Central Bank Balance Sheet Policies Without Rational Expectations 30 January 2023 Luigi Iovino and Dmitriy SergeyevWe study the effects of central bank balance sheet policies—namely, quantitative easing and foreign exchange interventions—in a model where people form expectations through an iterative level-k thinking process.
Stalled Racial Progress and Japanese Trade in the 1970s and 1980s 24 January 2023 Mary Kate Batistich and Timothy N. BondWe assess the impact of a rapid rise in Japanese import competition on the growth in racial earnings and employment gaps during the 1970s and 80s.
Hinterlands, city formation and growth: Evidence from the U.S. westward expansion 24 January 2023 Dávid Krisztián NagyI study how geography shaped city formation and aggregate development in the United States prior to the Civil War. To guide my analysis, I present a conjecture that cities’ farm hinterlands fostered both city development and aggregate growth: the hinterland hypothesis.
Estimating Production Functions of Multiproduct Firms 22 January 2023 Nelli ValmariMultiproduct firms constitute a considerable share of firms and account for an even greater share of production. Nevertheless, the vast majority of production function estimates are based on the assumption that firms are single-product manufacturers.
Inference for Ranks with Applications to Mobility across Neighborhoods and Academic Achievement across Countries 22 January 2023 Magne Mogstad, Joseph P. Romano, Azeem M. Shaikh, and Daniel WilhelmIt is often desired to rank different populations according to the value of some feature of each population. For example, it may be desired to rank neighborhoods according to some measure of intergenerational mobility or countries according to some measure of academic achievement. These rankings are invariably computed using estimates rather than the true values of these features.
REStud North America Tour 2023 - host venues announcedREStud North America Tour 2023 – host venues announced 18 January 2023 The 2023 North America Tour will be hosted by Brown University, Rice University, and (jointly) the St. Louis Fed and Washington University of St. Louis.
Inference for Linear Conditional Moment Inequalities 13 January 2023 Isaiah Andrews, Jonathan Roth, and Ariel PakesWe show that moment inequalities in a wide variety of economic applications have a particular linear conditional structure.
Retraction of: Growing up in a Recession 11 January 2023 This is a retraction of: Paola Giuliano, Antonio Spilimbergo, Growing up in a Recession, The Review of Economic Studies, Volume 81, Issue 2, April 2014, Pages 787–817.
