cometadata/datacite-titles-descriptions-related-identifiers huggingface dataset:
DOI: 10.3886/e114090
title: Replication data for: Bank Leverage Cycles

description: We propose a general equilibrium framework with financial intermediaries subject to endogenous leverage constraints, and assess its ability to explain the observed fluctuations in intermediary leverage and real economic activity. In the model, intermediaries ("banks") borrow in the form of short-term risky debt. The presence of risk-shifting moral hazard gives rise to a leverage constraint, and creates a link between the volatility in bank asset returns and leverage. Unlike TFP or capital quality shocks, volatility shocks produce empirically plausible fluctuations in bank leverage. The model replicates well the fall in leverage, assets, and GDP during the 2007-2009 financial crisis.
DOI: 10.3886/e114091v1
title: Replication data for: Optimal Sovereign Default

description: When is it optimal for a fully committed government to default on its legal repayment obligations? Considering a small open economy with domestic production risk and noncontingent government debt, we show that it is ex ante optimal to occasionally deviate from the legal repayment obligation and to repay debt only partially. This holds true even if default generates significant deadweight costs ex post. A quantitative analysis reveals that default is optimal only in response to persistent disaster-like shocks to domestic output. Applying the framework to the situation in Greece, we find that optimal default policies suggest a considerably larger and more timely default than the one actually implemented in the year 2012.
DOI: 10.3886/e113045
title: Replication data for: Misallocation and the Distribution of Global Volatility

description: Decreasing returns at the macro level are an outcome of efficiency at the micro level. When inputs are scarce, an efficient economy carries out only the most productive projects; when inputs are abundant, the economy implements less productive projects as well. This link between decreasing returns and efficiency suggests that misallocation can reduce the extent of aggregate decreasing returns. I formalize this connection and establish two main results: (i) misallocation amplifies the volatility of output with respect to fluctuations in inputs; and (ii) financial integration amplifies shocks in relatively distorted economies, but mitigates them in less distorted economies.
DOI: 10.3886/e113045v1
title: Replication data for: Misallocation and the Distribution of Global Volatility

description: Decreasing returns at the macro level are an outcome of efficiency at the micro level. When inputs are scarce, an efficient economy carries out only the most productive projects; when inputs are abundant, the economy implements less productive projects as well. This link between decreasing returns and efficiency suggests that misallocation can reduce the extent of aggregate decreasing returns. I formalize this connection and establish two main results: (i) misallocation amplifies the volatility of output with respect to fluctuations in inputs; and (ii) financial integration amplifies shocks in relatively distorted economies, but mitigates them in less distorted economies.
DOI: 10.3886/e113080
title: Replication data for: Legal Origins and Female HIV

description: More than one-half of all people living with HIV are women, and 80 percent of all HIV-positive women in the world live in sub-Saharan Africa. This paper demonstrates that the legal origins of these formerly colonized countries significantly determine current-day female HIV rates. In particular, female HIV rates are significantly higher in common law sub-Saharan African countries compared to civil law ones. This paper explains this relationship by focusing on differences in female property rights under the two codes of law. In sub-Saharan Africa, common law is associated with weaker female marital property laws. As a result, women in these common law countries have lower bargaining power within the household and are less able to negotiate safe sex practices and are thus more vulnerable to HIV, compared to their civil law counterparts. Exploiting the fact that some ethnic groups in sub-Saharan Africa cross country borders with different legal systems, we are able to include ethnicity fixed effects into a regression discontinuity approach. This allows us to control for a large set of cultural, geographical, and environmental factors that could be confounding the estimates. The results of this paper are consistent with gender inequality (the "feminization" of AIDS), explaining much of its prevalence in sub-Saharan Africa.
DOI: 10.3886/e113080v1
title: Replication data for: Legal Origins and Female HIV

description: More than one-half of all people living with HIV are women, and 80 percent of all HIV-positive women in the world live in sub-Saharan Africa. This paper demonstrates that the legal origins of these formerly colonized countries significantly determine current-day female HIV rates. In particular, female HIV rates are significantly higher in common law sub-Saharan African countries compared to civil law ones. This paper explains this relationship by focusing on differences in female property rights under the two codes of law. In sub-Saharan Africa, common law is associated with weaker female marital property laws. As a result, women in these common law countries have lower bargaining power within the household and are less able to negotiate safe sex practices and are thus more vulnerable to HIV, compared to their civil law counterparts. Exploiting the fact that some ethnic groups in sub-Saharan Africa cross country borders with different legal systems, we are able to include ethnicity fixed effects into a regression discontinuity approach. This allows us to control for a large set of cultural, geographical, and environmental factors that could be confounding the estimates. The results of this paper are consistent with gender inequality (the "feminization" of AIDS), explaining much of its prevalence in sub-Saharan Africa.
DOI: 10.3886/e113299
title: Replication data for: Not All Oil Price Shocks Are Alike: Disentangling Demand and Supply Shocks in the Crude Oil Market

