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volume 129, issue 10, october 2021
1. title: liquidity rules and credit booms.
authors: hachem, kinda; song, zheng.
abstract: this paper shows that liquidity regulation can trigger unintended credit booms in the presence of interbank market power. we consider a price setter and a continuum of price takers who trade reserves after the realization of idiosyncratic liquidity shocks. the price takers are endogenously less liquid and circumvent regulation by engaging in shadow banking, which leads to a reallocation of funding away from the more liquid price setter. this reallocation channel underlies the credit boom. endogenous responses in bank liquidity ratios also affect the magnitude of the boom. we discuss extensions of the model and illustrate its quantitative performance with an application to china.
2. title: the production function for housing: evidence from france.
authors: combes, pierre-philippe; duranton, gilles; gobillon, laurent.
abstract: we propose a new nonparametric approach to estimate the production function for housing. our estimation treats output as a latent variable and relies on a first-order condition for profit maximization combined with a zero-profit condition. more desirable locations command higher land prices and, in turn, more capital to build houses. for parcels of a given size, we compute housing production by summing across the marginal products of capital. for newly built single-family homes in france, the production function for housing is close to constant returns and is well, though not perfectly, approximated by a cobb-douglas function with a capital elasticity of 0.65.
3. title: do environmental markets improve on open access? evidence from california groundwater rights.
authors: ayres, andrew b.; meng, kyle c.; plantinga, andrew j.
abstract: environmental markets are widely prescribed as an alternative to open access regimes for natural resources. we develop a model of dynamic groundwater extraction to demonstrate how a spatial regression discontinuity design that exploits a spatially incomplete market for groundwater rights recovers a lower bound on the market's net benefit. we apply this estimator to a major aquifer in water-scarce southern california and find that a groundwater market generated substantial net benefits, as capitalized in land values. heterogeneity analyses point to gains arising in part from rights trading, enabling more efficient water use across sectors. additional findings suggest that the market increased groundwater levels.
4. title: the transmission of monetary policy under the microscope.
authors: holm, martin blomhoff; paul, pascal; tischbirek, andreas.
abstract: we investigate the transmission of monetary policy to household consumption using administrative data on the universe of households in norway. on the basis of identified monetary policy shocks, we estimate the dynamic responses of consumption, income, and saving along the liquid asset distribution of households. for low-liquidity but also for high-liquidity households, changes in disposable income are associated with a sizable consumption reaction. the impact consumption response is closely linked to interest rate exposure, which is negative at the bottom but positive at the top of the distribution. indirect effects of monetary policy gradually build up and eventually outweigh the direct effects.
5. title: the path to college education: the role of math and verbal skills.
authors: aucejo, esteban; james, jonathan.
abstract: this paper studies the formation of math and verbal skills during compulsory education and their impact on educational attainment. using longitudinal data that follow students in england from elementary school to university, we find that the production functions of math and verbal skills are inherently different, where cross effects are present only in the production of math skills. results on long-term educational outcomes indicate that verbal skills play a substantially greater role in explaining university enrollment than math skills. this finding, combined with the large female advantage in verbal skills, has key implications for gender gaps in college enrollment.
6. title: understanding disparities in punishment: regulator preferences and expertise.
authors: kang, karam; silveira, bernardo s.
abstract: this paper quantifies the benefits of discretion in the enforcement of environmental regulations. we identify and estimate a structural model of regulator-discharger interactions, exploiting an increase in the enforcement stringency of water pollution regulations in california. our estimates indicate that most of the heterogeneity in punishments for observably similar violations is due to heterogeneity in discharger compliance costs rather than heterogeneity in regulator preferences. we find that removing the discretion of regulators to tailor punishments to discharger attributes would raise enforcement costs and decrease compliance by dischargers with high social harms of violations.
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