Papers Containing Tag(s): 'Disclosure Review Board'
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Viewing papers 101 through 110 of 166
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Working PaperNeighborhood Income and Material Hardship in the United States
January 2022
Working Paper Number:
CES-22-01
U.S. households face a number of economic challenges that affect their well-being. In this analysis we focus on the extent to which neighborhood economic conditions contribute to hardship. Specifically, using data from the 2008 and 2014 Survey of Income and Program Participation panel surveys and logistic regression, we analyze the extent to which neighborhoods income levels affect the likelihood of experiencing seven types of hardships, including trouble paying bills, medical need, food insecurity, housing hardship, ownership of basic consumer durables, neighborhood problems, and fear of crime. We find strong bivariate relationships between neighborhood income and all hardships, but for most hardships these are explained by other household characteristics, such as household income and education. However, neighborhood income retains a strong association with two hardships in particular even when controlling for a variety of other household characteristics: neighborhood conditions (such as the presence of trash and litter) and fear of crime. Our study highlights the importance of examining multiple measures when assessing well-being, and our findings are consistent with the notion that collective socialization and community-level structural features affect the likelihood that households experience deleterious neighborhood conditions and a fear of crime.View Full Paper PDF
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Working PaperA Long View of Employment Growth and Firm Dynamics in the United States: Importers vs. Exporters vs. Non-Traders
December 2021
Working Paper Number:
CES-21-38
The first experimental product from the U.S. Census Bureau's Business Dynamics Statistics (BDS) program -- BDS-Goods Traders -- provides annual, public-use measures of business dynamics by four mutually exclusive goods-trading classifications: exporter only, importer only, exporter and importer, and non-trader. The BDS-Goods Traders offers a comprehensive view of employment growth at firms associated with goods trading activities in the United States from 1992-2019. We highlight three patterns. First, employment is skewed towards goods traders in several ways. Only 6% of all U.S. firms are goods traders but they account for half of total employment. Moreover, 80% of large firms and 70% of older firms are goods traders. Second, exporter-importer firms represent 70% of manufacturing employment and over half of employment in services-producing industries (management, retail, transportation, utilities, and wholesale). Third, goods-traders exhibit higher net job creation rates than non-traders controlling for firm size, age, and sector. Goods traders contribution to total job creation grows over time, rising to more than half after 2008.View Full Paper PDF
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Working PaperThe Industrial Revolution in Services
October 2021
Working Paper Number:
CES-21-34
The U.S. has experienced an industrial revolution in services. Firms in service industries, those where output has to be supplied locally, increasingly operate in more markets. Employment, sales, and spending on fixed costs such as R&D and managerial employment have increased rapidly in these industries. These changes have favored top firms the most and have led to increasing national concentration in service industries. Top firms in service industries have grown entirely by expanding into new local markets that are predominantly small and mid-sized U.S. cities. Market concentration at the local level has decreased in all U.S. cities but by significantly more in cities thatwere initially small. These facts are consistent with the availability of a new menu of fixed-cost-intensive technologies in service sectors that enable adopters to produce at lower marginal costs in any markets. The entry of top service firms into new local markets has led to substantial unmeasured productivity growth, particularly in small markets.View Full Paper PDF
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Working PaperPay, Productivity and Management
September 2021
Working Paper Number:
CES-21-31
Using confidential Census matched employer-employee earnings data we find that employees at more productive firms, and firms with more structured management practices, have substantially higher pay, both on average and across every percentile of the pay distribution. This pay-performance relationship is particularly strong amongst higher paid employees, with a doubling of firm productivity associated with 11% more pay for the highest-paid employee (likely the CEO) compared to 4.7% for the median worker. This pay-performance link holds in public and private firms, although it is almost twice as strong in public firms for the highest-paid employees. Top pay volatility is also strongly related to productivity and structured management, suggesting this performance-pay relationship arises from more aggressive monitoring and incentive practices for top earners.View Full Paper PDF
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Working PaperImport Competition and Firms' Internal Networks
September 2021
Working Paper Number:
CES-21-28
Using administrative data on U.S. multisector firms, we document a cross-sectoral propagation of the import competition from China ('China shock') through firms' internal networks: Employment of an establishment in a given industry is negatively affected by China shock that hits establishments in other industries within the same firm. This indirect propagation channel impacts both manufacturing and non-manufacturing establishments, and it operates primarily through the establishment exit. We explore a range of explanations for our findings, highlighting the role of within-firm trade across sectors, scope of production, and establishment size. At the sectoral aggregate level, China shock that propagates through firms' internal networks has a sizable impact on industry-level employment dynamics.View Full Paper PDF
