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The Economic Assimilation of Irish Famine Migrants to the United States

Collins, William J. - 2018

The repeated failure of Ireland's potato crop in the late 1840s led to a major famine and a surge in migration to the … descriptive analysis of mobility for the famine-era Irish sons indicates that more Catholic surnames and birth in Ireland were … decline in the observable human capital of famine-era Irish migrants compared to pre-famine Irish migrants and to other groups …

Persistent link: https://www.econbiz.de/10012480938

High-Dimensional Factor Models and the Factor Zoo

Lettau, Martin - National Bureau of Economic Research - 2023

This paper proposes a new approach to the "factor zoo" conundrum. Instead of applying dimension-reduction methods to a large set of portfolios obtained from sorts on characteristics, I construct factors that summarize the information in characteristics across assets and then sort assets into...

Persistent link: https://www.econbiz.de/10014372475

3D-PCA : Factor Models with Restrictions

Lettau, Martin - National Bureau of Economic Research - 2024

This paper proposes latent factor models for multidimensional panels called 3D-PCA. Factor weights are constructed from a small set of dimension-specific building blocks, which give rise to proportionality restrictions of factor weights. While the set of feasible factors is restricted, factors...

Persistent link: https://www.econbiz.de/10014512115

Sparse Modeling Under Grouped Heterogeneity with an Application to Asset Pricing

Cong, Lin William; Feng, Guanhao; He, Jingyu; Li, Junye - National Bureau of Economic Research - 2023

Sparse models, though long preferred and pursued by social scientists, can be ineffective or unstable relative to large models, for example, in economic predictions (Giannone et al., 2021). To achieve sparsity for economic interpretation while exploiting big data for superior empirical...

Persistent link: https://www.econbiz.de/10014322811

Accounting for Environmental Activity : Measuring Public Environmental Expenditures and the Environmental Goods and Services Sector in the US

Fixler, Dennis J.; Hass, Julie L.; Highfill, Tina; … - National Bureau of Economic Research - 2023

How much of the economy is focused on protecting, rehabilitating, or managing the environment? To answer this question, we develop a proof-of-concept environmental activity account to quantify the environmental goods and services sector (EGSS) in the United States. Methodologically, we employ a...

Persistent link: https://www.econbiz.de/10014337807

Technology and Labor Displacement : Evidence from Linking Patents with Worker-Level Data

Kogan, Leonid; Papanikolaou, Dimitris; Schmidt, Lawrence; … - National Bureau of Economic Research - 2023

We develop measures of labor-saving and labor-augmenting technology exposure using textual analysis of patents and job tasks. Using US administrative data, we show that both measures negatively predict earnings growth of individual incumbent workers. While labor-saving technologies predict...

Persistent link: https://www.econbiz.de/10014436977

Measuring Economic Growth with a Fully Identified Three-Signal Model

Civelli, Andrea; Gaduh, Arya; Yousuf, Ahmed Sadek - National Bureau of Economic Research - 2023

parameters without ad-hoc calibrations of the GDP's signal-to-noise ratio. We characterize the necessary properties of the third … signal. Using the model, we recover the optimal weight of the GDP in the composite economic growth estimates, which varies …

Persistent link: https://www.econbiz.de/10014322903

Population and Welfare : The Greatest Good for the Greatest Number

Adhami, Mohamad; Bils, Mark; Jones, Charles I.; Klenow, … - National Bureau of Economic Research - 2023

Economic growth is typically measured in per capita terms. But social welfare should arguably include the number of people as well as their standard of living. We decompose social welfare growth -- measured in consumption-equivalent (CE) units -- into contributions from rising population and...

Persistent link: https://www.econbiz.de/10014447320

Revisiting Productivity Dynamics in Europe : A New Measure of Utilization-Adjusted TFP Growth

Comin, Diego; Quintana, Javier; Schmitz, Tom; Trigari, … - National Bureau of Economic Research - 2023

We compute new estimates for Total Factor Productivity (TFP) growth in five European countries and in the United States. Departing from standard methods, we account for positive profits and use firm surveys to proxy for unobserved changes in factor utilization. These novelties have a major...

Persistent link: https://www.econbiz.de/10014247926

Wealth and Property Taxation in the United States

Dray, Sacha; Landais, Camille; Stantcheva, Stefanie - National Bureau of Economic Research - 2023

We study the history and geography of wealth accumulation in the US, using newly collected historical property tax records since the early 1800s. The US General Property Tax was a comprehensive tax on all types of property (real, personal, and financial), making it one of the first "wealth...

Persistent link: https://www.econbiz.de/10014247998