Working Papers

This is the home of the Williams College Economics Department Working Paper Series.  Other economics working paper series at Williams include:


2016-02 — The Macrogenoeconomics of Comparative Development. Quamrul H. Ashraf and Oded Galor.

2016-01 — Gray Matters: Fetal Pollution Exposure and Human Capital Formation. Prashant Bharadwaj, Matthew Gibson, Joshua Graff Zivin, and Christopher Neilson.


2015-17 — Time Use and Productivity: The Wage Returns to Sleep. Matthew Gibson and Jeffrey Shrader.

2015-16 — The Effects of Road Pricing on Driver Behavior and Air Pollution. Matthew Gibson and Maria Carnovale.

2015-15 — When Do Punishment Institutions Work? Patrick Aquino, Robert S. Gazzale, and Sarah Jacobson.

2015-14 — Securitized Markets and International Capital Flows. Gregory Phelan and Alexis Akira Toda.

2015-13 — Debt Collateralization and Maximal Leverage. Feixue Gong and Gregory Phelan.

2015-12 — Global Collateral: How Financial Innovation Drives Capital Flows and Increases Financial Instability. Ana Fostel, John Geanakoplos, and Gregory Phelan.

2015-11 — Hyperbolic Discounting and Life-Cycle Portfolio Choice. David Love and Gregory Phelan.

2015-10 — On the Robustness of Theoretical Asset Pricing Models. Gregory Phelan and Alexis Akira Toda.

2015-09 — Policies with Varying Costs and Benefits: A Land Conservation Classroom Game. Sahan T. M. Dissanayake and Sarah A. Jacobson.

2015-08 — The Nature of Conflict. Cemal Eren Arbatli, Quamrul H. Ashraf, and Oded Galor.

2015-07 — Climatic Fluctuations and the Diffusion of Agriculture. Quamrul Ashraf and Stelios Michalopoulos.

2015-06 — Genetic Diversity and the Origins of Cultural Fragmentation. Quamrul Ashraf and Oded Galor.

2015-05 — English Proficiency and Labor Market Performance: Evidence from the Economics Profession. William W. Olney.

2015-04 — Income Effects in Labor Supply: Evidence from Child-Related Tax Benefits. Philippe Wingender and Sara LaLumia.

2015-03 — Collateralized Borrowing and Increasing Risk. Gregory Phelan.

2015-02 — Financial Intermediation, Leverage, and Macroeconomic Instability. Gregory Phelan.

2015-01 — Correlated Default and Financial Intermediation. Gregory Phelan.


2014-06 — Evidence on the Responsiveness of Export-Related VAT Evasion to VAT Rates in the EU. Ivan Badinski and Jon Bakija.

2014-05 — Fatal Attraction: health care agglomeration and its consequences. Stephen Sheppard and Michael Hellstern.

2014-04 — Culture Concentrations. Stephen Sheppard.

2014-03 — The Good of the Few: Reciprocal Acts and the Provision of a Public Bad. Jason Delaney and Sarah Jacobson.

2014-02 — Discovered Preferences for Risky and Non-Risky Goods. Jason J. Delaney, Sarah A. Jacobson and Thorsten P. Moenig.

2014-01 — Temporal Spillovers in Land Conservation. Sarah Jacobson.

2013 Working Papers

2013-20 -- Can non-interest rate policies stabilize housing markets? Kenneth N. Kuttner and Illhyock Shim.

2013-19 -- Exams, Districts, and Intergenerational Mobility: Evidence from South Korea. Yong Suk Lee.

2013-18 -- Globalization and Human Capital Investment: How Export Composition Drives Educational Attainment. Emily Blanchard and William W. Olney.

2013-17 -- Temporal Spillover in Land Conservation. Sarah Jacobson.

2013-16 -- Staffing Subsidies and the Quality of Care in Nursing Homes. Andrew D. Foster and Yong Suk Lee.

