DOCSLIB.ORG

The American Economic Review

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
The American Economic Review The American Economic Review ARTICLES CHARLES W.CALOMIRIS AND JONATHAN PRITCHETT Betting on Secession: Quantifying Political Events Surrounding Slavery and the Civil War EMMANUEL SAEZ AND STEFANIE STANTCHEVA Generalized Social Marginal Welfare Weights for Optimal Tax Theory KAIVAN MUNSHI AND MARK ROSENZWEIG Networks and Misallocatlon: Insurance, Migration, and the Rural-Urban Wage Gap MARK DUGGAN, CRAIG GARTHWAITE,AND APARAJITA GOYAL The Market Impacts of Pharmaceutical Product Patents in Developing Countries: Evidence from India IAIN M. COCKBURN,JEAN O. LANJOUW,AND MARK SCHANKERMAN Patents and the Global Diffusion of New Drugs YURIV GORODNICHENKO AND MICHAEL WEBER Are Sticky Prices Costly? Evidence from the Stock Market GEORGE-MARIOS ANGELETOS. LUIGl lOVINO, AND JENNIFER LA'O Real Rigidity, Nominal Rigidity, and the Social Value of Information JANUARY 2016 THE AMERICAN ECONOMIC REVIEW Editor February 2016 PlNELOPt KOUJIANOU GOLDBERG Coedilors VOLUME 106, NUMBER 2 MARKAGUIAR ROLAND BENABOU MARIANNE BERTRAND HILARY HOYNES JOHN LEAHY LUIGI PISTAFERRI DEB RAJ RAY Articles LARRY SAMUELSON Managing Editor STEVEN M. STELLING The Politics of Compromise Associate Managing Editor KELLY MARKEL Alcsscindro Bonatti and Heikki Rantakari 229 Assistant Managing Editor MATTHEW A. ROBERSON Poverty and Economic Decision-Making: Evidence Board ol Editors from Changes in Financial Resources at Payday NAGEEB ALI Leandro S. Carvalho, Stephan Meier, MANUELAMADOR and Stephanie W. Wang 260 MARCO BASSETTO SIMON BOARD LEAH BOUSTAN On Communication and Collusion CRAIG BURNSIDE Yn Awaya and Vijay Krishna 285 ARIEL BURSTEIN STEVEN CALLANDER SYLVAIN CHASSANG Anatomy of a Contract Change ARNAUD COSTINOT Rajshri Jayaraman. Debraj Ray, MATTHIAS DOEPKE DAVE DONALDSON and Francis de Vericourt 316 JEFFREY ELY DIRK ENGELMANN Redistribution and Social Insurance ROLAND FRYER GAUTAM GOWRISANKARAN Mikhail Golosov, Maxim Troshkin, VERONICA GUERRIERI and Aleh Tsyvinski 359 ERIK HURST SEEMA JAYACHANDRAN NAVIN KARTIK Consumption Inequality and Family Labor Supply BRIAN KNIGHT Richard Blitndell, Liiigi Pistaferri, ARVIND KRISHNAMURTHY and hay Saporta-Eksten 387 GILAT LEVY BART LIPMAN HAMISH LOW Exchange Rates, Interest Rates, and the Risk JENS LUDWIG Premium GIUSEPPE MOSCARINI TEDODONOGHUE Charles Engel 436 PHILIP OREOI'OULOS JONATHAN PARKER The Housing Market Impacts of Shale Gas PARAG PATHAK NINA PAVCNIK Development: Corrigendum FABRIZIO PF.RRI Lucija Muehienhachs, Elisheba Spiller, and JESSE ROTHSTEIN Christopher Timmins 475 EDWARD SCHLEE RAJIV SETHI JON STEINSSON Just Luck: An Experimental Study of AMIR SUFI Risk-Taking and Fairness: Erratum CHRISTOPHER TIMMINS Alexander W. Cappelen, James Konow, SARAH TURNER ERIC VERHOOGF.N Erik 0. S0rensen. and Bertil Tiingodden 476 LEEATYARIV THE AMERICAN ECONOMIC REVIEW Editor March 2016 PINELOPI KOUJIANOU GOLDBERG Cocditors VOLUME 106, NUMBER 3 MARK AGUIAR ROLAND BENABOU MARIANNE BERTRAND HILARY HOYNES JOHN LEAHY LUIGl PISTAFERRI DEBRAJ RAY Articles LARRY SAMUELSON Managing Editor The Determinants and Welfare Implications of US STEVEN M. STEELING Workers' Diverging Location Choices by Skill: Associate Managing Editor 1980-2000 KELLY MARKEL Rebecca