The Journal of Economic Perspectives Summer 2014

Total Page:16

File Type:pdf, Size:1020Kb

The Journal of Economic Perspectives Summer 2014 The Journal of Economic Perspectives A journal of the American Economic Association Editor David H. Autor, Massachusetts Institute of Technology Co-editors Chang-Tai Hsieh, University of Chicago Ulrike Malmendier, University of California at Berkeley Associate Editors Benjamin G. Edelman, Harvard University Amy Finkelstein, Massachusetts Institute of Technology Gordon Hanson, University of California at San Diego Anil K Kashyap, University of Chicago Adam Looney, US Department of the Treasury David McKenzie, World Bank Richard Newell, Duke University Chad Syverson, University of Chicago Christopher Udry, Yale University Managing Editor Timothy Taylor Assistant Editor Ann Norman Editorial offices: Journal of Economic Perspectives American Economic Association Publications 2403 Sidney St., #260 Pittsburgh, PA 15203 email: [email protected] The Journal of Economic Perspectives gratefully acknowledges the support of Macalester College. Registered in the US Patent and Trademark Office (®). Copyright © 2014 by the American Economic Association; All Rights Reserved. Composed by American Economic Association Publications, Pittsburgh, Pennsylvania, USA. Printed by R. R. Donnelley Company, Jefferson City, Missouri, 65109, USA. No responsibility for the views expressed by the authors in this journal is assumed by the editors or by the American Economic Association. THE JOURNAL OF ECONOMIC PERSPECTIVES (ISSN 0895-3309), Summer 2014, Vol. 28, No. 3. The JEP is published quarterly (February, May, August, November) by the American Economic Association, 2014 Broadway, Suite 305, Nashville, TN 37203-2418. Annual dues for regular membership are $20.00, $30.00, or $40.00 depending on income; for an additional $15.00, you can receive this journal in print. E-reader versions are free. For details and further information on the AEA go to http://www.vanderbilt.edu/AEA/. Periodicals postage paid at Nashville, TN, and at additional mailing offices. POSTMASTER: Send address changes to the Journal of Economic Perspectives, 2014 Broadway, Suite 305, Nashville, TN 37203. Printed in the U.S.A. The Journal of Economic Perspectives Contents Volume 28 • Number 3 • Summer 2014 Symposia Entrepreneurship Ryan Decker, John Haltiwanger, Ron Jarmin, and Javier Miranda, “The Role of Entrepreneurship in US Job Creation and Economic Dynamism” . 3 William R . Kerr, Ramana Nanda, and Matthew Rhodes-Kropf, “Entrepreneurship as Experimentation” . 25 Thomas Åstebro, Holger Herz, Ramana Nanda, and Roberto A . Weber, “Seeking the Roots of Entrepreneurship: Insights from Behavioral Economics” . 49 Classic Ideas in Development Douglas Gollin, “The Lewis Model: A 60-Year Retrospective” . 71 Chang-Tai Hsieh and Benjamin A . Olken, “The Missing ‘Missing Middle’” . 89 Rafael La Porta and Andrei Shleifer, “Informality and Development” . 109 Aart Kraay and David McKenzie, “Do Poverty Traps Exist? Assessing the Evidence” . 127 Academic Production David Card and Stefano DellaVigna, “Page Limits on Economics Articles: Evidence from Two Journals” . 149 Raj Chetty, Emmanuel Saez, and László Sándor, “What Policies Increase Prosocial Behavior? An Experiment with Referees at the Journal of Public Economics” . 169 Kristin F . Butcher, Patrick J . McEwan, and Akila Weerapana, “The Effects of an Anti-Grade-Inflation Policy at Wellesley College” . 189 John P . Conley and Ali Sina Önder, “The Research Productivity of New PhDs in Economics: The Surprisingly High Non-Success of the Successful” . 205 Articles Raluca Dragusanu, Daniele Giovannucci, and Nathan Nunn, “The Economics of Fair Trade” . 217 John Mueller and Mark G . Stewart, “Evaluating Counterterrorism Spending” . 237 Features Timothy Taylor, “Recommendations for Further Reading” . 