AbstractSchumpeter (1939) claims that recessions are periods of “creative destruction,” concentrating innovation that is useful for the long-term growth of the economy. However previous research finds that standard measures of firms’ innovation, such a…
AbstractWe estimate the distribution of well-being among the older U.S. population using an expected utility framework that incorporates differences in consumption, leisure, health, and mortality. We find large disparities in welfare that have increase…
AbstractThis paper explores the adoption choice of electronic medical records by U.S. hospitals, which could exhibit strategic complements or substitutes. I find complementarities in adoption through a reduced-form analysis with instruments for unobser…
AbstractPoliticizing the investigation of politically active groups is harmful for both the justice system and democratic accountability. I test whether members of the U.S. Congress affect the investigation and prosecution of politically active labor u…
AbstractThis paper tests costly attention models of consumers’ misreaction to opaque taxes. We report an online shopping experiment that involves shrouded sales taxes that are exogenously varied within consumers over time. Some consumers systematically…
AbstractUsing data on primary school children and their teachers, we show that teachers who hold prejudicial attitudes towards an ethnic group create socially and spatially segregated classrooms. Leveraging a natural experiment where newly arrived refu…
AbstractWe investigate whether the Federal Reserve has responded systematically to house and stock prices and whether this response has changed over time using a Bayesian structural VAR model with time-varying parameters and stochastic volatility. To r…
AbstractPublic procurement bodies increasingly resort to pay-for-performance contracts to promote efficient spending. We show that firm responses to pay-for-performance can widen the inequality in accessing social services. Focusing on the quality bonu…
AbstractAggregate productivity suffers when workers and machines are not matched with their most productive uses. This paper builds a model that features industry-specific markups, industry-specific returns to scale, and establishment-specific distorti…