Working Papers
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Working Paper Series
Citation Patterns in Economics and Beyond
Nov 2018
In this paper we comparatively explore three claims concerning the disciplinary character of economics by means of citation analysis.
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Working Paper Series
The Economic and Social Roots of Populist Rebellion: Support for Donald Trump in 2016
Oct 2018
This paper critically analyzes voting patterns in the 2016 U.S. presidential election.
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Working Paper Series
Publishing and Promotion in Economics: The Tyranny of the Top Five
Oct 2018
This paper examines the relationship between placement of publications in Top Five (T5) journals and receipt of tenure in academic economics departments.
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Working Paper Series
Double Whammy: Implicit Subsidies and the Great Financial Crisis
Sep 2018
This paper concerns itself with the joint effect of implicit subsidies that are built into the US housing-finance system and financial safety net.
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Working Paper Series
Executive compensation in Europe: Realized gains from stock-based pay
Sep 2018
This paper adds to the empirical evidence on the extent to which stock-based pay incentivizes and rewards European corporate executives. It shows that the actual realized gains (that is, take-home compensation) from stock-based pay of CEOs in European publicly-listed firms may be underestimated by the use of “estimated fair value” measures. The paper also documents the heterogeneity among countries in terms of the levels and components of CEO take-home pay. We base our work on a sample of 301 large, publicly-traded companies listed in the S&P Europe 350 index from 11 EU countries: Belgium, Denmark, Finland, France, Germany, Ireland, Italy, Netherlands, Spain, Sweden and United Kingdom for the fiscal year 2015. Through analyzing companies’ annual reports, we have hand-collected data on various elements of compensation of the company’s CEO in 2015, including the gains that executives realize from stock-based pay. We document that on average half of the total compensation of the European CEOs in our sample is stock-based, measured by actual realized gains, with large differences among countries. Although in some European countries the majority of total compensation is stock-based, the proportions are still well below those that prevail in the
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Working Paper Series
Race to the Bottom: Low Productivity, Market Power, and Lagging Wages
Aug 2018
“Dualism” in the structure of production across sectors of the US economy, employment by sector, productivity levels and growth, real wages, and intersectoral terms-of trade increased markedly between 1990 and 2016.
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Working Paper Series
Social Stability and Resource Allocation within Business Groups
Aug 2018
Using datasets on transactions within business groups and social sentiment in China, I show that state-owned enterprises (SOEs) use internal funds to address social unrest, complying with the government’s political goals.
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Working Paper Series
The Subversion of Shareholder Democracy and the Rise of Hedge-Fund Activism
Aug 2018
This paper explains how hedge-fund activists are exerting power over corporate resourceallocation far in excess of the actual voting power of their shareholdings.
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Working Paper Series
Too Big to Fail Banks' Regulatory Alchemy
Jun 2018
Converting an Obscure Agency Footnote into an “At Will” Nullification of Dodd-Frank’s Regulation of the Multi-Trillion Dollar Financial Swaps Market
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Working Paper Series
Labor Institutions and Development Under Globalization
Jun 2018
Labor market regulation is a controversial area of public policy in both developed and developing countries.
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Working Paper Series
The Focus of Academic Economics: Before and After the Crisis
May 2018
Has the global financial crisis of 2007 had a visible impact on the economics profession?
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Working Paper Series
Where Do Profits and Jobs Come From? Employment and Distribution in the US Economy
May 2018
“Meso” level analysis of 16 producing sectors sheds light on broad forces shaping growth of employment and profits.
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Working Paper Series
The Price of a Vote: Evidence from France, 1993-2014
Feb 2018
Money in politics is not a strictly American phenomenon. In France, despite strong campaign finance laws, campaign donations have a direct influence on legislative and municipal election results.
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Working Paper Series
Persistent Effects of Autonomous Demand Expansions
Feb 2018
The prevailing wisdom that aggregate demand ‘shocks’ determine short-run cyclical fluctuations around a supply-determined equilibrium growth rate and an associated equilibrium unemployment rate (or NAIRU) has been called into question by various streams of literature in the last decades. Specifically, a recently revived literature on hysteresis finds significant persistence in the effects of recessions and negative aggregate demand shocks (Blanchard et al. 2015; Martin et al. 2015).
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Working Paper Series
Inequality in the 21st century
Jan 2018
A critical analysis of Piketty’s work