NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Program and Working Group Meetings 2015:4


Development Economics
Chinese Economy
Political Economy
Market Design
Economic Fluctuations and Growth
International Finance and Macroeconomics
Public Economics
Monetary Economics

Asset Pricing
Corporate Finance
Labor Studies
Economics of Education
Behavioral Finance
Organizational Economics
International Trade and Investment
Entrepreneurship

Development Economics

The NBER's Program on Development Economics and The Bureau for Research and Economic Analysis of Development held a joint meeting in Cambridge on September 25–26. Program Director Duncan Thomas of Duke University, Research Associates Abhijit Banerjee of MIT and Mushfiq Mobarak of Yale University, and Eliana La Ferrara of Bocconi University, organized the meeting. These papers were discussed:

    Jing Cai, University of Michigan, and Adam Szeidl, Central European University, "Interfirm Relationships and Business Performance"

    Francesco Amodio, McGill University, and Miguel A. Martinez-Carrasco, University of Piura, "Input Allocation, Workforce Management and Productivity Spillovers: Evidence from Personnel Data"

    Koichiro Ito, University of Chicago and NBER, and Shuang Zhang, University of Colorado, Boulder, "Willingness to Pay for Clean Air: Evidence from Air Purifier Markets in China"

    Emily L. Breza, Columbia University, and Arun G. Chandrasekhar, Stanford University and NBER, "Social Networks, Reputation and Commitment: Evidence from a Savings Monitors Experiment" (NBER Working Paper No. 21169)

    Juan Carlos Suárez Serrato and Xiao Yu Wang, Duke University and NBER, and Shuang Zhang, "The One Child Policy and Promotion of Mayors in China"

    Joram Mayshar, Hebrew University of Jerusalem; Omer Moav, University of Warwick; Zvika Neeman, Tel Aviv University; and Luigi Pascali, Pompeu Fabra University, "Cereals, Appropriability, and Hierarchy"

    Christian Dippel, University of California, Los Angeles, and NBER; Avner Greif, Stanford University; and Daniel Trefler, University of Toronto and NBER, "The Rents from Trade and Coercive Institutions: Removing the Sugar Coating" (NBER Working Paper No. 20958)

Summaries of these papers are at: https://www.nber.org/confer/2015/DEVf15/summary.html

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Chinese Economy

The NBER's Working Group on the Chinese Economy met in Cambridge on October 9–10. Working Group Director Hanming Fang of the University of Pennsylvania and Research Associate Shang-Jin Wei of Columbia University organized the conference. These papers were discussed:

    Cynthia Kinnan, Northwestern University and NBER; Shing-Yi Wang, University of Pennsylvania and NBER; and Yongxiang Wang, University of Southern California, "Relaxing Migration Constraints for Rural Households" (NBER Working Paper No. 21314)

    Koichiro Ito, University of Chicago and NBER, and Shuang Zhang, University of Colorado, Boulder, "Willingness to Pay for Clean Air: Evidence from Air Purifier Markets in China"

    Wolfgang Keller and Carol Shiue, University of Colorado, Boulder and NBER, and Xin Wang, University of Colorado, Boulder, "Capital Markets in China and Britain, 18th and 19th Century: Evidence from Grain Prices" (NBER Working Paper No. 21349)

    Chen Lin and Xiaofeng Zhao, Chinese University of Hong Kong; Randall Morck, University of Alberta and NBER; and Bernard Yeung, National University of Singapore, "Anti-Corruption Reforms and Shareholder Valuations: Evidence from China"

    Bei Qin, University of Hong Kong; David Stromberg, Stockholm University; and Yanhui Wu, University of Southern California, "The Political Economy of Social Media in China"

    Yi Che, Shanghai Jiao Tong University; Yi Lu, National University of Singapore; Justin Pierce, Federal Reserve Board; Peter Schott, Yale University and NBER; and Zhigang Tao, University of Hong Kong, "Do Chinese Imports Influence U.S. Elections?"

