NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH


The NBER Reporter 2018 Number 2: Program and Working Group Meetings



Asset Pricing
Behavioral Finance
Cohort Studies
Corporate Finance
Economics of Education


Health Economics
Organizational Economics
Political Economy
Program on Children
Public Economics

Public Economics

Members of the NBER's Public Economics Program met April 5–6 in Cambridge. Program Directors Raj Chetty of Stanford University and Amy Finkelstein of MIT and Faculty Research Fellow Stefanie Stantcheva of Harvard University organized the meeting. These researchers' papers were presented and discussed:

    Simon Jaeger, MIT and NBER; Benjamin Schoefer, University of California, Berkeley; and Josef Zweimueller, University of Zurich, "Marginal Jobs and Job Surplus: Evidence from Separations and Unemployment Insurance"

    Matthew C. Weinzierl, Harvard University and NBER, "A Welfarist Role for Nonwelfarist Rules" (NBER Working Paper No. 23587)

    Jeff Larrimore, Federal Reserve Board, and Jake Mortenson and David Splinter, Joint Committee on Taxation, "Household Incomes in Tax Data: Using Addresses to Move from Tax Unit to Household Income Distributions"

    Ugo Troiano, University of Michigan and NBER, "Do Taxes Increase Economic Inequality? A Comparative Study Based on the State Income Tax" (NBER Working Paper No. 24175)

    John Beshears, David Laibson, and Brigitte C. Madrian, Harvard University and NBER; James J. Choi, Yale University and NBER; and Bill Skimmyhorn, United States Military Academy, "Borrowing to Save? The Impact of Automatic Enrollment on Debt"

    Matthew Davis, University of Pennsylvania, and Fernando V. Ferreira, University of Pennsylvania and NBER, "Housing Disease and Public School Finances" (NBER Working Paper No. 24140)

    John Guyton, Kara Leibel, Mark Payne, and Brenda Schafer, Internal Revenue Service; Dayanand S. Manoli, University of Texas at Austin and NBER; and Ankur Patel, U.S. Department of the Treasury, "Tax Enforcement and Tax Policy: Evidence on Taxpayers' Responses to EITC Correspondence Audits" (NBER Working Paper No. 24465)

    Niels Johannesen, University of Copenhagen; Patrick Langetieg, Internal Revenue Service; Daniel Reck, London School of Economics; Max Risch, University of Michigan; and Joel Slemrod, University of Michigan and NBER, "Taxing Hidden Wealth: The Consequences of US. Enforcement Initiatives on Evasive Foreign Accounts" (NBER Working Paper No. 24366)

    John L. Voorheis, U.S. Bureau of the Census, "Air Quality, Human Capital Formation and the Long-term Effects of Environmental Inequality at Birth"

    Kavan J. Kucko, Boston University; Kevin Rinz, U.S. Bureau of the Census; and Benjamin Solow, Georgetown University, "Labor Market Effects of the Affordable Care Act: Evidence from a Tax Notch"

    Adam Bee and Joshua Mitchell, U.S. Bureau of the Census, "Do Older Americans Have More Income than We Think?"

    Hunt Allcott, New York University and NBER; Benjamin Lockwood, University of Pennsylvania and NBER; and Dmitry Taubinsky, University of California, Berkeley and NBER, "Ramsey Strikes Back: Optimal Commodity Taxes and Redistribution in the Presence of Salience Effects" (NBER Working Paper No. 24233)

    Naomi Feldman, Federal Reserve Board; Elena Patel, U.S. Department of the Treasury; and Laura Kawano and Nirupama S. Rao, University of Michigan, "Do Publicly-Traded Firms Invest Myopically? Evidence from U.S. Tax Data"

Summaries of these papers are at www.nber.org/confer/2018/PEs18/summary.html

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Asset Pricing

Members of the NBER's Asset Pricing Program met on April 6 in Chicago. Research Associate Ravi Bansal of Duke University and Faculty Research Fellow Camelia M. Kuhnen of the University of North Carolina at Chapel Hill organized the meeting. These researchers' papers were presented and discussed:

    Mariano Massimiliano Croce, University of North Carolina at Chapel Hill; Tatyana Marchuk, BI Norwegian Business School; and Christian Schlag, Goethe University Frankfurt, "The Leading Premium"

    Darrell Duffie, Stanford University and NBER, and Samuel Antill, Stanford University, "Augmenting Markets with Mechanisms" (NBER Working Paper No. 24146)

    Jiangze Bian, University of International Business and Economics; Zhiguo He, University of Chicago and NBER; Kelly Shue, Yale University and NBER; and Hao Zhou, Tsinghua University, "Leverage-Induced Fire Sales and Stock Market Crashes"

    Itamar Drechsler and Alexi Savov, New York University and NBER; and Alan Moreira, University of Rochester, "Liquidity Creation as Volatility Risk"

    Arna Olafsson, Copenhagen Business School, and Michaela Pagel, Columbia University and NBER, "The Ostrich in Us: Selective Attention to Financial Accounts, Income, Spending, and Liquidity" (NBER Working Paper No. 23945)

    Zhenyu Gao, Chinese University Hong Kong; Michael Sockin, University of Texas at Austin; and Wei Xiong, Princeton University and NBER, "Learning about the Neighborhood"

Summaries of these papers are at www.nber.org/confer/2018/APs18/summary.html

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Corporate Finance

Members of the NBER's Corporate Finance Program met on April 6 in Chicago. Research Associates Carola Frydman of Northwestern University and Gregor Matvos of the University of Texas at Austin organized the meeting. These researchers' papers were presented and discussed:

    Christopher Martin and Alexander Ufier, Federal Deposit Insurance Corporation; and Manju Puri, Duke University and NBER, "Deposit Inflows and Outflows in Failing Banks: The Role of Deposit Insurance" (NBER Working Paper No. 24589)

    Sergey Chernenko and Isil Erel, The Ohio State University; and Robert Prilmeier, Tulane University, "Nonbank Lending"

    Pat Akey, University of Toronto, and Ian R. Appel, Boston College, "The Limits of Limited Liability: Evidence from Industrial Pollution"

    Peter Koudijs, Stanford University and NBER, and Laura Salisbury, York University and NBER, "For Richer, For Poorer: Banker's Liability and Risk Taking in New England, 1867–80"

    Adair Morse, University of California, Berkeley and NBER, and Robert P. Bartlett III, Richard Stanton, and Nancy Wallace, University of California, Berkeley, "Consumer-Lending Discrimination in the FinTech Era"

    Harald Hau, University of Geneva; Yi Huang, The Graduate Institute, Geneva; and Hongzhe Shan, Swiss Finance Institute, "TechFin at Ant Financial: Credit Market Completion and its Growth Effect"

    Atif R. Mian, Princeton University and NBER, and Amir Sufi, University of Chicago and NBER, "Credit Supply, Beliefs, and Speculation: Private Label Securitization and the Housing Cycle of 2000 to 2010"

    Gita Gopinath and Jeremy C. Stein, Harvard University and NBER, "Banking, Trade, and the Making of a Dominant Currency" (NBER Working Paper No. 24485)

Summaries of these papers are at www.nber.org/confer/2018/CFs18/summary.html

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Behavioral Finance

The NBER's Working Group on Behavioral Finance met April 7 in Chicago. Working Group Director Nicholas C. Barberis of Yale University organized the meeting. These researchers' papers were presented and discussed:

    Olivier Dessaint, University of Toronto; Clemens Otto, Singapore Management University; Jacques Olivier, HEC Paris; and David Thesmar, MIT, "CAPM-Based Company (Mis)valuations"

    Pedro Bordalo, University of Oxford; Nicola Gennaioli, Università Bocconi; Yueran Ma, Harvard University; and Andrei Shleifer, Harvard University and NBER, "Overreaction in Macroeconomic Expectations"