Diamond 479 Assistant Managing Editor MATTHEW A. ROBERSON Board of Editors University Differences in the Graduation of NAGEEB ALI Minorities in STEM Fields: Evidence from MANUEL AMADOR California MARCO BASSETTO Peter Arcidiacono, Esteban M. Aucejo, SIMON BOARD LEAH BOUSTAN and V. Joseph Hotz 525 CRAIG BURNSIDE ARIEL BURSTEIN STEVEN CALLANDER Search Design and Broad Matching SYLVAIN CHASSANG Kfir Eliaz and Ran Spiegler 563 ARNAUD COSTINOT MATTHIAS DOEPKE DAVE DONALDSON How Do Electricity Shortages Affect Industry? JEFFREY ELY Evidence from India DIRK ENGELMANN Hunt Allcott, Allan Collard-Wexler, ROLAND FRYER and Stephen D. O'Connell 587 GAUTAM GOWRISANKARAN VERONICA GUERRIERi ERIK HURST Firm Dynamics, Job Tbrnover, and Wage SEEMA JAYACHANDRAN Distributions in an Open Economy NAVIN KARTIK BRIAN KNIGHT A. Kerem Co§ar, Nezih Gtiner, ARVIND KRISHNAMURTHY and James Tybout 625 GILAT LEVY BART LIPMAN HAMISH LOW Parameter Learning in General Equilibrium: The JENS LUDWIG Asset Pricing Implications GIUSEPPE MOSCARINI Pierre Collin-Dufresne, Michael Johannes, TEDODONOGHUE and Lars A. Lochstoer 664 PHILIP OREOPOULOS JONATHAN PARKER PARAG PATHAK Liquidity Trap and Excessive Leverage NINA PAVCNIK 699 FABRIZIO PERRI Anton Korinek and Alp Simsek JESSE ROTHSTEIN EDWARD SCHLEE The Effect of Unemployment Benefits and RAJIV SETHI Nonempioyment Durations on Wages JON STEINSSON AMIR SUFI Johannes F. Schmieder, Till von Wachter, CHRISTOPHER TIMMINS and Stefan Bender 739 SARAH TURNER ERIC VERHOOGEN LEEATYARIV Shorter Papers The Value of Postsecondary Credentials in the Labor Market: An Experimental Study David J. Denting, Noam Yuchtman, Amira Abulafi, Claudia Goldin, and Lawrence F. Katz 778 Taxpayer Confusion: Evidence from the Child Tax Credit Naomi E. Feldman, Peter Katuscdk, and Laura Kawano 807 Dictating the Risk: Experimental Evidence on Giving in Risky Environments: Comment Michai Krawczyk and Fabrice Le Lec 836 Dictating the Risk: Experimental Evidence on Giving in Risky Environments: Reply J. Michelle Brock, Andreas Lange, and Erkut Y. Ozbay 840 A Balls-and-Bins Model of Trade: Comment Bernardo S. Blum, Sebastian Claro, and Ignatius J. Horstmann 843 A Balls-and-Bins Model of Trade: Reply Roc Armenter and Miklds Koren 852 Information on how to submit a manuscript is available online: http://www.aeaweb.org/aer/submissions.php It is the policy of The American Economic Review to publish papers only if the data used in the analysis are clearly and precisely documented and are readily available to any researcher for purposes of replication. Details of the computations sufficient to permit replication must be provided. The Editor should be notified at the time of submission,if the data used m a paper are proprietary or if, for some other reason, the requirements above cannot be met. THE AMERICAN ECONOMIC REVIEW Editor April 2016 PINELOPI KOUJIANOU GOLDBERG Coeditors VOLUME 106, NUMBER 4 MARK AGUIAR ROLAND BENABOU MARIANNE BERTRAND HILARY HOVNES JOHN LEAHY LUIGI PISTAFERRI DEBRAJ RAY Articles LARRY SAMUELSON Managing Editor The Effects of Exposure to Better Neighborhoods STEVEN M. STELLINO on Children: New Evidence from the Moving Associate Managing Editor KELLY MARKEL to Opportunity Experiment Raj Chetty, Nathaniel Hendren, Assistant Managing Editor MATTHEW A. ROBERSON and Lawrence F. Katz 