TEC - Publications Page
Time’s Monster: How History Makes History
WHAT TECH CALLS THINKING An Inquiry Into the Intellectual Bedrock of Silicon Valley
Global Populisms and Their Challenges
Multilateral Trade Bargaining: A First Look at the GATT Bargaining Records
Time is the backdrop of historical inquiry, yet it is much more than a featureless setting for events. Different temporalities interact dynamically; sometimes they coexist tensely, sometimes they clash violently. In this innovative volume, editors Dan Edelstein, Stefanos Geroulanos, and Natasha Wheatley challenge how we interpret history by focusing on the nexus of two concepts—“power” and “time”—as they manifest in a wide variety of case studies.
We analyze unilateral, efficient and Nash trade policies in a symmetric, two-country version of the Melitz-Ottaviano (2008) model. Starting at global free trade, we show that a country gains from the introduction of (1) a small import tariff; (2) a small export subsidy, if trade costs are low and the dispersion of productivities is high; and (3) an appropriately combined small increase in its import and export tariffs. The welfare of its trading partner, however, falls in each of these three cases.
For generations, British thinkers told the history of an empire whose story was still very much in the making. While they wrote of conquest, imperial rule in India, the Middle East, Africa, and the Caribbean was consolidated. While they described the development of imperial governance, rebellions were brutally crushed. As they reimagined empire during the two world wars, decolonization was compromised. Priya Satia shows how these historians not only interpreted the major political events of their time but also shaped the future that followed.
Adrian Daub’s What Tech Calls Thinking is a lively dismantling of the ideas that form the intellectual bedrock of Silicon Valley. Equally important to Silicon Valley’s world-altering innovation are the language and ideas it uses to explain and justify itself. And often, those fancy new ideas are simply old motifs playing dress-up in a hoodie.
Leveraging the Power of Place: A Data-Driven Decision Helper to Improve the Location Decisions of Economic Immigrants
A growing number of countries have established programs to attract immigrants who can contribute to their economy. Research suggests that an immigrant's initial arrival location plays a key role in shaping their economic success. Yet immigrants currently lack access to personalized information that would help them identify optimal destinations. Instead, they often rely on availability heuristics, which can lead to the selection of sub-optimal landing locations, lower earnings, elevated outmigration rates, and concentration in the most well-known locations.
One of the most puzzling findings in asset pricing is that expected returns dominate variation in the dividend-to-price ratio, leaving little room for dividend growth rates. Even more puzzling is that this dominance only emerged after 1945. We develop a present value model to argue that a general increase in equity duration can explain these findings. As cash flows to investors accrue further into the future, shocks to highly persistent expected returns become relatively more important than shocks to growth rates.
Standard mortgage contracts include periodic debt repayment plans (amortization schedules) designed to build-up illiquid savings in the form of home equity, which can be substantial even from a macroeconomic standpoint. For example, U.S. households invest hundreds of ($) billions each year in mortgage amortization plans – comparable in size to pension program contributions. We provide the first empirical evidence on the causal effects of mortgage amortization on wealth accumulation. Ex-ante, effects are unclear.
This paper empirically examines recently declassified tariff bargaining data from the GATT/WTO. Focusing on the Torquay Round (1950–1951), we document stylized facts about these interconnected high-stakes international negotiations that suggest a lack of strategic behavior among the participating governments and an important multilateral element to the bilateral bargains.
We establish an impossibility result for New Keynesian models with a frictionless labor market: these models cannot simultaneously match plausible estimates of marginal propensities to consume (MPCs), marginal propensities to earn (MPEs), and fiscal multipliers. A HANK model with sticky wages provides a solution to this trilemma.
The recent digitization of complete count census data is an extraordinary opportunity for social scientists to create large longitudinal datasets by linking individuals from one census to another or from other sources to the census. We evaluate different automated methods for record linkage, performing a series of comparisons across methods and against hand linking. We have three main findings that lead us to conclude that automated methods perform well. First, a number of automated methods generate very low (less than 5%) false positive rates.
We study a program that funded 39,000 Jewish households in New York City to leave enclave neighborhoods circa 1910. Compared to their neighbors with the same occupation and income score at baseline, program participants earned 4 percent more ten years after removal, and these gains persisted to the next generation. Men who left enclaves also married spouses with less Jewish names, but they did not choose less Jewish names for their children. Gains were largest for men who spent more years outside of an enclave.
Colonialism, slavery and ‘The Great Experiment’: Carbon, nitrogen and oxygen isotope analysis of Le Morne and Bois Marchand cemeteries, Mauritius
Slavery, colonialism and emancipation are important aspects of archaeological research in the Atlantic region, but the lifeways of colonial populations remain understudied in the Indian Ocean World. Here, we help to redress this imbalance by undertaking stable isotope analysis (C, N and O) on human remains from Mauritius, a location which played an important role in the movement of people across the Indian Ocean and beyond.
We develop a model of financial crises with both a financial amplification mechanism, via frictional intermediation, and a role for sentiment, via time-varying beliefs about an illiquidity state. We confront the model with data on credit spreads, equity prices, credit, and output across the financial crisis cycle. In particular, we ask the model to match data on the frothy pre-crisis behavior of asset markets and credit, the sharp transition to a crisis where asset values fall, disintermediation occurs and output falls, and the post-crisis period characterized by a slow recovery in output.
Dutch-Caribbean plantations attracted substantial outside funding in the 1760s. This came to an abrupt end after the 1773 credit crisis. We use one banker’s detailed archives to analyze how bankers and investors were initially able to overcome asymmetric information problems, and why the system eventually broke down. Bankers oversaw plantations’ cash flows and placed debt with investors in the form of mortgage-backed securities. Strong growth led to lax screening and an oversupply of credit. After a fall in commodity prices, plantation debts were unsustainable.
Using Conjoint Experiments to Analyze Elections: The Essential Role of the Average Marginal Component Effect (AMCE)
Political scientists have increasingly deployed conjoint survey experiments to understand multi-dimensional choices in various settings. We begin with a general framework for analyzing voter preferences in multi-attribute elections using conjoints. With this framework, we demonstrate that the Average Marginal Component Effect (AMCE) is well-defined in terms of individual preferences and represents a central quantity of interest to empirical scholars of elections: the effect of a change in an attribute on a candidate or party's expected vote share.