    Andrew Ang, Columbia University and NBER; Jennie Bai, Georgetown University; and Hao Zhou, Tsinghua University, "The Great Wall of Debt: Corruption, Real Estate, and Chinese Local Government Credit Spreads"

    James Choi, Yale University and NBER; Li Jin, Peking University; and Hongjun Yan, Yale University, "Informed Trading and the Cost of Capital"

    Raül Santaeulàlia-Llopis, Washington University in St. Louis, and Yu Zheng, City University of Hong Kong, "The Price of Growth: Consumption Insurance in China 1989–2009"

    Tasso Adamopoulos, York University; Loren Brandt and Diego Restuccia, University of Toronto; and Jessica Leight, Williams College, "Misallocation, Selection and Productivity: A Quantitative Analysis with Panel Data from China"

Summaries of these papers are at: https://www.nber.org/confer/2015/CEf15/summary.html

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Political Economy

The NBER's Political Economy Program, directed by Alberto Alesina of Harvard University, met in Cambridge on October 23. These papers were discussed:

    Oded Galor, Brown University and NBER, and Marc Klemp, Brown University, "Roots of Autocracy"

    Filip Matějka, Center for Economic Research and Graduate Education - Economics Institute, and Guido Tabellini, Bocconi University, "Electoral Competition with Rationally Inattentive Voters"

    Marianne Bertrand, University of Chicago and NBER; Robin Burgess and Guo Xu, London School of Economics; and Arunish Chawla, Indian Administrative Service, "Determinants and Consequences of Bureaucrat Effectiveness: Evidence from the Indian Administrative Service"

    Alberto Bisin, New York University and NBER, and Thierry Verdier, Paris School of Economics, "On the Joint Evolution of Culture and Institutions"

    Gabriele Gratton, University of New South Wales; Luigi Guiso and Claudio Michelacci, Einaudi Institute for Economics and Finance; and Massimo Morelli, Columbia University and NBER, "From Weber to Kafka: Political Activism and the Emergence of an Inefficient Bureaucracy"

    Sharun Mukand, University of Warwick, and Dani Rodrik, Harvard University and NBER, "The Political Economy of Liberal Democracy" (NBER Working Paper No. 21540)

Summaries of these papers are at: https://www.nber.org/confer/2015/POLf15/summary.html

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Market Design

The NBER's Working Group on Market Design, co-directed by Michael Ostrovsky of Stanford University and Parag Pathak of MIT, met in Cambridge on October 23–24. These papers were discussed:

Tayfun Sönmez and Utku Ünver, Boston College, and Özgür Yılmaz, Koç University, "How (not) to Integrate Blood Subtyping Technology to Kidney Exchange"

Mehmet Ekmekci, Boston College, and M. Bumin Yenmez, Carnegie Mellon University, "Integrating Schools for Centralized Admissions"

Atila Abdulkadiroğlu, Duke University; Joshua Angrist and Parag Pathak, MIT and NBER; and Yusuke Narita, MIT, "Research Design Meets Market Design: Using Centralized Assignment for Impact Evaluation" (NBER Working Paper No. 21705)

Shuchi Chawla, University of Wisconsin-Madison; Jason Hartline, Northwestern University; and Denis Nekipelov, University of Virginia, "Mechanism Design for Data Science"

John Hatfield, University of Texas at Austin; Scott Duke Kominers, Harvard University; Alexandru Nichifor, University of St. Andrews; Michael Ostrovsky; and Alexander Westkamp, Maastricht University, "Full Substitutability"

Thành Nguyen, Purdue University, and Rakesh Vohra, University of Pennsylvania, "Near Feasible Stable Matchings with Complementarities"

Ali Hortaçsu, University of Chicago and NBER; Jakub Kastl, Princeton University and NBER; and Allen Zhang, Department of the Treasury, "Bid Shading and Bidder Surplus in the U.S. Treasury Auction System"

Jonathan Levin, Stanford University and NBER, and Andrzej Skrzypacz, Stanford University, "Are Dynamic Vickrey Auctions Practical? Properties of the Combinatorial Clock Auction" (NBER Working Paper No. 20487)

Nick Arnosti, Marissa Beck, and Paul Milgrom, Stanford University, "Adverse Selection and Auction Design for Internet Display Advertising"

Daniela Saban, Stanford University, and Gabriel Weintraub, Columbia University, "Procurement Mechanisms for Differentiated Products"

Steven Lalley, University of Chicago, and Glen Weyl, Microsoft Corporation, "Quadratic Voting"

Canice Prendergast, University of Chicago, "The Allocation of Food to Food Banks"

