented and discussed:

    Nathan Petek, Federal Trade Commission, and Nolan G. Pope, University of Maryland, "The Multidimensional Impact of Teachers on Students"

    Jason B. Cook, University of Pittsburgh, "Segregation, Student Achievement, and Postsecondary Attainment: Evidence from the Introduction of Race-Blind Magnet School Lotteries"

    Anjali Adukia, University of Chicago; Sam E. Asher, World Bank; and Paul Novosad, Dartmouth College, "Educational Investment Responses to Economic Opportunity: Evidence from Indian Road Construction"

    Luis Armona, Stanford University; Rajashri Chakrabarti, Federal Reserve Bank of New York; and Michael Lovenheim, Cornell University and NBER, "How Does For-Profit College Attendance Affect Student Loans, Defaults and Earnings?"

    Justine S. Hastings, Brown University and NBER; Christopher Neilson, Princeton University and NBER; and Seth D. Zimmerman, University of Chicago and NBER, "The Effects of Earnings Disclosure on College Enrollment Decisions" (NBER Working Paper No. 21300)

    Hugh Macartney, Duke University and NBER, and John D. Singleton, Duke University, "School Boards and Student Segregation" (NBER Working Paper No. 23619)

    Michael Gilraine, New York University, "School Accountability and the Dynamics of Human Capital Formation"

    William N. Evans, University of Notre Dame and NBER; Melissa Schettini Kearney, University of Maryland and NBER; and Brendan C. Perry and James X. Sullivan, University of Notre Dame, "Increasing Community College Completion Rates among Low-Income Students: Evidence from a Randomized Controlled Trial Evaluation of a Case Management Intervention"

    Elizabeth Setren, MIT, "Special Education and English Language Learner Students in Boston Charter Schools: Impact and Classification"

    Tahir Andrabi, Pomona College; Jishnu Das, World Bank; Asim Khwaja, Harvard University and NBER; Selcuk Ozyurt, Sabanci University; and Niharika Singh, Harvard University, "Upping the Ante: The Equilibrium Effects of Unconditional Grants to Private Schools"

    Matthew S. Davis, University of Pennsylvania, and Fernando Ferreira, University of Pennsylvania and NBER, "Housing Disease and Public School Finances"

    Lina M. Cardona Sosa, Central Bank of Colombia, and Katjia Kaufmann, Mannheim University, "Gender Peer Effects, Non-Cognitive Skills and Marriage Market Outcomes: Evidence from Single-Sex Schools in the UK"

Summaries of these papers are at:
http://www.nber.org/confer/2017/EDf17/summary.html

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Organizational Economics

The NBER's Working Group on Organizational Economics met in Cambridge on November 17–18. Working Group Director Robert Gibbons of MIT organized the meeting. These researchers' papers were presented and discussed:

    Nicholas Bloom, Stanford University and NBER; Aprajit Mahajan, University of California at Berkeley and NBER; David McKenzie, World Bank; and John Roberts, Stanford University, "Do Management Improvements Persist? Evidence from India"

    Camelia M Kuhnen, University of North Carolina at Chapel Hill and NBER, and Saravanan Kesavan, University of North Carolina at Chapel Hill, "Demand Fluctuations, Precarious Incomes, and Employee Turnover"

    Michael Waldman, Cornell University, and Xin Jin, University of South Florida, "Lateral Moves, Promotions, and Task-Specific Human Capital: Theory and Evidence"

    Drew Fudenberg, Harvard University, and Luis Rayo, University of Utah, "Training and Effort Dynamics in Apprenticeship"

    Tianjiao Dai and Juuso Toikka, MIT, "Robust Incentives for Teams"

    Tarek F. Ghani, Washington University in St Louis, and Tristan Reed, University of Chicago, "Relationships, Risk and Rents: Evidence from a Market for Ice"

    Wouter Dessein and Andrea Prat, Columbia University, "Organizational Capital, Corporate Leadership, and Firm Dynamics"

    Marco LiCalzi and Massimo Warglien, Ca' Foscari University of Venice, and Robert S. Gibbons, "What Situation Is This? Coarse Cognition and Behavior over a Space of Games"

    Eliza Forsythe, University of Illinois-Urbana, "Occupational Job Ladders and the Efficient Reallocation of Dis-placed Workers"

    Guido Friebel and Nick Zubanov, Goethe University Frankfurt, and Matthias Heinz, University of Cologne, "Making Managers Matter"

