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We empirically analyze the pricing of political uncertainty, guided by a theo- retical model of government policy choice. After deriving the model’s predictions for option prices, we test those predictions in an international sample of national elections and global summits. We find that...
Persistent link: https://www.econbiz.de/10011142286
This paper examines how high cost mortgage lending varies by race and ethnicity. It uses a unique panel data that matches a representative sample of mortgages in seven large metropolitan markets between 2004 and 2008 to public records of housing transactions and proprietary credit reporting...
Persistent link: https://www.econbiz.de/10011099993
More than half of the variation across U.S. school districts in real K-12 education expenditures per student is due to differences between, rather than within, states. I study the welfare implications of redistribution of education expenditures by the Federal government, using an analytically...
Persistent link: https://www.econbiz.de/10011099994
The financial crisis highlighted the importance of systemic risks and of policies that can be employed to prevent and mitigate them. Several recent initiatives aim at establishing institutional frameworks for macro-prudential policy. As this process advances further, substantial uncertainties...
Persistent link: https://www.econbiz.de/10011107191
Under what conditions does cost-of-service regulation lead firms to distort costs? This paper analyzes changes in fuel procurement practices by coal- and natural gas-fired electricity generating plants in the United States following state-level legislation that ended cost-of-service regulation...
Persistent link: https://www.econbiz.de/10011107192
We assess the consequences of substantially increasing the marginal tax rate on U.S. top earners using a human capital model. We nd that (1) the peak of the model Laer curve occurs at a 52 percent top tax rate, (2) if human capital were exogenous, then the top of the Laer curve would occur at a...
Persistent link: https://www.econbiz.de/10011161339
This paper presents a unified theory of human capital with both health capital and, what we term, skill capital endogenously determined within the model. By considering joint investment in health capital and in skill capital, the model highlights similarities and differences in these two...
Persistent link: https://www.econbiz.de/10011263040
We study the effects of terrorism in Spain on birth outcomes, focusing on terrorism perpetrated by ETA, combining information on the number of bomb casualties from The Victims of ETA Dataset with the individual birth records from the national registry of live births in Spain, elaborated by the...
Persistent link: https://www.econbiz.de/10011095364
An open question in the literature is whether families compensate or reinforce the impact of child health shocks. Discussions usually focus on one dimension of child investment. This paper examines multiple dimensions using household survey data on Chinese child twins whose average age is 11. We...
Persistent link: https://www.econbiz.de/10011095365
We document very low takeâ€up of an energy efficiency program that is widely believed to be privately beneficial. Program participants receive a substantial home “weatherization†retrofit; all installation and equipment costs are covered by the program. Less than one percent of...
Persistent link: https://www.econbiz.de/10011124903