Using administrative data on the universe of eighth graders, we study learning losses in Italy between 2021 and 2019 to estimate the effect of schools' closures due to the COVID-19 pandemic. We find an average learning loss of 0.14 SD in math and 0.05 SD in reading. The pandemic widened preexisting gaps by socioeconomic status (SES): students in the bottom quintile of SES learned 0.21 SD less in math and 0.10 SD less in reading. Learning losses for immigrant students in math are larger than those for native ones. We do not find economically significant differences by gender.
{"title":"Exacerbated Inequalities: The Learning Loss from COVID-19 in Italy","authors":"Michela Carlana, Eliana La Ferrara, C. Lopez","doi":"10.1257/pandp.20231010","DOIUrl":"https://doi.org/10.1257/pandp.20231010","url":null,"abstract":"Using administrative data on the universe of eighth graders, we study learning losses in Italy between 2021 and 2019 to estimate the effect of schools' closures due to the COVID-19 pandemic. We find an average learning loss of 0.14 SD in math and 0.05 SD in reading. The pandemic widened preexisting gaps by socioeconomic status (SES): students in the bottom quintile of SES learned 0.21 SD less in math and 0.10 SD less in reading. Learning losses for immigrant students in math are larger than those for native ones. We do not find economically significant differences by gender.","PeriodicalId":72114,"journal":{"name":"AEA papers and proceedings. American Economic Association","volume":"19 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77222467","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Lauren Russell, J. Zumaeta, Aaron Colston, William A. Darity
This paper investigates income and wealth gaps by household incarceration history within and across racial groups using the Blinder-Oaxaca decomposition. We study this in the context of 2017 Baltimore. We find that households exposed to incarceration have lower levels of income and wealth and that these differences are largest for White households. Additionally, we find that Black households without incarceration exposure fare no better in household income than White households with exposure but have higher levels of wealth (driven by lower debt levels). These results highlight the importance of studying the relationship between the criminal legal system and economic inequality.
{"title":"The Incarceration Penalty and Black-White Economic Inequality: The Case of Baltimore","authors":"Lauren Russell, J. Zumaeta, Aaron Colston, William A. Darity","doi":"10.1257/pandp.20231132","DOIUrl":"https://doi.org/10.1257/pandp.20231132","url":null,"abstract":"This paper investigates income and wealth gaps by household incarceration history within and across racial groups using the Blinder-Oaxaca decomposition. We study this in the context of 2017 Baltimore. We find that households exposed to incarceration have lower levels of income and wealth and that these differences are largest for White households. Additionally, we find that Black households without incarceration exposure fare no better in household income than White households with exposure but have higher levels of wealth (driven by lower debt levels). These results highlight the importance of studying the relationship between the criminal legal system and economic inequality.","PeriodicalId":72114,"journal":{"name":"AEA papers and proceedings. American Economic Association","volume":"16 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83736689","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
I. Yotzov, Lena Anayi, N. Bloom, Philip D. Bunn, P. Mizen, Özgen Öztürk, Gregory Thwaites
We introduce a new measure of own-price inflation uncertainty using firm-level data from a large and representative survey of UK businesses. Inflation uncertainty has increased significantly since the start of 2021, even as a similar measure of sales uncertainty has declined. We also find large cross-sectional differences in inflation uncertainty, with uncertainty particularly elevated for smaller firms and those in the goods sector. Finally, we show that firms that are more uncertain about their own price expectations experience higher forecast errors 12 months later. These findings suggest that inflation uncertainty may be important for understanding firm performance.
{"title":"Firm Inflation Uncertainty","authors":"I. Yotzov, Lena Anayi, N. Bloom, Philip D. Bunn, P. Mizen, Özgen Öztürk, Gregory Thwaites","doi":"10.1257/pandp.20231035","DOIUrl":"https://doi.org/10.1257/pandp.20231035","url":null,"abstract":"We introduce a new measure of own-price inflation uncertainty using firm-level data from a large and representative survey of UK businesses. Inflation uncertainty has increased significantly since the start of 2021, even as a similar measure of sales uncertainty has declined. We also find large cross-sectional differences in inflation uncertainty, with uncertainty particularly elevated for smaller firms and those in the goods sector. Finally, we show that firms that are more uncertain about their own price expectations experience higher forecast errors 12 months later. These findings suggest that inflation uncertainty may be important for understanding firm performance.","PeriodicalId":72114,"journal":{"name":"AEA papers and proceedings. American Economic Association","volume":"124 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88638719","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We compare survey-based measures of work from home (WFH) in the cross section. While the surveys differ in how comprehensively they measure WFH, they are highly correlated in the cross section of US states, suggesting that they will yield similar causal effects. Researchers should carefully consider the trade-off between how comprehensively WFH is measured and measurement error, with the American Community Survey well suited for low levels of aggregation and the Survey of Working Arrangements and Attitudes and Real-Time Population Survey well suited to measuring distinct types of WFH. We also document that the experimental 2020 ACS replicate weights produce errors that are too small.