    David C. Chan, Jr., Stanford University and NBER, and Michael J. Dickstein, New York University and NBER, "Price-setting by Committee: Evidence from Medicare"

Summaries of these papers are at:
http://www.nber.org/confer/2017/OEf17/summary.html

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Labor Studies

Members of the NBER's Labor Studies Program met in Cambridge on December 1. Program Co-Directors David Autor of MIT and Alexandre Mas of Princeton University organized the meeting. These researchers' papers were presented and discussed:

    Peter Q. Blair and Bobby Chung, Clemson University, "Occupational Licensing Reduces Racial and Gender Wage Gaps"

    Atila Abdulkadiroglu, Duke University and NBER; Parag A. Pathak, MIT and NBER; Jonathan T. Schellenberg, University of California at Berkeley; and Christopher R. Walters, University of California at Berkeley and NBER, "Do Parents Value School Effectiveness?" (NBER Working Paper No. 23912)

    Rebecca Diamond, Stanford University and NBER, and Timothy McQuade and Franklin Qian, Stanford University, "The Effects of Rent Control Expansion on Tenants, Landlords, and Inequality: Evidence from San Francisco"

    Joakim Ruist, Gothenburg University; Jan Stuhler, University Carlos III; and David A. Jaeger, City University of New York and NBER, "Shift-Share Instruments and the Impact of Immigration"

    Bo Cowgill, Columbia University, "The Value of an Additional Job Offer"

    Damon Jones, University of Chicago and NBER, and Ioana Marinescu, University of Pennsylvania and NBER, "The Labor Market Impacts of Universal and Permanent Cash Transfers: Evidence from the Alaska Permanent Fund"

Summaries of these papers are at:
http://www.nber.org/confer/2017/LSf17/summary.html

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International Trade and Investment

Members of the NBER's International Trade and Investment Program met at Stanford on December 1–2. Program Director Stephen J. Redding of Princeton University organized the meeting. These researchers' papers were presented and discussed:

    Victor Couture, University of California at Berkeley; Benjamin Faber, University of California at Berkeley and NBER; Yizhen Gu, Jinan University; and Lizhi Liu, Stanford University, "E-Commerce Integration and Economic Development: Evidence from China"

    Stephan Heblich, University of Bristol; Stephen J. Redding, Princeton University and NBER; and Daniel Sturm, London School of Economics, "The Making of the Modern Metropolis: Evidence from London"

    Lorenzo Caliendo, Yale University and NBER; Luca David Opromolla, Banco de Portugal; Fernando Parro, Johns Hopkins University; and Alessandro Sforza, London School of Economics, "Goods and Factor Market Integration: A Quantitative Assessment of the EU Enlargement" (NBER Working Paper No. 23695)

    Wolfgang Keller, University of Colorado and NBER, and William W. Olney, Williams College, "Globalization and Executive Compensation" (NBER Working Paper No. 23384)

    Andrew B. Bernard, Dartmouth College and NBER; Emmanuel Dhyne, National Bank of Belgium; Glenn C.G. Magerman, ECARES & NBB; Kalina Manova, University of Oxford; and Andreas Moxnes, University of Oslo, "The Origins of Firm Heterogeneity: A Production Network Approach"

    Chong Xiang, Purdue University, and Stephen Yeaple, Pennsylvania State University and NBER, "The Production of Cognitive and Non-cognitive Human Capital in the Global Economy"

    Sumit Agarwal, Georgetown University; J. Bradford Jensen, Georgetown University and NBER; and Ferdinando Monte, Georgetown University, "The Geography of Consumption" (NBER Working Paper No. 23616)

    Thibault Fally, University of California at Berkeley and NBER, and James E. Sayre, University of California at Berkeley, "Commodity Trade Matters"

    Jonathan I. Dingel, University of Chicago and NBER; Solomon M. Hsiang, University of California at Berkeley and NBER; and Kyle C. Meng, University of California at Santa Barbara and NBER, "The Spatial Structure of Endowments, Trade, and Inequality: Evidence from the Global Climate"

Summaries of these papers are at:
http://www.nber.org/confer/2017/ITIf17/summary.html

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Entrepreneurship

The NBER's Working Group on Entrepreneurship met on December 8 in Cambridge. Josh Lerner of Harvard University and Entrepreneurship Working Group Director Antoinette Schoar of MIT organized the meeting, which was sponsored by the Ewing Marion Kauffman Foundation. These researchers' papers were presented and discussed:

    Ufuk Akcigit, University of Chicago and NBER; Salomé Baslandze, Einaudi Institute for Economics and Finance; and Francesca Lotti, Bank of Italy, "Connecting to Power: Political Connections, Innovation, and Firm Dynamics"

    Meghana Ayyagari, George Washington University, and Vojislav Maksimovic, University of Maryland, "Human Capital, Competition, and Entrepreneurial Success in Manufacturing"

    Michael Ewens, California Institute of Technology, and Richard Townsend, University of California at San Diego, "Are Early Stage Investors Biased Against Women?"

