cometadata/datacite-titles-descriptions-related-identifiers huggingface dataset:
DOI: 10.3886/e113468v1
title: Replication data for: What Explains the Gender Gap in College Track Dropout? Experimental and Administrative Evidence

description: We exploit a unique data set, combining rich experimental data with high-quality administrative data, to study dropout from the college track in Norway, and why boys are more likely to drop out. The paper provides three main findings. First, we show that family background and personal characteristics contribute to explain dropout. Second, we show that the gender difference in dropout rates appears both when the adolescents select into the college track and after they have started. Third, we show that different processes guide the choices of the boys and the girls of whether to drop out from the college track.
DOI: 10.3886/e113469
title: Replication data for: Money and Asset Liquidity in Frictional Capital Markets

description: We endogenize asset liquidity and financing constraints in a dynamic general equilibrium model with search frictions on capital markets. Assets traded on frictional capital markets are only partially saleable. Liquid assets, such as fiat money, instead, are not subject to search frictions and can be used to insure idiosyncratic investment risks. Partially saleable assets thus carry a liquidity premium over fully liquid assets. We show that, in equilibrium, low asset saleability is typically associated with lower asset prices, tighter financing constraints, thus stronger demand for public liquidity. Lower asset liquidity feeds into real allocations, constraining real investment, consumption, and production.
DOI: 10.3886/e113469v1
title: Replication data for: Money and Asset Liquidity in Frictional Capital Markets

description: We endogenize asset liquidity and financing constraints in a dynamic general equilibrium model with search frictions on capital markets. Assets traded on frictional capital markets are only partially saleable. Liquid assets, such as fiat money, instead, are not subject to search frictions and can be used to insure idiosyncratic investment risks. Partially saleable assets thus carry a liquidity premium over fully liquid assets. We show that, in equilibrium, low asset saleability is typically associated with lower asset prices, tighter financing constraints, thus stronger demand for public liquidity. Lower asset liquidity feeds into real allocations, constraining real investment, consumption, and production.
DOI: 10.3886/e114007
title: Replication data for: Sand Castles before the Tide? Affordable Housing in Expensive Cities

description: This article focuses on cities with unprecedented economic success and a seemingly permanent crisis of affordable housing. In the expensive cities, policymakers expend great amounts of energy trying to bring down housing costs with subsidies for affordable housing and sometimes with rent control. But these efforts are undermined by planning decisions that make housing for most people vastly more expensive than it has to be by restricting the supply of new units even in the face of growing demand. I begin by describing current housing policy in the expensive metro areas of the United States. I then show how this combination of policies affecting housing, despite internal contradictions, makes sense from the perspective of the political coalitions that can form in a setting of fragmented local jurisdictions, local control over land use policies, and homeowner control over local government. Finally, I propose some more effective approaches to housing policy. My view is that the effects of the formal affordable housing policies of expensive cities are quite small in their impact when compared to the size of the problem—like sand castles before the tide. I will argue that we can do more, potentially much more, to create subsidized affordable housing in high-cost American cities. But more fundamentally, we will need to rethink the broader set of exclusionary land use policies that are the primary reason that housing in these cities has become so expensive. We cannot solve the problem unless we fix the housing market itself.
DOI: 10.3886/e114007v1
title: Replication data for: Sand Castles before the Tide? Affordable Housing in Expensive Cities

description: This article focuses on cities with unprecedented economic success and a seemingly permanent crisis of affordable housing. In the expensive cities, policymakers expend great amounts of energy trying to bring down housing costs with subsidies for affordable housing and sometimes with rent control. But these efforts are undermined by planning decisions that make housing for most people vastly more expensive than it has to be by restricting the supply of new units even in the face of growing demand. I begin by describing current housing policy in the expensive metro areas of the United States. I then show how this combination of policies affecting housing, despite internal contradictions, makes sense from the perspective of the political coalitions that can form in a setting of fragmented local jurisdictions, local control over land use policies, and homeowner control over local government. Finally, I propose some more effective approaches to housing policy. My view is that the effects of the formal affordable housing policies of expensive cities are quite small in their impact when compared to the size of the problem—like sand castles before the tide. I will argue that we can do more, potentially much more, to create subsidized affordable housing in high-cost American cities. But more fundamentally, we will need to rethink the broader set of exclusionary land use policies that are the primary reason that housing in these cities has become so expensive. We cannot solve the problem unless we fix the housing market itself.
DOI: 10.3886/e114008
title: Replication data for: Should We Reject the Natural Rate Hypothesis?