249 Statement of Purpose The Journal of Economic Perspectives attempts to fill a gap between the general interest press and most other academic economics journals . The journal aims to publish articles that will serve several goals: to synthesize and integrate lessons learned from active lines of economic research; to provide economic analysis of public policy issues; to encourage cross-fertilization of ideas among the fields of economics; to offer readers an accessible source for state-of-the-art economic thinking; to suggest directions for future research; to provide insights and read- ings for classroom use; and to address issues relating to the economics profession . Articles appearing in the journal are normally solicited by the editors and associate editors . Proposals for topics and authors should be directed to the journal office, at the address inside the front cover . Policy on Data Availability It is the policy of the Journal of Economic Perspectives 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 in a paper are proprietary or if, for some other reason, the above requirements cannot be met . Policy on Disclosure Authors of articles appearing in the Journal of Economic Perspectives are expected to disclose any potential conflicts of interest that may arise from their consulting activities, financial interests, or other nonacademic activities . Journal of Economic Perspectives Advisory Board Tim Besley, London School of Economics Robert E . Hall, Stanford University Greg Ip, The Economist Christopher Jencks, Harvard University Carmen Reinhart, Peterson Institute John Roemer, Yale University Paul Romer, New York University Howard Rosenthal, New York University The American Economic Association Correspondence relating to advertising, Founded in 1885 business matters, permission to quote, or change of address should be sent to the EXECUTIVE COMMITTEE AEA business office: aeainfo@vanderbilt. Elected Officers and Members edu. Street address: American Economic Association, 2014 Broadway, Suite 305, President Nashville, TN 37203. For membership, WILLIAM D. NORDHAUS, Yale University subscriptions, or complimentary JEP for President-elect your e-reader, go to the AEA website: RICHARD H. THALER, University of Chicago http://www.aeaweb.org. Annual dues for regular membership are $20.00, $30.00, or Vice Presidents $40.00, depending on income; for an addi- DAVID CARD, University of California at Berkeley tional fee, you can receive this journal, or N. GREGORY MANKIW, Harvard University any of the Association’s journals, in print. Members Change of address notice must be received ANIL K KASHYAP, University of Chicago at least six weeks prior to the publication ROSA L. MATZKIN, University of California at Los Angeles month. AMY N. FINKELSTEIN, Massachusetts Institute of Technology Copyright © 2014 by the American Eco- JONATHAN LEVIN, Stanford University nomic Association. Permission to make DORA L. COSTA, University of California at Los Angeles dig ital or hard copies of part or all of this GUIDO W. IMBENS, Stanford University work for personal or classroom use is grant- ed without fee provided that copies are not Ex Officio Members made or distributed for profit or direct CLAUDIA GOLDIN, Harvard University commercial advantage and that copies show CHRISTOPHER A. SIMS, Princeton University this notice on the first page or initial screen of a display along with the full citation, in- Appointed Members cluding the name of the author. Copyrights Editor, The American Economic Review for components of this work owned by oth- PINELOPI KOUJIANOU GOLDBERG, Yale University ers than AEA must be honored. Abstract- Editor, The Journal of Economic Literature ing with credit is permitted. The author STEVEN N. DURLAUF, University of Wisconsin has the right to republish, post on servers, redistribute to lists, and use any component Editor, The Journal of Economic Perspectives of this work in other works. For others to DAVID H. AUTOR, Massachusetts Institute of Technology do so requires prior specific permission Editor, American Economic Journal: Applied Economics and/or a fee. Per missions may be requested ESTHER DUFLO, Massachusetts Institute of Technology from the American Economic Association, 2014 Broadway, Suite 305, Nashville, TN Editor, American Economic Journal: Economic Policy 37203; e-mail: [email protected]. MATTHEW D. SHAPIRO, University of Michigan Editor, American Economic Journal: Macroeconomics JOHN LEAHY, New York University Editor, American Economic Journal: Microeconomics ANDREW POSTLEWAITE, University of Pennsylvania Secretary-Treasurer PETER L. ROUSSEAU, Vanderbilt University OTHER OFFICERS Editor, Resources for Economists WILLIAM GOFFE, Pennsylvania State University Director of AEA Publication Services JANE EMILY VOROS, Pittsburgh Managing Director of EconLit Product Design and Content STEVEN L. HUSTED, University of Pittsburgh Assistant Secretary-Treasurer JOHN J. SIEGFRIED, Vanderbilt University and University of Adelaide Counsel TERRY CALVANI, Freshfields Bruckhaus Deringer LLP Washington, DC ADMINISTRATORS Administrative Director REGINA H. MONTGOMERY Convention Manager MARLENE HIGHT Journal of Economic Perspectives—Volume 28, Number 3—Summer 2014—Pages 3–24 The Role of Entrepreneurship in US Job Creation and Economic Dynamism† Ryan Decker, John Haltiwanger, Ron Jarmin, and Javier Miranda he United States has long been viewed as having among the world’s most entrepreneurial, dynamic, and flexible economies. It is often argued that T this dynamism and flexibility has enabled the
