15 November 2018

Immigration Enforcement on Student Enrollment

Partnerships between federal Immigration and Customs Enforcement authorities and local police that allow police to enforce immigration laws were associated with a nearly 10 percent reduction in Hispanic student enrollment — about 300,000 students — in partnership areas before 2012, according to research by Thomas Dee and Mark Murphy.

14 November 2018

When Does Product Liability Risk Chill Innovation?

A major surge in liability risk for US suppliers of polymers used to manufacture medical implants had a large and negative impact on downstream innovation, but no significant effect on upstream polymer patenting, Alberto Galasso and Hong Luo find.

13 November 2018

Knowledge, Self-Awareness and Retirement Savings

Swedish pension investors who mistakenly believe they are financially literate are more likely to work with mass-market advisers who steer them into high-fee funds, which on average underperform lower-fee alternatives, than are investors who know they are not literate, a study by Anders Anderson and David T. Robinson finds.

12 November 2018

Macroprudential FX Regulations: Shifting Vulnerability?

Foreign exchange regulations on banks reduce their borrowing in foreign currency, but they have the unintended consequence of causing firms to increase their FX debt issuance, Toni Ahnert, Kristin Forbes, Christian Friedrich, and Dennis Reinhardt find. Regulations on banks thus appear to shift the risk associated with exchange rate movements to other sectors.

9 November 2018

Migrant Sanctions Deter Repeat Illegal Entry Attempts

Between 2008 and 2012, the U.S. Border Patrol rolled out a Consequence Delivery System that increased the fraction of apprehended border crossers subject to administrative or criminal sanctions from 15 percent to 85 percent. Samuel Bazzi, Sarah Burns, Gordon Hanson, Bryan Roberts, and John Whitley find that this program accounted for between 28 and 44 percent of the reduction in re-apprehension rates over this period.

8 November 2018

STEM Careers and Technological Change

Initially high economic returns to holders of applied STEM degrees decline by more than 50 percent in the first decade of working life, due to technological changes which introduce new job tasks and make old ones obsolete, David J. Deming and Kadeem L. Noray find. This may help explain the “STEM shortage.”

7 November 2018

Commodity Currencies and Monetary Policy

A study by Michael B. Devereux and Gregor W. Smith suggests that, in countries specializing in commodity exports, a commodity price increase leads to increases in the future values of the international differential in policy interest rates and to the tightening of expected future monetary policy relative to the U.S.

6 November 2018

Globalization and Government Popularity

Growth in high-skill-intensive exports increases approval of the government among skilled individuals, while growth in high-skill-intensive imports has the opposite effect, according to research by Cevat G. Aksoy, Sergei Guriev, and Daniel S. Treisman. Fluctuations in these trade flows has no effect among the unskilled.

5 November 2018

Skill of the Immigrants and Vote of the Natives:
Immigration and Nationalism in European Elections

Analyzing European parliamentary presidential elections between 2007 and 2016. Simone Moriconi, Giovanni Peri, and Riccardo Turati find that larger inflows of highly educated immigrants were associated with a change in the vote of citizens away from nationalism, while inflows of less-educated immigrants were associated with a shift towards nationalism.

2 November 2018

Why Does Credit Growth Crowd Out Real Growth?

Using a panel of 20 countries over 25 years, Stephen G. Cecchetti and Enisse Kharroubi establish the higher the growth rate of credit, the lower the growth rate of output per worker. As the amount of borrowing by entrepreneurs grows over time, they turn to safer, lower-return projects, reducing aggregate productivity growth.
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