Summaries of these papers are at: https://www.nber.org/confer/2015/MDf15/summary.html

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Economic Fluctuations and Growth

The NBER's Program on Economic Fluctuations and Growth met in New York on October 30. Faculty Research Fellow Greg Kaplan of Princeton University and Research Associate Ricardo Reis of Columbia University organized the meeting. These papers were discussed:

    Xavier Gabaix, New York University and NBER; Jean-Michel Lasry, Paris Dauphine University; Pierre-Louis Lions, Collège de France; and Benjamin Moll, Princeton University and NBER, "The Dynamics of Inequality" (NBER Working Paper No. 21363)

    Wouter den Haan, London School of Economics; Pontus Rendahl, University of Cambridge; and Markus Riegler, University of Bonn, "Unemployment (Fears) and Deflationary Spirals"

    Cosmin Ilut, Duke University and NBER; Rosen Valchev, Boston College; and Nicolas Vincent, HEC Montréal, "Paralyzed by Fear: Rigid and Discrete Pricing under Demand Uncertainty"

    Marco Del Negro and Marc Giannoni, Federal Reserve Bank of New York, and Christina Patterson, MIT, "The Forward Guidance Puzzle"

    Iván Werning, MIT and NBER, "Incomplete Markets and Aggregate Demand" (NBER Working Paper No. 21448)

    Mikhail Golosov, Princeton University and NBER, and Guido Menzio, University of Pennsylvania and NBER, "Agency Business Cycles" (NBER Working Paper No. 21743)

Summaries of these papers are at: https://www.nber.org/confer/2015/EFGf15/summary.html

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International Finance and Macroeconomics

The NBER's Program on International Finance and Macroeconomics met in Cambridge on October 30. Research Associates Ariel Burstein of University of California, Los Angeles, and Charles Engel of University of Wisconsin-Madison organized the meeting. These papers were discussed:

Javier Cravino and Andrei Levchenko, University of Michigan and NBER, "The Distributional Consequences of Large Devaluations"

Gita Gopinath, Harvard University and NBER; Sebnem Kalemli-Özcan, University of Maryland and NBER; Loukas Karabarbounis, University of Chicago and NBER; and Carolina Villegas-Sanchez, ESADE, “Capital Allocation and Productivity in South Europe” (NBER Working Paper No. 21453)

Doireann Fitzgerald, Federal Reserve Bank of Minneapolis and NBER; Stefanie Haller, University College Dublin; and Yaniv Yedid-Levi, University of British Columbia, "How Exporters Grow"

Philippe Bacchetta and Elena Perazzi, University of Lausanne, and Eric van Wincoop, University of Virginia and NBER, "Self-Fulfilling Debt Crises: Can Monetary Policy Really Help?" (NBER Working Paper No. 21158)

George A. Alessandria, University of Rochester and NBER, and Horag Choi, Monash University, "The Dynamics of the U.S. Trade Balance and the Real Exchange Rate: The J Curve and Trade Costs?"

Hanno Lustig, Stanford University and NBER, and Adrien Verdelhan, MIT and NBER, “Does Incomplete Spanning in International Financial Markets Help to Explain Exchange Rates?"

Summaries of these papers are at: https://www.nber.org/confer/2015/IFMf15/summary.html

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Public Economics

The NBER's Program on Public Economics met in Palo Alto on November 5–6. Research Associates Raj Chetty and Mark Duggan of Stanford University organized the meeting. These papers were discussed:

Florian Scheuer, Stanford University and NBER, and Iván Werning, MIT and NBER, "The Taxation of Superstars" (NBER Working Paper No. 21323)

Benjamin B. Lockwood, Harvard University; Charles G. Nathanson, Northwestern University; and Glen Weyl, Microsoft Corporation, "Taxation and the Allocation of Talent"

Daniel K. Fetter, Wellesley College and NBER, and Lee Lockwood, Northwestern University and NBER, "Government Old-Age Support and Labor Supply: Evidence from the Old Age Assistance Program"

Alexander M. Gelber, University of California, Berkeley, and NBER; Timothy J. Moore, George Washington University and NBER; and Alexander Strand, Social Security Administration, "The Effect of Disability Insurance Payments on Beneficiaries' Earnings"