Recommended publications
  • Virtual Conference Sept
    ADVANCES WITH FIELD EXPERIMENTS VIRTUAL CONFERENCE SEPT. 23-24, 2020 Keynote Speakers KEYNOTE SPEAKERS ORIANA BANDIERA Oriana Bandiera is the Sir Anthony Atkinson Professor of Economics and the Director of the Suntory and Toyota Centre for Economics and Related Disciplines at the London School of Economics, and a fellow of the British Academy, the Econometric Society, CEPR, BREAD and IZA. She is vice- president of the European Economic Association, and director of the Gender, Growth and Labour Markets in Low-Income Countries program and of the research program in Development Economics at CEPR. She is co-editor of Microeconomic Insights and Economica. Her research focuses on how monetary incentives and social relationships interact to shape individual choices within organizations and in labor markets. Her research has been awarded the IZA Young Labor Economist Prize, the Carlo Alberto Medal, the Ester Boserup Prize, and the Yrjö Jahnsson Award. LARRY KATZ Lawrence F. Katz is the Elisabeth Allison Professor of Economics at Harvard University and a Research Associate of the National Bureau of Economic Research. His research focuses on issues in labor economics and the economics of social problems. He is the author (with Claudia Goldin) of The Race between Education and Technology (Harvard University Press, 2008), a history of U.S. economic inequality and the roles of technological change and the pace of educational advance in affecting the wage structure. Katz also has been studying the impacts of neighborhood poverty on low- income families as the principal investigator of the long-term evaluation of the Moving to Opportunity program, a randomized housing mobility experiment.
    [Show full text]
  • Good Economics for Hard Times
    Good Economics for Hard Times #LSEStamp Professor Esther Duflo Abdul Latif Jameel Professor of Poverty Alleviation. Development Economics in the Department of Economics at the Massachusetts Institute of Technology. Co-founder and co-director of the Abdul Latif Jameel Poverty Action Lab (J-PAL). Professor Robin Burgess Professor of Economics in the Department of Economics at LSE and Director of the International Growth Centre Hosted by the London School of Economics and Political Science Good Economic For Hard Times Abhijit Banerjee and Esther Duflo Most issues that are important today are core economic issues • Brexit • Trade • Immigration • Economic growth • Inequality • Social policy But economists have lost most of their credibility On most core issues people disagree with economists “Imposing new US tariffs on steel and aluminum will improve Americans well-being.” Percentage 35 30 25 20 15 10 5 0 Percentage Average respndents Experts Most economists like migration “The average American Citizen would be better of if a larger number of low- skilled foreign workers were legally allowed to enter the US each year” And they have no interest in listening to them • ADD A PHOTO OF AN ANTI CARBON TAX RALLY, full page (I will just talk through it) Credit: Guillaume Clement, l’Humanite Why this mistrust? Economists are not good forecasters “The only function of economic forecasting is to make astrology look respectable” --John Kenneth Galbraith Four Lessons Lesson 1: incentives are overrated The “Lazy” welfare recipient Alaska permanent fund did not led people to work less Lesson 2: The economy is sticky RIP, Toqueville no one leaves home unless home is the mouth of a shark you only run for the border when you see the whole city running as well your neighbors running faster than you breath bloody in their throats the boy you went to school with who kissed you dizzy behind the old tin factory is holding a gun bigger than his body you only leave home when home won’t let you stay.
