Research Papers, 2006-2007

Following are research papers released in 2006 and 2007.

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2007 Research Papers

A Principal Components Approach to Estimating Labor Market Pressure and Its Implications for Inflation
by Michelle Barnes, Ryan Chahrour, Giovanni Olivei, and Gaoyan Tang
Public Policy Brief 07-2

Input and Output Inventories in General Equilibrium
by Matteo Iacoviello, Fabio Schiantarelli, and Scott Schuh
Working Paper 07-16

Subprime Outcomes: Risky Mortgages, Homeownership Experiences, and Foreclosures
by Kristopher Gerardi, Adam Hale Shapiro, and Paul Willen
Working Paper 07-15

The Effects of Expectations on Perception: Experimental Design Issues and Further Evidence
by Tyler Williams
Working Paper 07-14

Active Decisions and Pro-Social Behavior
by Alois Stutzer, Lorenz Goette, and Michael Zehnder
Working Paper 07-13

Social Networks and Vaccination Decisions
by Neel Rao, Markus M. Möbius, and Tanya Rosenblat
Working Paper 07-12

Discounting Financial Literacy: Time Preferences and Participation in Financial Education Programs
by Stephan Meier and Charles Sprenger
Public Policy Discussion Paper 07-5

Loss Distribution Estimation, External Data and Model Averaging
by Ethan Cohen-Cole and Todd Prono
Working Paper 07-8

Is New England Experiencing a "Brain Drain"? Facts about Demographic Change and Young Professionals
by Heather Brome
NEPPC Discussion Paper 07-3

The Labor Market for Direct Care Workers
by Reagan Baughman and Kristin Smith
NEPPC Working Paper 07-4

The Impact of Wetlands Rules on the Prices of Regulated and Proximate Houses: A Case Study
by Katherine A. Kiel
NEPPC Working Paper 07-3

The Fiscal Impacts of College Attainment
by Philip A. Trostel
NEPPC Working Paper 07-2

Do Loans Increase College Access and Choice? Examining the Introduction of Universal Student Loans
by Bridget Terry Long
NEPPC Working Paper 07-1

How Much Is a Friend Worth? Directed Altruism and Enforced Reciprocity in Social Networks
by Stephen Leider, Markus M. Möbius, Tanya Rosenblat, and Quoc-Anh Do
Working Paper 07-11

Space and Time in Macroeconomic Panel Data: Young Workers and State-Level Unemployment Revisited
by Christopher L. Foote
Working Paper 07-10

Demonstration Effects in Preventive Care
by Ritesh Banerjee, Ethan Cohen-Cole, and Giulio Zanella
Working Paper 07-7

Reaching the Goal: Expanding Health Insurance Coverage in New England
Current Strategies and New Initiatives
New England Public Policy Center Research Report 07-1

Who's Who in Consumer Payments Research? An Overview of Industry Payments Research Companies
Emerging Payments Research Group Briefing

Information Diffusion Based Explanations of Asset Pricing Anomalies
by Athanasios Bolmatis and Evan G. Sekeris
QAU Working Paper 07-6

Doing Good or Doing Well? Image Motivation and Monetary Incentives in Behaving Prosocially
by Dan Ariely, Anat Bracha, and Stephan Meier
Working Paper 07-9

Population Aging, Labor Demand, and the Structure of Wages
by Margarita Sapozhnikov and Robert K. Triest
Working Paper 07-8

GASB 45 and Other Post-Employment Benefit Promises: The Fog Is Clearing
by Steffanie Brady
NEPPC Policy Brief 07-7

Does Competition Reduce Price Discrimination? New Evidence from the Airline Industry
by Kristopher S. Gerardi and Adam Shapiro
Working Paper 07-7

Consumer Behavior and Payment Choice: 2006 Conference Summary
by Margaret Carten, Dan Littman, Scott Schuh, and Joanna Stavins
Public Policy Discussion Paper 07-4

The Potential Economic Impact of Increasing the Minimum Wage in New Hampshire
by Antoniya Owens
NEPPC Discussion Paper 07-2

“How Strong is the Macroeconomic Case for Downward Real Wage Rigidity?”
by Steinar Holden and Fredrik Wulfsberg
Working Paper 07-6