    Stephen Foerster, Western University; Juhani T. Linnainmaa, University of Southern California and NBER; Brian T. Melzer, Federal Reserve Bank of Chicago; and Alessandro Previtero, Indiana University and NBER, "Financial Advisors and Risk-Taking"

    Kent D. Daniel, Columbia University and NBER; Lorenzo Garlappi, University of British Columbia; and Kairong Xiao, Columbia University, "Monetary Policy and Reaching for Income"

    Kelly Shue, Yale University and NBER, and Richard Townsend, University of California, San Diego, "Money Illusion in Asset Pricing"

    James J. Choi, Yale University and NBER, and Adriana Z. Robertson, University of Toronto, "What Matters to Individual Investors? Evidence from the Horse's Mouth"

Summaries of these papers are at www.nber.org/confer/2018/BFs18/summary.html

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Program on Children

Members of the NBER's Program on Children met on April 12 in Cambridge. Program Directors Anna Aizer of Brown University and Janet Currie of Princeton University organized the meeting. These researchers' papers were presented and discussed:

    Martha J. Bailey, University of Michigan and NBER, and Shuqiao Sun and Brenden D. Timpe, University of Michigan, "Prep School for Poor Kids: The Long-Run Impacts of Head Start on Human Capital and Self-Sufficiency"

    Emilia Simeonova, Johns Hopkins University and NBER; Randall Akee, University of California, Los Angeles and NBER; and Elizabeth Costello, William Copeland, and John B. Holbein, Duke University, "Family Income and the Intergenerational Transmission of Civic Participation: Evidence from a Cash Transfer Program and Parent and Child Voting Behaviors"

    Chloe N. East, University of Colorado Denver; Marianne E. Page, University of California, Davis and NBER; Sarah Miller, University of Michigan and NBER; and Laura R. Wherry, University of California, Los Angeles, "Multi-generational Impacts of Childhood Access to the Safety Net: Early Life Exposure to Medicaid and the Next Generation's Health" (NBER Working Paper No. 23810

    Timothy Halliday, University of Hawaii at Manoa; Bhashkar Mazumder, Federal Reserve Bank of Chicago; and Ashley Wong, Northwestern University, "Intergenerational Health Mobility in the U.S."

    Francisco Gallego, Pontificia Universidad Catolica de Chile; Ofer Malamud, Northwestern University and NBER; and Cristian Pop-Eleches, Columbia University and NBER, "Parental Monitoring and Children's Internet Use: The Role of Information, Control, and Cues" (NBER Working Paper No. 23982)

    Diane E. Alexander, Federal Reserve Bank of Chicago, and Molly Schnell, Princeton University, "Closing the Gap: The Impact of the Medicaid Primary Care Rate Increase on Access and Health"

    Diva Dhar, Indian Statistical Institute; Tarun Jain, Indian School of Business; and Seema Jayachandran, Northwestern University and NBER, "Reshaping Adolescents' Gender Attitudes: Evidence from a School-Based Experiment in India"

Summaries of these papers are at www.nber.org/confer/2018/CHEDs18/summary.html

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Economics of Education

Members of the NBER's Economics of Education Program met on April 13 in Cambridge. Program Director Caroline M. Hoxby of Stanford University organized the meeting. These researchers' papers were presented and discussed:

    Stephanie Cellini, George Washington University and NBER; Rajeev Darolia, University of Kentucky; and Lesley J. Turner, University of Maryland and NBER, "Where Do Students Go When For-Profit Colleges Lose Federal Aid?" (NBER Working Paper No. 22967)

    Peter S. Bergman and Magdalena Bennett Colomer, Columbia University, "Better Together? Social Networks in Truancy and the Targeting of Treatment"

    Rebecca A. Johnson, Princeton University, and Dalton Conley, Princeton University and NBER, "Tags and a Leaky Pipeline in School Districts' Allocations to Students"