    [Show full text]
  • Briq Summer School in Behavioral Economics Program
    briq Summer School in Behavioral Economics briq, Bonn July 10-14, 2017 Faculty: Roland Bénabou (Princeton University) Armin Falk (briq and University of Bonn) Ernst Fehr (University of Zurich) Botond Kőszegi (Central European University) George Loewenstein (Carnegie Mellon University) Ulrike Malmendier (University of California, Berkeley) Program Monday, July 10 8:30 – 9:00 Registration 9:00 – 9:15 Welcome Moral Behavior and Formation of Preferences Armin Falk (briq and University of Bonn) 9:15 – 10:45 Lecture 1: Generalizability of (Lab) Results 10:45 – 11:15 Coffee Break 11:15 – 12:45 Lecture 2: Malleability of Moral Behavior 12:45 – 13:30 Lunch 13:30 – 15:00 Lecture 3: Preferences and Personality 15:00 – 15:30 Coffee Break 15:30 – 16:30 Sign-Ups: Roland Bénabou, George Loewenstein, Ulrike Malmendier 18:00 Dinner Tuesday, July 11 Behavioral Corporate Finance Ulrike Malmendier (University of California, Berkeley) 9:15 – 10:45 Lecture 1: Investor Biases, and the Managerial Response to such Biases in their Corporate Decisions 10:45 – 11:15 Coffee Break 11:15 – 12:45 Lecture 2: Managerial Biases and the Market’s Response in Terms of Providing Liquidity for Managerial Decisions 12:45 – 13:30 Lunch 13:30 – 15:00 Lecture 3: Experience Effects and Belief Formation in Behavioral Macro-Finance 15:00 – 15:30 Coffee Break 15:30 – 16:30 Sign-Ups: Roland Bénabou, Ernst Fehr, George Loewenstein, Ulrike Malmendier 16:30 Social Event Wednesday, July 12 How Do Society and Biology Shape the Individual? Ernst Fehr (University of Zurich) 9:15 – 10:45 Lecture
    [Show full text]
  • Economics Annual Review 2018-2019
    ECONOMICS REVIEW 2018/19 CELEBRATING FIRST EXCELLENCE AT YEAR LSE ECONOMICS CHALLENGE Faculty Interviews ALUMNI NEW PANEL APPOINTMENTS & VISITORS RESEARCH CENTRE BRIEFINGS 1 CONTENTS 2 OUR STUDENTS 3 OUR FACULTY 4 RESEARCH UPDATES 5 OUR ALUMNI 2 WELCOME TO THE 2018/19 EDITION OF THE ECONOMICS ANNUAL REVIEW This has been my first year as Head of the outstanding contributions to macroeconomics and Department of Economics and I am proud finance) and received a BA Global Professorship, will and honoured to be at the helm of such a be a Professor of Economics. John will be a School distinguished department. The Department Professor and Ronald Coase Chair in Economics. remains world-leading in education and research, Our research prowess was particularly visible in the May 2019 issue of the Quarterly Journal of Economics, and many efforts are underway to make further one of the top journals in the profession: the first four improvements. papers out of ten in that issue are co-authored by current colleagues in the Department and two more by We continue to attract an extremely talented pool of our former PhD students Dave Donaldson and Rocco students from a large number of applicants to all our Macchiavello. Rocco is now in the LSE Department programmes and to place our students in the most of Management, as is Noam Yuchtman, who published sought-after jobs. This year, our newly-minted PhD another paper in the same issue. This highlights how student Clare Balboni made us particularly proud by the strength of economics is growing throughout LSE, landing a job as Assistant Professor at MIT, one of the reinforcing our links to other departments as a result.