description: Shocks to the real price of oil may reflect oil supply shocks, shocks to the global demand for all industrial commodities, or demand shocks that are specific to the crude oil market. Each shock has different effects on the real price of oil and on US macroeconomic aggregates. Changes in the composition of shocks help explain why regressions of macroeconomic aggregates on oil prices tend to be unstable. Evidence that the recent surge in oil prices was driven primarily by global demand shocks helps explain why this shock so far has failed to cause a major recession in the United States. (JEL E31, E32, Q41, Q43)
DOI: 10.3886/e113299v1
title: Replication data for: Not All Oil Price Shocks Are Alike: Disentangling Demand and Supply Shocks in the Crude Oil Market

description: Shocks to the real price of oil may reflect oil supply shocks, shocks to the global demand for all industrial commodities, or demand shocks that are specific to the crude oil market. Each shock has different effects on the real price of oil and on US macroeconomic aggregates. Changes in the composition of shocks help explain why regressions of macroeconomic aggregates on oil prices tend to be unstable. Evidence that the recent surge in oil prices was driven primarily by global demand shocks helps explain why this shock so far has failed to cause a major recession in the United States. (JEL E31, E32, Q41, Q43)
DOI: 10.3886/e113300
title: Replication data for: Bureaucratic Minimal Squawk Behavior: Theory and Evidence from Regulatory Agencies

description: This paper develops a model in which a desire to avoid criticism prompts otherwise public-spirited bureaucrats to behave inefficiently. Decisions are taken to keep interest groups quiet and to keep mistakes out of the public eye. The policy implications of this "minimal squawk" behavior are at odds with the view that agencies should be structured to minimize the threat of "capture." An empirical test using data from US State Public Utility Commissions rejects the capture hypothesis and is consistent with the squawk hypothesis: longer PUC terms of office are associated with a higher incidence of rate reviews and lower household electricity bills. (JEL D73, L51, L97, L98)
DOI: 10.3886/e113300v1
title: Replication data for: Bureaucratic Minimal Squawk Behavior: Theory and Evidence from Regulatory Agencies

description: This paper develops a model in which a desire to avoid criticism prompts otherwise public-spirited bureaucrats to behave inefficiently. Decisions are taken to keep interest groups quiet and to keep mistakes out of the public eye. The policy implications of this "minimal squawk" behavior are at odds with the view that agencies should be structured to minimize the threat of "capture." An empirical test using data from US State Public Utility Commissions rejects the capture hypothesis and is consistent with the squawk hypothesis: longer PUC terms of office are associated with a higher incidence of rate reviews and lower household electricity bills. (JEL D73, L51, L97, L98)
DOI: 10.3886/e113301
title: Replication data for: Economic Catastrophe Bonds

description: The central insight of asset pricing is that a security's value depends both on its distribution of payoffs across economic states and on state prices. In fixed income markets, many investors focus exclusively on estimates of expected payoffs, such as credit ratings, without considering the state of the economy in which default occurs. Such investors are likely to be attracted to securities whose payoffs resemble economic catastrophe bonds—bonds that default only under severe economic conditions. We show that many structured finance instruments can be characterized as economic catastrophe bonds, but offer far less compensation than alternatives with comparable payoff profiles. (JEL G11, G12)
DOI: 10.3886/e113301v1
title: Replication data for: Economic Catastrophe Bonds

description: The central insight of asset pricing is that a security's value depends both on its distribution of payoffs across economic states and on state prices. In fixed income markets, many investors focus exclusively on estimates of expected payoffs, such as credit ratings, without considering the state of the economy in which default occurs. Such investors are likely to be attracted to securities whose payoffs resemble economic catastrophe bonds—bonds that default only under severe economic conditions. We show that many structured finance instruments can be characterized as economic catastrophe bonds, but offer far less compensation than alternatives with comparable payoff profiles. (JEL G11, G12)
DOI: 10.3886/e113553
title: Replication data for: The Social Multiplier and Labor Market Participation of Mothers

description: In France, as in the US, a mother's labor market participation is influenced by the sex composition of her two eldest siblings. This paper shows that it is also affected by the sex composition of the eldest siblings of the other mothers living in the same close neighborhood. Using the sex composition of neighbors' eldest siblings as an instrumental variable, we identify a significant elasticity of own labor market participation to neighbors' participation. We present supportive evidence by comparing the estimates under two regimes for family benefits (pre- and post-1994 reform) and using quarter of birth as an alternative instrument. (JEL J16, J22)
DOI: 10.3886/e113553v1
title: Replication data for: The Social Multiplier and Labor Market Participation of Mothers