Small Employers and Expanded Health Insurance Coverage
by Phil Primack
NEPPC Policy Brief 07-5

The Theory of Life-Cycle Saving and Investing
by Zvi Bodie, Jonathan Treussard, and Paul Willen
Public Policy Discussion Paper 07-3

Overborrowing and Undersaving: Lessons and Policy Implications from Research in Behavioral Economics
by Marques Benton, Stephan Meier, and Charles Sprenger
Community Affairs Discussion Paper 07-4

Minimally Altruistic Wages and Unemployment in a Matching Model
by Julio J. Rotemberg
Working Paper 07-5

Debt and the Effects of Fiscal Policy
by Carlo Favero and Francesco Giavazzi
Working Paper 07-4

Massachusetts Employment Growth 1996–2006: Effects of Industry Performance and Industry Composition
by Katharine Bradbury and Yolanda K. Kodrzycki
Public Policy Brief 07-1

The Fiscal Capacity of New England
by Matthew Peter Nagowski
NEPPC Policy Brief 07-4

Unpacking Social Interactions
by Ethan Cohen-Cole and Giulio Zanella
QAU Working Paper 07-4

Optimal Retirement Asset Decumulation Strategies: The Impact of Housing Wealth
by Wei Sun, Robert K. Triest, and Anthony Webb
Public Policy Discussion Paper 07-2

Impatience and Credit Behavior: Evidence from a Field Experiment
by Stephan Meier and Charles Sprenger
Working Paper 07-3

Using Unexpected Recalls to Examine the Long-Term Earnings Effects of Job Displacement
by Yolanda K. Kodrzycki
Working Paper 07-2

Who Are the Uninsured, and Why Are They Uninsured?
by Antoniya Owens
NEPPC Policy Brief 07-3

Crowded out of the Housing Market
by Darcy Rollins Saas with Alicia Sasser
NEPPC Policy Brief 07-2

Covering the Uninsured: Costs, Benefits, and Policy Alternatives for New England
by Matthew Nagowski
NEPPC Conference Report 06-1

The Boston Fed Study of Consumer Behavior and Payment Choice: A Survey of Federal Reserve System Employees
by Marques Benton, Krista Blair, Marianne Crowe, and Scott Schuh
Public Policy Discussion Paper 07-1

GARCH-Based Identification of Triangular Systems with an Application to the CAPM: Still Living with the Roll Critique
by Todd Prono
Working Paper 07-1

School Finance in Vermont: Balancing Equal Education and Fair Tax Burdens
by Darcy Rollins Saas
NEPPC Discussion Paper 07-1

The New England Rental Market
by Alicia Sasser
NEPPC Policy Brief 07-1

2006 Research Papers

Measuring Disparities in Non-School Costs and Revenue Capacity among Massachusetts Cities and Towns
by Katharine Bradbury and Bo Zhao
Working Paper 06-19 / NEPPC 06-3

Do Subsidies Increase Charitable Giving in the Long Run? Matching Donations in a Field Experiment
by Stephan Meier
Working Paper 06-18

Managing the Risk in Pension Plans and Recent Pension Reforms
by Richard W. Kopcke
Public Policy Discussion Paper 06-7

Measurement of Unemployment
by Katharine Bradbury
Public Policy Brief 06-2

The Changing Housing Market: A Bang or a Whimper?
by Karl E. Case
NEPPC Policy Brief 06-4

International Risk-Taking, Volatility, and Consumption Growth
by Maria Giduskova and Borja Larrain
Working Paper 06-17

How Small is Zero Price? The True Value of Free Products
by Kristina Shampan’er and Dan Ariely
Working Paper 06-16

Decomposing Consumer Wealth Effects: Evidence on the Role of Real Estate Assets Following the Wealth Cycle of 1990-2002
by Michael R. Donihue and Andriy Avramenko
Working Paper 06-15

In Noise We Trust? Optimal Monetary Policy with Random Targets
by Ethan Cohen-Cole and Bogdan Cosmaciuc
Working Paper 06-14

Measuring Fiscal Disparities Across the U.S. States
by Yesim Yilmaz, Sonya Hoo, Matthew Nagowski, Kim Rueben, and Robert Tannenwald
NEPPC Working Paper 06-2