    [Show full text]
  • Department of Economics, 508-1 Evans Hall #3880 University of California, Berkeley, CA 94720-3880
    May 2014 STEFANO DELLAVIGNA Mailing Address: Department of Economics, 508-1 Evans Hall #3880 University of California, Berkeley, CA 94720-3880 Office: Evans 515 Phone: (510) 643-0715 Fax: (510) 642-6615 E-mail: [email protected] URL: http://elsa.berkeley.edu/~sdellavi/ APPOINTMENTS UNIVERSITY OF CALIFORNIA, BERKELEY, Department of Economics Daniel E. Koshland, Sr. Distinguished Professor of Economics and Professor of Business Administration, 2014-present. Daniel E. Koshland, Sr. Distinguished Professor of Economics, 2013-2014. Professor, 2012-2013. Associate Professor, 2008-2012. Assistant Professor, 2002-2008. NATIONAL BUREAU OF ECONOMIC RESEARCH Faculty Associate (Labor Studies, Political Economy), 2009-present. Faculty Research Fellow (Labor Studies, Political Economy), 2004-2009. CESifo Fellow, 2013-present. Affiliate, 2007 – 2012. PRINCETON UNIVERSITY, Department of Economics Visiting Fellow, 1/2005-2/2005. UNIVERSITY OF CHICAGO, Graduate School of Business Visiting Assistant Professor, 2/2005-3/2005. EDUCATION Ph.D. Harvard University, Department of Economics, June 2002. M.A. Harvard University, Department of Economics, June 2000. Laurea Bocconi University, Degree in Economics, Summa cum Laude, June 1997. RESEARCH INTERESTS Psychology and Economics, Applied Micro, Media Economics, Political Economics, Behavioral Finance. EDITORIAL ACTIVITIES AND PROGRAM COMMITTEES Co-Editor, Journal of the European Economic Association, 2009-2013. Co-Editor, Special Issue of Journal of Marketing Research, 2010. Associate Editor, Special Issue, Management Science, 2010. Associate Editor, Journal of the European Economic Association, 2008-2009. Associate Editor, B.E. Journal of Economic Analysis & Policy, 2008-2010. Stefano DellaVigna - CV Program Committee, 2013 AEA Meetings. Co-Organizer, NBER Behavioral Finance Working Group, Spring 2011. Program Committee, 2012 Napa Conference on Financial Market Research.
    [Show full text]
  • Essays in Development Economics
    ESSAYS IN DEVELOPMENT ECONOMICS Erika Deserranno A thesis submitted to the Department of Economics of the London School of Economics for the degree of Doctor of Philosophy. London, September 2015 0 1 Declaration I certify that the thesis I have presented for examination for the PhD degree of the London School of Economics and Political Science is solely my own work other than where I have clearly indicated that it is the work of others (in which case the extent of any work carried out jointly by me and any other person is clearly identified in it). The copyright of this thesis rests with the author. Quotation from it is permitted, provided that full acknowledgment is made. This thesis may not be reproduced without my prior written consent. I warrant that this authorization does not, to the best of my belief, infringe the rights of any third party. Statement of Conjoint Work I confirm that Chapter 2 was jointly co-authored with Oriana Bandiera (Professor at the London School of Economics), Robin Burgess (Professor at the London School of Economics), Imran Rasul (Professor at the University College London), Munshi Sulaiman (Researcher at BRAC Africa), Ricardo Morel (Researcher at BRAC Africa). I contributed 50% of the work. 2 Acknowledgment The work contained in this thesis has benefited from the help and support of many people. I am immensely grateful to Oriana Bandiera for her invaluable support and advice throughout, as well as to Robin Burgess and Johannes Spinnewijn for their comments, suggestions and support. I am also very grateful to the members of The Suntory and Toyota International Centres for Economics and Related Disciplines (STICERD) for providing me with a great environment to work and to be in, and to the participants of the Development and Labour economics LSE brown bag seminars.
    [Show full text]
  • Evidence from China's National Trunk Highway Systemi Am Grateful to R
    Trade Integration, Market Size, and Industrialization: Evidence from China's National Trunk Highway System∗ Benjamin Fabery February 21, 2014 Abstract Large scale transport infrastructure investments connect both large metropolitan centers of production as well as small peripheral regions. Are the resulting trade cost reductions a force for the diffusion of industrial and total economic activity to peripheral regions, or do they reinforce the concentration of production in space? This paper exploits China's National Trunk Highway System as a large scale natural experiment to contribute to our understanding of this question. The network was designed to connect provincial capitals and cities with an urban population above 500,000. As a side effect, a large number of small peripheral counties were connected to large metropolitan agglomerations. To address non-random route placements on the way between targeted city nodes, I propose an instrumental variable strategy based on the construction of least cost path spanning tree networks. The estimation results suggest that network connections have led to a reduction in GDP growth among non-targeted peripheral counties. This effect appears to be driven by a significant reduction in industrial output growth. Additional results present evidence in support of a trade based channel in the light of falling trade costs between peripheral and metropolitan regions. Keywords: Market integration; transport infrastructure; core-periphery; industrialization JEL Classification: F12; F15; O18; R12 ∗I am grateful to Robin Burgess, Dave Donaldson, Henry Overman, Steve Redding and Daniel Sturm for their advice and encouragement, and to Lawrence Crissman at the ACASIAN Data Center at Griffith University for his support with the GIS data.
