Annalisa Ferrando, P. Mcadam, Filippos Petroulakis, X. Vives
Monetary policy aims to affect corporate borrowing by influencing the marginal costs of firms, but its potency can be conditioned by the degree of market competition. We first identify conditions under which changes in marginal costs have different effects on credit constraints and output under different competitive environments, in a simple Cournot competition setting. We then exploit a monetary policy easing shock in the euro area to examine whether policy pass-through is conditioned by market structure. We show that small firms within less concentrated sectors experienced a larger reduction in credit constraints than similar firms in more concentrated sectors.
{"title":"Monetary Policy, Market Power, and SMEs","authors":"Annalisa Ferrando, P. Mcadam, Filippos Petroulakis, X. Vives","doi":"10.1257/pandp.20231006","DOIUrl":"https://doi.org/10.1257/pandp.20231006","url":null,"abstract":"Monetary policy aims to affect corporate borrowing by influencing the marginal costs of firms, but its potency can be conditioned by the degree of market competition. We first identify conditions under which changes in marginal costs have different effects on credit constraints and output under different competitive environments, in a simple Cournot competition setting. We then exploit a monetary policy easing shock in the euro area to examine whether policy pass-through is conditioned by market structure. We show that small firms within less concentrated sectors experienced a larger reduction in credit constraints than similar firms in more concentrated sectors.","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":"84172731","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 AEA Ombudsperson","authors":"","doi":"10.1257/pandp.111.803","DOIUrl":"https://doi.org/10.1257/pandp.111.803","url":null,"abstract":"","PeriodicalId":72114,"journal":{"name":"AEA papers and proceedings. American Economic Association","volume":"13 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85176856","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 compare patterns of family care provided to children and to adults, and discuss what these patterns suggest about how individuals make decisions over, and ultimately value, such care. We show that patterns of informal adult care do not resemble patterns of informal childcare along three important dimensions: caregiver age, caregiver education, and the response of caregiving to macroeconomic conditions. The finding that childcare and adult care are economically distinct suggest that policies, like paid family leave, that support caregivers should more carefully consider these differences.
{"title":"Is All Caregiving Created Equal? A Comparison of Caregiving to Children and Adults","authors":"Corina D Mommaerts, Yulya Truskinovsky","doi":"10.1257/pandp.20231107","DOIUrl":"https://doi.org/10.1257/pandp.20231107","url":null,"abstract":"In this paper, we compare patterns of family care provided to children and to adults, and discuss what these patterns suggest about how individuals make decisions over, and ultimately value, such care. We show that patterns of informal adult care do not resemble patterns of informal childcare along three important dimensions: caregiver age, caregiver education, and the response of caregiving to macroeconomic conditions. The finding that childcare and adult care are economically distinct suggest that policies, like paid family leave, that support caregivers should more carefully consider these differences.","PeriodicalId":72114,"journal":{"name":"AEA papers and proceedings. American Economic Association","volume":"9 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81674060","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}
Elisa Guglielminetti, M. Loberto, G. Zevi, R. Zizza
We quantify the impact of work from home (WFH) on housing demand by leveraging a unique dataset of online housing sales advertisements in Italy and considering intensity in the adoption of WFH. By exploiting both the time series and the geographical variation in WFH adoption after the outbreak of the COVID-19 pandemic, we estimate that intensive WFH is the main driver of a significant recomposition of housing demand toward larger, single-family properties with outdoor spaces. This suggests that hybrid working arrangements involving a sizable amount of home-office work may have long-lasting consequences on housing markets and the organization of cities.
{"title":"How Work from Home Changes Housing Demand: Evidence from Online Search","authors":"Elisa Guglielminetti, M. Loberto, G. Zevi, R. Zizza","doi":"10.1257/pandp.20231015","DOIUrl":"https://doi.org/10.1257/pandp.20231015","url":null,"abstract":"We quantify the impact of work from home (WFH) on housing demand by leveraging a unique dataset of online housing sales advertisements in Italy and considering intensity in the adoption of WFH. By exploiting both the time series and the geographical variation in WFH adoption after the outbreak of the COVID-19 pandemic, we estimate that intensive WFH is the main driver of a significant recomposition of housing demand toward larger, single-family properties with outdoor spaces. This suggests that hybrid working arrangements involving a sizable amount of home-office work may have long-lasting consequences on housing markets and the organization of cities.","PeriodicalId":72114,"journal":{"name":"AEA papers and proceedings. American Economic Association","volume":"14 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81906069","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 examine the demand-side implications of Amazon's distribution and logistics investments. Our results indicate that online demand–transactions at Amazon and its competitors–does not respond to the consumer's proximity to Amazon's upstream fulfillment distribution facilities, suggesting that their densification did not differentially improve local shipping times and on-time delivery. Instead, we find that investments in last-mile delivery facilities and services allow the company to improve shipping times more directly in the urban markets served by these facilities, simultaneously increasing demand through the rollout of same-day service options and reducing the visits to traditional brick-and-mortar retail.
