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  • Women's Rights and Development | Becker-Friedman Institute Research Respository
    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 Women s Rights and Development Why has the expansion of women s economic and political rights coincided with economic development This paper investigates this question focusing on a key economic right for women property rights The basic hypothesis is that the process of development i e capital accumulation and declining fertility exacerbated the tension in men s conflicting interests as husbands versus fathers ultimately resolving them in favor of the latter As husbands men stood to gain from their privileged position in a patriarchal world whereas as fathers they were hurt by a system that afforded few rights to their daughters The model predicts that declining fertility would hasten reform of women s property rights whereas legal systems that were initially more favorable to women would delay them The theoretical relationship between capital and the relative attractiveness of reform is non monotonic but growth inevitably leads to reform I explore the empirical validity of the theoretical predictions by using cross state variation in the US in the timing

    Original URL path: http://econresearch.uchicago.edu/content/womens-rights-and-development (2015-06-03)
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  • Which Financial Frictions? Parsing the Evidence from the Financial Crisis of 2007–9 | Becker-Friedman Institute Research Respository
    protocol such as HTTPS You can switch to HTTPS by 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 Which Financial Frictions Parsing the Evidence from the Financial Crisis of 2007 9 The financial crisis of 2007 9 has sparked keen interest in models of financial frictions and their impact on macro activity Most models share the feature that borrowers suffer a contraction in the quantity of credit However the evidence suggests that although bank lending to firms declines during the crisis bond financing actually increases to make up much of the gap This paper reviews both aggregate and micro level data and highlights the shift in the composition of credit between loans and bonds Motivated by the evidence we formulate a model of direct and intermediated credit that captures the key stylized facts In our model the impact on real activity comes from the spike in risk premiums rather than contraction in the total quantity of credit Authors Tobias Adrian Federal Reserve Bank of

    Original URL path: http://econresearch.uchicago.edu/content/which-financial-frictions-parsing-evidence-financial-crisis-2007%E2%80%939 (2015-06-03)
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  • What Explains Schooling Differences Across Countries? | Becker-Friedman Institute Research Respository
    in What Explains Schooling Differences Across Countries This paper provides a theory that explains the cross country distribution of average years of schooling as well as the so called human capital premium puzzle In our theory credit frictions as well as differences in access to public education fertility and mortality turn out to be the key reasons why schooling differs across countries Differences in growth rates and in wages are

    Original URL path: http://econresearch.uchicago.edu/content/what-explains-schooling-differences-across-countries (2015-06-03)
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  • Wage Premia in Employment Clusters: How Important is Worker Heterogeneity? | Becker-Friedman Institute Research Respository
    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 Wage Premia in Employment Clusters How Important is Worker Heterogeneity This paper tests whether the correlation between wages and the spatial concentration of employment can be explained by unobserved worker productivity differences Residential location is used as a proxy for a worker s unobserved productivity and average workplace commute time is used to test whether location based productivity differences are compensated away by longer commutes Analyses using confidential data from the 2000 Decennial Census Long Form find that the agglomeration estimates are robust to comparisons within residential location and that the estimates do not persist after controlling for commuting costs suggesting that the productivity differences across locations are not due to productivity differences across individuals Authors Shihe Fu Wang Yanan Institute for Studies in Economics WISE Xiamen University Stephen L Ross University of Connecticut Publication Date December 2011 BFI Initiative Human Capital and Economic Opportunity JEL Classification R13 General Equilibrium and Welfare Economic Analysis of Regional Economies R30 Real Estate Markets Production Analysis and Firm Location General

    Original URL path: http://econresearch.uchicago.edu/content/wage-premia-employment-clusters-how-important-worker-heterogeneity (2015-06-03)
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  • Wage and Earnings Profiles at Older Ages | Becker-Friedman Institute Research Respository
    lifetime wage profile is frequently taken to be a stylized fact This implies a smooth decline in wages as workers approach retirement Instead this paper shows that the hourly wage of the typical older worker increases slightly with age for as long as he is employed full time It declines discretely only when he enters partial retirement a transitional period characterized by the prevalence of part time work and remains mostly flat thereafter That is the wage path at older ages is best represented by a step function The smoothly declining profile often found in the literature is the result of aggregation over individuals who enter partial retirement at different ages This conclusion is robust to controlling for self selection into partial and full retirement More importantly the transition out of full time work is a choice for most workers and the subsequent wage change is endogenously determined While standard labor supply models would rationalize the reduction in hours worked upon partial retirement as a response to an exogenously declining wage trajectory the evidence presented in the paper indicates instead that workers choose to trade more leisure for a lower hourly wage in a context in which a better paid

    Original URL path: http://econresearch.uchicago.edu/content/wage-and-earnings-profiles-older-ages (2015-06-03)
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  • Voters and Politicians: Reassessing the Fiscal Effects of Direct Democracy | Becker-Friedman Institute Research Respository
    User login CNetID or Username Password Request new password Log in Voters and Politicians Reassessing the Fiscal Effects of Direct Democracy One of the most robust empirical findings about direct democracy is that US states with the voter initiative tax and spend significantly less than states without the initiative at least since the mid 1970s The relationship between initiative status and fiscal policy has been interpreted as causal and as an indication that voters prefer smaller government than legislators Yet existing research has not explained exactly which elements of the public budget are cut in initiative states This paper does so First I establish that the fiscal differential between initiative and non initiative states is not due to smaller government budgets in general but specifically due to lesser and more unequal education funding primarily resulting from reductions in state aid to local school districts Next drawing upon a newly created data set that traces state education funding from the late 1800s to today I explore the origins of these fiscal differentials I find that some of the differences between would be initiative and non initiative states are evident even before the initiative existed Others emerged only many decades after the

    Original URL path: http://econresearch.uchicago.edu/content/voters-and-politicians-reassessing-fiscal-effects-direct-democracy (2015-06-03)
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  • Unobserved Heterogeneity in Matching Games | Becker-Friedman Institute Research Respository
    contact site admin for help if this error continues User login CNetID or Username Password Request new password Log in Unobserved Heterogeneity in Matching Games Agents in two sided matching games vary in characteristics that are unobservable in typical data on matching markets We investigate the identification of the distribution of these unobserved characteristics using data on who matches with whom The distribution of match specific unobservables cannot be fully

    Original URL path: http://econresearch.uchicago.edu/content/unobserved-heterogeneity-matching-games (2015-06-03)
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  • Unit Roots in White Noise | Becker-Friedman Institute Research Respository
    contact site admin for help if this error continues User login CNetID or Username Password Request new password Log in Unit Roots in White Noise We show that the empirical distribution of the roots of the vector auto regression of order n fitted to T observations of a general stationary or non stationary process converges to the uniform distribution over the unit circle on the complex plane when both T

    Original URL path: http://econresearch.uchicago.edu/content/unit-roots-white-noise (2015-06-03)
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