Advanced Countries' Unconventional Fiscal Policies
Meet Less-Developed Countries' Debt Problems

Kalemli-Ozcan Sequence.01

Economists have had a lively debate about whether there's a relationship between accumulation of corporate debt in less-developed countries and the widespread use of unconventional monetary policy in advanced countries. Sebnem Kalemli-Ozcan of the University of Maryland, a research associate in the NBER's International Finance and Macroeconomics Program, says the connection now has been clearly identified: Ultra-low interest rates resulting from advanced countries' expansionary monetary policies can lead to a capital inflow problem in other countries, leading to a decline in productivity due to misallocation of the capital. A case in point: the debtor countries of southern Europe. A selection of studies on economic issues in Europe may be found on the Developments in the European Economy page.

A Comparison of Public Policies
between Canada and the United States

Canada and the United States have similar social programs and, as a result, small differences between the two countries offer opportunities for unique insights. In October 2016, 25 years after the NBER produced the book, Small Differences that Matter: Labor Markets and Income Maintenance in Canada and the United States, the NBER hosted a conference revisiting the two labor markets from a comparative perspective. This summary presents findings from researchers on topics such as disability insurance, income mobility, and the returns to human capital.

New NBER Research

28 February 2017

Consequences of Fragmented Health Care Delivery

Leila Agha, Brigham Frandsen, and James B. Rebitzer analyze fragmentation, an important source of inefficiency in the US healthcare system. They find that a one standard deviation increase in regional fragmentation is associated with a 10 percent increase in care utilization.

27 February 2017

Effects of Maternal Work Incentives on Youth Crime

Welfare reforms that unfolded between 1990 and 2005 led to reduced youth arrests for minor crimes, but did not affect youth arrests for serious crimes, according to research by Hope Corman, Dhaval Dave, Ariel Kalil, and Nancy E. Reichman. The results suggest that welfare reform discouraged some undesirable social behavior of both mothers and children in affected families.

24 February 2017

Acting Wife': Marriage Market
Incentives and Labor Market Investments

Single women avoid expressing professional ambition and tendencies for leadership in situations where they feel such expressions might make them undesirable in the marriage market, Leonardo Bursztyn, Thomas Fujiwara, and Amanda Pallais find. In a survey, almost three-quarters of single female students reported avoiding activities they thought would help their career because they did not want to appear ambitious.
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It's Not Just Political Appointees Who Leave Office
When a President with Different Policies Takes Over

Challenging the view that civil service bureaucrats provide stability and continuity for government operations as elected officials come and go, research summarized in the February issue of The NBER Digest finds that many senior federal employees also leave — especially in agencies with policies that may clash with those expected of the new President. Also featured in this month's Digest are a refinement of income inequality estimates, an evaluation of creative destruction as a source of economic growth, a study of how the distressed housing market during the 2007-08 crash affected job seekers, an analysis of innovation decline in industries most impacted by Chinese competition, and an exploration of the causes of declining corporate investment.

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New in the NBER Reporter

Income Risk over the Life Cycle and the Business
Cycle: New Insights from Large Datasets

Study of the uncertainty that individuals face as a result of major labor market events has been changed for the better by the growing availability of large administrative panel datasets, reports Fatih Guvenen of the University of Minnesota, an affiliate of the NBER's Economic Fluctuations and Growth Program, in the latest edition of The NBER Reporter. Also featured in this issue of the quarterly are articles on the effects of housing prices on aggregate economic activity, accountability and measurement of ability among teachers, the NBER Program on Children, and quantification of agglomeration and dispersion forces.

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New in the NBER Bulletin on Aging and Health

Raising the Early Retirement Age
Affects Retirement Decisions

A study summarized in the most recent edition of The NBER Bulletin on Aging and Health finds that an increase in the Austrian early retirement age caused older workers to remain in their jobs longer and to delay claiming their pensions. This month's issue also features research examining how reducing levels of lead in children’s blood improves test scores and how long-term care hospitals discharge patients strategically.

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