NBER


Political Economy
Cohort Studies
Public Economics
Asset Pricing
Corporate Finance
Health Economics

Behavioral Finance
Chinese Economy
Organizational Economics
Children
Education
Market Design

Political Economy

The NBER's Program on Political Economy met in Cambridge on April 4, 2014. Program Director Alberto Alesina of Harvard University chose these papers to discuss:

    Marina Azzimonti, FRB of Philadelphia, "Partisan Conflict"

    Roland Bénabou, Princeton University and NBER, and Davide Ticchi and Andrea Vindigni, IMT Institute for Advanced Studies Lucca, "Forbidden Fruits: The Political Economy of Science, Religion, and Growth"

    Pedro Bordalo, University of London; Nicola Gennaioli, Università Bocconi; and Andrei Shleifer, Harvard University and NBER, "Stereotypes"

    Amine Ouazad, INSEAD, and Romain Rancière, International Monetary Fund, "Credit Standards and Segregation"

    Joan Esteban, Instituto de Análisis Económico, CSIC; Massimo Morelli, Columbia University; and Dominic Rohner, University of Zurich, "Strategic Mass Killings"

    Erik Meyersson, SITE, Stockholm School of Economics, "Political Man on Horseback Military Coups and Development"

Summaries of these papers may be found at: https://www.nber.org/confer/2014/POLs14/summary.html

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Cohort Studies

The NBER's Working Group on Cohort Studies met in Cambridge on April 4, 2014. Working Group Director Dora Costa of the University of California, Los Angeles chose these papers to discuss:

    Ilona Koupil, Stockholm University, "Socioeconomic Inequalities in Health among Swedish Men and Women Born 1915-2010: Life Course and Intergenerational Effects across the Twentieth Century"

    Alissa Goodman, University of London; Elaine Kelly, Institute for Fiscal Studies; and James Smith, RAND Corporation, "Childhood Health in the United States and United Kingdom: A Cross-Cohort, Cross-National Comparison"

    Robert Levenson, University of California, Berkeley, "Emotional Diversity: Sources and Consequences"

    Lambert Lumey, Columbia University, "Early Life Determinants of Health and Socioeconomic Outcomes over the Lifecourse: Findings from the Dutch Famine 1944-45"

    Jonas Hjort, Columbia University; Mikkel Sølvsten, University California, Berkeley; and Miriam Wüst, Aarhus University, "Long-Run Returns to Universal Investments in Infant Health: Evidence from Denmark's Home Visiting Program"

    Randy Jirtle, University of Wisconsin, "Epigenetics"

    Gabriella Conti, University College London and NBER, "Beyond Birth Weight: The Origins of Health Capital"

Summaries of these papers may be found at: https://www.nber.org/confer/2014/CSs14/summary.html

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Public Economics

The NBER's Program on Public Economics met in Cambridge on April 10 and 11, 2014. Program Co-director Raj Chetty of Harvard University and Research Associate Emmanuel Saez of the University of California, Berkeley, chose these papers to discuss

    Mark Duggan and Amanda Starc, University of Pennsylvania and NBER, and Boris Vabson, The Wharton School of the University of Pennsylvania, "Who Benefits when the Government Pays More? Pass-Through in the Medicare Advantage Program"

    Marcus Hagedorn, Institute for Advanced Studies; Fatih Karahan, Federal Reserve Bank of New York; Iourii Manovskii, University of Pennsylvania and NBER; and Kurt Mitman, University of Pennsylvania, "Unemployment Benefits and Unemployment in the Great Recession: The Role of Macro Effects" (NBER Working Paper 19499)

    Koichiro Ito, Boston University and NBER, and James Sallee, University of Chicago and NBER, "The Economics of Attribute-Based Regulation: Theory and Evidence from Fuel-Economy Standards"

    Paul Carrillo, George Washington University, and Dina Pomeranz and Monica Singhal, Harvard University and NBER, "Tax Me if You Can: Evidence on Firm Misreporting Behavior and Evasion Substitution"

    Stefano Giglio, University of Chicago and NBER; Matteo Maggiori, New York University and NBER; and Johannes Stroebel, New York University, "Very Long-Run Discount Rates"

    Dayanand Manoli, University of Texas, Austin and NBER, and Nicholas Turner, Department of the Treasury, "The Impact of Taxpayer Notifications on EITC Use and Earnings"