855 Board of Editors NAGEEB ALI Long-Run Impacts of Childhood Access MANUEL AMADOR to the Safety Net MARCO BASSETTO Hilary Hoynes, Diane Whitmore PAUL BEAUDRY SIMON BOARD Schanzenbach, and Douglas Almond 903 LEAH BOUSTAN CRAIG BURNSIDE The Long-Run Impact of Cash Transfers ARIEL BURSTEIN STEVEN CALLANDER to Poor Families ALESSANDRA CASELLA Anna Aizer, Shari Eli, Joseph Ferrie, SYLVAIN CHASSANG and Adriana Lleras-Muney 935 ARNAUD COSTINOT MATTHIAS DOEPKE DAVE DONALDSON Bounding the Labor Supply Responses to a JEFFREY ELY Randomized Welfare Experiment: DIRK ENGELMANN ROLAND FRYER A Revealed Preference Approach GAUTAM GOWRISANKARAN Patrick Kline and Melissa Tartari 972 VERONICA GUERRIERI ERIK HURST SEEMA JAYACHANDRAN Presidents and the US Economy: NAVIN KARTIK an Econometric Exploration BRIAN KNIGHT Alan S. Blinder and Mark W. Watson 1015 ARVIND KRISHNAMURTHY GILAT LEVY BART LIPMAN The Evolution of Strategic Sophistication HAMISH LOW Nikolaiis Robalino and A rthur Robson 1046 JENS LUDWIG GIUSEPPE MOSCARINI TEDODONOGHUE Group Strategy-Proofness in Private Good Economies PHILIP OREOPOULOS Salvador Barberd. Dolors Berga. JONATHAN PARKER and Bernardo Moreno 1073 PARAG PATHAK NINA PAVCNIK FABRIZIO PERRI Fiscal Policy and Economic Recovery: JESSE ROTHSTEIN The Case of the 1936 Veterans' Bonus EDWARD SC HLEE RAJIV SETHI Joshua K. Hausinan 1100 JON STEINSSON TOMASZ STRZALECKI AMIR SUFI CHRISTOPHER TIMMINS SARAH 1URNER JOHN VAN ri;i;nen ERIC VERHOOGEN LEEATYARIV Shorter Papers The Caloric Costs of Culture: Evidence from Indian Migrants David Atkin 1144 The Bidder's Curse: Comment Henry S. Schneider 1182 The Bidder's Curse: Reply Ulrike Mahnendier 1195 Search, Liquidity, and the Dynamics of House Prices and Construction: Corrigendum Allen Head. Haw Uoyd-Elli.s, and Hon^fei Sun 1214 CONTENTS President's Foreword xi Editors' Introduction xiii PAPERS Richard T. Ely Lecture Restoring Rational Choice: The Challenge of Consumer Financial Regulation John Y. Campbell 1 The United States Economy: Where To from Here? The Phillips Curve: Back to the '60s? Olivier Blanchard 31 Dealing with Long-Term Deficits Martin Feidstein 35 Monetary Policy. Financial Stability, and the Zero Lower Bound Stanley Fischer 39 How to Restore Equitable and Sustainable Economic Growth in the United States Joseph E. Stiglilz 43 Can We Restart the Recovery All Over Again? John B. Taylor 48 Critiquing Robert J. Gordon's The Rise and Fall ofAmerican Growth A Century of Growth and Improvement Benjamin M. Friedntan 52 The Rise and Fall of American Growth: Exploring the Numbers Nicholas Crafts 57 State Capacity and American Technology: Evidence from the Nineteenth Century Daron Acemoglii. Jacob Moscona, and Jantes A. Robinson 61 Winter Is Coming: Robert Gordon and the Future of Economic Growth Gregory Clark 68 Perspectives on The Rise and Fall of American Growth Robert J. Gordon 72 Infrastructure and Development Infrastructure, Incentives, and Institutions Nava Ashraf. Edward L. Glaeser, and Giacomo A. M. Ponzetto 77 Guns. Latrines, and Land Reform: Dynamic Pigouvian
Load more

Recommended publications
  • Explaining Charter School Effectiveness†
