Senior Fellows/Fellows

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Senior Fellows/Fellows

We derive a new formula for the optimal uniform tariff in a small-country, heterogeneous-firm model with roundabout production and a nontraded good. Tariffs are applied on imported intermediate inputs. First-best policy requires that markups on domestic intermediate inputs are offset by subsidie...
Keywords: Trade Policy, monopolistic competition, gains from trade, input-output linkages
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Senior Fellows/Fellows

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Senior Fellows/Fellows

The Census Bureau’s 2015 Management and Organizational Practices Survey (MOPS) utilized innovative methodology to collect five-point forecast distributions over own future shipments, employment, and capital and materials expenditures for 35,000 U.S. manufacturing plants. First and second moments o...
Keywords: Subjective Forecast Distributions, business-level uncertainty, forecast quality
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Senior Fellows/Fellows

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Senior Fellows/Fellows, Pandemic

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May 2020

We examine the text content of U.S. patent applications, identifying those that advance technologies in support of video conferencing, telecommuting, remote interactivity, and working from home (collectively, WFH). The share of new patent applications that advance WFH technologies more than doubles ...
Keywords: directed technical change, patents, COVID-19, Coronavirus, working from home, remote interactivity, text analysis
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Senior Fellows/Fellows

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Senior Fellows/Fellows, Pandemic

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May 2020

Based on a representative sample of consumer financial transaction data, this paper studies the consumption and savings response to a 2015 permanent increase in the marginal income tax of the high-income taxpayers. Using difference-in-differences regressions, controlling for individual and time fixe...
Keywords: income tax, Consumption, savings, redistributive policy, Fiscal Policy
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Senior Fellows/Fellows

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Senior Fellows/Fellows, Pandemic

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May 2020

We utilize the introduction of a mobile payment technology by the largest bank in Singapore in 2017 to study how mobile payment technology reshapes economic activities and stimulates business creation. After the introduction, business-to-consumer industries witnessed a higher growth rate of business...
Keywords: FinTech, Mobile payment, Cash, Credit card, Real effect, Small business, Business creation, Entrepreneurship, Consumption, banking, Digital economy, Transaction cost, Inclusive growth
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