Hugh Macartney, Duke University and NBER; Robert McMillan, University of Toronto and NBER; and Uros Petronijevic, University of Toronto, "Education Production and Incentives"

Xavier Giroud, MIT and NBER, and Joshua Rauh, Stanford University and NBER, "State Taxation and the Reallocation of Business Activity: Evidence from Establishment-Level Data" (NBER Working Paper No. 21534)

Ufuk Akcigit, University of Chicago and NBER; Salomé Baslandze, Einaudi Institute for Economics and Finance; and Stefanie Stantcheva, Harvard University and NBER, "Taxation and the International Mobility of Inventors" (NBER Working Paper No. 21024)

Pablo Fajgelbaum, University of California, Los Angeles, and NBER; Eduardo Morales, Princeton University and NBER; Juan Carlos Suárez Serrato, Duke University and NBER; and Owen M. Zidar, University of Chicago and NBER, "State Taxes and Spatial Misallocation" (NBER Working Paper No. 21760)

Lorenz Kueng, Northwestern University and NBER, "Explaining Consumption Excess Sensitivity with Near-Rationality: Evidence from Large Predetermined Payments"

Marco Di Maggio, Columbia University, and Amir Kermani, University of California, Berkeley, "The Importance of Unemployment Insurance as an Automatic Stabilizer"

Pascal Michaillat, London School of Economics, and Emmanuel Saez, University of California, Berkeley, and NBER, "The Optimal Use of Government Purchases for Macroeconomic Stabilization" (NBER Working Paper No. 21322)

Summaries of these papers are at: https://www.nber.org/confer/2015/PEf15/summary.html

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Monetary Economics

The NBER's Program on Monetary Economics met in Cambridge on November 6. Research Associates Gauti Eggertsson of Brown University and James Stock of Harvard University organized the meeting. These papers were discussed:

    Marco Del Negro and Marc Giannoni, Federal Reserve Bank of New York, and Christina H. Patterson, MIT, "The Forward Guidance Puzzle"

    Francesco D'Acunto, University of Maryland; Daniel Hoang, Karlsruhe Institute of Technology; and Michael Weber, University of Chicago, "Inflation Expectations and Consumption Expenditure"

    Mariana García-Schmidt, Columbia University, and Michael Woodford, Columbia University and NBER, "Are Low Interest Rates Deflationary? A Paradox of Perfect-Foresight Analysis" (NBER Working Paper No. 21614)

    Valerie Ramey, University of California, San Diego, and NBER, "Macroeconomic Shocks and Their Propagation: Monetary Policy Shocks"

    Diego Anzoategui and Joseba Martinez, New York University; Diego A. Comin, Dartmouth College and NBER; and Mark Gertler, New York University and NBER, "Endogenous Technology Adoption and R&D as Sources of Business Cycle Persistence"

    Atif R. Mian, Princeton University and NBER; Amir Sufi, University of Chicago and NBER; and Emil Verner, Princeton University, "Household Debt and Business Cycles Worldwide" (NBER Working Paper No. 21581)

Summaries of these papers are at: https://www.nber.org/confer/2015/MEf15/summary.html

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Asset Pricing

The NBER's Program on Asset Pricing met in Palo Alto on November 6. Research Associates Kent D. Daniel and Robert Hodrick of Columbia University organized the meeting. These papers were discussed:

    David Backus, New York University and NBER; Nina Boyarchenko, Federal Reserve Bank of New York; and Mikhail Chernov, University of California, Los Angeles, "Term Structures of Asset Prices and Returns"

    Michael Weber, University of Chicago, "The Term Structure of Equity Returns: Risk or Mispricing?"

    Dong Lou and Christopher Polk, London School of Economics, and Spyros Skouras, Athens University of Economics and Business, "A Tug of War: Overnight Versus Intraday Expected Returns"

    Zhiguo He and Bryan T. Kelly, University of Chicago and NBER, and Asaf Manela, Washington University in St. Louis, "Intermediary Asset Pricing: New Evidence from Many Asset Classes"

    Ian Dew-Becker, Northwestern University; Stefano Giglio, University of Chicago and NBER; Anh T. Le, Pennsylvania State University; and Marius Rodriguez, Federal Reserve Board, "The Price of Variance Risk" (NBER Working Paper No. 21182)