    American Economic Journal: Applied Economics 2013, 5(4): 1–27 http://dx.doi.org/10.1257/app.5.4.1 Explaining Charter School Effectiveness† By Joshua D. Angrist, Parag A. Pathak, and Christopher R. Walters* Lottery estimates suggest Massachusetts’ urban charter schools boost achievement well beyond that of traditional urban public schools stu- dents, while nonurban charters reduce achievement from a higher baseline. The fact that urban charters are most effective for poor nonwhites and low-baseline achievers contributes to, but does not fully explain, these differences. We therefore link school-level charter impacts to school inputs and practices. The relative efficacy of urban lottery sample charters is accounted for by these schools’ embrace of the No Excuses approach to urban education. In our Massachusetts sample, Non-No-Excuses urban charters are no more effective than nonurban charters. JEL H75, I21, I28 ( ) growing body of evidence suggests that urban charter schools have the poten- A tial to generate impressive achievement gains, especially for minority students living in high-poverty areas. In a series of studies using admissions lotteries to iden- tify causal effects, we looked at the impact of charter attendance in Boston and at a Knowledge is Power Program KIPP school in Lynn, Massachusetts Abdulkadiro g˘ lu ( ) ( et al. 2009, 2011; Angrist et al. 2010, 2012 . Boston and Lynn charter middle schools ) increase student achievement by about 0.4 standard deviations per year in math (σ) and about 0.2 per year in English Language Arts ELA . Among high school stu- σ ( ) dents, attendance at a Boston charter school increases student achievement by about 0.3 per year in math and 0.2 per year in ELA.
    [Show full text]
  • MIT Pre-Doctoral Research Fellow Professors Joshua Angrist and Parag Pathak
    MIT Pre-Doctoral Research Fellow Professors Joshua Angrist and Parag Pathak Position Overview We are seeking a motivated, independent, and organized Pre-Doctoral Research Fellow to support efforts to evaluate and improve education programs and policies in the U.S. Research Fellows receive a two-year full-time appointment with the School Effectiveness and Inequality Initiative (SEII), a research lab based at the MIT Department of Economics and the National Bureau of Economic Research. SEII’s current research projects involve studies of the impact of education policies and programs in states like Massachusetts and cities such as Boston, Chicago, New York City, Indianapolis, and Denver. Principal Duties and Responsibilities Fellows will work closely with SEII Directors Joshua Angrist and Parag Pathak, as well as our collaborators at universities across the country, including Harvard University. Specific responsibilities include: o constructing data sets and preparing data for analysis o conducting analysis in Stata, R, and Matlab to answer research questions o presenting results and engaging in discussion in weekly team meetings o editing papers for publication The fellowship will be a full-time position located in Cambridge, Massachusetts. An employment term of two years is expected. This position is intended to act as a pathway to graduate school for candidates who plan to apply to an Economics or related Ph.D. program in the future. Previous fellows have gone to top-tier Economics Ph.D. programs, such as UC-Berkeley, MIT, and Stanford. Start date is flexible, with a strong preference for candidates who can begin on or before June 1, 2020.