{"title":"Measuring Work from Home in the Cross Section","authors":"Augustus Kmetz, John B. Mondragón, J. Wieland","doi":"10.1257/pandp.20231016","DOIUrl":"https://doi.org/10.1257/pandp.20231016","url":null,"abstract":"We compare survey-based measures of work from home (WFH) in the cross section. While the surveys differ in how comprehensively they measure WFH, they are highly correlated in the cross section of US states, suggesting that they will yield similar causal effects. Researchers should carefully consider the trade-off between how comprehensively WFH is measured and measurement error, with the American Community Survey well suited for low levels of aggregation and the Survey of Working Arrangements and Attitudes and Real-Time Population Survey well suited to measuring distinct types of WFH. We also document that the experimental 2020 ACS replicate weights produce errors that are too small.","PeriodicalId":72114,"journal":{"name":"AEA papers and proceedings. American Economic Association","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90396178","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We document a secular shift from initial public offerings to acquisitions of venture capital-backed start-ups and show that this trend is accompanied by an increase in the opportunity cost of going public over the last quarter-century. Dominant companies that are disproportionately active in the corporate control market for start-ups have become more insulated from the pressures of product market competition over the same period. These facts are consistent with the hypothesis that start-up acquisitions have contributed to rising oligopoly power.
{"title":"The Great Start-up Sellout and the Rise of Oligopoly","authors":"Florian Ederer, Bruno Pellegrino","doi":"10.1257/pandp.20231024","DOIUrl":"https://doi.org/10.1257/pandp.20231024","url":null,"abstract":"We document a secular shift from initial public offerings to acquisitions of venture capital-backed start-ups and show that this trend is accompanied by an increase in the opportunity cost of going public over the last quarter-century. Dominant companies that are disproportionately active in the corporate control market for start-ups have become more insulated from the pressures of product market competition over the same period. These facts are consistent with the hypothesis that start-up acquisitions have contributed to rising oligopoly power.","PeriodicalId":72114,"journal":{"name":"AEA papers and proceedings. American Economic Association","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135399773","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Report of the Committee on Government Relations","authors":"","doi":"10.1257/pandp.113.786","DOIUrl":"https://doi.org/10.1257/pandp.113.786","url":null,"abstract":"","PeriodicalId":72114,"journal":{"name":"AEA papers and proceedings. American Economic Association","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135145809","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Front Matter","authors":"","doi":"10.1257/pandp.113.i","DOIUrl":"https://doi.org/10.1257/pandp.113.i","url":null,"abstract":"","PeriodicalId":72114,"journal":{"name":"AEA papers and proceedings. American Economic Association","volume":"35 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135145695","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We provide a simple framework connecting the distribution of excess savings across households to the dynamics of aggregate demand. Deficit-financed fiscal transfers generate excess savings. The poorest households with the highest marginal propensities to consume (MPCs) spend down their excess savings the fastest, increasing other households' incomes and their excess savings. This leads to a long-lasting increase in aggregate demand until, ultimately, excess savings have “trickled up” to the richest savers with the lowest MPCs, raising wealth inequality.
{"title":"The Trickling Up of Excess Savings","authors":"Adrien Auclert, Matthew Rognlie, Ludwig Straub","doi":"10.1257/pandp.20231027","DOIUrl":"https://doi.org/10.1257/pandp.20231027","url":null,"abstract":"We provide a simple framework connecting the distribution of excess savings across households to the dynamics of aggregate demand. Deficit-financed fiscal transfers generate excess savings. The poorest households with the highest marginal propensities to consume (MPCs) spend down their excess savings the fastest, increasing other households' incomes and their excess savings. This leads to a long-lasting increase in aggregate demand until, ultimately, excess savings have “trickled up” to the richest savers with the lowest MPCs, raising wealth inequality.","PeriodicalId":72114,"journal":{"name":"AEA papers and proceedings. American Economic Association","volume":"149 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135145703","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Traditional models of policy formation emphasize how political attitudes and actions affect policy outcomes. However, the converse may occur–policies are often a signal to constituents about the priorities and positions of both political actors and the government more broadly. I use the Supreme Court's decision in Bostock v. Clayton County to find broadbased improvements in attitudes toward LGBT people. Additionally, I find that my effect is almost entirely driven by men. These findings support a legitimization model of attitude effects. However, the distinct effects by gender suggest that gendered determinants of attitudes toward LGBT people may differ significantly.
{"title":"Heterogeneity in Attitude Responses: Evidence from Bostock v. Clayton County","authors":"Cameron Deal","doi":"10.1257/pandp.20231055","DOIUrl":"https://doi.org/10.1257/pandp.20231055","url":null,"abstract":"Traditional models of policy formation emphasize how political attitudes and actions affect policy outcomes. However, the converse may occur–policies are often a signal to constituents about the priorities and positions of both political actors and the government more broadly. I use the Supreme Court's decision in Bostock v. Clayton County to find broadbased improvements in attitudes toward LGBT people. Additionally, I find that my effect is almost entirely driven by men. These findings support a legitimization model of attitude effects. However, the distinct effects by gender suggest that gendered determinants of attitudes toward LGBT people may differ significantly.","PeriodicalId":72114,"journal":{"name":"AEA papers and proceedings. American Economic Association","volume":"91 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72824989","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Report of the Editor, Journal of Economic Perspectives","authors":"","doi":"10.1257/pandp.113.733","DOIUrl":"https://doi.org/10.1257/pandp.113.733","url":null,"abstract":"","PeriodicalId":72114,"journal":{"name":"AEA papers and proceedings. American Economic Association","volume":"207 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74580475","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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