2013-15 -- Russian Peasants and Politicians: The Political Economy of Local Agricultural Support in Nizhnii Novgorod Province, 1864-1914. Steven Nafziger.

2013-14 -- Russian Serfdom, Emancipation, and Land Inequality: New Evidence. Steven Nafziger.

2013-13 -- Russian Inequality on the Eve of Revolution. Steven Nafziger and Peter Lindert.

2013-12 -- How Inflation Affects Macroeconomic Performance: An Agent-Based Computational Investigation. Quamrul Ashraf, Boris Gershman, and  Peter Howitt.

2013-11 -- The Effect of Fertility Reduction on Economic Growth.  Quamrul H. Ashraf, David N. Weil, and Joshua Wilde.

2013-10 -- The "Out of Africa" Hypothesis, Human Genetic Diversity, and Comparative Economic Development. Quamrul Ashraf and Oded Galor.

2013-09 --Those Outsiders: How Downstream Externalities Affect Public Good Provision. Jason Delaney and Sarah Jacobson.

2013-08 -- Reallocating wealth? Insecure property rights and agricultural investment in rural China. Jessica Leight.

2013-07 -- The New Safety Net? Supplemental Security Income after Welfare Reform. Lucie Schmidt.

2013-06 -- New Evidence on Taxes and the Timing of Birth. Sara LaLumia, James M. Sallee and Nicholas Turner.

2013-05 -- How Income Changes During Unemployment: Evidence from Tax Return Data. Laura Kawano and Sara LaLumia.

2013-04 -- Impact of Corruption on Firm Level Export Decisions. William W. Olney.

2013-03 -- Favor Trading in Public Good Provision. Sarah Jacobson and Ragan Petrie.

2013-02 -- Payments or Persuasion: Common Pool Resource Management with Price and Non-price Measures. Jason Delaney and Sarah Jacobson.

2013-01 -- Tax Policy and Philanthropy: A Primer on the Empirical Evidence for the U.S. and its Implications. Jon Bakija.

2011 Working Papers

2011-15 -- Cultural Diversity, Geographical Isolation, and the Origin of the Wealth of Nations. Quamrul Ashraf and Oded Galor.

2011-14 -- Is Sex Like Driving? Risk Compensation Associated with Randomized Male Circumcision in Kisumu, Kenya. Nicholas Wilson, Wentao Xiong, and Christine Mattson.

2011-13 -- Remittances and the Wage Impact of Immigration. William W. Olney.

2011-12 -- A Shared Sense of Responsibility: Money Versus Effort Contributions in the Voluntary Provision of Public Goods. Jared Carbone and Robert Gazzale.

2011-11 -- Child Mortality Risk and Fertility: Evidence from Prevention of Mother-to-Child Transmission of HIV. Nicholas Wilson.

2011-10 -- How Flexible Can Inflation Targeting Be and Still Work? Kenneth N. Kuttner and Adam S. Posen.

2011-09 -- Asymmetric Information and the Foreign-Exchange Trades of Global Custody Banks. Carol Osler, Tanseli Savaser, and Thang Nguyen.

2011-08 -- The EITC, Tax Refunds, and Unemployment Spells. Sara LaLumia.

2011-07 -- Micro-Perspectives on Living Standards in Nineteenth-Century Russia. Tracy Dennison and Steven Nafziger.

2011-06 -- Big BRICs, Weak Foundations: The Beginning of Public Elementary Education in Brazil, Russia, India, and China. Latika Chaudhary, Aldo Musacchio, Steven Nafziger, and Se Yan.

2011-05 -- The Value of Honesty: Empirical Estimates from the Case of the Missing Children. Sara LaLumia and James M. Sallee.

2011-04 -- Monetary Policy and Asset Price Volatility: Should We Refill the Bernanke-Gertler Prescription? Kenneth Kuttner.