    Geraldo Cerqueiro, Universidade Catolica Portuguesa; Maria Fabiana Penas, Universidad Torcuato Di Tella; and Robert Seamans, New York University, "Debtor Protection and Firm Dynamics"

    Charlie Eaton, University of California at Merced; Sabrina T. Howell, New York University and NBER; and Constantine N. Yannelis, New York University, "When Owner and Customer Incentives Diverge: Private Equity in Higher Education"

    Joshua L. Krieger, Harvard Business School; Danielle Li, MIT and NBER; and Dimitris Papanikolaou, Northwestern University and NBER, "Developing Novel Drugs"

    Colleen M. Cunningham, London Business School; Florian Ederer, Yale University; and Song Ma, Yale University, "Killer Acquisitions"

Summaries of these papers are at:
http://www.nber.org/confer/2017/ENTf17/summary.html

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Health Care

Members of the NBER's Health Care Program met December 8 in Cambridge. Program Director Jonathan Gruber of MIT organized the meeting. These researchers' papers were presented and discussed:

    Joshua L. Krieger, Harvard Business School; Danielle Li, MIT and NBER; and Dimitris Papanikolaou, Northwestern University and NBER, "Developing Novel Drugs"

    Liran Einav, Stanford University and NBER; Amy Finkelstein, MIT and NBER; and Pietro Tebaldi, University of Chicago, "Risk Adjustment vs. Subsidies in the Design of Health Insurance Exchanges"

    Elena Prager, Northwestern University, "Consumer Responsiveness to Simple Health Care Prices: Evidence From Tiered Hospital Networks"

    David Dranove and Christopher Ody, Northwestern University, and Amanda Starc, Northwestern University and NBER, "A Dose of Managed Care: Controlling Drug Spending in Medicaid" (NBER Working Paper No. 23956)

    Steve Cicala, University of Chicago and NBER; Ethan Lieber, University of Notre Dame; and Victoria R. Marone, Northwestern University, "Cost of Service Regulation in U.S. Health Care: Minimum Medical Loss Ratios" (NBER Working Paper No. 23353)

    Leora Friedberg, University of Virginia; Wenliang Hou, Center for Retirement Research at Boston College; Wei Sun, Renmin University; and Anthony Webb, the New School, "Lapses in Long-Term Care Insurance"

Summaries of these papers are at:
http://www.nber.org/confer/2017/HCf17/summary.html

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Insurance

The NBER's Insurance Working Group met December 9 in Cambridge. Working Group Co-Directors Benjamin R. Handel of the University of California, Berkeley and Motohiro Yogo of Princeton University organized the meeting. These researchers' papers were presented and discussed:

    Ralph Koijen, New York University and NBER, and Motohiro Yogo, Princeton University and NBER, "The Fragility of Market Risk Insurance"

    Johan Hombert and Victor Lyonnet, HEC Paris, "Intergenerational Risk Sharing in Life Insurance: Evidence from France"

    Yiling Deng, Georgia State University; James Tyler Leverty, University of Wisconsin-Madison; and George Zanjani, University of Alabama, "Market Discipline and Government Guarantees: Evidence from the Insurance Industry"

    Shan Ge, The Ohio State University, "How Do Financial Constraints Affect Product Pricing? Evidence from Weather and Life Insurance Premiums"

Summaries of these papers are at:
http://www.nber.org/confer/2017/INSf17/summary.html

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NBER Development Economics/BREAD

The NBER Development Economics Program met jointly with the Bureau for Research and Economic Analysis of Development (BREAD) on December 8-9 in Cambridge. Research Associates Raymond Fisman of Boston University, Pinelopi K. Goldberg of Yale University, Rema Hanna of Harvard University, Michael Kremer of Harvard University, and Program Director Duncan Thomas of Duke University organized the meeting. These researchers' papers were presented and discussed:

    Arun Advani, University of Warwick, "Insurance Networks and Poverty Traps"