{"title":"The Impact of Distance in Retail Markets","authors":"D. Edgel, J. Houde, Peter Newberry, Katja Seim","doi":"10.1257/pandp.20231066","DOIUrl":"https://doi.org/10.1257/pandp.20231066","url":null,"abstract":"We examine the demand-side implications of Amazon's distribution and logistics investments. Our results indicate that online demand–transactions at Amazon and its competitors–does not respond to the consumer's proximity to Amazon's upstream fulfillment distribution facilities, suggesting that their densification did not differentially improve local shipping times and on-time delivery. Instead, we find that investments in last-mile delivery facilities and services allow the company to improve shipping times more directly in the urban markets served by these facilities, simultaneously increasing demand through the rollout of same-day service options and reducing the visits to traditional brick-and-mortar retail.","PeriodicalId":72114,"journal":{"name":"AEA papers and proceedings. American Economic Association","volume":"23 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85372076","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 a US nationally representative online sample, we measure the level of knowledge on employment nondiscrimination laws. Although Americans are well informed about sex, race, and disability being protected characteristics, only about 71 percent think that sexual orientation is a protected characteristic. Sexual minorities are as uninformed as heterosexual individuals that sexual orientation is legally protected from employment discrimination. Furthermore, sexual minorities living in states that did not previously have statewide employment nondiscrimination protections prior to the 2020 Supreme Court ruling in Bostock v. Clayton County are less likely to think that sexual orientation is a protected characteristic.
使用美国全国代表性的在线样本，我们衡量了就业非歧视法律的知识水平。尽管美国人很了解性别、种族和残疾是受保护的特征，但只有71%的人认为性取向是受保护的特征。性少数群体和异性恋者一样不知道，性取向在法律上受到保护，不受就业歧视。此外，在2020年最高法院对博斯托克诉克莱顿县(Bostock v. Clayton County)一案做出裁决之前，居住在没有全州就业不歧视保护的州的性少数群体不太可能认为性取向是一种受保护的特征。
{"title":"Knowledge about Federal Employment Nondiscrimination Protections on the Basis of Sexual Orientation","authors":"Billur Aksoy, C. Carpenter, Dario Sansone","doi":"10.1257/pandp.20231054","DOIUrl":"https://doi.org/10.1257/pandp.20231054","url":null,"abstract":"Using a US nationally representative online sample, we measure the level of knowledge on employment nondiscrimination laws. Although Americans are well informed about sex, race, and disability being protected characteristics, only about 71 percent think that sexual orientation is a protected characteristic. Sexual minorities are as uninformed as heterosexual individuals that sexual orientation is legally protected from employment discrimination. Furthermore, sexual minorities living in states that did not previously have statewide employment nondiscrimination protections prior to the 2020 Supreme Court ruling in Bostock v. Clayton County are less likely to think that sexual orientation is a protected characteristic.","PeriodicalId":72114,"journal":{"name":"AEA papers and proceedings. American Economic Association","volume":"9 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81721811","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}
K. Gillingham, Arthur A. van Benthem, Stephanie Weber, M. Saafi, Xin He
Electric vehicle (EV) sales have been rapidly growing around the world, spurred by technology advances and policy actions. This study leverages rich data on all individual new light-duty vehicles sold in the United States from 2014 to 2020. We examine how EV attributes, prices, and sales have evolved, exploring substantial heterogeneity across geography, vehicle class, price range, and demographics. We use a matching analysis to compare EVs to similar conventional vehicles to find that EVs have been surprisingly competitive in very recent years. This suggests that constrained supply is an important determinant of the low overall EV market share.
{"title":"Has Consumer Acceptance of Electric Vehicles Been Increasing? Evidence from Microdata on Every New Vehicle Sale in the United States","authors":"K. Gillingham, Arthur A. van Benthem, Stephanie Weber, M. Saafi, Xin He","doi":"10.1257/pandp.20231065","DOIUrl":"https://doi.org/10.1257/pandp.20231065","url":null,"abstract":"Electric vehicle (EV) sales have been rapidly growing around the world, spurred by technology advances and policy actions. This study leverages rich data on all individual new light-duty vehicles sold in the United States from 2014 to 2020. We examine how EV attributes, prices, and sales have evolved, exploring substantial heterogeneity across geography, vehicle class, price range, and demographics. We use a matching analysis to compare EVs to similar conventional vehicles to find that EVs have been surprisingly competitive in very recent years. This suggests that constrained supply is an important determinant of the low overall EV market share.","PeriodicalId":72114,"journal":{"name":"AEA papers and proceedings. American Economic Association","volume":"124 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":"83995584","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 show that negative effects of parental disability on schooling investments are larger for economically advantaged families. Among children with a veteran father, private school attendance declines with the severity of a father's service-related disability by more when fathers have completed college relative to when fathers have not. Paternal disability also lowers the mobility of young adults, suggesting that reduced educational investment persists into young adulthood. Lost earnings are one mechanism; disability decreases labor supply for all, but foregone earnings are larger for highly educated fathers. Losses are offset by Veterans Affairs transfers for less educated fathers but not for educated fathers.