2011-03 -- Banks, Market Organization, and Macroeconomic Performance: An Agent-Based Computational Analysis. Quamrul Ashraf, Boris Gershman, and Peter Howitt.

2011-02 -- A Race to the Bottom? Employment Protection and Foreign Direct Investment. William W. Olney.

2011-01 --  Land and Law in Colonial India. Anand Swamy.


2010 Working Papers

2010-23 -- Antiretroviral Therapy and Demand for HIV Testing: Evidence from Zambia. Nicholas Wilson.

2010-22 -- Jobs and Income Growth of Top Earners and the Causes of Changing Income Inequality: Evidence from U.S. Tax Return Data. Jon Bakija, Adam Cole, and Bradley Heim.

2010-21 --  Economic Booms and Risky Sexual Behavior: Evidence from Zambian Copper Mining Cities. Nicholas Wilson.

2010-20 -- Identity and Mobility: Historical Fractionalization, Parochial Institutions, and Occupational Choice in the American Midwest. Kaivan Munshi and Nicholas Wilson.

2010-19 -- Favor Trading in Public Good Provision. Sarah Jacobson and Ragan Petrie.

2010-18 -- Real Exchange Rates, Saving and Growth: Is there a Link? Peter J. Montiel and Luis Servén.

2010-17 -- Do Worker Remittances Reduce Output Volatility in Developing Countries? Ralph Chami, Dalia Hakura, and Peter Montiel.

2010-16 -- Globalization and Investment in Human Capital. Daniel C. Hickman and William W. Olney.

2010-15 -- The Great Recession, 'Rainy Day' Funds, and Countercyclical Fiscal Policy in Latin America. Eduardo Fernández-Arias and Peter Montiel.

2010-14 -- Monetary Transmission in Low Income Countries. Prachi Mishra, Peter J. Montiel, and Antonio Spilimbergo.

2010-13 -- Remittances and Institutions: Are Remittances a Curse? Yasser Abdih, Ralph Chami, Jihad Dagher, and Peter Montiel.

2010-12 -- Workers’ Remittances and the Equilibrium Real Exchange Rate: Theory and Evidence.  Adolfo Barajas, Ralph Chami, Dalia Hakura, and Peter Montiel.

2010-11 -- Immigration and Firm Expansion. William W. Olney.

2010-10 -- Offshoring, Immigration, and the Native Wage Distribution. William W. Olney.

2010-09 -- Tax Preferences for Higher Education and Adult College Enrollment. Sara LaLumia.

2010-08 -- Commitment and Conquest: The Case of British Rule in India. Mandar Oak and Anand Swamy.

2010-07 -- Web Appendix to: How Does Charitable Giving Respond to Incentives and Income? New Estimates from Panel Data. Jon Bakija and Bradley Heim. (Associated paper available here.)

2010-06 -- Marriage Meets the Joneses: Relative Income, Identity, and Marital Status. Tara Watson and Sara McLanahan.

2010-05 -- Local Fiscal Policies and Urban Wage Structures. Patricia Beeson, Lara Shore-Sheppard, and Tara Watson.

2010-04 -- Global Climate Change and the Resurgence of Tropical Disease: An Economic Approach. Douglas Gollin and Christian Zimmermann.

2010-03 -- Implementation of Monetary Policy: How Do Central Banks Set Interest Rates? Benjamin Friedman and Kenneth Kuttner.

2010-02 -- The Climatic Origins of the Neolithic Revolution: Theory and Evidence. Quamrul Ashraf and Stelios Michalopoulos.

2010-01 -- Dynamics and Stagnation in the Malthusian Epoch. Quamrul Ashraf and Oded Galor.

2009 Working Papers

2009-07 -- The Earned Income Tax Credit and Reported Self-Employment Income. Sara LaLumia.

2009-06 -- Safe and Sound Banking: A Role for Countercyclical Regulatory Requirements? Gerard Caprio.