    Robert McClelland and Shannon Mok, Congressional Budget Office, and Kevin Pierce, Statistics of Income, Internal Revenue Service, "Labor Force Participation Elasticities of Women and Secondary Earners within Married Couples"

    Victoria Bryant, Statistics of Income, Internal Revenue Service; David Grusky and Pablo Mitnik, Stanford University; and Michael Weber, Statistics of Income, Internal Revenue Service, "New Estimates of Intergenerational Economic Mobility Using Tax Return Data"

    Clemens Fuest, ZEW and the University of Mannheim, and Andreas Peichl and Sebastian Siegloch, IZA and the University of Cologne, "Do Higher Corporate Taxes Reduce Wages? Micro Evidence from Germany"

    Jeffrey Clemens, University of California, San Diego and NBER, and Joshua Gottlieb, University of British Columbia, "Bargaining in the Shadow of a Giant: Medicare's Influence on Private Payment Systems"

    Rafael Lalive, University of Lausanne; Camille Landais, London School of Economics; and Josef Zweimuller, University of Zurich, "Market Externalities of Large Unemployment Insurance Extension Programs"

Summaries of these papers may be found at: https://www.nber.org/confer/2014/PEs14/summary.html

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Asset Pricing

The NBER's Program on Asset Pricing met at the University of Chicago on April 11, 2014. Faculty Research Fellows Lauren Cohen and Christopher Malloy of the Harvard Business School organized the meeting and chose these papers to discuss:

    Lubos Pastor, University of Chicago and NBER; Robert Stambaugh, University of Pennsylvania and NBER; and Lucian Taylor, University of Pennsylvania, "Scale and Skill in Active Management"

    Ralph Koijen, London Business School, and Motohiro Yogo, Federal Reserve Bank of Minneapolis, "Shadow Insurance"

    Matthew Baron, Princeton University, and Wei Xiong, Princeton University and NBER, "Credit Expansion and Financial Instability: Evidence from Stock Prices"

    Marcin Kacperczyk, Imperial College and NBER; Jaromir Nosal, Columbia University; and Luminita Stevens, University of Maryland, "Investor Sophistication and Capital Income Inequality"

    Tarun Ramadorai and Cristian Badarinza, University of Oxford, "Preferred Habitats and Safe-Haven Effects: Evidence from the London Housing Market"

    Stefano Giglio, University of Chicago and NBER; Matteo Maggiori, New York University and NBER; and Johannes Stroebel, New York University, "Very Long-Run Discount Rates"

Summaries of these papers may be found at: https://www.nber.org/confer/2014/APs14/summary.html

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Corporate Finance

The NBER's Program on Corporate Finance met at the University of Chicago Booth School of Business on April 11, 2014. Research Associate Steven Kaplan and Faculty Research Fellow Kelly Shue, both of the University of Chicago Booth School of Business, chose these papers to discuss:

    Sumit Agarwal, National University of Singapore; Souphala Chomsisengphet, Department of the Treasury; Neale Mahoney, University of Chicago and NBER; and Johannes Stroebel, New York University, "Regulating Consumer Financial Products: Evidence from Credit Cards"(NBER Working Paper 19484)

    Samuel Hanson and Andrei Shleifer, Harvard University and NBER; Jeremy Stein, Federal Reserve Board of Governors; and Robert Vishny, University of Chicago and NBER, "Banks as Patient Fixed Income Investors"

    Andrew Ang, Columbia University and NBER; William Goetzmann, Yale University and NBER; and Ludovic Phalippou, University of Oxford, "Estimating Private Equity Returns from Limited Partner Cash Flows"

    Jongha Lim, University of Missouri, and Berk Sensoy and Michael Weisbach, Ohio State University, "Indirect Incentives of Hedge Fund Managers" (NBER Working Paper 18903)

    Itzhak Ben-David, Ohio State University and NBER; Ajay Palvia, Office of the Comptroller of the Currency; and Chester Spatt, Carnegie Mellon University and NBER, "Banks' Internal Capital Markets and Deposit Rates"

    Shai Bernstein, Stanford University, and Albert Sheen, Harvard University, "The Operational Consequences of Private Equity Buyouts: Evidence from the Restaurant Industry"

    Francisco Pérez-González, Stanford University and NBER, "The Death Sentence, Organizations and Firm Performance"

Summaries of these papers may be found at: https://www.nber.org/confer/2014/CFs14/summary.html

