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Federal Reserve Bank of St. Louis working papers are preliminary materials circulated to stimulate discussion and critial comment.

Applied Microeconomics

Semi-Parametric Interpolations of Residential Location Values: Using Housing Price Data to Generate Balanced Panels

We estimate location values for single family houses by local polynomial regressions (LPR), a semi-parametric procedure, using a standard housing price and characteristics dataset.

Student Loans and Repayment: Theory, Evidence and Policy

Rising costs of and returns to college have led to sizeable increases in the demand for student loans in many countries. In the U.S., student loan default rates have also risen for recent cohorts as labor market uncertainty and debt levels have increased.

Education Policies and Structural Transformation

This article studies the impact of education and fertility in structural transformation and growth.

Interjurisdictional Competition and Location Decisions of Firms

We examine the welfare properties of alternative regimes of interjurisdictional competition for heterogenous mobile firms.

Illegal Immigration and Fiscal Competition

This paper examines illegal immigration in a spatial context. Consider two countries: a source and a host of illegal immigration. Both countries produce the same good employing labor.

The 2009 Recovery Act: Stimulus at the Extensive and Intensive Labor Margins

This paper (i) estimates the local effects of government stimulus spending on labor market outcomes and (ii) shows how these effects can be obtained from a firm's optimal policy in the presence of costs to hiring workers.

Reversal of Gender Gaps in Child Development: Evidence from Young Children in India

This paper provides unique evidence of a reversal of gender gaps in cognitive development in early childhood.

Determinants of Trade Margins: Insights Using State Export Data

This paper identifies determinants of extensive (i.e., number of firms) and intensive (i.e., average exports per firm) trade margins, using state-level exports to 187 countries.

Risk Aversion at the Country Level

In this paper the authors estimate the coefficient of relative risk aversion for 75 countries using data on self-reports of personal well-being from the Gallup World Poll.

Creating Jobs Via the 2009 Recovery Act: State Medicaid Grants Compared to Broadly-Directed Spending

Researchers have used cross-state differences to assess the jobs impact of the 2009 American Recovery and Reinvestment Act (the Recovery Act).

Too Big to Cheat: Efficiency and Investment in Partnerships

Many economic activities are organized as partnerships. These ventures are formed with capital contributions by partnership members who obtain a share of ownership in exchange.

Informal Unemployment Insurance and Labor Market Dynamics

How do job losers use default -- a phenomenon 6x more prevalent than bankruptcy --as a type of “informal" unemployment insurance, and more importantly, what are the social costs and benefits of this behavior?

What Do We Know about the Relationship between Access to Finance and International Trade?

The recent financial crisis has focused attention on the relationship between access to finance and international trade, triggering a burgeoning segment of the literature evaluating this link empirically.

International Trade, Female Labor, and Entrepreneurship in MENA Countries

Middle Eastern and North African (MENA) countries stand out in international comparisons of de jure obstacles to female employment and entrepreneurship. These obstacles manifest themselves in low rates of female labor participation, entrepreneurship, and ownership.

Interjurisdictional Competition with Adverse Selection

In this paper, we study the welfare consequences of imposing alternative regimes of competition between two local governments that compete for mobile firms which have private information on their degree of mobility.

On the Substitutability between Foreign Aid and International Credit

We examine the effect of relaxing a binding borrowing constraint for a recipient country on theamount of foreign aid it receives.

The Case Against Patents

The case against patents can be summarized briefly: there is no empirical evidence that they serve to increase innovation and productivity.

An Approximate Dual-Self Model and Paradoxes of Choice under Risk

We derive a simplified version of the model of Fudenberg and Levine [2006, 2011] and show how this approximate model is useful in explaining choice under risk.

Evolving to the Impatience Trap: The Example of the Farmer-Sheriff Game

The literature on the evolution of impatience, focusing on one-person decision problems, finds that evolutionary forces favor the more patient individuals. This paper shows that in the context of a game, this is not necessarily the case.

Codes of Conduct, Private Information, and Repeated Games

We examine self-referential games in which there is a chance of understanding an opponent’s intentions. Our main focus is on the interaction of two sources of information about opponents’ play: direct observation of the opponent’s code-of-conduct, and indirect observation of the opponent’s play in a repeated setting.

Academic Rankings with RePEc

This document describes the data collection and use of data for the computation of rankings within RePEc (Research Papers in Economics).

Author Identification in Economics, ... and Beyond

Identifying authorship correctly and efficiently is a difficult problem when the literature is abundant, but poorly recorded. Homonyms are tedious to differentiate.

Did Affordable Housing Legislation Contribute to the Subprime Securities Boom?

We use a regression discontinuity approach and present new institutional evidence to investigate whether affordable housing policies influenced the market for securitized subprime mortgages.

Lifetime Labor Supply and Human Capital Investment

We develop a model of retirement and human capital investment to study the effects of tax and retirement policies.

Credit Scoring and Loan Default

This paper introduces a measure of credit score performance that abstracts from the influence of "situational factors." Using this measure, we study the role and effectiveness of credit scoring that underlied subprime securities during the mortgage boom of 2000-2006.

What do happiness and health satisfaction data tell us about relative risk aversion?

In this paper we provide estimates of the coefficient of relative risk aversion using information on self-reports of subjective personal well-being from multiple datasets.

The Effect of Neighborhood Spillovers on Mortgage Selection

In this paper we analyze how spillovers in mortgage adoption affect mortgage product choice across neighborhoods and across borrowers of different racial or ethnic groups.

The Effects of Female Labor Force Participation on Obesity

This paper assesses whether a causal relationship exists between recent increases in female labor force participation and the increased prevalence of obesity amongst women.

Differences in Subprime Loan Pricing Across Races and Neighborhoods

We investigate whether race and ethnicity influenced subprime loan pricing during 2005, the peak of the subprime mortgage expansion

Why Do Education Vouchers Fail at the Ballot Box?

We compare a uniform voucher regime against the status quo mix of public and private education, focusing on the distribution of welfare gains and losses across house- holds by income.


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