Category Archives: Uncategorized

Piketty Roundtable

HT: Paul Krugman

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Immigrants and Native Workers: New Analysis Using Longitudinal Employer-Employee Data

From Mette Foged and Giovanni Peri: This paper makes progress on a long standing issue: what is the effect of unskilled immigrants on the labor market outcomes of similarly educated natives? Using the universe of individuals and firms in Denmark for the … Continue reading

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Evidence on the Consequences of Banning Affirmative Action

From Danny Yagan: The consequences of banning affirmative action depend on schools’ ability and willingness to avoid it.  This paper uses a seventeen-year sample of law school applications to estimate how completely UC law schools avoided the 1996 UC affirmative … Continue reading

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Behavioral Responses to an Annual Wealth Tax: Evidence from Sweden

From David Seim: This paper addresses the behavioral effects of an annual wealth tax. I use Swedish tax records over the period 2000-2006 to estimate bunching at kink points in the pro- gressive tax schedule and find significant estimates of … Continue reading

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Localized and Biased Technologies: Atkinson and Stiglitz’s New View, Induced Innovations, and Directed Technological Change

From Daron Acemoglu: This paper revisits the important ideas proposed by Atkinson and Stiglitz’s seminal 1969 paper on technological change. After linking these ideas to the induced innovation literature of the 1960s and the more recent directed technological change literature, … Continue reading

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Congrats to Matt Gentzkow on winning the JBC Medal!

Huge congratulations to Matt Gentzkow for winning the John Bates Clark medal! Here is the AEA’s write up of his work. Matthew Gentzkow has made fundamental contributions to our understanding of the economic forces driving the creation of media products, … Continue reading

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Tapping the Brakes: Are Less Active Markets Safer and Better for the Economy?

From Joe Stiglitz and summarized by Felix Salmon:

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The Euro and the Geography of International Debt Flows

From Galina Hale and Maurice Obstfeld: Greater financial integration between core and peripheral EMU members had an effect on both sets of countries. Lower interest rates allowed peripheral countries to run bigger deficits, which inflated their economies by allowing credit booms. … Continue reading

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Weekend Links: Understanding Piketty, Falling Interest Rates, Secular Stagnation, etc

Brad Delong has a great post that provides an analytical framework for understanding the historical narrative in Piketty’s new book. Barry Eichengreen has a nice piece on declining interest rates Larry Summers gave a talk at INET (starts at 45 … Continue reading

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Banks as Patient Fixed Income Investors

From Sam Hanson, Andrei Shleifer, Jeremy Stein, and Robert Vishny: We examine the business model of traditional commercial banks in the context of their co- existence with shadow banks. While both types of intermediaries create safe “money-like” claims, they go about … Continue reading

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