American Economic Review
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Peer Effects in Program Participation We estimate peer effects in paid paternity leave in Norway using a regression discontinuity design. Coworkers and brothers are 11 and 15 percentage points, respectively, more likely to take paternity leave if their peer was exogenously induced to take up leave. The most likely mechanism is information transmission, including increased knowledge of how an employer will react. The estimated... ...
American Economic Review - Tập 104 Số 7 - Trang 2049-2074 - 2014
Commitment and Conflict in Bilateral Bargaining Building on previous work by Schelling and Crawford, we study a model of bilateral bargaining in which negotiators can make binding commitments at a low positive cost c. Most of our results concern outcomes that survive iterated strict dominance. If commitment attempts never fail, there are three such outcomes. In two of them, all the surplus goes to one player. In the third, there is a h... ...
American Economic Review - Tập 98 Số 4 - Trang 1629-1635 - 2008
The Impact of the Massachusetts Health Care Reform on Health Care Use Among Children In 2006 Massachusetts enacted a major health care reform aimed at achieving near-universal coverage in the state. While other studies have found that this reform substantially affected the use of health services in general, the impact of the reform on children is largely unexplored. Children are of special interest to policymakers because it is widely believed that better health in early ... ...
American Economic Review - Tập 102 Số 3 - Trang 502-507 - 2012
Estimation and Inference of Impulse Responses by Local Projections This paper introduces methods to compute impulse responses without specification and estimation of the underlying multivariate dynamic system. The central idea consists in estimating local projections at each period of interest rather than extrapolating into increasingly distant horizons from a given model, as it is done with vector autoregressions (VAR). The advantages of local projectio... ...
American Economic Review - Tập 95 Số 1 - Trang 161-182 - 2005
Bond Risk Premia We study time variation in expected excess bond returns. We run regressions of one-year excess returns on initial forward rates. We find that a single factor, a single tent-shaped linear combination of forward rates, predicts excess returns on one-to five-year maturity bonds with R2 up to 0.44. The return-forecasting factor is countercyclical and forecasts stock retur... ...
American Economic Review - Tập 95 Số 1 - Trang 138-160 - 2005
The Rise of the Service Economy This paper analyzes the role of specialized high-skilled labor in the disproportionate growth of the service sector. Empirically, the importance of skill-intensive services has risen during a period of increasing relative wages and quantities of high-skilled labor. We develop a theory in which demand shifts toward more skill-intensive output as productivity rises, increasing the importanc... ...
American Economic Review - Tập 102 Số 6 - Trang 2540-2569 - 2012
Are Mergers Beneficial to Consumers? Evidence from the Market for Bank Deposits The general conclusion of the empirical literature is that in-market consolidation generates adverse price changes, harming consumers. Previous studies, however, look only at the short-run pricing impact of consolidation, ignoring effects that take longer to materialize. Using a database that includes detailed information on the deposit rates of individual banks in local markets for diffe... ...
American Economic Review - Tập 93 Số 4 - Trang 1152-1172 - 2003
Sticky Leverage We develop a tractable general equilibrium model that captures the interplay between nominal long-term corporate debt, inflation, and real aggregates. We show that unanticipated inflation changes the real burden of debt and, more significantly, leads to a debt overhang that distorts future investment and production decisions. For these effects to be both large and very persistent, it is e... ...
American Economic Review - Tập 106 Số 12 - Trang 3800-3828 - 2016
Financial Intermediation, International Risk Sharing, and Reserve Currencies I model the equilibrium risk sharing between countries with varying financial development. The most financially developed country takes greater risks because its financial intermediaries deal with funding problems better. In good times, the more financially developed country consumes more and runs a trade deficit financed by the higher financial income that it earns as compensation for ta... ...
American Economic Review - Tập 107 Số 10 - Trang 3038-3071 - 2017
Financial Crises, Dollarization, and Lending of Last Resort in Open Economies Foreign currency debt is considered a source of financial instability in emerging markets. We propose a theory in which liability dollarization arises from an insurance motive of domestic savers. Since financial crises are associated to depreciations, savers ask for a risk premium when saving in local currency. This force makes domestic currency debt expensive, and incentivizes borrowers ... ...
American Economic Review - Tập 110 Số 8 - Trang 2524-2557 - 2020
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