Publications
Publications
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(1,710)
- Faculty Publications (510)
- November 2020
- Article
The Role of Taxes in the Disconnect Between Corporate Performance and Economic Growth
By: Urooj Khan, Suresh Nallareddy and Ethan Rouen
We investigate the relation between the growth in corporate profits and the overall U.S. economy, focusing on the impact of the U.S. corporate tax regime on this relation. We document that the growth of corporate profits, on average, has outpaced the growth of the... View Details
- October 2020 (Revised February 2024)
- Case
Divesting Harvard's Endowment
By: Daniel Green, Luis M. Viceira and Holly Fetter
By early 2020 Harvard University was facing growing pressure from students, faculty, and alumni to divest its $40 billion endowment of financial stakes in fossil fuel producers. Its previous policy of avoiding the issue was quickly becoming outdated—$21 trillion of... View Details
- October 2020
- Case
Fiscal Responses to COVID-19
For the first half of 2020, the COVID-19 crisis seemed on the verge of spiraling out of control. The business world struggled to figure out what COVID meant for macroeconomics. Extended restrictions limiting human interaction meant an end to normal economic production,... View Details
- Fall 2020
- Article
Business Credit Programs in the Pandemic Era
By: Samuel G. Hanson, Jeremy C. Stein, Adi Sunderam and Eric Zwick
We develop a pair of models that speak to the goals and design of the sort of business-lending and corporate-bond purchase programs that have been introduced by governments in response to the ongoing COVID-19 pandemic. An overarching theme is that, in contrast to the... View Details
- 2020
- Working Paper
The ESG-Innovation Disconnect: Evidence from Green Patenting
By: Lauren Cohen, Umit G. Gurun and Quoc H. Nguyen
No firm or sector of the global economy is untouched by innovation. In equilibrium, innovators will flock to (and innovation will occur where) the returns to innovative capital are the highest. In this paper, we document a strong empirical pattern in green patent... View Details
- 2020
- Chapter
Reserve Accumulation, Sovereign Debt, and Exchange Rate Policy
By: Laura Alfaro and Fabio Kanczuk
In the past decade, foreign participation in local-currency bond markets in emerging countries increased dramatically. Additionally, emerging countries are increasingly deviating from inflation targeting regimes, managing their exchange rate and engaging in... View Details
- 2023
- Working Paper
When Should Public Programs Be Privately Administered? Theory and Evidence from the Paycheck Protection Program
By: Alexander Bartik, Zoë B. Cullen, Edward L. Glaeser, Michael Luca, Christopher Stanton and Adi Sunderam
What happens when public resources are allocated by private companies whose objectives may be
imperfectly aligned with policy goals? We study this question in the context of the Paycheck
Protection Program (PPP), which relied on private banks to disburse aid to small... View Details
- June 2020 (Revised October 2020)
- Case
Muddy Waters vs. eHealth: The Debate of a 'Lifetime'
By: Jonas Heese and Cristo Liautaud
In May 2020, an analyst was assessing eHealth’s performance. eHealth was an online / tele-sales broker of health insurance products. The stock had recently hit all-time highs, closing at a peak of $146 on March 4, 2020. But now, May 4, 2020, eHealth traded at $103. The... View Details
- Article
Treatment Of Opioid Use Disorder Among Commercially Insured U.S. Adults, 2008–17
By: Karen Shen, Eric Barrette and Leemore S. Dafny
There is abundant literature on efforts to reduce opioid prescriptions and misuse, but comparatively little on the treatment provided to people with opioid use disorder (OUD). Using claims data representing 12–15 million nonelderly adults covered through commercial... View Details
- June 2020
- Article
U.S. Monetary Policy and Emerging Market Credit Cycles
By: Falk Bräuning and Victoria Ivashina
Foreign banks’ lending to firms in emerging market economies (EMEs) is large and denominated predominantly in U.S. dollars. This creates a direct connection between U.S. monetary policy and EME credit cycles. We estimate that over a typical U.S. monetary easing cycle,... View Details
Keywords: Global Business Cycle; Monetary Policy; Reaching For Yield; Money; Policy; Credit; Emerging Markets
- May 2020 (Revised March 2022)
- Case
The Coronavirus (COVID-19) Pandemic and the Global Economy (A)
By: Alberto Cavallo and Christian Godwin
In April 2020, the world struggled to contain the exponential escalation of the coronavirus (COVID-19) pandemic. Dozens of countries had imposed restrictions on travel, work, and social gatherings. A large share of the global population was under lockdowns and... View Details