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Health Economics

The NBER's Program on Health Economics met in Cambridge on April 11, 2014. Program Director Michael Grossman of the City University of New York's Graduate Center, and Research Associate Theodore Joyce of Baruch College, chose these papers to discuss:

    Tom Chang, University of Southern California; Joshua Graff Zivin, University of California, San Diego and NBER; and Tal Gross and Matthew Neidell, Columbia University and NBER, "Particulate Pollution and the Productivity of Pear Packers" (NBER Working Paper 19944)

    Darius Lakdawalla, University of Southern California and NBER; Anup Malani, University of Chicago and NBER; and Julian Reif, University of Illinois, Urbana-Champaign, "The Insurance Value of Medical Innovation"

    Jason Hockenberry, Emory University and NBER; Jesse Margolis, City University of New York; Shin-Yi Chou, Lehigh University and NBER; and Michael Grossman, "Moral Hazard and Less Invasive Medical Treatment for Coronary Artery Disease: An Analysis of Smoking in the National Health Interview Survey"

    Robert Kaestner, University of Illinois and NBER, and Cuiping Long, University of Illinois, Chicago, "Effects of Prescription Drug Insurance on Hospitalization and Mortality: Evidence from Medicare Part D"

    David Cesarini and Christopher Dawes, New York University; Dalton Conley, New York University and NBER; and Benjamin Domingue and Jason Boardman, University of Colorado, "Socio-demographic and Genetic Aspects of Educational Attainment do not Moderate Each Other"

Summaries of these papers may be found at: https://www.nber.org/confer/2014/HEs14/summary.html

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Behavioral Finance

The Behavioral Economics Working Group held a meeting on Behavioral Finance at the University of Chicago on April 12, 2014. Faculty Research Fellow Amit Seru and Research Associate Amir Sufi, both of the University of Chicago, organized the meeting and chose these papers to discuss:

    Kenneth Ahern, University of Southern California, and Denis Sosyura, University of Michigan, "Rumor Has It: Sensationalism in Financial Media"

    Asaf Manela, Washington University in St. Louis, and Alan Moreira, Yale University, "News Implied Volatility and Disaster Concerns"

    Alexander Ljungqvist, New York University and NBER, and Wenlan Qian, National University of Singapore, "How Constraining Are Limits to Arbitrage? Evidence from a Recent Financial Innovation"

    Steve Foerster, University of Western Ontario; Juhani Linnainmaa, University of Chicago and NBER; Brian Melzer, Northwestern University; and Alessandro Previtero, University of Western Ontario, "The Costs and Benefits of Financial Advice"

    Cindy Soo, University of Michigan, "Quantifying Animal Spirits: News Media and Sentiment in the Housing Market"

    Kelly Shue, University of Chicago, and Richard Townsend, Dartmouth College, "Growth through Rigidity: Understanding Recent Trends in Executive Compensation"

    Benjamin Keys, University of Chicago, and Jialan Wang, Consumer Financial Protection Bureau, "Perverse Nudges: Minimum Payments and Debt Paydown in Consumer Credit Cards"

Summaries of these papers may be found at: https://www.nber.org/confer/2014/BEs14/summary.html

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Chinese Economy

The NBER's Working Group on the Chinese Economy met in Cambridge on April 25 and 26, 2014. Working Group Director Shang-Jin Wei of Columbia University and Research Associate Hanming Fang of the University of Pennsylvania organized the conference. They chose these papers to discuss:

    Siqi Zheng and Weizeng Sun, Tsinghua University, and Matthew Kahn, University of California, Los Angeles and NBER, "Internet Search as Social Learning: Implications for China's Housing Market Dynamics"

    Trevor Tombe, University of Calgary, and Xiaodong Zhu, University of Toronto, "Trade Liberalization, Internal Migration and Regional Income Differences: Evidence from China"

    Hui He, Feng Huang, and Dongming Zhu, Shanghai University of Finance and Economics, and Zheng Liu, Federal Reserve Bank of San Francisco, "Breaking the "Iron Rice Bowl" and Precautionary Savings: Evidence from Chinese State-Owned Enterprises Reform"

    Xue Bai, Pennsylvania State University; Kala Krishna, Pennsylvania State University and NBER; and Hong Ma, Tsinghua University, "How You Export Matters: Export Mode, Learning and Productivity in China"

