We estimate the responsiveness of net labor migration to regional differences in unemployment rates across the United States since the mid-1970s. Our baseline estimate suggests an elasticity of roughly -0.3. For typical labor force participation ratios, an increase of 100 unemployed workers in an area is associated with net out-migration of roughly 47 workers. Instrumenting for regional unemployment produces even higher estimates. Our estimates are stable over time, inclusive of the Great Recession. The estimates depend crucially on accurate data and accounting for long-term trends in migration and unemployment.
{"title":"Labor Mobility and Unemployment over the Business Cycle","authors":"Andrea Foschi, C. House, C. Proebsting, L. Tesar","doi":"10.1257/pandp.20231079","DOIUrl":"https://doi.org/10.1257/pandp.20231079","url":null,"abstract":"We estimate the responsiveness of net labor migration to regional differences in unemployment rates across the United States since the mid-1970s. Our baseline estimate suggests an elasticity of roughly -0.3. For typical labor force participation ratios, an increase of 100 unemployed workers in an area is associated with net out-migration of roughly 47 workers. Instrumenting for regional unemployment produces even higher estimates. Our estimates are stable over time, inclusive of the Great Recession. The estimates depend crucially on accurate data and accounting for long-term trends in migration and unemployment.","PeriodicalId":72114,"journal":{"name":"AEA papers and proceedings. American Economic Association","volume":"6 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81837806","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}
Pollution concentrations (PM2.5) in the United States have fallen in recent decades. Despite these improvements, disparities in concentrations between racial/ethnic groups persist. We combine administrative data on the universe of emergency room (ER) admissions across California with satellite information on PM2.5 concentrations and compare recent trends in racial/ethnic disparities for PM2.5 and asthma rates. We find that PM2.5 concentrations fell for the average Black, Hispanic, and White individual. Similarly, disparities in PM2.5 concentrations fell between Black and White individuals and between Hispanic and White individuals. However, racial disparities in asthma rates, as measured by asthma-related ER visits per resident, have increased overall and broadly across the income distribution.
{"title":"Do Health Disparities Narrow with Pollution Disparities? Trends from California","authors":"Danae Hernández-Cortés, Kyle C. Meng","doi":"10.1257/pandp.20231128","DOIUrl":"https://doi.org/10.1257/pandp.20231128","url":null,"abstract":"Pollution concentrations (PM2.5) in the United States have fallen in recent decades. Despite these improvements, disparities in concentrations between racial/ethnic groups persist. We combine administrative data on the universe of emergency room (ER) admissions across California with satellite information on PM2.5 concentrations and compare recent trends in racial/ethnic disparities for PM2.5 and asthma rates. We find that PM2.5 concentrations fell for the average Black, Hispanic, and White individual. Similarly, disparities in PM2.5 concentrations fell between Black and White individuals and between Hispanic and White individuals. However, racial disparities in asthma rates, as measured by asthma-related ER visits per resident, have increased overall and broadly across the income distribution.","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":"78269709","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}
In this paper, we examine the balance between allocative efficiency and price discovery in blockchain-based finance. Our analysis reveals that the use of private pools, while improving blockspace allocation efficiency, negatively impacts price discovery. We show that the presence of private pools limits the amount of information revealed through pending orders and increases the execution risk of informed orders. We argue that price discovery can be improved by increasing the number of validators monitoring private pools or the block production rate on the chain.
{"title":"Blockchain Private Pools and Price Discovery","authors":"A. Capponi, R. Jia, Ye Wang","doi":"10.1257/pandp.20231030","DOIUrl":"https://doi.org/10.1257/pandp.20231030","url":null,"abstract":"In this paper, we examine the balance between allocative efficiency and price discovery in blockchain-based finance. Our analysis reveals that the use of private pools, while improving blockspace allocation efficiency, negatively impacts price discovery. We show that the presence of private pools limits the amount of information revealed through pending orders and increases the execution risk of informed orders. We argue that price discovery can be improved by increasing the number of validators monitoring private pools or the block production rate on the chain.","PeriodicalId":72114,"journal":{"name":"AEA papers and proceedings. American Economic Association","volume":"45 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78532375","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 Task Force on Outreach to High School and Undergraduate Students in Economics","authors":"","doi":"10.1257/pandp.111.789","DOIUrl":"https://doi.org/10.1257/pandp.111.789","url":null,"abstract":"","PeriodicalId":72114,"journal":{"name":"AEA papers and proceedings. American Economic Association","volume":"21 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76772198","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}
The literature in pedagogy has shown that having a sense of belonging affects learning. This paper shows the result of a communication experiment in an online environment. For six consecutive terms, the instructor taught Introduction to Statistics. The instructor added a more direct communication strategy during two of those five terms. She used weekly communications that linked course material with events discussed by students previously and a personal message to each student. The intervention resulted in improved learning, measured by better grades, and more enjoyment of the course, measured using student comments in teaching evaluations.
{"title":"Messages That Foster a Sense of Belonging Improve Learning and Satisfaction: An Experiment in an Online Environment","authors":"Sara Avila Forcada","doi":"10.1257/pandp.20231048","DOIUrl":"https://doi.org/10.1257/pandp.20231048","url":null,"abstract":"The literature in pedagogy has shown that having a sense of belonging affects learning. This paper shows the result of a communication experiment in an online environment. For six consecutive terms, the instructor taught Introduction to Statistics. The instructor added a more direct communication strategy during two of those five terms. She used weekly communications that linked course material with events discussed by students previously and a personal message to each student. The intervention resulted in improved learning, measured by better grades, and more enjoyment of the course, measured using student comments in teaching evaluations.","PeriodicalId":72114,"journal":{"name":"AEA papers and proceedings. American Economic Association","volume":"200 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76963086","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}
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}
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