The paper estimates the effects of a simpler criminal procedure on case durations and the probabilities that the defendant is charged and convicted. The identification strategy exploits a policy reform in the Czech Republic as a quasi-natural experiment. The reform allowed petty offenses to be...

Immigration is rapidly changing the composition of the R&D workforce in the United States. We study here Chinese chemists and chemical engineers who migrate to the United States for their graduate studies. We analyze productivity at the individual researcher level, thus bypassing the...

We show that jump bids can be used by a bidder to create a winner's curse and preserve an informational advantage that would otherwise disappear in the course of an open ascending auction. The eect of the winner's curse is to create allocative distortions and reduce the seller's expected...

Excessive risk-taking of financial agents drew a lot of attention in the aftermath of the financial crisis. Low interest rates and subdued market volatility during the Great Moderation are sometimes blamed for stimulating risk-taking and leading to the recent financial crisis. In recent years,...

This paper suggests that non-fundamental component in asset prices is one of the drivers of the financial and credit cycle. The presented model builds on the financial accelerator literature by including a stock market where limitedly-liable investors trade stocks of productive firms with...

Self-regulatory organizations (SROs) can be found in education, healthcare, and other not-for-profit sectors as well as in the accounting, financial, and legal professions. DeMarzo et al. (2005) show theoretically that SROs can create monopoly market power for their affiliated agents, but that...

I construct an immigration policy index which is heterogeneous across destinationorigin country pairs and variant over time. This index is based on three types of entry visa restrictions: visa required, visa not required for short stays and visa not required at all. When estimated in levels,...

This study contributes to the female labor supply responsiveness literature by measuring the eect of tax-benefit policies on female labor supply based on a broad sample of 26 European countries in 2005-2010. The tax-benefit microsimulation model EUROMOD is used to calculate the measure of...

Models with high dimensional sets of fixed effects are frequently used to examine, among others, linked employer-employee data, student outcomes and migration. Estimating these models is computationally difficult, so simplifying assumptions that cause bias are often invoked to make computation...

In this paper, we study consumption risk sharing when individual income shocks are persistent and not publicly observable, and individuals can default on contracts at the price of financial autarky. We find that, in contrast to a model where the only friction is limited enforcement, our model...