    Nicolae B. Gârleanu, University of California, Berkeley, and NBER, and Lasse H. Pedersen, Copenhagen Business School, "Efficiently Inefficient Markets for Assets and Asset Management" (NBER Working Paper No. 21563)

Summaries of these papers are at: https://www.nber.org/confer/2015/APf15/summary.html

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Corporate Finance

The NBER's Program on Corporate Finance met in Palo Alto on November 6. Research Associates Peter Demarzo of Stan-ford University and Bruce Carlin of University of California, Los Angeles, organized the meeting. These papers were discussed:

    Christophe Pérignon, HEC Paris, and Boris Vallée, Harvard University, "The Political Economy of Financial Innovation: Evidence from Local Governments"

    Christopher Hennessy, London Business School, and Ilya A. Strebulaev, Stanford University and NBER, "Beyond Random Assignment: Credible Inference of Causal Effects in Dynamic Economies"

    Andrew Hertzberg, Columbia University; Andres Liberman, New York University; and Daniel Paravisini, London School of Economics, "Adverse Selection on Maturity: Evidence from On-line Consumer Credit"

    Ulf Axelson and Igor Makarov, London School of Economics, "Informational Black Holes in Financial Markets"

    Brad Barber and Ayako Yasuda, University of California, Davis, "Interim Fund Performance and Fundraising in Private Equity"

    Shai Bernstein, Stanford University and NBER; Emanuele Colonnelli, Stanford University; and Benjamin Iverson, Northwestern University, "Asset Reallocation in Bankruptcy"

    Xavier Giroud, MIT and NBER, and Joshua Rauh, Stanford University and NBER, "State Taxation and the Reallocation of Business Activity: Evidence from Establishment-Level Data" (NBER Working Paper No. 21534)

    Casey Dougal, Drexel University; Pengjie Gao, University of Notre Dame; William J. Mayew, Duke University; and Christopher A. Parsons, University of California, San Diego, "What's in a (School) Name? Racial Discrimination in Higher Education Bond Markets"

Summaries of these papers are at: https://www.nber.org/confer/2015/CFf15/summary.html

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Labor Studies

The NBER's Program on Labor Studies met in Palo Alto on November 13. Program Director David Card of the University of California, Berkeley, organized the meeting. These papers were discussed:

    Magnus Carlsson and Dan-Olof Rooth, Linnaeus University, and Gordon Dahl, University of California, San Diego, and NBER, "Do Politicians Change Public Attitudes?" (NBER Working Paper No. 21062)

    Thomas Lemieux, University of British Columbia and NBER, and W. Craig Riddell, University of British Columbia, "Top Incomes in Canada: Evidence from the Census" (NBER Working Paper No. 21347)

    Danny Yagan, University of California, Berkeley, and NBER, "Why Are Arizonans Still Out of Work? Long-Term Employment Depression after the 2007–2009 Recession"

Summaries of these papers are at: https://www.nber.org/confer/2015/LSf15/summary.html

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Economics of Education

The NBER's Program on the Economics of Education met in Cambridge on November 19–20. Program Director Caroline M. Hoxby of Stanford University organized the meeting. These papers were discussed:

    Scott E. Carrell, University of California, Davis, and NBER; Mark Hoekstra, Texas A&M University and NBER; and Elira Kuka, Southern Methodist University, "The Long-Run Effects of Disruptive Peers"

    Robert Garlick, Duke University, and Joshua M. Hyman, University of Connecticut, "Data vs Methods: Quasi-Experimental Evaluation of Alternative Sample Selection Corrections for Missing College Entrance Exam Score Data"

    Gregorio S. Caetano and Hao Teng, University of Rochester, and Joshua Kinsler, University of Georgia, "Towards Consistent Estimates of Children's Time Allocation on Skill Development"

    Eric Nielsen, Federal Reserve Board, "Achievement Gap Estimates and Deviations from Cardinal Comparability"

    George Bulman, University of California, Santa Cruz, and Caroline M. Hoxby, "The Returns to the Federal Tax Credits for Higher Education" (NBER Working Paper No. 20833)

    Douglas N. Harris, Tulane University, and Matthew Larsen, Lafayette College, "The Effects of the New Orleans Post-Katrina School Reforms on Student Academic Outcomes"

    Michael Dinerstein, University of Chicago, and Troy D. Smith, RAND Corporation, "Quantifying the Supply Response of Private Schools to Public Policies"

    Esteban M. Aucejo, London School of Economics, and Jonathan James, California Polytechnic State University, "The Path to College Education: Are Verbal Skills More Important than Math Skills?"