2009-05 -- Financial Regulation in a Changing World: Lessons from the Recent Crisis. Gerard Caprio.

2009-04 -- Isolation and Development. Quamrul Ashraf, Oded Galor, and Omer Ozak.

2009-03 -- Learning to Play Nash from the Best. Robert Gazzale.

2009-02 -- Ambiguous Solicitation: Ambiguous Prescription. Robert Gazzale, Julian Jamison, Alexander Karlan, Dean Karlan.

2009-01 -- Behavioral Biases in Annuity Choice: An Experiment. Robert Gazzale, Lina Walker.

2008 Working Papers

2008-23 -- Democracy Under the Tsars? The Case of the Zemstvo. Steven Nafziger

2008-22 -- Remain Silent and Ye Shall Suffer: Seller Exploitation of Reticent Buyers in an Experimental Reputation System. Robert Gazzale, Tapan Khopkar

2008-21 -- Pension Freezes and Household Saving Over the Life Cycle. David Love, Paul Smith

2008-20 -- Animal genetic resource trade flows: Economic assessment. Douglas Gollin, Eric Van Dusen, Harvey Blackburn

2008-19 -- Labour's Share of Income. Douglas Gollin

2008-18 -- Equipping Immigrants: Migration Flows and Capital Movements. Fabian Lange, Douglas Gollin

2008-17 -- Malaria: Disease Impacts and Long-Run Income Differences. Douglas Gollin, Christian Zimmermann

2008-16 -- Taxes, Wages, and the Labor Supply of Older Americans. Lucie Schmidt, Purvi Sevak

2008-15 -- Understanding the Flattening Phillips Curve. Kenneth Kuttner, Tim Robinson

2008-14 -- Economic Research Citations at Liberal Arts Colleges. Peter Pedroni, Stephen Sheppard

2008-13 -- The Effect of Marital Status and Children on Savings and Portfolio Choice. David Love

2008-12 -- A New Look at the Wealth Adequacy of Older U.S. Households. David Love, Paul Smith, Lucy McNair

2008-11 -- Does Health Affect Portfolio Choice? David Love, Paul Smith

2008-10 -- The Trajectory of Wealth in Retirement. David Love, Michael Palumbo, Paul Smith

2008-09 -- Bank Regulations Are Changing: But For Better or Worse? James Barth, Gerard Caprio, Ross Levine

2008-08 -- The 2007 Meltdown in Structured Securitization: Searching for Lessons not Scapegoats. Gerard Caprio, Aslı Demirgüç-Kunt, Edward Kane

2008-07 -- Banking Crises. Gerard Caprio, Patrick Honohan

2008-06 -- Does Marriage Really Mattter? Investments in Prenatal Care and Birth Outcomes. Alison Jacknowitz, Lucie Schmidt

2008-05 -- Utilization of Infertility Treatments: The Effects of Insurance Mandates. Marianne Bitler, Lucie Schmidt

2008-04 -- Cosigners as Collateral. Stephan Klonner and Ashok Rai

2008-03 -- Borrower Runs. Philip Bond, Ashok Rai

2008-02 -- Extreme Returns without News: A Microstructural Explanation. Carol Osler, Tanseli Savaser

2008-01 -- How Does Charitable Giving Respond to Incentives and Income? New Estimates from Panel Data. Jon Bakija and Bradley Heim (Revised final version, June 2011; supplementary web appendix available here).