    [Show full text]
  • Can Successful Schools Replicate? Scaling up Boston's Charter School
    NBER WORKING PAPER SERIES CAN SUCCESSFUL SCHOOLS REPLICATE? SCALING UP BOSTON’S CHARTER SCHOOL SECTOR Sarah Cohodes Elizabeth Setren Christopher R. Walters Working Paper 25796 http://www.nber.org/papers/w25796 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 May 2019 Special thanks go to Carrie Conaway, Cliff Chuang, the staff of the Massachusetts Department of Elementary and Secondary Education, and Boston’s charter schools for data and assistance. We also thank Josh Angrist, Bob Gibbons, Caroline Hoxby, Parag Pathak, Derek Neal, Eric Taylor and seminar participants at the NBER Education Program Meetings, Columbia Teachers College Economics of Education workshop, the Association for Education Finance and Policy Conference, the Society for Research on Educational Effectiveness Conference, Harvard Graduate School of Education, Federal Reserve Bank of New York, MIT Organizational Economics Lunch, MIT Labor Lunch, and University of Michigan Causal Inference for Education Research Seminar for helpful comments. We are grateful to the school leaders who shared their experiences expanding their charter networks: Shane Dunn, Jon Clark, Will Austin, Anna Hall, and Dana Lehman. Setren was supported by a National Science Foundation Graduate Research Fellowship. The Massachusetts Department of Elementary and Secondary Education had the right to review this paper prior to circulation in order to determine no individual’s data was disclosed. The authors obtained Institutional Review Board (IRB) approvals for this project from NBER and Teachers College Columbia University. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes.
    [Show full text]
  • JAMES J. CHOI Yale School of Management 165 Whitney Avenue, P.O
    JAMES J. CHOI Yale School of Management 165 Whitney Avenue, P.O. Box 208200 New Haven, CT 06520-8200 https://faculty.som.yale.edu/jameschoi EMPLOYMENT 2005 – present Yale School of Management Professor of Finance, 2014 – present Associate Professor of Finance, 2010 – 2014 Assistant Professor of Finance, 2005 – 2010 1999 – 2000 National Bureau of Economic Research Research Assistant 1998 – 1999 Oliver Wyman Analyst EDUCATION 2000 – 2005 Harvard University Ph.D., Economics 1994 – 1998 Harvard University A.B., Applied Mathematics, summa cum laude PROFESSIONAL ASSOCIATIONS 2020 – present American Finance Association Member, Ethics Committee 2019 – present Journal of Finance Associate Editor 2016 – 2019 Management Science Associate Editor 2014 – present TIAA Institute Fellow 2014 – 2017 Financial Industry Regulatory Authority (FINRA) Member, Investor Issues Committee 2013 – present Journal of Pension Economics and Finance Editorial Board 2005 – present National Bureau of Economic Research Co-Director, Retirement and Disability Research Center, 2019 – present Scientific Advisor, Retirement and Disability Research Center, 2018 – 2019 Associate Director, Retirement Research Center, 2016 – 2018 Research Associate, 2014 – present Faculty Research Fellow, 2005 – 2014 COURSES TAUGHT Personal Finance (MBA), Household Finance (Ph.D.), Corporate Finance (MBA), The Ex- ecutive (MBA), International Experience: Chile (MBA) HONORS, KEYNOTES, AND FELLOWSHIPS 2019 Keynote address, NEST/International Centre for Pension Management /Aspen Institute Defined Contribution Program 2018 Keynote address, UConn Financial Risk Conference 2017 TIAA Paul A. Samuelson Award for Outstanding Scholarly Writing on Lifelong Financial Security (with John Beshears, David Laibson, and Brigitte C. Madrian) 2016 40 Under 40 Most Outstanding MBA Professors, Poets & Quants 2011 TIAA Paul A. Samuelson Award for Outstanding Scholarly Writing on Lifelong Financial Security (with David Laibson and Brigitte C.
    [Show full text]
  • Who Benefits from KIPP?
    Who Benefits from KIPP? Joshua Angrist, MIT Susan Dynarski, University of Michigan Thomas Kane, Harvard Graduate School of Education Parag Pathak, MIT Christopher Walters, MIT Education Policy Initiative Gerald R. Ford School of Public Policy 735 S. State Street Ann Arbor, Michigan 48109 EPI Working Papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to the review by EPI co-Directors. Any opinions, findings, conclusions, or recommendations expressed are those of the author(s) and do not necessarily reflect the view of the Education Policy Initiative or any sponsoring agency. EPI Working Paper 03-2010 | February, 2010 WHO BENEFITS FROM KIPP? Joshua D. Angrist Susan M. Dynarski Thomas J. Kane Parag A. Pathak Christopher R. Walters Originalyl posted as NBER Working Paper #15740 The authors are grateful to Josh Zoia and Esther Vargas at KIPP Academy Lynn and to Carrie Conaway at the Massachusetts Department of Elementary and Secondary Education for data, patience and assistance. We received valuable assistance from Sarah Cohodes and Jon Fullerton. We also thank Eric Bettinger for helpful comments. The views expressed herein are those of the authors and do not necessarily reflect the views of the Education Policy Initiative. © 2010 by Joshua D. Angrist, Susan M. Dynarski, Thomas J. Kane, Parag A. Pathak, and Christopher R. Walters. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source. Who Benefits from KIPP? Joshua D. Angrist, Susan M. Dynarski, Thomas J.