    Andrew C. Barr, Texas A&M University, and Sarah Turner, University of Virginia and NBER, "Aid and Encouragement: Does a Letter Increase Enrollment among UI Recipients?"

    Michael D. Bates, University of California, Riverside, "Public and Private Learning in the Market for Teachers: Evidence from the Adoption of Value-Added Measures"

    Luc Behaghel and Marc Gurgand, Paris School of Economics, and Clément de Chaisemartin, University of Warwick, "Ready for Boarding? The Effects of a Boarding School for Disadvantaged Students"

    Massimo Anelli, Bocconi University, "Returns to Elite College Education: a Quasi-Experimental Analysis"

    Richard Murphy, University of Texas at Austin, and Gill Wyness, University College London, "Testing Means-Tested Aid"

    Rodney Andrews, University of Texas at Dallas and NBER; Scott A. Imberman, Michigan State University and NBER; and Michael Lovenheim, Cornell University and NBER, "The Effects of Targeted Recruitment and Comprehensive Supports for Low-Income High Achievers at Elite Universities: Evidence from Texas Flagships"

Summaries of these papers are at: https://www.nber.org/confer/2015/EDf15/summary.html

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Behavioral Finance

The NBER's Working Group on Behavioral Finance met in Cambridge on November 20. Working Group Director Nicholas Barberis of Yale University organized the meeting. These papers were discussed:

    Samuel Hartzmark, University of Chicago, and Kelly Shue, University of Chicago and NBER, "A Tough Act to Follow: Contrast Effects in Financial Markets"

    Sergey Chernenko, Ohio State University, and Samuel Hanson and Adi Sunderam, Harvard University and NBER, "Who Neglects Risk? Investor Experience and the Credit Boom"

    Nicholas Barberis; Robin Greenwood and Andrei Shleifer, Harvard University and NBER; and Lawrence Jin, California Institute of Technology, "Extrapolation and Bubbles"

    Ian Gow, Harvard University; Steven Kaplan, University of Chicago and NBER; David Larcker, Stanford University; and Anastasia Zakolyukina, University of Chicago, "CEO Personality and Firm Policies"

    Umit Gurun, University of Texas at Dallas; Noah Stoffman, Indiana University; and Scott Yonker, Cornell University, "Trust Busting: The Effect of Fraud on Investor Behavior"

    Sandra Black, University of Texas at Austin; Paul Devereux, University College Dublin; and Petter Lundborg and Kaveh Majlesi, Lund University, "On the Origins of Risk-Taking in Financial Markets" (NBER Working Paper No. 21332)

Summaries of these papers are at: https://www.nber.org/confer/2015/BFf15/summary.html

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Organizational Economics

The NBER's Working Group on Organizational Economics met in Cambridge on December 4–5. Group Director Robert S. Gibbons of MIT organized the meeting. These papers were discussed:

    Sylvain Chassang, Princeton University, and Juan M. Ortner, Boston University, "Collusion in Auctions with Constrained Bids: Theory and Evidence from Public Procurement"

    Daron Acemoglu, MIT and NBER, and Alex Wolitzky, MIT, "Sustaining Cooperation: Community Enforcement vs. Specialized Enforcement" (NBER Working Paper No. 21457)

    John Antonakis and Christian Zehnder, University of Lausanne; Giovanna d'Adda, Polytechnic University of Milan; and Roberto Weber, University of Zurich, "Just Words? Just Speeches? On The Economic Value of Charismatic Leadership"

    Alexander Schmitt and Johannes Van Biesebroeck, University of Leuven, "Governing Supply Relationships: Evidence from the Automotive Sector"

    Laura Alfaro and Pol Antràs, Harvard University and NBER; Davin Chor, National University of Singapore; and Paola Conconi, Université libre de Bruxelles, "Internalizing Global Value Chains: A Firm-Level Analysis" (NBER Working Paper No. 21582)

    Francine Lafontaine, University of Michigan, "Organizations and Policy"