description: In France, as in the US, a mother's labor market participation is influenced by the sex composition of her two eldest siblings. This paper shows that it is also affected by the sex composition of the eldest siblings of the other mothers living in the same close neighborhood. Using the sex composition of neighbors' eldest siblings as an instrumental variable, we identify a significant elasticity of own labor market participation to neighbors' participation. We present supportive evidence by comparing the estimates under two regimes for family benefits (pre- and post-1994 reform) and using quarter of birth as an alternative instrument. (JEL J16, J22)
DOI: 10.3886/e113554
title: Replication data for: Separated at Girth: US Twin Estimates of the Effects of Birth Weight

description: The fetal origins hypothesis asserts that nutrient deprivation in utero can raise chronic disease risk. Within economics, this hypothesis has gained acceptance as a leading explanation for the correlations between birth weight, a proxy for fetal nutrient intake, and adult outcomes. Exploiting birth-weight differences between twins using (a) a newlycreated dataset of twins from 1960-1982 California birth records and (b) the Early Childhood Longitudinal Study Birth Cohort, I find birth weight is related to educational attainment, later pregnancy complications, and the birth weight of the next generation. These effects are generally small. However, the protective effects of birth weight vary across the birth-weight distribution. (JEL: I12, I21, J13)
DOI: 10.3886/e113554v1
title: Replication data for: Separated at Girth: US Twin Estimates of the Effects of Birth Weight

description: The fetal origins hypothesis asserts that nutrient deprivation in utero can raise chronic disease risk. Within economics, this hypothesis has gained acceptance as a leading explanation for the correlations between birth weight, a proxy for fetal nutrient intake, and adult outcomes. Exploiting birth-weight differences between twins using (a) a newlycreated dataset of twins from 1960-1982 California birth records and (b) the Early Childhood Longitudinal Study Birth Cohort, I find birth weight is related to educational attainment, later pregnancy complications, and the birth weight of the next generation. These effects are generally small. However, the protective effects of birth weight vary across the birth-weight distribution. (JEL: I12, I21, J13)
DOI: 10.3886/e113555
title: Replication data for: Sticking with Your Vote: Cognitive Dissonance and Political Attitudes

description: Cognitive dissonance theory predicts that the act of voting for a candidate leads to a more favorable opinion of the candidate in the future. We find support for the empirical relevance of cognitive dissonance to political attitudes. We examine the presidential opinion ratings of voting-age eligibles and ineligibles two years after the president's election. We find that eligibles show two to three times greater polarization of opinions than comparable ineligibles. We find smaller effects when we compare polarization in opinions of senators elected during high turnout presidential campaign years with senators elected during nonpresidential campaign years. (JEL D72)
DOI: 10.3886/e113555v1
title: Replication data for: Sticking with Your Vote: Cognitive Dissonance and Political Attitudes

description: Cognitive dissonance theory predicts that the act of voting for a candidate leads to a more favorable opinion of the candidate in the future. We find support for the empirical relevance of cognitive dissonance to political attitudes. We examine the presidential opinion ratings of voting-age eligibles and ineligibles two years after the president's election. We find that eligibles show two to three times greater polarization of opinions than comparable ineligibles. We find smaller effects when we compare polarization in opinions of senators elected during high turnout presidential campaign years with senators elected during nonpresidential campaign years. (JEL D72)
DOI: 10.3886/e113556v1
title: Replication data for: A Cautionary Tale about the Use of Administrative Data: Evidence from Age of Marriage Laws

description: This paper demonstrates that administrative data may be inferior to survey data under particular circumstances. We examine the effect of state laws governing the minimum age of marriage in the United States. The estimated effects of these laws are much smaller when based on retrospective reports from census versus administrative records from Vital Statistics data. This discrepancy appears due to systematic avoidance behavior of two kinds. Some young people marry in states with less restrictive laws; others appear to have misrepresented their age on their marriage certificate. Our results have important implications regarding legal avoidance and the use of administrative data. (JEL J12 K36)
DOI: 10.3886/e113819
title: Replication data for: Castes and Labor Mobility

description: We examine the relative fortunes of the historically disadvantaged scheduled castes and tribes (SC/ST) in India in terms of their education attainment, occupation choices, consumption and wages. We study the period 1983-2005 using household survey data from successive rounds of the National Sample Survey. We find that this period has been characterized by a significant convergence of education, occupation distribution, wages and consumption levels of SC/STs toward non-SC/ST levels. Using various decomposition approaches we find that the improvements in education account for a major part of the wage and consumption convergence. (JEL I24, O15, O17, Z13)
DOI: 10.3886/e113820
title: Replication data for: What Makes Firm-Based Vocational Training Schemes Successful? The Role of Commitment

