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volume 130, issue 7, july 2022
1. title: estimating an equilibrium model of horizontal competition in education.
authors: bau, natalie.
abstract: the quality of the match between students and schools affects learning, but little is known about the magnitude of these effects or how they respond to changes in market structure. i develop a quantitative equilibrium model of school competition with horizontal competition in match quality. i estimate the model using data from pakistan, a country with high private enrollment, and (1) quantify the importance of good matches, (2) show that profit-maximizing private schools' choices of quality advantage wealthier students, increasing inequality and reducing welfare and learning, and (3) provide intuition for when interventions in the market are valuable.
2. title: the origins of firm heterogeneity: a production network approach.
authors: bernard, andrew b.; dhyne, emmanuel; magerman, glenn; manova, kalina; moxnes, andreas.
abstract: we explore firm size heterogeneity in production networks. in comprehensive data for belgium, firms with more customers have higher total sales but lower sales and lower market shares per customer. downstream factors, especially the number of customers, explain the vast majority of firm size dispersion. we rationalize these facts with a model of network formation and two-dimensional firm heterogeneity. higher productivity generates more matches and larger market shares among customers. higher relationship capability generates more customers and higher sales. model estimates suggest a strong negative correlation between productivity and relationship capability and potentially large welfare gains from improving relationship capability.
3. title: bail-ins and bailouts: incentives, connectivity, and systemic stability.
authors: bernard, benjamin; capponi, agostino; stiglitz, joseph e.
abstract: this paper endogenizes intervention in financial crises as the strategic negotiation between a regulator and creditors of distressed banks. incentives for banks to contribute to a voluntary bail-in arise from their exposure to financial contagion. in equilibrium, a bail-in is possible only if the regulator's threat to not bail out insolvent banks is credible. contrary to models without intervention or with government bailouts only, sparse networks enhance welfare for two main reasons: they improve the credibility of the regulator's no-bailout threat for large shocks, and they reduce free-riding incentives among bail-in contributors when the threat is credible.
4. title: measuring the private and social returns to r&d: unintended spillovers versus technology markets.
authors: arqu�-castells, pere; spulber, daniel f.
abstract: the canonical approach to measuring private and social returns to r&d assumes diffusion through spillovers. we develop a general framework that allows r&d to diffuse through both spillovers and voluntary technology transfers. to operationalize the framework, we create a data set of interactions in the market for technology between publicly held us firms. we use changes in tax incentives for r&d to identify causal effects. taking market channels into account decreases the observed difference between social and private returns to r&d as compared with the canonical approach. the analysis suggests significant gains from trade in markets for technology.
5. title: the causal impact of removing children from abusive and neglectful homes.
authors: bald, anthony; chyn, eric; hastings, justine; machelett, margarita.
abstract: this paper measures impacts of removing children from families investigated for abuse or neglect. we use removal tendencies of child protection investigators as an instrument. our analysis focuses on young children investigated before age 6 and finds that removal significantly increases test scores and reduces grade repetition for girls. there are no detectable impacts for boys. this pattern of results does not appear to be driven by heterogeneity in preremoval characteristics, foster placements, or types of schools attended after removal. the results are consistent with the hypothesis that development of abused and neglected girls is more responsive to home removal.
6. title: reevaluating the long-term impact of in utero exposure to the 1918 influenza pandemic.
authors: beach, brian; brown, ryan; ferrie, joseph; saavedra, martin; thomas, duncan.
abstract: our analysis highlights that cross-cohort comparisons of us birth cohorts fail to recover the causal effect of in utero exposure to the 1918 influenza pandemic. almond ([3]) argues that in utero exposure to the 1918 influenza pandemic reduced the 1919 birth cohort's adult socioeconomic status (ses). c. adult ses of males in the 1919 birth cohort conditional on background this subsection documents that the estimates of the 1919 birth cohort deficit in adult ses reported in almond ([3]) are overstated when background differences are not taken into account. the first, a cross-cohort approach, compares outcomes of the 1919 birth cohort, who were in utero at the time of the 1918 pandemic, with outcomes of comparison cohorts (1912-22).
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