    [Show full text]
  • Do-Gooders and Go-Getters: Selection and Performance in Public Service
    DO-GOODERS AND GO-GETTERS: SELECTION AND PERFORMANCE IN PUBLIC SERVICE DELIVERYú Nava Ashraf Oriana Bandiera Scott S. Lee June 12, 2016 Abstract State capacity to provide public services depends on the motivation of the agents recruited to deliver them. We design an experiment to quantify the effect of agent selection on service effectiveness. The experiment, embedded in a nationwide recruitment drive for a new govern- ment health position in Zambia, shows that agents attracted to a civil service career have more skills and ambition than those attracted to “doing good”. Data from a mobile platform, ad- ministrative records, and household surveys show that they deliver more services, change health practices, and produce better health outcomes in the communities they serve. JEL classification: J24, 015, M54, D82. úAshraf: Department of Economics, LSE, [email protected]. Bandiera: Department of Economics and STICERD, LSE, [email protected]. Lee: Harvard Medical School and Harvard Business School, [email protected]. We thank the Ministry of Health of Zambia and especially Mrs. Mutinta Musonda for partnership on this project. We thank the IGC, JPAL Governance Initiative, USAID and HBS DFRD for financial support. We also thank Robert Akerlof, Charles Angelucci, Tim Besley, Robin Burgess, Paul Gertler, Edward Glaeser, Kelsey Jack, Giacomo Ponzetto, Imran Rasul, Jonah Rockoffand seminar participants at several institutions for useful comments. Adam Grant, Amy Wrzesniewski, and Patricia Satterstrom kindly provided guidance on psychometric scales. We thank Kristin Johnson, Conceptor Chilopa, Mardieh Dennis, Madeleen Husselman, Alister Kandyata, Allan Lalisan, Mashekwa Maboshe, Elena Moroz, Shotaro Nakamura, Sara Lowes, and Sandy Tsai, for the excellent research assistance and the Clinton Health Access Initiative in Zambia for their collaboration.
    [Show full text]
  • Economics Annual Review 2013-2014
    Economics Review 2013/14 3 Contents Welcome to the Department of Economics 01 Faculty Profile: Gerard Padró i Miquel 02 Recognition for Economics faculty and alumni in the New Year Honours list 05 Social Media at the LSE Department of Economics 06 LSE awards Honorary Doctorate to Professor Janet Yellen 08 LSE Economics PhD student receives highest OeNB award for outstanding research 08 Economics alumnus Nemat Shafik appointed as new Deputy Governor of the Bank of England 09 Professor Lord Stern recognised for outstanding work in climate science communication 10 LSE Economics students awarded EEA Best Young Economist Awards - again! 11 Professor Charles Bean knighted in the Queen’s Birthday Honours 11 Nobel prizewinner’s inaugural Regius lecture focuses on the euro 12 Scottish referendum turns spotlight on the CFM monthly survey 14 Is it time to end the war on drugs? 15 LSE Economics PhD student first from UK to win Price Theory Scholar Award 16 The Economica Coase-Phillips Lectures 16 Public Events 2013-14 17 Regius Professor Christopher Pissarides knighted for his services to economics 19 The economist and the wider world: the Lionel Robbins digital exhibition 24 Austin Robinson memorial prize awarded to Dr Johannes Spinnewijn 22 Professor John Van Reenen wins 2014 EIB Prize 23 Major Review Teaching Prize: Dr Francesco Nava 23 Professor Lord Stern elected as Fellow of the Royal Society 24 Strong showing for Economics Department in Teaching Excellence Awards 24 Economics student wins Sir Robert Worcester Prize for exceptional academic
    [Show full text]
  • Curriculum Vitae · July 2020
    Michaela Pagel · Curriculum Vitae · July 2020 MICHAELA PAGEL Columbia Business School Division of Finance 3022 Broadway, Uris Hall, New York, NY 10027 +1 646 945 9339 [email protected] http://sites.google.com/site/michaelapagel/ ACADEMIC APPOINTMENTS 07/2018 Columbia Business School, Division of Finance: Roderick H. Cushman Associate Professor (untenured) 07/2014 Columbia Business School, Division of Economics and Finance: Assistant Professor AFFILIATIONS 10/2018 Research Network Affiliate, Center for Economic Studies (CES-ifo) 04/2017 Faculty Research Fellow, National Bureau of Economic Research (NBER) 10/2016 Research Affiliate, Center for Economic Policy Research (CEPR), Household Finance Network Member (Fall 2019) EDUCATION 2008-14 University of California at Berkeley: PhD in Economics Principal advisers: Matthew Rabin and Adam Szeidl Other references: Ulrike Malmendier, Nicholas Barberis, and Botond Koszegi Primary research interests: household finance and behavioral economics Secondary: macroeconomics and asset pricing 2004-08 University of Hamburg and Humboldt-University of Berlin, Germany: Diplom in Economics (Mas- ters Degree equivalent) PUBLICATIONS ? Sticking To Your Plan: Empirical Evidence on the Role of Present Bias for Credit Card Debt Paydown (joint with Theresa Kuchler, Journal of Financial Economics (JFE) 2019) ? Prospective Gain-Loss Utility: Ordered versus Separated Comparison (Journal of Economic Behavior & Organization (JEBO) 2019) ? Generational Differences in Managing Personal Finances (joint with Bruce Carlin and
    [Show full text]
  • Berliner Washington 0250E 10
    c Copyright 2012 Daniel Berliner Institutionalizing Transparency: The Global Spread of Freedom of Information in Law and Practice Daniel Berliner A dissertation submitted in partial fulfillment of the requirements for the degree of Doctor of Philosophy University of Washington 2012 Reading Committee: Aseem Prakash, Chair Margaret Levi James Caporaso Program Authorized to Offer Degree: Political Science University of Washington Abstract Institutionalizing Transparency: The Global Spread of Freedom of Information in Law and Practice Daniel Berliner Chair of the Supervisory Committee: Professor Aseem Prakash Political Science Transparency has been hailed as the key to better governance. Access to government information empowers citizens, enables journalists, constrains politicians, and exposes corruption. Yet for precisely these reasons, transparency is highly political. Most political actors prefer secrecy to openness, and oppose constraints on their range of action. Yet in over eighty countries, political actors have supported passage of freedom of information (FOI) laws. Even further, in most countries these laws are implemented and enforced in practice. What explains the global spread of freedom of information in both law and practice? In order to understand the global spread of FOI laws, I offer a model of institu- tionalization in two stages. In the first stage, FOI laws institutionalize transparency in rules and procedures which are costly to weaken or revoke at a later date | thereby making government commitments to transparency more credible. In the second stage, FOI laws are implemented and routinized in regular practice. Only once doubly in- stitutionalized will FOI laws be able to fulfill their promise of contributing to better governance. However, at both stages of institutionalization, political actors face pow- erful incentives to block adoption, take advantage of global norms, or decouple law from practice.
    [Show full text]
  • Nber Working Paper Series Investor Experiences And
    NBER WORKING PAPER SERIES INVESTOR EXPERIENCES AND FINANCIAL MARKET DYNAMICS Ulrike Malmendier Demian Pouzo Victoria Vanasco Working Paper 24697 http://www.nber.org/papers/w24697 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 June 2018 We thank Marianne Andries, Nick Barberis, Dirk Bergemann, Julien Cujean, Xavier Gabaix, Lawrence Jin, and workshop participants at LBS, LSE, NYU, Pompeu Fabra, Stanford, UC Berkeley, as well as the ASSA, NBER EFG Behavioral Macro, NBER Behavioral Finance, SITE (Psychology and Economics segment), SFB TR 15 (Tutzing, Germany) conferences for helpful comments. We also thank Felix Chopra, Marius Guenzel, Canyao Liu, Leslie Shen, and Jonas Sobott for excellent research assistance. 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. They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications. © 2018 by Ulrike Malmendier, Demian Pouzo, and Victoria Vanasco. 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. Investor Experiences and Financial Market Dynamics Ulrike Malmendier, Demian Pouzo, and Victoria Vanasco NBER Working Paper No. 24697 June 2018 JEL No. E03,G02,G11,G12 ABSTRACT How do macro-financial shocks affect investor behavior and market dynamics? Recent evidence suggests long-lasting effects of personally experienced outcomes on investor beliefs and investment but also significant differences across older and younger generations.
    [Show full text]