Results

Journal article

Journal of Economic Perspectives:

A practical guide to shift-share instruments

A recent econometric literature shows two distinct paths for identification with shift-share instruments, leveraging either many exogenous shifts or exogenous shares. We present the core logic of both paths and practical...Read more...

Journal article

AEA Papers and Proceedings:

The linear algebra of economic geography models

We provide sufficient statistics for nominal and real wage exposure to productivity shocks in a constant elasticity economic geography model. These exposure measures summarize the first-order general equilibrium elastici...Read more...

Journal article

American Economic Journal: Economic Policy :

Local retail prices, product variety, and neighborhood change

We study how local grocery markets within a city are affected by changes in housing markets. Our empirical strategy exploits a shift in the spatial distribution of construction activity induced by a large-scale, place-ba...Read more...

Journal article

AEA Papers and Proceedings:

The local labor market effects of modern manufacturing capital: evidence from France

Using an event study methodology and comprehensive micro data from the French manufacturing sector, we analyze the local labor market effects of investments in modern manufacturing capital, including modern automation te...Read more...

Journal article

Journal of the European Economic Association:

City of dreams

Bigger cities offer more valuable experiences and opportunities in exchange for higher housing costs. While higher-ability workers benefit more from bigger cities, they are not more likely to move to one. Our model of ur...Read more...

Journal article

Journal of Economic Perspectives:

Place-based policies and spatial disparities across European cities

Spatial disparities in income and worklessness across areas of the European Union are profound and persistent. Concerns about these disparities and the appropriate policy response are longstanding. Two trends have re-ene...Read more...

CentrePiece article

The UK's self-employed workers: who they are and what they need

One in seven people in the UK workforce is now in self-employment ? but this is a very diverse community. Jack Blundell is developing a typology of self-employed workers, which can then be used to assess differences in h...Read more...

CEP occasional paper

Clusters in UK self-employment

UK Self-employment has soared in recent years. With existing labour market policy designed to cater for conventional employee relationships, policymakers in this field are increasingly seeking to better understand these ...Read more...

Journal article

American Economic Review:

The persistence of local joblessness

Differences in employment-population ratios across US commuting zones have persisted for many decades. We claim these disparities represent real gaps in economic opportunity for individuals of fixed characteristics. Thes...Read more...

CentrePiece article

Happiness at work

Work-life balance is a particularly strong predictor of people?s happiness. High degrees of job satisfaction can hide low levels of engagement at work. Happiness helps to shape job market outcomes, productivity and firm ...Read more...

Journal article

American Economic Review:

How local are labor markets? Evidence from a spatial job search model

This paper models the optimal search strategies of the unemployed across space to characterize local labor markets. Our methodology allows for linkages between numerous areas, while preserving tractability. We estimate t...Read more...

CEP discussion paper

Happiness at work

Happiness is typically defined by how people experience and evaluate their lives as a whole. Since the majority of people spend much of their lives at work, it is critically important to gain a solid understanding of the...Read more...

Journal article

Annals of economics and statistics:

Childhood sporting activities and adult labour-market outcomes

We here ask whether childhood sport participation is positively correlated with adult labour-market outcomes. There are many potential channels for this effect, although, as usual, identifying a causal relationship is di...Read more...

SERC/Urban and Spatial Programme Discussion Paper

The Role of Education for Amenity Based Sorting in British Cities

This paper investigates the relation between amenities and skills by looking at the sorting behavior of skilled individuals across neighbourhoods within British cities. Using a detailed micro dataset on housing transacti...Read more...

CEP discussion paper

Childhood sporting activities and adult labour-market outcomes

We here ask whether sports participation at school is positively correlated with adult labour-market outcomes. There are many potential channels for this effect, although, as usual, identifying a causal relationship is d...Read more...

CEP discussion paper

Wishful Thinking

An experiment tested whether and in what circumstances people are more likely to believe an event simply because it makes them better off. Subjects observed a financial asset's historical price chart, and received both a...Read more...

CEP discussion paper

Stock Market Volatility and Learning

We study a standard consumption based asset pricing model with rationally investing agents but allow agents? prior beliefs about price and dividend behavior to deviate slightly from rational expectations priors. Learning...Read more...

CEP discussion paper

Internal Rationality, Imperfect Market Knowledge and Asset Prices

We present a decision theoretic framework in which agents are learning about market behavior and that provides microfoundations for models of adaptive learning. Agents are `internally rational?, i.e., maximize discounted...Read more...

CEP discussion paper

Booms and Busts in Asset Prices

We show how low-frequency boom and bust cycles in asset prices can emerge from Bayesian learning by investors. Investors rationally maximize infinite horizon utility but hold subjective priors about the asset return proc...Read more...

CEP discussion paper

Monetary Policy Under Alterative Asset Market Structures: the Case of a Small Open Economy

Can the structure of asset markets change the way monetary policy should be conducted? Following a linear-quadratic approach, the present paper addresses this question in a New Keynesian small open economy framework. Our...Read more...

CEP discussion paper

Capital Flows and Asset Prices

After liberalizing international transactions of financial assets, many countries experience large swings in asset prices, capital flows, and aggregate production. This paper studies how the adjustment to capital account...Read more...

CEP discussion paper

Measuring Organization Capital in Japan: An Empirical Assessment Using Firm-Level Data

Globalization and the ICT revolution of the 1990s have forced many firms to reorganize in order to survive in a more competitive market. There are several approaches that can be used to assess the measurement of organiza...Read more...

CEP discussion paper

Labor and the Market Value of the Firm

What role does labor play in a firm?s market value? We explore this question using a production-based asset pricing model with frictions in the adjustment of both capital and labor. We posit that hiring of labor is akin ...Read more...

CEP discussion paper

The Impact of an Innovative Human Resource Function on Firm Performance: the Moderating Role of Financing Strategy

The current study examined the impact of the human resource function and financing strategy on the financial performance of 104 UK manufacturing firms. Hypotheses are drawn from a resource-based perspective on human reso...Read more...

CEP discussion paper

Digital Goods and the New Economy

Digital goods are bitstrings, sequences of 0s and 1s, which have economic value. They are distinguished from other goods by five characteristics: digital goods are nonrival, infinitely expansible, discrete, aspatial, and...Read more...

CEP discussion paper

Matching Demand and Supply in a Weightless Economy: Market-Driven Creativity With and Without IPRs

Many cultural products have the same nonrival nature as scientific knowledge. They therefore face identical difficulties in creation and dissemination. One traditional view says market failure is endemic: societies toler...Read more...

CEP discussion paper

Financial Super-Markets: Size Matters for Asset Trade

The paper presents a two-country macroeconomic model in which the number of financial assets is endogenous. Imperfect substitutability of assets and international transaction costs give a comparative advantage to large m...Read more...

CEP discussion paper

Financial Integration and Asset Returns

The paper investigates the impact of financial integration on asset return, risk diversification and breadth of financial markets. We analyse a three-country macroeconomic model in which (i) the number of financial asset...Read more...