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"2008-2017"
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The story of a heart
The first of our organs to form, the last to die, the heart is both a simple pump and the symbol of all that makes us human: as long as it continues to beat, we hope. One summer day, nine-year-old Keira suffered catastrophic injuries in a car accident. Though her brain and the rest of her body began to shut down, her heart continued to beat. In an act of extraordinary generosity, Keira's parents and siblings agreed that she would have wanted to be an organ donor. Meanwhile nine-year-old Max had been hospitalised for nearly a year with a virus that was causing his young heart to fail. When Max's parents received the call they had been hoping for, they knew it came at a terrible cost to another family. This is the unforgettable story of how one family's grief transformed into a lifesaving gift.
BOOK
Dividend Taxes and the Allocation of Capital
This paper investigates the 2013 threefold increase in the French dividend tax rate. Using administrative data covering the universe of firms from 2008 to 2017 and a quasi-experimental setting, we find that firms swiftly cut dividend payments and used this tax-induced increase in liquidity to invest more. Heterogeneity analyses show that firms with high demand and returns on capital responded most while no group of firms cut their investment. Our results reject models in which higher dividend taxes increase the cost of capital and show that the tax-induced increase in liquidity relaxes credit constraints, which can reduce capital misallocation.
Journal Article
Barack Obama : a life in American history
\"An essential resource for readers analyzing the presidency of Barack Obama, this book provides a comprehensive summary of the life of 44th president of the United States.\"-- Provided by publisher.
Book
3G Internet and Confidence in Government
How does mobile broadband internet affect approval of government? Using surveys of 840,537 individuals from 2,232 subnational regions in 116 countries in 2008-2017 from the Gallup World Poll and the global expansion of third generation (3G) mobile networks, we show that an increase in mobile broadband internet access reduces government approval. This effect is present only when the internet is not censored and is stronger when traditional media is censored. This effect is reversed in the few countries with the lowest corruption. 3G helps expose actual corruption in government: revelations of the Panama Papers and corruption incidents translate into higher perceptions of corruption in regions covered by 3G networks. The disillusionment of voters in governments had electoral implications: In Europe, the expansion of mobile broadband internet led to a decrease in the vote shares of incumbent parties and an increase in the vote shares of the antiestablishment populist opposition. The vote shares of the nonpopulist opposition were unaffected by the expansion of 3G networks.
Paper
Regressive Mortgage Credit Redistribution in the Post-Crisis Era
We document four secular trends about U.S. mortgage origination by traditional and FinTech lenders after the 2008-2009 financial crisis. First, since 2011, the overall number, size, and approval rate of small and medium-sized loans have been decreasing over time, relative to large loans. Second, the largest lenders redistribute their lending the most. Third, this loan-size redistribution of credit increases in the size of the lender. Fourth, the effects are stronger for mortgages further away from the conforming loan limit(s) in both directions. We argue that the supply of credit drives these secular trends, and we assess several potential economic mechanisms.
Journal Article
Temporary Stays and Persistent Gains
Six percent of children in the United States enter foster care by age 18. We estimate the effects of foster care on children’s outcomes by exploiting the quasi- random assignment of child welfare investigators in Michigan. We find that foster care improved children’s safety and educational outcomes. Gains emerged after children exited the foster system when most were reunified with their birth parents, suggesting that improvements made by their parents were an important mechanism. These results indicate that safely reducing the use of foster care, a goal of recent federal legislation, requires more effective in- home, prevention-focused efforts.
Journal Article
Age-Specific Income Trends in Europe: The Role of Employment, Wages, and Social Transfers
This study analyses age-specific differences in income trends in nine European countries. Based on data from National Accounts and the European Union Statistics on Income and Living Conditions, we quantify age-specific changes in income between 2008 and 2017 and decompose these changes into employment, wages, and public transfer components. Results show that income of the younger age groups stagnated or declined in most countries since 2008, while income of the older population increased. The decomposition analysis indicates that the main drivers of the diverging trends are higher employment among the older population and a strong increase in public pensions, especially for women.
Journal Article
Do Right-to-Work Laws Work? Evidence on Individuals’ Well-Being and Economic Sentiment
This paper investigates the effects of state right-to-work (RTW) laws on individuals’ well-being and economic sentiment. Using licensed microdata from Gallup between 2008 and 2017, this paper finds that the adoption of RTW laws is associated with a .029 SD and a .041 SD increase in individuals’ life satisfaction and economic sentiment, respectively. A difference-in-differences estimator suggests that these improvements are concentrated among union workers. These results are robust to entropy balancing and border-pair approaches. Moreover, these improvements in well-being are consistent with an increase in competition among unions, which prompts them to provide higher-quality services that are valued by their members.
Journal Article
Rational Inattention in the Infield
This paper provides evidence of rational inattention by experienced professionals in strategic interactions. We add rational inattention to a game of matching pennies with state-dependent payoffs. Unlike the full-information, mixed-strategy Nash equilibrium, payoffs of different actions need not be equated state by state. Moreover, players respond partially to payoff differences, this responsiveness is stronger when attention costs are lower, strategies converge to full-information Nash as stakes increase, and average payoffs across all states are approximately equal across actions. We test these predictions using data on millions of pitches from Major League Baseball, where we observe strategies, payoffs, and proxies for attention costs.
Journal Article
Does Sex Matter? The Role of Sexual and Relationship Satisfaction on Living Apart Together Relationship Transitions
There is limited understanding of how the aspects of sex and relationship quality are related to decisions on whether to move in together, separate or continue dating among living-apart together (LAT) couples. This paper focuses on sexual and relationship satisfaction in understanding LAT relationship transitions into coresidence or separation in Germany. The longitudinal prospective design of the German Panel Analysis of Intimate Relationships and Family Dynamics data (pairfam, waves 1-9) is used. Discrete-time competing risk hazard models on LAT relationship outcomes to coresidence or separation are estimated. The results underline the fact that sexual satisfaction is not related to LAT partners’ decision to move in together; however, higher levels of relationship satisfaction are positively related to the decision of moving in with a partner. The models reveal that low sexual and relationship satisfaction are associated with breaking-up relative to still living apart. This study highlights the importance of considering sexual satisfaction in understanding better the risk of separation from a LAT partner, in addition to the global indicator of relationship satisfaction.
Journal Article