2007 Working Papers

2004 Working Papers

2004-17 -- Capitalising the Value of Free Schools: The Impact of Land Supply Constraints. Paul Cheshire and Stephen Sheppard

2004-16 -- Conservation Behavior: From Voluntary Restraint to a Voluntary Price Premium. Matthew Kotchen and Michael Moore

2004-15 -- Panel Cointegration: Asymptotic and Finite Sample Properties of Pooled Time Series Tests with an Application to the PPP Hypothesis. Peter Pedroni

2004-14 -- Working Until Dropping: Employment Behavior of the Elderly in Rural China. Lihua Pang, Alan de Brauw and Scott Rozelle

2004-13 -- Do Maternal Investments in Human Capital Affect Children's Academic Achievement? Quinn Moore and Lucie Schmidt

2004-12 -- Do the Rich Flee from High State Taxes? Evidence from Federal Estate Tax Returns. Jon Bakija and Joel Slemrod

2004-11 -- Transmission of External and Internal Shocks In Argentina During The Convertibility Period. Some Empirical Findings From VARs. Chris Geiregat

2004-10 -- Seasonal Migration and Improving Living Standards in Vietnam. Alan de Brauw and Tomoko Harigaya

2004-09 -- Are the new and old EU countries financially integrated? Tomas Dvorak and Chris Geiregat

2004-08 -- Cosigned or Group Loans. Philip Bond and Ashok S. Rai

2004-07 -- Private Provision of Environmental Public Goods: Household Participation in Green-Electricity Programs. Matthew Kotchen and Michael Moore

2004-06 -- Explaining The Appearance and Success of Voter Referenda For Open-Space Conservation. Matthew Kotchen and Shawn Powers

2004-05 -- The Impact of Rent Controls in Non-Walrasian Markets: An Agent-Based Modeling Approach. Ralph Bradburd, Stephan Sheppard, Joseph Bergeron and Eric Engler

2004-04 -- The Effect of Infrastructure on Long Run Economic Growth. David Canning and Peter Pedroni

2004-03 -- Social Capital, Barriers to Production and Capital Shares; Implications for the Importance of Parameter Heterogeneity from a Nonstationary Panel Approach. Peter Pedroni

2004-02 -- When Does Learning in Games Genterate Convergence to Nash Equilibria? The Role of Supermodularity in an Experimental Setting. Yan Chen and Robert Gazzale

2004-01 -- Improving Learning Performance by Applying Economic Knowledge. Christopher Brooks, Robert Gazzale, Jeffrey MacKie Mason, Edmund Durfee

2003 Working Papers

2003-18 -- Charitable Bequests and Taxes on Inheritance and Estates: Aggregate Evidence from Across States and Time. Jon Bakija, William Gale, and Joel Slemrod

2003-17 -- Mega-Sporting Events in Developing Nations: Playing the Way to Prosperity? Victor A. Matheson and Robert A. Baade

2003-16 -- In Search of a Fair Bet in the Lottery. Victor A. Matheson and Kent Grote

2003-15 -- Super Bowl or Super (Hyper)Bole? Assessing the Economic Impact of America's Premier Sports Event. Robert A. Baade and Victor A. Matheson

2003-14 -- Research Note: Contrary Evidence on the Economic Impact of the Super Bowl on the Victorious City. Victor A. Matheson

2003-13 -- The Paradox of Championships "Be Careful, Sports Fans, What You Wish For." Robert A. Baade and Victor A. Matheson

2003-12 -- The Death-Effect on Collectible Prices. Victor A. Matheson and Robert A. Baade

2003-11 -- The Measurement of Medicaid Coverage in the SIPP: Evidence from a Comparison of Matched Records. David Card, Andrew Hildreth, and Lara Shore-Sheppard

2003-10 -- The Effect of Medicaid Expansions for Low-Income Children on Medicaid Participation and Private Insurance Coverage: Evidence from the SIPP. John Ham and Lara Shore-Sheppard

2003-09 -- Using Discontinuous Eligibility Rules to Identify the Effects of the Federal Medicaid Expansions on Low Income Children. David Card and Lara Shore-Sheppard

2003-08 -- Did Expanding Medicaid Affect Welfare Participation? John Ham and Lara Shore-Sheppard, NBER Working Paper #9803

2003-07 -- Sometimes Close is Good Enough: The Value of Nearby Environmental Amenities. Lucie Schmidt and Paul N. Courant