{"title":"Effects of Parental Disability on Children's Schooling: The Surprising Role of Parental Education","authors":"Katie Bollman, Leah K. Lakdawala","doi":"10.1257/pandp.20231124","DOIUrl":"https://doi.org/10.1257/pandp.20231124","url":null,"abstract":"We show that negative effects of parental disability on schooling investments are larger for economically advantaged families. Among children with a veteran father, private school attendance declines with the severity of a father's service-related disability by more when fathers have completed college relative to when fathers have not. Paternal disability also lowers the mobility of young adults, suggesting that reduced educational investment persists into young adulthood. Lost earnings are one mechanism; disability decreases labor supply for all, but foregone earnings are larger for highly educated fathers. Losses are offset by Veterans Affairs transfers for less educated fathers but not for educated fathers.","PeriodicalId":72114,"journal":{"name":"AEA papers and proceedings. American Economic Association","volume":"108 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75818615","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}
Madison Levine, N. Meriggi, A. M. Mobarak, V. Ramakrishna, M. Voors, Uday Wadehra
The COVID-19 outbreak had severe adverse impacts on the health and wealth of households in lower-income countries (LICs), and has affected even more severely female-headed households in LICs. Using high-frequency phone surveys in Sierra Leone, we show that female-headed households are likely to rely on cheaper food alternatives (e.g., Cassava) compared to maleheaded households and are more food insecure. These effects are more nuanced among the poorest families owning one or no assets. Furthermore, female-headed households had less access to COVID-19 information, were less likely to adopt preventive measures (e.g., masks and social distancing) at the onset of the pandemic, and show greater signs of vaccine hesitancy in the early stages of the COVID-19 vaccine campaign.
{"title":"Gendered Disparities during the COVID-19 Crisis in Sierra Leone","authors":"Madison Levine, N. Meriggi, A. M. Mobarak, V. Ramakrishna, M. Voors, Uday Wadehra","doi":"10.1257/pandp.20231092","DOIUrl":"https://doi.org/10.1257/pandp.20231092","url":null,"abstract":"The COVID-19 outbreak had severe adverse impacts on the health and wealth of households in lower-income countries (LICs), and has affected even more severely female-headed households in LICs. Using high-frequency phone surveys in Sierra Leone, we show that female-headed households are likely to rely on cheaper food alternatives (e.g., Cassava) compared to maleheaded households and are more food insecure. These effects are more nuanced among the poorest families owning one or no assets. Furthermore, female-headed households had less access to COVID-19 information, were less likely to adopt preventive measures (e.g., masks and social distancing) at the onset of the pandemic, and show greater signs of vaccine hesitancy in the early stages of the COVID-19 vaccine campaign.","PeriodicalId":72114,"journal":{"name":"AEA papers and proceedings. American Economic Association","volume":"5 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78596836","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}
Thibaut Duprey, Daniel E. Rigobon, Artur Kotlicki, Philip Schnattinger
We introduce a new real-time method to measure business opening and closure rates by relying on Google Places, the data behind the Google Maps platform. We collect data on establishments of customer-facing industries (food, retail, accommodation) and provide evidence that the opening and closure rates reflect well the temporary closures and reopening during the pandemic. We find that the operational or closed status of establishments is correlated with business reviews: fewer reviews are associated with impending business exit, and more reviews are associated with expanding businesses posting new job vacancies.
{"title":"Timely Business Dynamics Using Google Places","authors":"Thibaut Duprey, Daniel E. Rigobon, Artur Kotlicki, Philip Schnattinger","doi":"10.1257/pandp.20231050","DOIUrl":"https://doi.org/10.1257/pandp.20231050","url":null,"abstract":"We introduce a new real-time method to measure business opening and closure rates by relying on Google Places, the data behind the Google Maps platform. We collect data on establishments of customer-facing industries (food, retail, accommodation) and provide evidence that the opening and closure rates reflect well the temporary closures and reopening during the pandemic. We find that the operational or closed status of establishments is correlated with business reviews: fewer reviews are associated with impending business exit, and more reviews are associated with expanding businesses posting new job vacancies.","PeriodicalId":72114,"journal":{"name":"AEA papers and proceedings. American Economic Association","volume":"15 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87456195","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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