Keywords: COVID-19 Pandemic; Demand and Consumers; Supply and Industry; Finance; Central Banking; Financial Markets; International Finance; Globalization; Government and Politics; Health Pandemics; Decision Making; Macroeconomics; Employment; Crisis Management; Supply Chain; Risk and Uncertainty; Air Transportation Industry; Banking Industry; Consumer Products Industry; Employment Industry; Financial Services Industry; Food and Beverage Industry; Health Industry; Medical Devices and Supplies Industry; Pharmaceutical Industry; Public Administration Industry; Retail Industry; Service Industry; Shipping Industry; Tourism Industry; Travel Industry; Asia; China; Europe; Latin America; Africa; United States
- 2020
- Working Paper
Immigration Policy Levers for U.S. Innovation and Startups
By: William R. Kerr and Sari Pekkala Kerr
Immigrants account for about a quarter of U.S. invention and entrepreneurship despite a policy environment that is not well suited for these purposes. This chapter reviews the U.S. immigration policy environment that governs how skilled migrants move to America for... View Details
- 2020
- Working Paper
Job Loss, Credit and Crime in Colombia
By: Gaurav Khanna, Carlos Medina, Anant Nyshadham, Christian Posso and Jorge Tamayo
We investigate the effects of job displacement, as a result of mass layoffs, on criminal arrests using a matched employer-employee-crime dataset from Medellín, Colombia. Job displacement leads to immediate and persistent earnings losses and higher probability of arrest... View Details
- April 2020 (Revised August 2021)
- Case
Singapore: 'Facing Challenges Together'
Since its expulsion from Malaysia in 1965, Singapore had transformed itself from a third world island nation into a vibrant city-state with one of the highest levels of GDP per capita in the world. However, sluggish demand among Singapore's major trade partners began... View Details
Keywords: Savings; Productivity Growth; Productivity; Economic Institutions; Economic Development; Government And Business; Government Policy; Economic Policy; Country Analysis; Investment And Savings; Institutions; Economic Growth; Macroeconomics; Development Economics; Investment; Government and Politics; Trade; Policy; Research and Development; Analysis; Economics; Business and Government Relations; Asia; Singapore; Southeast Asia
- 2020
- Working Paper
Sticky Capital Controls
By: Miguel Acosta-Henao, Laura Alfaro and Andres Fernandez
There is much ongoing debate on the merits of capital controls as effective policy instruments. The differing perspectives are due in part to a lack of empirical studies that look at the intensive margin of controls, which in turn has prevented a quantitative... View Details
- March–April 2020
- Article
Pricing Policies that Protect your Brand
By: Ayelet Israeli and Eugene F. Zelek Jr.
When customers seek out online deals, it seems like a win for everybody: Brands, retailers, dealers, and distributors sell more goods, and buyers get a bargain. What's not to like? Here's the problem: Lured by rock-bottom online prices, customers often end up dealing... View Details
- Working Paper
Rebates in the Pharmaceutical Industry: Evidence from Medicines Sold in Retail Pharmacies in the U.S.
By: Pragya Kakani, Michael Chernew and Amitabh Chandra
Rising list prices are often used to illustrate the burden of prescription drug spending, but payers routinely negotiate rebates from manufacturers that generate differences between list and net prices. List prices are easily available and affect patient cost-sharing,... View Details
- 2020
- Working Paper
Cutting the Gordian Knot of Employee Health Care Benefits and Costs: A Corporate Model Built on Employee Choice
By: Regina E. Herzlinger and Barak D. Richman
The U.S. employer-based health insurance tax exclusion created a system of employer-sponsored insurance (ESI) with limited insurance choices and transparency that may lock employed households into health plans that are costlier or different from those they prefer to... View Details
- 2019
- Working Paper
Thinking Outside the Box (12): The Benefits of Increased Transparency in Employer-Sponsored Health Insurance for the 180 Million Insured
By: Regina E. Herzlinger and Barak D. Richman
Economists have long noted that the tax exclusion of employer-sponsored insurance (ESI) caused workers to purchase health plans that differ in price and other characteristics from those they would otherwise choose for themselves. We explore the short-term and long-term... View Details
- November 2019 (Revised December 2019)
- Case
Martini Klinik: Prostate Cancer Care 2019
By: Michael E. Porter, Jens Deerberg-Wittram and Thomas W. Feeley
Since its establishment in 2005, Hamburg’s Martini Klinik had single mindedly focused on prostate cancer care with a commitment to measure long-term health outcomes for every patient. A wholly owned subsidiary of the University Hospital Hamburg, Martini Klinik was a... View Details
Keywords: Health Care; Michael Porter; Jens Deerberg-Wittram; Clifford Marks; Prostate Cancer; Health Care Policy; Value Agenda; Integrated Practice Units; Outcomes Measurement; Health Care and Treatment; Value; Health Disorders; Insurance; Medical Specialties; Outcome or Result; Measurement and Metrics; Business Processes; Insurance Industry; Health Industry; Germany