Using State and Metropolitan Area House Price Cycles to Interpret the U.S. Housing Market
by Yolanda K. Kodrzycki and Nelson Gerew
Public Policy Brief B06-1

Hollywood East? Film Tax Credits in New England
Darcy Rollins Saas
NEPPC Policy Brief 06-3

Reading the Fine Print: How Details Matter in Tax and Expenditure Limitations
by Heather Brome and Darcy Rollins Saas
NEPPC Research Report 06-3

New Hampshire's Quest for a Constitutionally Adequate Education
by Oyebola Olabisi
NEPPC Discussion Paper 06-2

New England Migration Trends
by David Agrawal
NEPPC Discussion Paper 06-1

Do Households Benefit from Financial Deregulation and Innovation? The Case of the Mortgage Market
by Kristopher Gerardi, Harvey S. Rosen, and Paul Willen
Public Policy Discussion Paper 06-6

Social Dynamics of Obesity
by Mary Burke and Frank Heiland
Public Policy Discussion Paper 06-5

A Tale of Tails: An Empirical Analysis of Loss Distribution Models for Estimating Operational Risk Capital
by Kabir Dutta and Jason Perry
Working Paper 06-13

Ensuring Adequate Electrical Capacity in New England
by Carrie Conaway
NEPPC Policy Brief 06-2

Minimally Acceptable Altruism and the Ultimatum Game
by Julio J. Rotemberg
Working Paper 06-12

U.S. Health Care Reform: Difficult Trade-Offs
2005 Annual Report

Estimating the New Keynesian Phillips Curve: A Vertical Production Chain Approach
by Adam Hale Shapiro
Working Paper 06-11

Productivity and U.S. Macroeconomic Performance: Interpreting the Past and Predicting the Future with a Two-Sector Real Business Cycle Model
by Peter N. Ireland and Scott Schuh
Working Paper 06-10

The Challenge of Energy Policy in New England
by Carrie Conaway
NEPPC Research Report 06-2

Fueling the Future: Energy Policy in New England
by Antoniya Owens
NEPPC Conference Report 05-2

Efficient Expropriation: Sustainable Fiscal Policy in a Small Open Economy
by Mark Aguiar, Manuel Amador, and Gita Gopinath
Working Paper 06-9

Collateralized Borrowing and Life-Cycle Portfolio Choice
by Paul Willen and Felix Kubler
Public Policy Discussion Paper 06-4

Risk Bearing, Implicit Financial Services, and Specialization in the Financial Industry
by J. Christina Wang and Susanto Basu
Public Policy Discussion Paper 06-3

Do People Behave in Experiments as in the Field? Evidence from Donations
by Matthias Benz and Stephan Meier
Working Paper 06-8

The Impact of Group Membership on Cooperation and Norm Enforcement: Evidence Using Random Assignment to Real Social Groups
by Lorenz Goette, David Huffman, and Stephan Meier
Working Paper 06-7

Pension Accounting and Corporate Earnings: The World According to GAAP
by Peter Fortune
Public Policy Discussion Paper 06-2

A Survey of Economic Theories and Field Evidence on Pro-Social Behavior
by Stephan Meier
Working Paper 06-6

Consumer Behavior and Payment Choice: A Conference Summary
by Marianne Crowe, Scott Schuh, and Joanna Stavins
Public Policy Discussion Paper 06-1

An Overview of Chapters 40R and 40S: Massachusetts’ Newest Housing Policies
by Darcy Rollins
NEPPC Policy Brief 06-1

Cyclical Wages in a Search and Bargaining Model with Large Firms
by Julio J. Rotemberg
Working Paper 06-5

Supply Matters for Asset Prices: Evidence from IPOs in Emerging Markets
by Matías Braun and Borja Larrain
Working Paper 06-4

Dishonesty in Everyday Life and its Policy Implications
by Nina Mazar and Dan Ariely
Working Paper 06-3

Measuring Trends in Leisure: The Allocation of Time over Five Decades
by Mark Aguiar and Erik Hurst
Working Paper 06-2

The Potential Economic Impact of Increasing the Minimum Wage in Massachusetts
by Alicia Sasser
New England Public Policy Center Research Report 06-1

The Monetary Transmission Mechanism
by Peter N. Ireland
Working Paper 06-1