    Myrto Kalouptsidi, Princeton University and NBER, "Detection and Impact of Industrial Subsidies: The Case of World Shipbuilding"

    Jennifer Carpenter and Fangzhou Lu, New York University, and Robert Whitelaw, New York University and NBER, "The Real Value of China's Stock Market"

    Wolfgang Keller and Carol Shiue, University of Colorado, Boulder and NBER, "Capital Markets and Colonial Institutions in China"

    Hanming Fang, and Quanlin Gu and Li-An Zhou, Peking University, "The Gradients of Power: Evidence from Chinese Housing Market"

    Yen-cheng Chang and Bin Zhao, Shanghai Advanced Institute of Finance; Harrison Hong, Princeton University and NBER; and Larissa Tiedens, Stanford Graduate School of Business, "Does Diversity Lead to Diverse Opinions? Evidence from Languages and Stock Markets"

    Shang-Jin Wei; Ziru Wei, Tsinghua University; and Jianhuan Xu, New York University, "Sizing up Market Failures in Export Pioneering Activities: Some Structural Estimation Evidence"

Summaries of these papers may be found at: https://www.nber.org/confer/2014/CEs14/summary.html

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Organizational Economics

The NBER's Working Group on Organizational Economics met in Cambridge on April 25 and 26, 2014. Working Group Director Robert Gibbons of MIT chose these papers to discuss:

    William Fuchs, University of California, Berkeley, and Luis Garicano and Luis Rayo, London School of Economics, "Optimal contracting and the organization of knowledge"

    Anton Kolotilin, University of New South Wales, "Optimal Information Disclosure: Quantity vs. Quality"

    Florian Englmaier, University of Munich; Andreas Roider, University of Regensburg; and Uwe Sunde, University of St. Gallen, "The Role of Communication of Performance Schemes: Evidence from a Field Experiment"

    Florian Ederer, Yale University, and Alexander Stremitzer, University of California, Los Angeles, "Promises and Expectations"

    Sendhil Mullainathan, Harvard University and NBER, and Sandip Sukhtankar, Dartmouth College, "Ownership Structure and Economic Outcomes: The Case of Sugarcane Mills in India"

    Eric Van den Steen, Harvard University, "Strategy and the Strategist: How it Matters Who Develops the Strategy"

    Nicola Lacetera, University of Toronto and NBER; Bradley Larsen, Stanford University; Devin Pope, University of Chicago and NBER; and Justin Sydnor, University of Wisconsin, "Bid Takers or Market Makers? The Effect of Auctioneers on Auction Outcomes" (NBER Working Paper 19731)

    David Cutler, Harvard University and NBER; Jonathan Skinner, Dartmouth College and NBER; Ariel Dora Stern, Harvard University; and David Wennberg, Dartmouth Institute for Health Policy & Clinical Practice, "Physician Beliefs and Patient Preferences: A New Look at Regional Variation in Health Care Spending" (NBER Working Paper 19320)

    Rongzhu Ke, Chinese University of Hong Kong; Jin Li, Northwestern University; and Michael Powell, Northwestern University, "Managing Careers in Organizations"

    Ricardo Alonso, University of Southern California, "Recruitment and Selection in Organizations"

    Christel Karsten, University of Amsterdam; Ulrike Malmendier, University of California, Berkeley and NBER; and Zacharias Sautner, Frankfurt School of Finance & Management, "M&A Negotiations and Lawyer Expertise"

Summaries of these papers may be found at: https://www.nber.org/confer/2014/OEs14/summary.html

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Children

The NBER's Program on Children met in Cambridge on May 15, 2014. Program Director Janet Currie of Princeton University chose these papers to discuss:

    Prashant Bharadwaj, University of California, San Diego and NBER, "Health Endowments and Unemployment during Macroeconomic Crises"

    Anna Aizer, Brown University and NBER; Adriana Lleras-Muney, University of California, Los Angeles and NBER; Joseph Ferrie, Northwestern University and NBER; and Shari Eli, University of Toronto, "The Long Run Impact of Cash Transfer Programs to Poor Families"

    Achyuta Adhvaryu, University of Michigan; Parul Christian, Alain Labrique, and Keith West, Jr., Johns Hopkins University; Snaebjorn Gunnsteinsson, University of Maryland; Jonathan Sugimoto, Fred Hutchinson Cancer Research Center; and Abu Shamim, JiVitA Bangladesh, "Vitamin A and Resilience to Early Life Shocks"

