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  • Change and Persistence in the Economic Status of Neighborhoods and Cities | Becker-Friedman Institute Research Respository
    Password Request new password Log in Change and Persistence in the Economic Status of Neighborhoods and Cities This paper reviews recent literature that considers and explains the tendency for neighborhood and city level economic status to rise and fall A central message is that although many locations exhibit extreme persistence in economic status change in economic status as measured by various indicators of per capita income is common At the neighborhood level we begin with a set of stylized facts and then follow with discussion of static and dynamic drivers of neighborhood economic status This is mirrored at the metropolitan level Durable but slowly decaying housing transportation infrastructure and self reinforcing spillovers all influence local income dynamics as do enduring natural advantages amenities and government policy Three recurring themes run throughout the paper i Long sweeps of time are typically necessary to appreciate that change in economic status is common ii history matters and iii a combination of static and dynamic forces ensure that income dynamics can and do differ dramatically across locations but in ways that can be understood Authors Stuart Rosenthal Syracuse University Stephen L Ross University of Connecticut Publication Date September 2014 BFI Initiative Human Capital and

    Original URL path: http://econresearch.uchicago.edu/content/change-and-persistence-economic-status-neighborhoods-and-cities (2015-06-03)
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  • The Value of Regulatory Discretion: Estimates from Environmental Inspections in India | Becker-Friedman Institute Research Respository
    in India In collaboration with a state environmental regulator in India we conducted a field exper iment to raise the frequency of environmental inspections to the prescribed minimum for a random set of industrial plants The treatment was successful when judged by process measures as treatment plants relative to the control group were more than twice as likely to be inspected and to be cited for violating pollution standards Yet the treatment was weaker for more consequential outcomes the regulator was no more likely to identify extreme polluters i e plants with emissions five times the regulatory standard or more or to impose costly penalties in the treatment group In response to the added scrutiny treatment plants only marginally increased compliance with standards and did not significantly reduce mean pollution emissions To explain these results and recover the full costs of environmental regulation we model the regulatory process as a dynamic discrete game where the regulator chooses whether to penalize and plants choose whether to abate to avoid future sanctions We estimate this model using original data on 10 000 interactions between plants and the regulator Our estimates imply that the costs of environmental regulation are largely reserved for extremely

    Original URL path: http://econresearch.uchicago.edu/content/value-regulatory-discretion-estimates-environmental-inspections-india (2015-06-03)
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  • Shock Elasticities and Impulse Responses | Becker-Friedman Institute Research Respository
    error continues User login CNetID or Username Password Request new password Log in Shock Elasticities and Impulse Responses We construct shock elasticities that are pricing counterparts to impulse response functions Recall that impulse response functions measure the importance of next period shocks for future values of a time series Shock elasticities measure the contributions to the price and to the expected future cash flow from changes in the exposure to

    Original URL path: http://econresearch.uchicago.edu/content/shock-elasticities-and-impulse-responses (2015-06-03)
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  • Exploring the Nexus Between Macro-Prudential Policies and Monetary Policy Measures: Evidence from an Estimated DSGE Model for the Euro Area | Becker-Friedman Institute Research Respository
    Username Password Request new password Log in Exploring the Nexus Between Macro Prudential Policies and Monetary Policy Measures Evidence from an Estimated DSGE Model for the Euro Area The financial crisis highlighted the importance of systemic risks and of policies that can be employed to prevent and mitigate them Several recent initiatives aim at establishing institutional frameworks for macro prudential policy As this process advances further substantial uncertainties remain regarding

    Original URL path: http://econresearch.uchicago.edu/content/exploring-nexus-between-macro-prudential-policies-and-monetary-policy-measures-evidence (2015-06-03)
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  • Examining Macroeconomic Models Through the Lens of Asset Pricing | Becker-Friedman Institute Research Respository
    password Log in Examining Macroeconomic Models Through the Lens of Asset Pricing We develop new methods for representing the asset pricing implications of stochastic general equilibrium models We provide asset pricing counterparts to impulse response functions and the resulting dynamic value decompositions DVDs These methods quantify the exposures of macroeconomic cash flows to shocks over alternative investment horizons and the corresponding prices or investors compensations We extend the continuous time

    Original URL path: http://econresearch.uchicago.edu/content/examining-macroeconomic-models-through-lens-asset-pricing-0 (2015-06-03)
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  • Bayesian Exploratory Factor Analysis | Becker-Friedman Institute Research Respository
    trying to view this page again after changing the URL in your browser s location bar to begin with https instead of http Please contact site admin for help if this error continues User login CNetID or Username Password Request new password Log in Bayesian Exploratory Factor Analysis This paper develops and applies a Bayesian approach to Exploratory Factor Analysis that improves on ad hoc classical approaches Our framework relies on dedicated factor models and simultaneously determines the number of factors the allocation of each measurement to a unique factor and the corresponding factor loadings Classical identification criteria are applied and integrated into our Bayesian procedure to generate models that are stable and clearly interpretable A Monte Carlo study confirms the validity of the approach The method is used to produce interpretable low dimensional aggregates from a high dimensional set of psychological measurements Authors Gabriella Conti University College London Sylvia Fruehwirth Schnatter University of Vienna James J Heckman The University of Chicago Remi Piatek Københavns Universitet Publication Date July 2014 BFI Initiative Human Capital and Economic Opportunity JEL Classification C11 Bayesian Analysis General C38 Multiple or Simultaneous Equation Models Classification Methods Cluster Analysis Factor Models C63 Computational Techniques Simulation Modeling

    Original URL path: http://econresearch.uchicago.edu/content/bayesian-exploratory-factor-analysis (2015-06-03)
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  • The Costs of Occupational Mobility: An Aggregate Analysis | Becker-Friedman Institute Research Respository
    location bar to begin with https instead of http Please contact site admin for help if this error continues User login CNetID or Username Password Request new password Log in The Costs of Occupational Mobility An Aggregate Analysis We estimate the costs of occupational mobility using a novel approach that relies on aggregate flows of workers across occupations rather than on wage data The theoretical underpinnings for this approach are derived from a model of occupation choice that delivers a gravity equation linking worker flows to occupation characteristics and to transition costs which we proxy using task data from the Dictionary of Occupational Titles DOT Occupation flow data are constructed from the matched monthly Current Population Survey CPS between 1994 and 2012 We find that transition costs vary widely across occupations are increasing in task distance the dissimilarity in the mix of tasks performed in the two occupations and are higher for transitions across broad task categories However most of the transition costs are accounted for by general task independent entry costs specific to each destination occupation Authors Guido Matias Cortes University of Manchester and RCEA Giovanni Gallipoli University of British Columbia Publication Date July 2014 BFI Initiative Human Capital

    Original URL path: http://econresearch.uchicago.edu/content/costs-occupational-mobility-aggregate-analysis (2015-06-03)
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  • Uncertainty Outside and Inside Economic Models | Becker-Friedman Institute Research Respository
    Log in Uncertainty Outside and Inside Economic Models Asset pricing theory has long recognized that financial markets compensate investors who are exposed to some components of uncertainty This is where macroeconomics comes into play The economy wide shocks the primary concern of macroeconomists by their nature are not diversifiable Exposures to these shocks cannot be averaged out with exposures to other shocks Thus returns on assets that depend on these

    Original URL path: http://econresearch.uchicago.edu/content/uncertainty-outside-and-inside-economic-models (2015-06-03)
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