description: Fifty years ago, Milton Friedman articulated the natural rate hypothesis. It was composed of two sub-hypotheses: First, the natural rate of unemployment is independent of monetary policy. Second, there is no long-run trade-off between the deviation of unemployment from the natural rate and inflation. Both propositions have been challenged. The paper reviews the arguments and the macro and micro evidence against each. It concludes that, in each case, the evidence is suggestive, but not conclusive. Policymakers should keep the natural rate hypothesis as their null hypothesis, but keep an open mind and put some weight on the alternatives.
DOI: 10.3886/e114008v1
title: Replication data for: Should We Reject the Natural Rate Hypothesis?

description: Fifty years ago, Milton Friedman articulated the natural rate hypothesis. It was composed of two sub-hypotheses: First, the natural rate of unemployment is independent of monetary policy. Second, there is no long-run trade-off between the deviation of unemployment from the natural rate and inflation. Both propositions have been challenged. The paper reviews the arguments and the macro and micro evidence against each. It concludes that, in each case, the evidence is suggestive, but not conclusive. Policymakers should keep the natural rate hypothesis as their null hypothesis, but keep an open mind and put some weight on the alternatives.
DOI: 10.3886/e114009
title: Replication data for: Risk Preference: A View from Psychology

description: Psychology offers conceptual and analytic tools that can advance the discussion on the nature of risk preference and its measurement in the behavioral sciences. We discuss the revealed and stated preference measurement traditions, which have coexisted in both psychology and economics in the study of risk preferences, and explore issues of temporal stability, convergent validity, and predictive validity with regard to measurement of risk preferences. As for temporal stability, does risk preference as a psychological trait show a degree of stability over time that approximates what has been established for other major traits, such as intelligence, or, alternatively, are they more similar in stability to transitory psychological states, such as emotional states? Convergent validity refers to the degree to which different measures of a psychological construct capture a common underlying characteristic or trait. Do measures of risk preference all capture a unitary psychological trait that is indicative of risky behavior across various domains, or do they capture various traits that independently contribute to risky behavior in specific areas of life, such as financial, health, and recreational domains? Predictive validity refers to the extent to which a psychological trait has power in forecasting behavior. Intelligence and major personality traits have been shown to predict important life outcomes, such as academic and professional achievement, which suggests there could be studies of the short- and long-term outcomes of risk preference—something lacking in current psychological (and economic) research. We discuss the current empirical knowledge on risk preferences in light of these considerations.
DOI: 10.3886/e114009v1
title: Replication data for: Risk Preference: A View from Psychology

description: Psychology offers conceptual and analytic tools that can advance the discussion on the nature of risk preference and its measurement in the behavioral sciences. We discuss the revealed and stated preference measurement traditions, which have coexisted in both psychology and economics in the study of risk preferences, and explore issues of temporal stability, convergent validity, and predictive validity with regard to measurement of risk preferences. As for temporal stability, does risk preference as a psychological trait show a degree of stability over time that approximates what has been established for other major traits, such as intelligence, or, alternatively, are they more similar in stability to transitory psychological states, such as emotional states? Convergent validity refers to the degree to which different measures of a psychological construct capture a common underlying characteristic or trait. Do measures of risk preference all capture a unitary psychological trait that is indicative of risky behavior across various domains, or do they capture various traits that independently contribute to risky behavior in specific areas of life, such as financial, health, and recreational domains? Predictive validity refers to the extent to which a psychological trait has power in forecasting behavior. Intelligence and major personality traits have been shown to predict important life outcomes, such as academic and professional achievement, which suggests there could be studies of the short- and long-term outcomes of risk preference—something lacking in current psychological (and economic) research. We discuss the current empirical knowledge on risk preferences in light of these considerations.
DOI: 10.3886/e114010v1
title: Replication data for: Space, the Final Economic Frontier

description: After decades of centralized control of economic activity in space, NASA and US policymakers have begun to cede the direction of human activities in space to commercial companies. NASA garnered more than 0.7 percent of GDP in the mid-1960s, but is only around 0.1 percent of GDP today. Meanwhile, space has become big business, with $300 billion in annual revenue. The shift from public to private priorities in space is especially significant because a widely shared goal among commercial space's leaders is the achievement of a large-scale, largely self-sufficient, developed space economy. Jeff Bezos, has stated that the mission of his firm Blue Origin is "millions of people living and working in space." Elon Musk, founder of SpaceX, has laid out plans to build a city of a million people on Mars within the next century. Both Neil deGrasse Tyson and Peter Diamandis have been given credit for stating that Earth's first trillionaire will be an asteroid-miner. Such visions are clearly not going to become reality in the near future. But detailed roadmaps to them are being produced and recent progress in the required technologies has been dramatic. If such space-economy visions are even partially realized, the implications for society will be enormous. Though economists should treat the prospect of a developed space economy with healthy skepticism, it would be irresponsible to treat it as science fiction. In this article, I provide an analytical framework—based on classic economic analysis of the role of government in market economies—for understanding and managing the development of the space economy.
DOI: 10.3886/e114011v1
title: Replication data for: The US Gains from Trade: Valuation Using the Demand for Foreign Factor Services

