19 March 2019

Trends in Diffusion of Misinformation on Social Media

In a study of 569 fake news websites and 9,540 fake news stories on Facebook and Twitter between January 2015 and July 2018, Hunt Allcott, Matthew Gentzkow, and Chuan Yu find that user interactions with false content rose steadily on both Facebook and Twitter through the end of 2016. Since then, interactions with false content have fallen sharply on Facebook while continuing to rise on Twitter.

18 March 2019

The Impact of the ACA on California's Hospitals

Expansion of public health insurance under the Affordable Care Act produced substantial increases in revenue and profitability among California hospitals and no significant improvements in patient health, according to an analysis by Mark Duggan, Atul Gupta, and Emilie Jackson.

15 March 2019

Does School Lunch Fill End of Month 'SNAP Gap'?

SNAP households rely more on school lunch and breakfast toward the end of the SNAP month, when the month’s benefits may be exhausted. School lunch participation among 11-to-18 year olds decreases by about 20 percentage points immediately after SNAP benefits payment while breakfast drops by an even larger amount, according to Agustina Laurito and Amy Ellen Schwartz.

14 March 2019

Monetary Policy News and Household Expectations

Olivier Coibion, Yuriy Gorodnichenko, and Michael Weber find that, after participants in an experiment read a news article about the most recent Federal Open Market Committee meeting, they adjust their expectations of inflation by about half as much as those who read the actual FOMC statement.

13 March 2019

Downward Rigidity in Nominal Wages

Analyzing Washington State data over 2005-2015, Ekaterina S. Jardim, Gary Solon, and Jacob L. Vigdor find that at least 20 percent of job stayers experienced nominal wage reductions — a challenge to the assumption in many macroeconomic analyses that workers’ nominal wages cannot be cut.

12 March 2019

Age-Based Property Tax Exemptions

A program of age-based property tax exemptions in Georgia affected both location decisions of elderly households and their decision to rent or buy, thereby contributing to a significant increase in the number of older homeowners in the period 1970-2010, research by H. Spencer Banzhaf, Ryan Mickey, and Carlianne E. Patrick suggests.

11 March 2019

The Housing Bust, Credit Conditions, and Firm Growth

The housing bust after 2006 largely drove the cyclical collapse of young-firm growth and hiring during the Great Recession and was reinforced by a contraction in bank loan supply, Steven J. Davis and John C. Haltiwanger show.

8 March 2019

Debt, Firm Size and Fragility in Emerging Markets

Large firms in emerging markets are often both systematically important and highly levered. Favorable shocks to their sales growth are positively and significantly correlated with GDP growth in the emerging markets sample analyzed by Laura Alfaro, Gonzalo Asis, Anusha Chari, and Ugo Panizza.

7 March 2019

Returns and Distributions of Nonprofit Endowment Funds

Over the period 2009-2016, the portfolio returns on the more than 28,000 nonprofit endowment funds in the U.S. underperformed the returns on a 60-40 mix of U.S. equities and Treasury bonds, new research by Sandeep Dahiya and David Yermack shows. The median annual return was more than 5 percentage points below the 60-40 benchmark; smaller endowments performed better than larger ones.

6 March 2019

Lower Prices for Licenses Reduce Copyright Infringement

Making infringers of copyrights on expensive digital images aware of cheaper options for legal licensing leads to a 14-fold increase in the licensing rate, according to Hong Luo and Julie Holland Mortimer.
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