    [Show full text]
  • Social and Cognitive Peer Effects
    Social and Cognitive Peer Effects: Experimental Evidence from Selective High Schools in Peru Roman´ Andres´ Zarate´ ∗ November 14, 2018 Job Market Paper Please find the latest version here. Abstract A growing literature emphasizes the importance of social skills in the labor market. However, to date, no study addresses the role of peer characteristics in the formation of social skills. This paper reports estimates of cognitive and social peer effects from a large-scale field experiment at selective boarding schools in Peru. My experimental design overcomes some methodological challenges in the peer effects literature. I ran- domly varied the characteristics of roommates with two treatments: (a) less or more sociable peers (identified by their position in the school’s friendship network before the intervention) and (b) lower- or higher-achieving peers (identified by admission test scores). While more sociable peers enhance the formation of social skills, higher- achieving peers do not improve academic achievement; in fact, they further reduce the academic performance of lower-achieving students. These results appear to be driven by students’ self-confidence. I interpret these findings in the context of a sim- ple self-confidence model where students infer their skills by interacting with their peers. ∗Department of Economics, MIT. Email: [email protected]. I am deeply grateful to my advisors Joshua Angrist, Esther Duflo, and Parag Pathak for their guidance throughout this project. I also thank Daron Acemoglu, Abhijit Banerjee, and Frank Schilbach for their helpful suggestions. This paper would not have been possible without the support of the staff of the Ministry Education of Peru; I especially thank Mar´ıa Antonieta Alva and Cinthia Wicht for their collaboration and support, and Paola Encalada for her dedicated work at different stages of this project.
    [Show full text]
  • (W) MIT Sloan School of Management 617 299 6511 (M) 100 Main Street, E62-639 617 258-6855 (F) Cambridge, MA 02142 [email protected]
    CHRISTOPHER J. PALMER 617 324 3901 (w) MIT Sloan School of Management 617 299 6511 (m) 100 Main Street, E62-639 617 258-6855 (f) Cambridge, MA 02142 [email protected] http://mit.edu/cjpalmer EDUCATION Ph.D., Economics, Massachusetts Institute of Technology, June 2014. Thesis: Essays on the Functioning of Housing and Labor Markets. B.A. and B.S., Economics and Mathematics, Brigham Young University, Provo, Utah, April 2008. Thesis: An Analysis of the Returns to Higher Education in Armenia. (Magna cum Laude and University Honors. Phi Kappa Phi.) FIELDS OF SPECIALIZATION Household finance; Real-estate finance; Credit markets; Banking; Structured finance; Urban economics; Applied econometrics. PROFESSIONAL POSITIONS 2018 – Albert and Jeanne Clear Career Development Professor, Massachusetts Institute of Technology, Sloan School of Management 2018 – Faculty Research Fellow, National Bureau of Economic Research 2018 – Visiting Scholar, Federal Reserve Bank of Boston 2018 – Academic Affiliate, ideas42 2017 – Assistant Professor, Massachusetts Institute of Technology, Sloan School of Management 2015, 18 Visiting Scholar, Federal Reserve Bank of New York 2014 – 17 Assistant Professor, University of California, Berkeley, Haas School of Business 2014 – 17 Faculty Associate, Fisher Center for Real Estate and Urban Economics 2015 – 17 Visiting Scholar, Federal Reserve Bank of San Francisco 2011 – 14 Visiting Fellow, Federal Reserve Bank of Boston 2002 – 06 Summer Research Analyst, Compass Lexecon AWARDS, HONORS AND FELLOWSHIPS 2017 – Golub Center for Finance and Policy Fellow 2017 Earl F. Cheit Outstanding Teaching Award, Haas School of Business 2016 – 17 Hellman Faculty Fellow 2015 – 17 Barbara and Gerson Bakar Faculty Fellow 2015 – 16 Berkeley-Haas Club 6 Member (teaching award) 2012 – 14 Humane Studies Fellow 2011 Lincoln Institute C.