description: About eight cents out of every dollar spent in the United States is spent on imports. What if, because of a wall or some other extreme policy intervention, imports were to remain on the other side of the US border? How much would US consumers be willing to pay to prevent this hypothetical policy change from taking place? The answer to this question represents the welfare cost from autarky or, equivalently, the welfare gains from trade. In this article, we discuss how to evaluate these gains using estimates of the demand for foreign factor services.
DOI: 10.3886/e114163
title: Replication data for: Firm Heterogeneity and the Long-Run Effects of Dividend Tax Reform

description: To study the long-run effect of dividend taxation on aggregate capital accumulation, we build a dynamic general equilibrium model in which there is a continuum of firms subject to idiosyncratic productivity shocks. We find that a dividend tax cut raises aggregate productivity by reducing the frictions in the reallocation of capital across firms. Our baseline model simulations show that when both dividend and capital gains tax rates are cut from 25 and 20 percent, respectively, to the same 15 percent level permanently, the aggregate long-run capital stock increases by about 4 percent. (JEL D21, E22, E62, G32, G35, H25, H32)
DOI: 10.3886/e114163v1
title: Replication data for: Firm Heterogeneity and the Long-Run Effects of Dividend Tax Reform

description: To study the long-run effect of dividend taxation on aggregate capital accumulation, we build a dynamic general equilibrium model in which there is a continuum of firms subject to idiosyncratic productivity shocks. We find that a dividend tax cut raises aggregate productivity by reducing the frictions in the reallocation of capital across firms. Our baseline model simulations show that when both dividend and capital gains tax rates are cut from 25 and 20 percent, respectively, to the same 15 percent level permanently, the aggregate long-run capital stock increases by about 4 percent. (JEL D21, E22, E62, G32, G35, H25, H32)
DOI: 10.3886/e114456
title: Replication data for: From "Traditional" to Research-Based Instructional Strategies: An Assessment of Learning Gains

description: The cognitive science literature provides several research based instructional strategies (RBIS) proven to be effective in student learning. Given the prevalence of lecture-based classes and instructor-led discussions, understanding the effects of switching from the "traditional" method to employing RBIS would provide a better understanding of the value of these strategies. In this paper, we conduct a controlled experiment comparing a "traditional," lecture-based class to a class in which these RBIS are carefully employed. Students exposed to the refined RBIS approach show significantly higher gains in learning of approximately 15 percentage points when compared to students in a traditional class.
DOI: 10.3886/e114457
title: Replication data for: A New Look at Lake Wobegone: Who's in Your Canoe?

description: We re-examine the Lake Wobegon effect for reported GPA using data from students enrolled in principles of economics courses. Students are well known to over-report their GPA on surveys. In addition to standard measures of the mean difference, we extend the analysis to understand the distribution of response error using quantile regression analysis. We also examine how survey conditions impact response error. Our findings suggest that response error is more complicated than simple over-confidence. Students respond differently throughout the distribution of GPA and respond differently when seated near friends. Modeling response error should take these findings into account.
DOI: 10.3886/e114457v1
title: Replication data for: A New Look at Lake Wobegone: Who's in Your Canoe?

description: We re-examine the Lake Wobegon effect for reported GPA using data from students enrolled in principles of economics courses. Students are well known to over-report their GPA on surveys. In addition to standard measures of the mean difference, we extend the analysis to understand the distribution of response error using quantile regression analysis. We also examine how survey conditions impact response error. Our findings suggest that response error is more complicated than simple over-confidence. Students respond differently throughout the distribution of GPA and respond differently when seated near friends. Modeling response error should take these findings into account.
DOI: 10.3886/e114458
title: Replication data for: Reach for Yield and Fickle Capital Flows

description: In Caballero and Simsek (2017), we develop a model of fickle capital flows and show that, when countries are similar, international flows create global liquidity and mitigate crises despite their fickleness. In this paper, we focus on the asymmetric situation of Emerging Markets (EM) exchanging flows with Developed Markets (DM) that feature lower returns but less frequent crises. Relatively high DM returns help to mitigate EM crises by reducing fickle inflows and by providing greater liquidity. The situation dramatically changes as the DM returns fall, as this increases the fickle inflows driven by reach for yield and exacerbates EM crises.
DOI: 10.3886/e114458v1
title: Replication data for: Reach for Yield and Fickle Capital Flows