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Working PaperThe Color of Money: Federal vs. Industry Funding of University Research
September 2021
Working Paper Number:
CES-21-26
U.S. universities, which are important producers of new knowledge, have experienced a shift in research funding away from federal and towards private industry sources. This paper compares the effects of federal and private university research funding, using data from 22 universities that include individual-level payments for everyone employed on all grants for each university year and that are linked to patent and Census data, including IRS W-2 records. We instrument for an individual's source of funding with government-wide R&D expenditure shocks within a narrow field of study. We find that a higher share of federal funding causes fewer but more general patents, more high-tech entrepreneurship, a higher likelihood of remaining employed in academia, and a lower likelihood of joining an incumbent firm. Increasing the private share of funding has opposite effects for most outcomes. It appears that private funding leads to greater appropriation of intellectual property by incumbent firms.View Full Paper PDF
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Working PaperImmigration and the Demand for Urban Housing
August 2021
Working Paper Number:
CES-21-23
The immigrant population has grown dramatically in the US in the last fifty years. This study estimates housing demand among immigrants and discusses how immigration may be altering the structure of US urban areas. Immigrants are found to consume less housing per capita than native born US residents.View Full Paper PDF
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Working PaperHow Collateral Affects Small Business Lending: The Role of Lender Specialization
August 2021
Working Paper Number:
CES-21-22
I study the role of collateral on small business credit access in the aftermath of the 2008 financial crisis. I construct a novel, loan-level dataset covering all collateralized small business lending in Texas from 2002-2016 and link it to the U.S. Census of Establishments. Using textual analysis, I show that post-2008, lenders reduced credit supply to borrowers outside of the lender's collateral specialization. This result holds when comparing lending to the same borrower from different lenders, and when comparing lending by the same lender to different borrowers. A one standard deviation higher specialization in collateral increases lending to the same firm by 3.7%. Abstracting from general equilibrium effects, if firms switched to lenders with the highest specialization in their collateral, aggregate lending would increase by 14.8%. Furthermore, firms borrowing from lenders with greater specialization in the borrower's collateral see a larger growth in employment after 2008. Finally, I show that firms with collateral more frequently accepted by lenders in the economy find it easier to switch lenders. In sum, my paper shows that borrowing from specialized lenders increases access to credit and employment during a financial crisis.View Full Paper PDF
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Working PaperComparing Earnings Outcome Differences Between All Graduates and Title IV Graduates
August 2021
Working Paper Number:
CES-21-19
Recently, two public data products have been released that publish earnings outcomes for college graduates by program of study and institution: Post-Secondary Employment Outcomes and College Scorecard, from the Census Bureau and U.S. Department of Education, respectively. While the earnings data underlying the data products is similar, persons eligible for the frames of the two products is different, with College Scorecard restricted to only students that receive Title IV aid. This paper documents how these differences in the population studied affect the published earnings outcomes. I show that at an institution, of the institutions in my sample, an average of sixty percent of baccalaureate graduates receive Title IV aid, and that the lower the coverage, the large the difference in earnings measurement. Additionally, I show that short-run earnings outcomes are very similar for these two samples, while longer-run outcomes (10 years after graduation) are significantly lower for the Title IV population. I also show that program ranking can change significantly when considering the Title IV population rather than the entire graduate population.View Full Paper PDF
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Working PaperA Search and Learning Model of Export Dynamics
August 2021
Working Paper Number:
CES-21-17
Exporting abroad is much harder than selling at home, and overcoming hurdles to exporting takes time. Our goal is to identify specific barriers to exporting and to measure their importance. We develop a model of firm-level export dynamics that features costly customer search, network effects in finding buyers, and learning about product appeal. Fitting the model to customs records of U.S. imports of manufactures from Colombia we replicate patterns of exporter maturation. A potentially valuable intangible asset of a firm is its customer base and knowledge of a market. Our model delivers some striking estimates of what such assets are worth. Averaging across active exporters, the loss from total market amnesia (losing its current U.S. customer base along with its accumulated knowledge of product appeal) is US$ 3.4 million, about 34 percent of the value of exporting overall. About half is the loss of future sales to existing customers while the rest is the cost of relearning its appeal in the market and reestablishing visibility as an exporter. Given the importance of search, learning, and visibility, the 5-year response of total export sales to an exchange rate shock exceeds the 1-year response by about 40 percent.View Full Paper PDF