    [Show full text]
  • Signature Redacted
    Essays on the Functioning of Housing and Labor Markets by Christopher John Palmer B.A. Economics; B.S. Mathematics, Brigham Young University (2008) Submitted to the Department of Economics in partial fulfillment of the requirements for the degree of MAssACHUSETS INSTMrE! OFTECHNOLOGY Doctor of Philosophy at the JUN 1 1 201I MASSACHUSETTS INSTITUTE OF TECHNOLOGY June 2014 LIBRARIES @ 2014 Christopher John Palmer. All rights reserved. The author hereby grants to MIT permission to reproduce and distribute publicly paper and electronic copies of this thesis document in whole or in part. Signature redacted Author ............ .... , ......................................................... De a~mrtment~ cf Eri~ i~~ - pl i 11111 s Signature redacted May 15, 2014 Certified by. .......................... David Autor Professor of Economics Signature redacted Thesis Supervisor Certified by.. !j4 Jerry Hausman John and Jennie S. MacDonald Professor of Economics Signature redacted Thesis Supervisor Certified by.. Parag Pathak Professor of Economics Signature redacted Thesis Supervisor Certified by. ....................... William Wheaton Professor of Economics Signature redacted Thesis Supervisor Accepted by Michael Greenstone 3M Professor of Economics Chairman, Departmental Committee on Graduate Studies Essays on the Functioning of Housing and Labor Markets by Christopher John Palmer Submitted to the Department of Economics on May 15, 2014, in partial fulfillment of the requirements for the degree of Doctor of Philosophy Abstract The first chapter consists of my job-market paper. The foreclosure rate of subprime mortgages increased markedly across 2003-2007 borrower cohorts-subprime mortgages originated in 2006- 2007 were roughly three times more likely to default within three years of origination than mortgages originated in 2003-2004. Many have argued that this surge in subprime defaults represents a deterioration in subprime lending standards over time.
    [Show full text]
  • The Distributional Consequences of Public School Choice∗
    The Distributional Consequences of Public School Choice∗ Christopher Avery and Parag A. Pathaky This version: November 2017 Abstract School choice systems aspire to delink residential location and school assignments by allow- ing children to apply to schools outside of their neighborhood. However, choice programs also affect incentives to live in certain neighborhoods, and this feedback may undermine the goals of choice. We investigate this possibility by developing a model of public school and residential choice. School choice narrows the range between the highest and lowest quality schools com- pared to neighborhood assignment rules, and these changes in school quality are capitalized into equilibrium housing prices. This compressed distribution generates an ends-against-the-middle tradeoff with school choice compared to neighborhood assignment. Paradoxically, even when choice results in improvement in the lowest-performing schools, the lowest type residents need not benefit. ∗We are grateful to Arda Gitmez, Ed Glaeser, Richard Romano, Jean Tirole, and Tim Van Zandt for superb comments. Pathak thanks the National Science Foundation for financial support under award SES-1056325. Avery thanks INSEAD for hospitality, as much of this paper was written while he was a visiting scholar at INSEAD. Pathak is a Scientific Advisory Board member of the Institute for Innovation in Public School Choice. yAvery: Harvard Kennedy School and NBER, e-mail: Christopher [email protected]. Pathak: MIT and NBER, e-mail: [email protected] 1 1 Introduction A central fault line in debates about K-12 education involves how students access public schools. In most of the United States, students are assigned based on where they live, and given a families' neighborhood, there is no choice of public school.
