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NBER News
- Unbundling Macroeconomics via Heterogeneous Agents and Input-Output Networks -- by David Rezza Baqaee, Emmanuel FarhiThe goal of this paper is to simultaneously unbundle two interacting reduced-form building blocks of traditional macroeconomic models: the representative agent and the aggregate production function. We introduce a broad class of disaggregated general equilibrium models with Heterogeneous Agents and Input-Output networks (HA-IO). We elucidate their properties through two sets of results describing the propagation […]
- The Rationale for Motions in the Design of Adjudication -- by Steven ShavellThe conduct of adjudication is often influenced by motions--requests made by litigants to modify the course of adjudication. The question studied in this article is why adjudication is designed so as to permit the use of motions. The answer developed is that litigants will naturally know a great deal about their specific matter, whereas a […]
- Forced Migration and Human Capital: Evidence from Post-WWII Population Transfers -- by Sascha O. Becker, Irena Grosfeld, Pauline Grosjean, Nico Voigtlaender, Ekaterina ZhuravskayaWe exploit a unique historical setting to study the long-run effects of forced migration on investment in education. After World War II, the Polish borders were redrawn, resulting in large-scale migration. Poles were forced to move from the Kresy territories in the East (taken over by the USSR) and were resettled mostly to the newly […]
- Federal Lands, Opportunity Costs, and Bureaucratic Management -- by Gary D. LibecapThe federal government owns and administers 472, 892,659 acres or 21% of the land area of the lower US, making it both the country's largest land owner and among the largest by a central government among western democracies. This condition is surprising, given that the US generally is viewed as more oriented toward private property […]