    Karthik Muralidharan, University of California, San Diego and NBER, and Abhijeet Singh, Stockholm School of Economics, "Understanding the Flailing State: Experimental Evidence from a Large-Scale School Governance Improvement Program in India"

    Evan Riehl, Cornell University, "Fairness in College Admission Exams: From Test Score Gaps to Earnings Inequality"

    Meltem Daysal, University of Southern Denmark; Todd Elder, University of Michigan; Judith K. Hellerstein, University of Maryland and NBER; Scott A. Imberman, Michigan State University and NBER; and Chiara Orsini, London School of Economics, "Parental Human Capital Traits and Autism Spectrum Disorder in Children"

Summaries of these papers are at www.nber.org/confer/2018/CHEDs18/summary1.html

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Organizational Economics

The NBER's Working Group on Organizational Economics met April 20–21 in Cambridge. Working Group Director Robert S. Gibbons of MIT organized the meeting. These researchers' papers were presented and discussed:

    Florian Englmaier, Stefan Grimm, and Simeon Schudy, Ludwig Maximilian University of Munich, and David Schindler, Tilburg University, "The Effect of Incentives in Non-Routine Analytic Team Tasks — Evidence from a Field Experiment"

    Daniel V. Barron, George Georgiadis, and Jeroen Swinkels, Northwestern University, "Optimal Contracts with a Risk-Taking Agent"

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

    Diego Battiston, Jordi Blanes, and Tom Kirchmaier, London School of Economics, "Face-to-Face Communication in Organizations"

    Steven Callander and Nicolas S. Lambert, Stanford University; and Niko Matouschek, Northwestern University, "Communication in a Complicated World"

    Timothy J. Besley, London School of Economics, and Torsten Persson, Institute for International Economic Studies and NBER, "Organizational Dynamics: Culture, Design, and Performance"

    Christopher T. Stanton, Harvard University and NBER, and Catherine Thomas, London School of Economics, "Experience Markets: An Application to Outsourcing and Hiring"

    Decio Coviello, HEC Montreal; Erika Deserranno, Northwestern University; and Nicola Persico, Northwestern University and NBER, "Minimum Wage and Worker Productivity: Evidence From a large U.S. Retailer"

    Benjamin Enke, Harvard University and NBER, "Kinship Systems, Cooperation, and the Evolution of Culture" (NBER Working Paper No. 23499)

    Maria Guadalupe and Lucia Del Carpio, INSEAD, "More Women in Tech? Evidence from a Field Experiment Addressing Social Identity"

Summaries of these papers are at www.nber.org/confer/2018/OEs18/summary.html

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Political Economy

Members of the NBER's Program on Political Economy met April 27 in Cambridge. Program Director Alberto F. Alesina of Harvard University organized the meeting. These researchers' papers were presented and discussed:

    Vincent Pons, Harvard University, and Clémence Tricaud, École Polytechnique, Université Paris-Saclay, "Expressive Voting and Its Cost: Evidence from Runoffs with Two or Three Candidates"

    Daron Acemoglu, MIT and NBER; Giuseppe De Feo, University of Strathclyde; and Giacomo De Luca, University of York, "Weak States: Causes and Consequences of the Sicilian Mafia" (NBER Working Paper No. 24115)

    Michel Serafinelli, University of Toronto, and Guido Tabellini, Innocenzo Gasparini Institute for Economic Research, "Creativity over Time and Space"

    Sascha O. Becker, University of Warwick; Irena Grosfeld and Ekaterina Zhuravskaya, Paris School of Economics; Pauline Grosjean, The University of New South Wales; and Nico Voigtländer, University of California, Los Angeles and NBER, "Forced Migration and Human Capital Accumulation: Evidence from Post-WWII Population Transfers" (NBER Working Paper No. 24704)

    Boaz Abramson, Stanford University, and Moses Shayo, Hebrew University, "Grexit vs. Brexit: International Integration under Endogenous Social Identities"