    [Show full text]
  • Department Brochure
    Table of Contents Introduction Recent Developments 4 Department Overview 6 Academic Programs Undergraduate Economics 9 Graduate Economics 11 Fields of Study Economic Theory 13 Macroeconomics 15 International Economics 18 Development Economics 19 Econometrics 21 Industrial Organization and Regulation 23 Labor Economics 25 Environmental Economics Program 26 Public Economics 27 Political Economy 28 Health Economics 28 Organizational Economics 30 Financial Economics 31 The Massachusetts Institute of Technology is committed to the principle of equal opportunity in education and employment. The Institute prohibits discrimination against individuals on the basis of race, color, sex, sexual orientation, gender identity, pregnancy, religion, disability, age, genetic information, veteran status, or national or ethnic origin in the administration of its educational policies, admissions policies, employment policies, scholarship and loan programs, and other Institute administered programs and activities; the Institute may, however, favor US citizens or residents in admissions and financial aid.* The Vice President for Human Resources is designated as the Institute’s Equal Opportunity Officer. Inquiries concerning the Institute’s policies, compliance with applicable laws, statutes, and regulations, and complaints may be directed to Ramona Allen, Vice President for Human Resources, Building NE49-5000, 617-324-5675. In addition, inquiries about Title IX (which prohibits discrimination on the basis of sex) may be directed to the Institute’s Title IX Coordinator, Sarah Rankin, Room W31-223, 617-324-7526, [email protected]. Inquiries about the laws and about compliance may also be directed to the United States Department of Education, Office for Civil Rights, Region I, 5 Post Office Square, 8th Floor, Boston, MA 02109- 3921, 617-289-0111, [email protected].
    [Show full text]
  • NBER Reporter NATIONAL BUREAU of ECONOMIC RESEARCH
    NBER Reporter NATIONAL BUREAU OF ECONOMIC RESEARCH Reporter OnLine at: www.nber.org/reporter 2013 Number 4 The 2013 Martin Feldstein Lecture Economic Possibilities for Our Children Lawrence H. Summers* This is the 40th anniversary of the summer when I first met Marty Feldstein and went to work for him. I learned from working under Marty’s auspices that empirical economics was a profoundly important thing, that it had the opportunity to illuminate the world in important ways, that it had the opportunity to change people’s perspectives as they thought about economic problems, and that the successful solution or resolution of eco- nomic problems didn’t happen with the immediacy with which a doctor treated a patient, but did touch and affect the lives of hundreds of thou- sands, if not millions, of people. Lawrence H. Summers I learned about how to approach economic research from watching Marty. There is a central element that has been a part of his approach to IN THIS ISSUE economics, and it has always been a part of mine, both as an economist and a policymaker. It is the approach of many in our profession, but not all. The Martin Feldstein Lecture 1 This is the belief that we cannot aspire to know the world with complete precision; that no single parameter will measure with precision how our Research Summaries economy is going to respond to a policy or a shock. Rather, what we can The Economics of Obesity 7 aspire to establish is a combination of logic, modeling, suggestive anecdote Public Sector Retirement Plans 10 and experience, and empirical measurements from multiple different per- High-Skilled Immigration 13 spectives that lead to an overall view on economic phenomena.
    [Show full text]
  • Stability and Strategy-Proofness for Matching with Constraints: a Necessary and Sufficient Condition1
    Theoretical Economics 13 (2018), 761–793 1555-7561/20180761 Stability and strategy-proofness for matching with constraints: A necessary and sufficient condition1 Yuichiro Kamada Haas School of Business, University of California, Berkeley Fuhito Kojima Department of Economics, Stanford University Distributional constraints are common features in many real matching markets, such as medical residency matching, school admissions, and teacher assignment. We develop a general theory of matching mechanisms under distributional con- straints. We identify the necessary and sufficient condition on the constraint structure for the existence of a mechanism that is stable and strategy-proof for the individuals. Our proof exploits a connection between a matching problem under distributional constraints and a matching problem with contracts. Keywords. Matching with constraints, medical residency matching, school choice, stability, strategy-proofness, matching with contracts, hierarchy. JEL classification. C70, D47, D61, D63. 1. Introduction The theory of two-sided matching has been extensively studied since the seminal con- tribution by Gale and Shapley (1962), and has been applied to match individuals and institutions in various markets in practice (e.g., students and schools, doctors and hos- pitals, and workers and firms). However, many real matching markets are subject to distributional constraints, i.e., caps are imposed on the numbers of individuals who can Yuichiro Kamada: [email protected] Fuhito Kojima: [email protected] 1This paper subsumes
    [Show full text]