    Imran Rasul, University College London; Oriana Bandiera and Robin Burgess, London School of Economics; and Vittorio Bassi, University of Southern California, "Tackling Youth Unemployment: Evidence from a Labor Market Experiment in Uganda"

    Kelsey Jack, Tufts University and NBER; Günther Fink, Swiss Tropical and Public Health Institute; and Felix Masiye, University of Zambia, "Seasonal Liquidity, Rural Labor Markets and Agricultural Production: Evidence from Zambia"

    Lorenzo Casaburi, University of Zurich, and Jack J. Willis, Harvard University, "Time vs. State in Insurance: Experimental Evidence from Contract Farming in Kenya"

    Andrew Foster, Brown University and NBER, and Mark Rosenzweig, Yale University and NBER, "Are There Too Many Farms in the World? Labor-Market Transactions Costs, Machine Capacities and Optimal Farm Size" (NBER Working Paper No. 23909)

    Esther Duflo, MIT and NBER; Pascaline Dupas, Stanford University and NBER; and Michael Kremer, Harvard University and NBER, "The Impact of Free Secondary Education: Experimental Evidence from Ghana"

    Marshall Burke, Stanford University and NBER; Lauren F. Bergquist, Becker Friedman Institute; and Edward Miguel, University of California at Berkeley and NBER, "Selling Low and Buying High: Arbitrage and Local Price Effects in Kenyan Markets"

Summaries of these papers are at:
http://www.nber.org/confer/2017/DEVf17/summary.html

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Chinese Economy

The NBER's Working Group on the Chinese Economy met December 15–16 in Shenzhen, China. Research Associates Hanming Fang of the University of Pennsylvania, Zhiguo He of the University of Chicago, Wei Xiong of Princeton University, and Working Group Director Shang-Jin Wei of Columbia University organized the meeting in cooperation with the Chinese University of Hong Kong, Shenzhen. These researchers' papers were presented and discussed:

    Pravin Krishna, Johns Hopkins University and NBER, and Heiwai Tang, Johns Hopkins University, "Production Networks and Misallocation"

    Xing Li, Stanford University; Chong Liu, Peking University; Xi Weng, Peking University; and Li-An Zhou, Peking University, "Target Setting in Tournaments: Theory and Evidence from China"

    Zheng Liu, Federal Reserve Bank of San Francisco; Pengfei Wang, Hong Kong University of Science & Technology; and Zhiwei Xu, Shanghai Jiao Tong University, "Interest-Rate Liberalization and Capital Misallocation"

    Bingjing Li, National University of Singapore, and Hiroyuki Kasahara, University of British Columbia, "The Causes of China's Great Famine, 1959–61: County-Level Evidence"

    Victor Couture, University of California at Berkeley; Benjamin Faber, University of California at Berkeley and NBER; Yizhen Gu, Jinan University; and Lizhi Liu, Stanford University, "E-Commerce Integration and Economic Development: Evidence from China"

    Yu Zhang, Peking University, "Liquidity Constraints, Transition Dynamics, and the Chinese Housing Return Premium"

    Haoyuan Ding, Shanghai University of Finance and Economics; Hanming Fang, University of Pennsylvania and NBER; Shu Lin, Chinese University of Hong Kong; and Kang Shi, Chinese University of Hong Kong, "Equilibrium Consequences of Corruption on Firms: Evidence from China's Anti-Corruption Campaign"

    Jiangze Bian, University of International Business and Economics; Zhi Da, University of Notre Dame; Dong Lou, London School of Economics; and Hao Zhou, Tsinghua University, "Leverage Network and Market Contagion"

    Yi Huang and Ugo Panizza, The Graduate Institute, Geneva; and Marco Pagano, University of Naples Federico II, "Local Crowding Out in China"

    Franklin Allen, Imperial College London and NBER; Xian Gu, Central University of Finance and Economics; Jun Qian, Fudan University; and Yiming Qian, University of Iowa, "Implicit Guarantee and Shadow Banking: The Case of Trust Products"

    Haoyu Gao, Central University of Finance and Economics; Hong Ru, Nanyang Technological University; Robert Townsend, MIT and NBER; and Xiaoguang Yang, Chinese Academy of Sciences, "Rise of Bank Competition: Evidence from Banking Deregulation in China"

    Sabrina T. Howell, New York University and NBER; Lin William Cong, University of Chicago; and Ran Zhang, Peking University, "The Impact of Delay in Going Public: Evidence from China"

Summaries of these papers are at:
http://www.nber.org/confer/2017/CEf17/summary.html

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