description: This paper studies a possible market failure in the firm-based vocational training market: training may be too complex to be specified in a contract so that it is legally enforceable, resulting in the inability of firms to commit to training provision. We present a model of firm provided training and show that training is substantially lower in the no commitment than in the commitment case. Thus, firm-based vocational training schemes are more successful in countries where commitment to training provision is more widespread. (JEL J24, L25, M12, M53)
DOI: 10.3886/e113820v1
title: Replication data for: What Makes Firm-Based Vocational Training Schemes Successful? The Role of Commitment

description: This paper studies a possible market failure in the firm-based vocational training market: training may be too complex to be specified in a contract so that it is legally enforceable, resulting in the inability of firms to commit to training provision. We present a model of firm provided training and show that training is substantially lower in the no commitment than in the commitment case. Thus, firm-based vocational training schemes are more successful in countries where commitment to training provision is more widespread. (JEL J24, L25, M12, M53)
DOI: 10.3886/e113821
title: Replication data for: Reexamining the Impact of Family Planning Programs on US Fertility: Evidence from the War on Poverty and the Early Years of Title X

description: Almost 50 years after domestic US family planning programs began, their effects on childbearing remain controversial. Using the county-level roll-out of these programs from 1964 to 1973, this paper reevaluates their shorter and longer term effects on US fertility rates. I find that the introduction of family planning is associated with significant and persistent reductions in fertility driven both by falling completed childbearing and childbearing delay. Although federally funded family planning accounted for a small portion of the post-baby boom US fertility decline, my estimates imply that they reduced childbearing among poor women by 19 to 30 percent. (JEL I38, J12, J13, J18)
DOI: 10.3886/e113821v1
title: Replication data for: Reexamining the Impact of Family Planning Programs on US Fertility: Evidence from the War on Poverty and the Early Years of Title X

description: Almost 50 years after domestic US family planning programs began, their effects on childbearing remain controversial. Using the county-level roll-out of these programs from 1964 to 1973, this paper reevaluates their shorter and longer term effects on US fertility rates. I find that the introduction of family planning is associated with significant and persistent reductions in fertility driven both by falling completed childbearing and childbearing delay. Although federally funded family planning accounted for a small portion of the post-baby boom US fertility decline, my estimates imply that they reduced childbearing among poor women by 19 to 30 percent. (JEL I38, J12, J13, J18)
DOI: 10.3886/e113822
title: Replication data for: The Economic Benefits of Pharmaceutical Innovations: The Case of Cox-2 Inhibitors

description: Despite dramatic improvements in medical technology, little attention has been paid to the role of these innovations in improving economic outcomes. This study estimates the labor supply effects of Cox-2 inhibitors, a widely prescribed class of pharmaceuticals used for the treatment of chronic pain and inflammation and primarily marketed under the brand names Vioxx, Celebrex, and Bextra. This paper exploits the removal of Vioxx from the market in 2004 as an exogenous change in drug use. This removal was associated with a 0.35 percentage point decrease in overall labor force participation and $19 billion in lost wages. (JEL I12, J22, L65, O31).
DOI: 10.3886/e113822v1
title: Replication data for: The Economic Benefits of Pharmaceutical Innovations: The Case of Cox-2 Inhibitors

description: Despite dramatic improvements in medical technology, little attention has been paid to the role of these innovations in improving economic outcomes. This study estimates the labor supply effects of Cox-2 inhibitors, a widely prescribed class of pharmaceuticals used for the treatment of chronic pain and inflammation and primarily marketed under the brand names Vioxx, Celebrex, and Bextra. This paper exploits the removal of Vioxx from the market in 2004 as an exogenous change in drug use. This removal was associated with a 0.35 percentage point decrease in overall labor force participation and $19 billion in lost wages. (JEL I12, J22, L65, O31).
DOI: 10.3886/e114091
title: Replication data for: Optimal Sovereign Default

description: When is it optimal for a fully committed government to default on its legal repayment obligations? Considering a small open economy with domestic production risk and noncontingent government debt, we show that it is ex ante optimal to occasionally deviate from the legal repayment obligation and to repay debt only partially. This holds true even if default generates significant deadweight costs ex post. A quantitative analysis reveals that default is optimal only in response to persistent disaster-like shocks to domestic output. Applying the framework to the situation in Greece, we find that optimal default policies suggest a considerably larger and more timely default than the one actually implemented in the year 2012.
DOI: 10.3886/e114092
title: Replication data for: Inflation and Price Adjustments: Micro Evidence from Norwegian Consumer Prices 1975-2004

description: This is the first paper documenting the frequency and size of price adjustments using micro data from both the high-inflation period in the 1970s and 1980s, and the period of low inflation since the early 1990s. When inflation is high and volatile, prices change more frequently and in smaller magnitudes. When inflation is low and stable, prices change less frequently but in larger magnitudes. The frequency of price changes is more important for the variation in inflation when inflation is high and volatile. When inflation is low and stable, the magnitude of the price changes is more important than the frequency.