    Alexandre Mas, Princeton University and NBER, "Does Disclosure affect CEO Pay Setting? Evidence from the Pas-sage of the 1934 Securities and Exchange Act"

    Emily L. Breza and Yogita Shamdasani, Columbia University, and Supreet Kaur, Columbia University and NBER, "The Morale Effects of Pay Inequality"

    Orie Shelef, Stanford University, and Amy Nguyen-Chyung, University of Michigan, "Competing for Labor through Contracts: Selection, Matching, Firm Organization and Investments"

    Gadi Barlevy, Federal Reserve Bank of Chicago, and Derek Neal, University of Chicago and NBER, "Allocating Effort and Talent in Professional Labor Markets"

Summaries of these papers are at: https://www.nber.org/confer/2015/OEf15/summary.html

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International Trade and Investment

The NBER's Program on International Trade and Investment met in Palo Alto on December 4–5. Program Director Robert Feenstra of the University of California, Davis, organized the meeting. These papers were discussed:

    Ana Fernandes and Martha Pierola, World Bank; Peter Klenow, Stanford University and NBER; Sergii Meleshchuk, University of California, Berkeley, and Andrés Rodríguez-Clare, University of California, Berkeley, and NBER, "The Intensive Margin in Trade: Moving Beyond Pareto"

    Paolo Bertoletti, University of Pavia; Federico Etro, Ca' Foscari University of Venice; and Ina Simonovska, University of California, Davis, and NBER, "International Trade with Indirect Additivity"

    Carsten Eckel, University of Munich, and Stephen Yeaple, Pennsylvania State University and NBER, "Is Bigger Better? Multi-product Firms, Labor Market Imperfections, and International Trade"

    Treb Allen, Northwestern University and NBER, and David Atkin, MIT and NBER, "Volatility, Insurance, and the Gains from Trade"

    Jose Asturias, Georgetown University; Manuel García-Santana, Université Libre de Bruxelles; and Roberto Ramos, Bank of Spain, "Competition and the Welfare Gains from Transportation Infrastructure: Evidence from the Golden Quadrilateral of India"

    Ralph Ossa, University of Chicago and NBER, "A Quantitative Analysis of Subsidy Competition in the U.S." (NBER Working Paper No. 20975)

    James Harrigan, University of Virginia and NBER; Ariell Reshef, University of Virginia; and Farid Toubal, Paris School of Economics, "The March of the Techies: Technology, Trade, and Job Polarization in France, 1994–2007"

    Wolfgang Keller, University of Colorado Boulder and NBER, and Hâle Utar, Bielefeld University, "International Trade and Job Polarization: Evidence at the Worker Level"

Summaries of these papers are at: https://www.nber.org/confer/2015/ITIf15/summary.html

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Entrepreneurship

The NBER's Working Group on Entrepreneurship met in Cambridge on December 4. Group Director Antoinette Schoar of MIT and Research Associate Josh Lerner of Harvard University organized the meeting. These papers were discussed:

    Deborah Goldschmidt, Boston University, and Johannes F. Schmieder, Boston University and NBER, "The Rise of Domestic Outsourcing and the Evolution of the German Wage Structure" (NBER Working Paper No. 21366)

    Tania Babina and Paige Ouimet, University of North Carolina at Chapel Hill, and Rebecca Zarutskie, Federal Reserve Board, "Going Entrepreneurial? IPOs and New Firm Creation"

    Ulf Axelson and Igor Makarov, London School of Economics, "Informational Black Holes in Financial Markets"

    Thomas J. Chemmanur, Boston College; Gang Hu, Hong Kong Polytechnic University; and Chaopeng Wu, Xia Men University, "High Differentiation and Low Standardization: The Role of Venture Capitalists in Transforming the Management and Governance of Private Family Firms"

    Serguey Braguinsky, Carnegie Mellon University and NBER, and David A. Hounshell, Carnegie Mellon University, "History and Nanoeconomics in Strategy and Industry Evolution Research: Lessons from the Meiji-Era Japanese Cotton Spinning Industry"

    William R. Kerr, Harvard University and NBER, and Martin Mandorff, Swedish Competition Authority, "Social Networks, Ethnicity, and Entrepreneurship" (NBER Working Paper No. 21597)

Summaries of these papers are at: https://www.nber.org/confer/2015/ENTf15/summary.html

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