Annual Conference

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Trade, Growth and Development

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May 2022

How Does Declining Worker Power Affect Investment Sensitivity to Minimum Wage?

Sreedhar T. BHARATH, Duckki CHO, Michael HERTZEL
Declining worker power has been advanced as an explanation for dramatic generational changes in the U.S. macroeconomic environment such as the substantial decline in labor’s share of the national income, the loss of consumer purchasing power, and growing income and wealth inequality. In this paper...
Keywords: DECLINING WORKER POWER, CORPORATE INVESTMENT, MINIMUM WAGE, GLOBALIZATION, US-CHINA
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Specialty Conference

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Specialty Conference

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Nov 2018

How do Private Digital Currencies Affect Government Policy?

David YERMACK, Max RASKIN, Fahad SALEH
This paper provides a systematic evaluation of the different types of digital currencies. We express skepticism regarding centralized digital currencies and therefore focus our economic analysis on private digital currencies. Specifically, we highlight the potential for private digital currencies to...
Keywords: cryptocurrency, digital currency, Bitcoin, Blockchain
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Webinar Series

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Capital Market Development: China and Asia

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Oct 2023

How Do Firms Withstand a Global Economic Shock: Evidence from Within-Firm Responses

Vyacheslav (Slava) FOS, Xiao CHEN, Wei JIANG
China’s Five-Year Plans (industrial policies targeting specific industries) displace US production/employment and heighten plant closures in the same industries. The shocks were not anticipated by the U.S. stock market, but firms in the treated industries suffer valuation loss afterwards. Firms ad...
Keywords: Within-firm adjustment, global economic shocks
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Annual Conference

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Economic Transformation of Asia, Senior Fellows/Fellows

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May 2018

How Did China's WTO Entry Affect U.S. Prices?

Robert C. FEENSTRA, John ROMALIS, Mary AMITI, Mi DAI
We analyze the effects of China's rapid export expansion following its WTO entry on the U.S. prices of manufacturing goods between 2000 and 2006, exploiting cross-industry variation in trade liberalization. Lower input tariffs in China lowered costs and, in conjunction with reduced U.S. tariff uncer...
Keywords: Trade liberalization, Input tariffs, China exports, Variety
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Annual Conference

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Household Finance, Senior Fellows/Fellows

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May 2023

How Costly Are Cultural Biases? Evidence from FinTech

Francesco DACUNTO, Pulak GHOSH, Rajiv JAIN, Alberto G. ROSSI
We propose a revealed-preferences approach to assess the costs of cultural biases faced by discriminators by comparing peer-to-peer loans the same lenders make alone and after observing suggestions by an automated robo-advisor in India. Discrimination across religions and against low-caste borrowers...
Keywords: Trust, Social Capital, Discrimination, Cultural Norms, Subjective Expectations, Robo-Advising, FinTech, Inter-ethnic Conflict, Social Conditioning, Religion, Caste.
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