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Browsing Working Papers by Issue Date
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(Cambridge, MA: Department of Economics; Massachusetts Institute of Technology, 2013-02-13)This paper presents a narrative of currency crises for the past two centuries. I use the Swan Diagram as a theoretical framework for this narrative and conclude that many so-called banking crises are in fact currency ...
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(Cambridge, MA: Department of Economics, Massachusetts Institute of Technology, 2013-02-13)This paper uses new data to extend the argument that there was an integrated wheat market in the late Roman Republic and early Roman Empire. I explore the meaning of randomness when data are scarce, and I investigate how ...
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(2013-02-05)We study the Ramsey policy problem in an economy in which firms face a collateral constraint. Issuing more public debt alleviates this friction by increasing the aggregate quantity of collateral. In so doing, however, the ...
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(Cambridge, MA: Department of Economics, Massachusetts Institute of Technology, 2013-01-24)An emerging literature argues that changes in the allocation of workplace “tasks” between capital and labor, and between domestic and foreign workers, has altered the structure of labor demand in industrialized countries ...
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(Cambridge, MA: Department of Economics, Massachusetts Institute of Technology, 2013-01-15)Whenever unemployment stays high for an extended period, it is common to see analyses, statements, and rebuttals about the extent to which the high unemployment is structural, not cyclical. This essay views the Beveridge ...
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(Cambridge, MA: Department of Economics, Massachusetts Institute of Technology, 2012-12-29)The lowest level of government in sub-Saharan Africa is often a cadre of chiefs who raise taxes, control the judicial system and allocate the most important scarce resource - land. Chiefs, empowered by colonial indirect ...
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(Cambridge, MA: Department of Economics, Massachusetts Institute of Technology, 2012-12-21)A ubiquitous and largely unquestioned assumption in studies of housing markets is that there is perfect information about local amenities. This paper measures the housing market and health impacts of 1,600 openings and ...
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(Cambridge, MA: Department of Economics, Massachusetts Institute of Technology, 2012-12-20)Adaptation is the only strategy that is guaranteed to be part of the world's climate strategy. Using the most comprehensive set of data files ever compiled on mortality and its determinants over the course of the 20th ...
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(Cambridge, MA: Department of Economics, Massachusetts Institute of Technology, 2012-12-05)In this paper we document first that, in contrast with their widely perceived excess returns, popular carry trade strategies yield low systemic-risk-adjusted returns. In particular, we show that carry trade returns are ...
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(Cambridge, MA: Department of Economics, Massachusetts Institute of Technology, 2012-11-30)We estimate the effect of the sharp reduction in credit supply following the 2008 financial crisis on the real economy. The identification strategy relies on the substantial heterogeneity in the degree to which banks cut ...
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(Cambridge, MA: Department of Economics, Massachusetts Institute of Technology, 2012-11-24)To study the short-run and long-run implications on wage inequality, we introduce directed technical change into a Ricardian model of offshoring. A unique final good is produced by combining a skilled and an unskilled ...
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Do labor market policies have displacement effects? Evidence from a clustered randomized experiment (Cambridge, MA: Department of Economics, Massachusetts Institute of Technology, 2012-11-10)This paper reports the results from a randomized experiment designed to evaluate the direct and indirect (displacement) impacts of job placement assistance on the labor market outcomes of young, educated job seekers in ...
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(Cambridge, MA: Department of Economics, Massachusetts Institute of Technology, 2012-09-10)The economic costs of environmental regulations have been widely debated since the U.S. began to restrict pollution emissions more than four decades ago. Using detailed production data from nearly 1.2 million plant ...
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(Cambridge, MA: Department of Economics, Massachusetts Institute of Technology, 2012-08-31)We provide explicit solutions for government spending multipliers during a liquidity trap and within a fixed exchange regime using standard closed and open-economy models. We confirm the potential for large multipliers ...
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(Cambridge, MA: Department of Economics, Massachusetts Institute of Technology, 2012-08-30)We provide an overview of recent research on belief and opinion dynamics in social networks. We discuss both Bayesian and non-Bayesian models of social learning and focus on the implications of the form of learning (e.g., ...
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Can't We All Be More Like Scandinavians? Asymmetric Growth and Institutions in an Interdepent World? (Cambridge, MA: Department of Economics, Massachusetts Institute of Technology, 2012-08-20)Because of their more limited inequality and more comprehensive social welfare systems, many perceive average welfare to be higher in Scandinavian societies than in the United States. Why then does the United States not ...
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(Cambridge, MA: Department of Economics, Massachusetts Institute of Technology, 2012-08-13)Comparison of the treatment of the needs for flexibility and stability in the income taxation of earnigns and Social Security and their treatment in the budgetary process.
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(Cambridge, MA: Department of Economics, Massachusetts Institute of Technology, 2012-07-31)We study cross-country insurance in a currency union with nominal price and wage rigidities. We provide two results that build the case for the creation of a fiscal union within a currency union. First, we show that, if ...
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(Cambridge, MA: Department of Economics, Massachusetts Institute of Technology, 2012-07-15)The economic costs of environmental regulations have been widely debated since the U.S. began to restrict pollution emissions more than four decades ago. Using detailed production data from nearly 1.2 million plant ...
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(2012-07-08)The United States Government recently concluded a year-long process to develop a range of values representing the monetized damages associated with an incremental increase in carbon dioxide (CO2) emissions, commonly referred ...
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