    Paul Gertler, University of California, Berkeley and NBER; Sally Grantham-Mcgregor, University College London, Institute of Child Health; James Heckman, University of Chicago and NBER; Rodrigo Pinto and Arianna Zanolini, University of Chicago; Christel Vermeersch, The World Bank; and Susan Chang and Susan Walker, University of the West Indies, "Labor Market Returns to a Early Childhood Stimulation Intervention in Jamaica"

    Petra Persson, Stanford University, and Maya Rossin-Slater, University of California, Santa Barbara, "Family Ruptures and Intergenerational Transmission of Grief"

    Lena Edlund, Columbia University and NBER, and Paola Valenti, Columbia University, "Should I Stay or Should I Go?"

Summaries of these papers may be found at: https://www.nber.org/confer/2014/CHEDs14/summary1.html

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Education

The NBER's Program on Education met in Cambridge on May 16, 2014. Program Director Caroline Hoxby of Stanford University chose these papers to discuss:

    Christopher Walters, University of California, Berkeley, "Inputs in the Production of Early Childhood Human Capital: Evidence from Head Start"

    Maria Fitzpatrick, Cornell University and NBER, "Intergovernmental (Dis)incentives Free-Riding Teacher Salaries and Teacher Pensions"

    Rebecca Dizon-Ross, MIT, "How Do School Accountability Reforms Affect Teachers? Evidence from New York City"

    Rajeev Darolia and Cory Koedel, University of Missouri, and Francisco Martorell and Katie Wilson, RAND Corporation, "Do Employers Prefer Workers Who Attend For-Profit Colleges? Evidence from a Field Experiment"

    Ben Marx, Columbia University, and Lesley Turner, University of Maryland, "Borrowing Trouble? Student Loans, the Cost of Borrowing, and Implications for the Effectiveness of Need-Based Grant Aid"

    Francisco Martorell, RAND Corporation; Isaac McFarlin, University of Michigan; and Kevin Stange, University of Michigan and NBER, "Investing in Schools: Capital Spending, School Conditions, and Student Achievement"

Summaries of these papers may be found at: https://www.nber.org/confer/2014/CHEDs14/summary.html

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Market Design

The NBER's Working Group on Market Design, co-directed by Susan Athey of Stanford University and Parag Pathak of MIT, met in Palo Alto on June 8 and 9, 2014. The working group co-directors chose these papers to discuss:

    Haluk Ergin, Duke University, and Tayfun Sonmez and Utku Unver, Boston College, "Living-Donor Lobar Liver/Lung Exchange"

    Yeon-Koo Che, Columbia University; Jinwoo Kim, Yonsei University; and Fuhito Kojima, Stanford University, "Stable Matching in Large Economies"

    Nicolas Lambert, Michael Ostrovsky, and Mikhail Panov, Stanford University, "Strategic Trading in Informationally Complex Environments"

    Nima Haghpanah and Jason Hartline, Northwestern University, "Reverse Mechanism Design"

    Umut Dur, North Carolina State University; Scott Duke Kominers, Harvard University; Parag Pathak; and Tayfun Sönmez, Boston College, "The Demise of Walk Zones in Boston: Priorities vs. Precedence in School Choice"

    Nikhil Agarwal, Yale University, and Paulo Somaini, MIT and NBER, "Identification and Estimation in Manipulable Assignment Mechanisms"

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

    Susan Athey, and Denis Nekipelov, University of Virginia, "Designing Large Advertising Markets When Agents Have Heterogeneous Objectives"

    Liran Einav and Jonathan Levin, Stanford University and NBER; Chiara Farronato, Stanford University; and Neel Sundaresan, eBay, "Sales Mechanisms in Online Markets: What Happened to Internet Auctions?"

    Lawrence Ausubel, University of Maryland, and Oleg Baranov, University of Colorado Boulder, "Revealed Preference in Bidding: Empirical Evidence from Recent Spectrum Auctions"

    Bradley Larsen, Stanford University, "The Efficiency of Dynamic, Post-Auction Bargaining: Evidence from Wholesale Used-Auto Auctions"

    Eric Budish, University of Chicago, and Judd Kessler, University of Pennsylvania, "Changing the Course Allocation Mechanism at Wharton"

Summaries of these papers may be found at: https://www.nber.org/confer/2014/MDs14/summary.html

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