National Bureau of Economic Research

Testing Greenspan’s ‘Spare Tire’ Hypothesis: Benefits of Shareholder Protection Laws during Banking Crises

Firm-level data across 36 countries suggests that shareholder protection laws do mitigate the adverse consequences of banking crises by allowing stock markets to act as an alternative source of financing.

Grandma Retires: How a New Grandchild Changes a Woman’s Career Choices

A new study analyzes the effects of a new grandchild on a grandmother’s labor force participation and attempts to connect caring for grandchildren with retirement choices.

Aligning Incentives: The Effectiveness of Performance-Based Pay for Tax Officials

After being randomly assigned to a performance-based incentive structure, tax officials in Pakistan had significantly higher levels of revenue collection. This result suggests a potential solution to the widespread corruption and low collection rates of tax authorities in developing countries.

Late Retirement Bonus: How the Government can Incentivize Working Longer

A new study finds that individuals increase the age in which they intend to claim Social Security benefits when they are offered lump sums instead of and equal to their future benefit increases.

The “Brand Premium”: Measuring the Welfare Consequences of Advertising on Consumers

New research finds that misinformation plays a significant role in the brand choices of consumers for most healthcare items and pantry staples, concluding that marketing and advertising campaigns have a negative impact on consumer welfare.

Scaling Back Quantitative Easing: Domestic Recovery at a Foreign Cost

Federal Reserve announcements about “tapering,” or reducing the level of quantitative easing, had significant negative impacts on financial asset prices in otherwise robust emerging market economies.

No Gains From Good Governance?: Why Foreign Companies Opt Out of Strict Regulatory Practices

Foreign companies that cross-list on US stock exchanges can make substantial financial gains from adopting US corporate governance practices yet firms overwhelmingly choose to opt out, suggesting substantial private opportunity costs from stricter regulations.

Reevaluating Openness to Trade: Estimating the True Potential Gains from the Service Industry

New research finds that potential welfare gains from trade liberalization are likely highly underestimated because international trade statistics fail to capture the true economic impact of tradable services.

Widening the Gap: China’s Land Reform and Gender Disparities

The main culprit for China’s gender gap expansion in the early 1980s might have been the post-Mao land reform rather than the One Child Policy.

Discounts at the Pump: How Much is Cheap Gas Really Costing Us?

Gasoline and diesel subsidies have been criticized for encouraging excess consumption, but the total global economic cost is truly staggering, representing an annual welfare loss worth four percent of the total market for fuel.

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