description: In Caballero and Simsek (2017), we develop a model of fickle capital flows and show that, when countries are similar, international flows create global liquidity and mitigate crises despite their fickleness. In this paper, we focus on the asymmetric situation of Emerging Markets (EM) exchanging flows with Developed Markets (DM) that feature lower returns but less frequent crises. Relatively high DM returns help to mitigate EM crises by reducing fickle inflows and by providing greater liquidity. The situation dramatically changes as the DM returns fall, as this increases the fickle inflows driven by reach for yield and exacerbates EM crises.
DOI: 10.3886/e114459
title: Replication data for: Global Financial Cycles and the Exchange Rate Regime: A Perspective from Emerging Markets

description: This paper examines the claim that exchange rate regimes are of little relevance in the transmission of global financial conditions to domestic financial and macroeconomic conditions. Our findings suggest that exchange rate regimes do matter, at least for emerging market economies. The transmission of global financial shocks to domestic variables is magnified under fixed exchange rate regimes relative to more flexible regimes. For advanced economies, however, the jury is still out, as the recent paucity of truly fixed regimes among these economies poses a challenge for estimating the effect of exchange rate flexibility.
DOI: 10.3886/e114459v1
title: Replication data for: Global Financial Cycles and the Exchange Rate Regime: A Perspective from Emerging Markets

description: This paper examines the claim that exchange rate regimes are of little relevance in the transmission of global financial conditions to domestic financial and macroeconomic conditions. Our findings suggest that exchange rate regimes do matter, at least for emerging market economies. The transmission of global financial shocks to domestic variables is magnified under fixed exchange rate regimes relative to more flexible regimes. For advanced economies, however, the jury is still out, as the recent paucity of truly fixed regimes among these economies poses a challenge for estimating the effect of exchange rate flexibility.
DOI: 10.3886/e113470
title: Replication data for: Sources of Inefficiency in Healthcare and Education

description: Healthcare and education exhibit wide variation in spending that is loosely associated with outcomes. We study supply-side explanations for such variation in in healthcare, and extend this discussion to how it might apply to education. In both sectors, variation in risk-adjusted rates could arise from some providers or educators doing too much (overuse) or others are using too little (underuse). Alternatively, the production function varies across providers and educators, so that hospitals and educators with higher returns to treatment deliver more because of comparative advantage. We discuss how a prototypical Roy model can separate these explanations.
DOI: 10.3886/e113470v1
title: Replication data for: Sources of Inefficiency in Healthcare and Education

description: Healthcare and education exhibit wide variation in spending that is loosely associated with outcomes. We study supply-side explanations for such variation in in healthcare, and extend this discussion to how it might apply to education. In both sectors, variation in risk-adjusted rates could arise from some providers or educators doing too much (overuse) or others are using too little (underuse). Alternatively, the production function varies across providers and educators, so that hospitals and educators with higher returns to treatment deliver more because of comparative advantage. We discuss how a prototypical Roy model can separate these explanations.
DOI: 10.3886/e113471v1
title: Replication data for: Interpreting Tests of School VAM Validity

description: We develop over-identification tests that use admissions lotteries to assess the predictive value of regression-based value-added models (VAMs). These tests have degrees of freedom equal to the number of quasi-experiments available to estimate school effects. By contrast, previously implemented VAM validation strategies look at a single restriction only, sometimes said to measure forecast bias. Tests of forecast bias may be misleading when the test statistic is constructed from many lotteries or quasi-experiments, some of which have weak first stage effects on school attendance. The theory developed here is applied to data from the Charlotte-Mecklenberg School district analyzed by Deming (2014).
DOI: 10.3886/e113710
title: Replication data for: Does Electoral Competition Curb Party Favoritism?

description: We study whether incumbents facing uncontested elections channel public spending towards co-partisan officials more than is the case of incumbents that are worried about reelection. We draw on data on capital transfers allocated by Spanish regions to local governments during 1995–2007. Using a regression discontinuity design, we document strong and robust effects. We find that a mayor belonging to the party of the regional president obtains twice the amount in grants received by an opposition's mayor. This effect is much greater for regional incumbents that won the previous election by a large margin, but it disappears for highly competitive elections.
DOI: 10.3886/e113710v1
title: Replication data for: Does Electoral Competition Curb Party Favoritism?

description: We study whether incumbents facing uncontested elections channel public spending towards co-partisan officials more than is the case of incumbents that are worried about reelection. We draw on data on capital transfers allocated by Spanish regions to local governments during 1995–2007. Using a regression discontinuity design, we document strong and robust effects. We find that a mayor belonging to the party of the regional president obtains twice the amount in grants received by an opposition's mayor. This effect is much greater for regional incumbents that won the previous election by a large margin, but it disappears for highly competitive elections.