2003-06 -- Impure Public Goods and the Comparative Statics of Environmentally Friendly Consumption. Matthew J. Kotchen

2003-05 -- Green Markets and Private Provision of Public Goods. Matthew J. Kotchen

2003-04 -- The Character and Determinants of Corporate Capital Gains. Mihir A. Desai and William M. Gentry

2003-03 -- What Can We Learn About the Sensitivity of Investment to Stock Prices with a Better Measure of Tobin's q? William M. Gentry and Christopher J. Mayer

2003-02 -- Are Women Taking Over the Farm in China? Alan de Brauw

2003-01 -- Household Investment through Migration in Rural China. Alan de Brauw and Scott Rozelle


2002 Working Papers

2002-09 -- The Role of Agriculture in Development. Douglas Gollin, Stephen Parente and Richard Rogerson

2002-08 -- Farm Work, Home Work and International Productivity Differences. Douglas Gollin, Stephen Parente and Richard Rogerson

2002-07 -- The Green Revolution: An End of Century Perspective. R.E. Evenson and Douglas Gollin

2002-06 -- Nobody's Business by My Own: Self Employment and Small Enterprise in Economic Development. Douglas Gollin

2002-05 -- Sequencing and the Success of Gradualism: Empirical Evidence from China's Agricultural Reform. Alan de Brauw, Jikun Huang, and Scott Rozelle

2002-04 -- Taxes Versus Regulation: The Welfare Impacts of Policies for Containing Sprawl. Paul Cheshire and Stephen Sheppard

2002-03 -- AFDC, SSI, and Welfare Reform Aggressiveness: Caseload Reductions vs. Caseload Shifting. Lucie Schmidt and Purvi Sevak

2002-02 -- The Welfare Implications of Increasing Disability Insurance Benefit Generosity. John Bound, Julie Berry Cullen, Austin Nichols and Lucie Schmidt NBER Working Paper #9155

2002-01 -- Model Selection in an Information Economy: Choosing what to Learn. Christopher Brooks, Robert Gazzale, Rajarshi Das, Jeffrey Kephart, Jeffrey MacKie-Mason, Edmund Durfee

2001 Working Papers

2001-15 -- Carbon Taxation when Climate Affects Productivity.  William K. Jaeger (abstract only)

2001-14 -- Economic Growth and Environmental Resource Allocation.  William K. Jaeger and Van Kolpin (abstract only)

2001-13 -- Setting Environmental Taxes in a Second-Best World. William K. Jaeger (abstract only)

2001-12 -- Environmental and Distortionary Taxes: Comment.  William K. Jaeger (abstract only)

2001-11 -- Getting Income Shares Right. Douglas Gollin

2001-10 -- Land Reform and the Political Organization of Agriculture. Jonathan H. Conning and James A. Robinson

2001-09 -- Managing Economic Insecurity in Rural El Salvador: the role of asset ownership and labor market adjustments. Jonathan Conning, Pedro Olinto and Alvaro Trigueros

2001-08 -- Latifundia Economics. Jonathan Conning

2001-07 -- Gross Capital Flows and Asymmetric Information. Tomas Dvorak

2001-06 -- Reform and Growth in Latin America: All Pain, No Gain? Peter Montiel and Eduardo Fernandez-Arias

2001-05 -- Post-Crisis Exchange Rate Policy in Five Asian Countries: Filling in the "Hollow Middle"? Peter Montiel and Leonardo Hernandez

2001-04 -- Do Domestic Investors Have an Information Advantage? Evidence from Indonesia Tomas Dvorak

2001-03 -- The Welfare Economics of Land Use Planning. Paul Cheshire and Stephen Sheppard

2001-02 -- The Impact of Public Health Insurance on Labor Market Transitions. John Ham and Lara Shore-Sheppard

2001-01 -- Purchasing Power Parity Tests in Cointegrated Panels. Peter Pedroni