    Laurent Bouton, Georgetown University and NBER; Micael Castanheira, ECARES, Université libre de Bruxelles; and Allan Drazen, University of Maryland and NBER, "A Theory of Small Campaign Contributions" (NBER Working Paper No. 24413)

Summaries of these papers are at www.nber.org/confer/2018/POLs18/summary.html

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Health Economics

Members of the NBER's Program on Health Economics met on May 4 in Cambridge. Program Director Michael Grossman of the City University of New York and Research Associates Theodore J. Joyce of the City University of New York and Christopher Carpenter of Vanderbilt University organized the meeting. These researchers' papers were presented and discussed:

    Emilia Simeonova, Johns Hopkins University and NBER, and Andreas Madestam, Stockholm University, "Children of the Pill: The Effect of Subsidizing Oral Contraceptives on Children's Health and Well-being"

    Scott Cunningham and Andrea Schlosser, Baylor University; Jason M. Lindo, Texas A&M University and NBER; Caitlin K. Myers, Middlebury College, "How Far Is Too Far? New Evidence on Abortion Clinic Closures" (NBER Working Paper No. 23366)

    Jessamyn Schaller, University of Arizona and NBER; Lisa Schulkind, University of North Carolina, Charlotte; and Teny Maghakian Shapiro, Santa Clara University, "The Effects of Perceived Disease Risk and Access Costs on Infant Immunization" (NBER Working Paper No. 23923)

    Ofer Malamud, Northwestern University and NBER; Andreea Mitrut, University of Gothenburg; and Cristian Pop-Eleches, Columbia University and NBER, "The Effect of Education on Mortality and Health: Evidence from a Schooling Expansion in Romania" (NBER Working Paper No. 24341)

    Martin Andersen, University of North Carolina at Greensboro, "Effects of Medicare Coverage for the Chronically Ill on Health Insurance, Utilization, and Mortality: Evidence from Coverage Expansions Affecting People with End-Stage Renal Disease"

    Christopher Carpenter and Casey Warman, Dalhousie University and NBER, "Do ‘All-Age' Bicycle Helmet Laws Work? Evidence from Canada" (NBER Working Paper No. 24644)

Summaries of these papers are at www.nber.org/confer/2018/HEs18/summary.html

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Cohort Studies

The NBER's Working Group on Cohort Studies met on May 11–12 in Cambridge. Working Group Director Dora Costa of the University of California, Los Angeles organized the meeting, which honored Robert Fogel. These researchers' papers were presented and discussed:

    Martha J. Bailey, University of Michigan and NBER, and Alfia Karimova and Michael J. Murto, University of Michigan, "The Determinants of Life Expectancy in the 20th Century U.S.: Evidence from the LIFE-M Project"

    Joseph P. Ferrie, Northwestern University and NBER, "Socioeconomic Status & Child Mortality in the U.S., 1850–1940"

    Richard H. Steckel, The Ohio State University and NBER, "Height and Happiness"

    Dora Costa, University of California, Los Angeles and NBER, "Intergenerational Transmission of Wartime Trauma"

    Hoyt Bleakley, University of Michigan and NBER, "The Hookworm Again"

    Chulhee Lee, Seoul National University, "Nutrition, Health, and Human Capital Development: Evidence from South Korea, 1946–1977"

    Sok Chul Hong, Seoul National University, "Shortened Lifespan: A Legacy of Exposure to Malaria Risk in Early Life"

    Claudia Goldin, Harvard University and NBER, and Adriana Lleras-Muney, University of California, Los Angeles and NBER, "XX>XY? The Changing Female Advantage in Life Expectancy" (NBER Working Paper No. 24716)

    Maryaline Catillon, Harvard University; David M. Cutler, Harvard University and NBER; and Thomas Getzen, Temple University, "Two Hundred Years of Medical Care and Health"

Summaries of these papers are at www.nber.org/confer/2018/CSs18/summary.html

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