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2020-04-03

• How Many Jobs Can Be Done at Home? In the United States, It’s 34 percent
  by Jonathan Dingel and Brent Neiman in Pro-Market, 2020-04-03 18:29:12 UTC

  Evaluating the economic impact of “social distancing” measures taken to arrest the spread of Covid-19 raises a fundamental question about the modern economy: How many jobs can be performed at home? Jonathan Dingel and Brent Neiman classified the feasibility of working at home for all occupations: In the United States, it’s 34 percent of jobs.     Evaluating the economic impact of “social distancing” measures taken to arrest the spread of Covid-19 raises a number of fundamental questions about the modern economy: How many jobs can be performed at home? What share of total wages are paid to su [...]

2020-04-02

• Do Social Networks Increase or Decrease the COVID-19 Contagion Rate?
  by Matthew E. Kahn in Environmental and Urban Economics, 2020-04-02 14:57:00 UTC

  Do Social Networks Increase or Decrease the COVID-19 Contagion Rate? Dora L. Costa Kenneth T. Sokoloff Professor of Economic History UCLA Costa@econ.ucla.edu .  Matthew E. Kahn Bloomberg Distinguished Professor of Economics and Business Director of the 21st Century Cities Initiative mkahn10@jhu.edu Each nation will face less contagion risk if we as individuals engage in social distancing.    But some people are choosing to continue to live their lives under business as usual.    Behavioral economics assumes that many of us, like the college students who stormed the beaches [...]

2020-04-01

• Vite salvate dagli open data
  by Francesco Billari e Alberto Bisin in La Voce, 2020-04-01 15:58:41 UTC

  La battaglia contro il coronavirus si combatte anche attraverso analisi statistiche della dinamica dell’epidemia, sulla base delle quali prendere decisioni di politica sanitaria o economica. È indispensabile però che siano resi disponibili dati adeguati. L’epidemia e il ruolo della statistica La battaglia alla pandemia Covid-19 si combatte e si vince in molti luoghi: negli ospedali, ovviamente, nei laboratori medici e farmaceutici, nelle fabbriche di materiale per la protezione degli operatori della sanità, nei comuni in lockdown e così via. La battaglia si combatte anche fornendo dati all’opi [...]

2020-03-31

• Fiscal Policy during a Pandemic
  by Christian Zimmermann in NEP-DGE blog, 2020-03-31 03:24:07 UTC

  By Miguel Faria-e-Castro http://d.repec.org/n?u=RePEc:fip:fedlwp:87616&r=dge I use a dynamic stochastic general equilibrium model to study the effects of the 2019-20 coronavirus pandemic in the United States. The pandemic is modeled as a large negative shock to the utility of consumption of contact-intensive services. General equilibrium forces propagate this negative shock to the non-services and financial sectors, triggering a deep recession. I use a calibrated version of the model to analyze different types of fiscal policies: (i) government purchases, (ii) income tax cuts, (iii) unemploym [...]

2020-03-30

• COVID-19 Stress Test
  by Steve Cecchetti and Kim Schoenholtz in Money, Banking and Financial Markets, 2020-03-30 12:08:06 UTC

  “[The 2019 stress test results] show that our financial system remains resilient [….] The largest and most complex banks […] demonstrated [their] ability to withstand a severe and lasting economic downturn and still be able to lend to households and businesses.” FRB Vice Chair for Supervision Randal K. Quarles, “ Stress Testing: A Decade of Continuity and Change ”, July 9, 2019 “Banks worked hard to build their capital buffers following the crisis. It is imprudent to reduce the loss absorbing capital at the core of the system at this point in the cycle, when […] payouts have been exceeding ear [...]

2020-03-26

• 6 post-Corona Institutional questions
  by Paul Frijters in Club Troppo, 2020-03-26 12:34:59 UTC

  The mass hysteria of the corona crisis is raging, with the resulting self-isolation of whole economies and populations. The loss seems greater with every new forecast on the economic collapse than I initially though t, and the benefit of imprisoning and terrorizing the population smaller than I initially thought , leading courageous little Sweden to forego these options . High-level media and calm commentators are waking up to the longer-term implications, though the population is still too overcome by fear. I want to share 6 areas where we should think of international institutional reform to [...]

2020-03-25

• Will the US Pandemic Response Strengthen Workers?
  by Teresa Ghilarducci in Project Syndicate, 2020-03-25 11:37:27 UTC

  NEW YORK – Despite the deep polarization of American politics, there appears to be more agreement than disagreement over how to deal with the economic fallout from the COVID-19 pandemic. The US Federal Reserve is already pursing bold monetary-policy measures, and Congress is quickly working toward a large fiscal-stimulus package featuring government bailouts with equity stakes in private companies and one- or two-time cash infusions to households. But this rare moment of bipartisanship will turn out to have been a missed opportunity if it does not also reverse the long decline of worker protec [...]

2020-03-23

• This Time Truly Is Different
  by Carmen M. Reinhart in Project Syndicate, 2020-03-23 13:05:29 UTC

  CAMBRIDGE – While pandemics are comparatively rare, and severe ones rarer still, I am not aware of a historical episode that can provide any insight as to the likely economic consequences of the unfolding global coronavirus crisis. This time truly is different. A key feature of this episode that makes it unique is the policy response. Governments around the world are giving priority to measures that limit the spread of disease and save lives, including the complete lockdown of a region (as in China) and even of entire countries (Italy, Spain, and France, for example). A much longer list of cou [...]

• Fourth large-scale asset purchases program: A new hope
  by ? in FRED blog, 2020-03-23 13:00:00 UTC

  We’ve previously discussed the tapering of the three large-scale asset purchase programs popularly known as “ quantitative easing .” On Sunday, March 15 , the Federal Open Market Committee (FOMC) brought back this unconventional monetary policy tool. The FOMC directed the New York Fed’s Open Market Trading Desk (the Desk) to purchase at least $500 billion worth of Treasury securities and at least $200 billion worth of mortgage-backed securities. These asset purchases are called unconventional policy measures to distinguish them from the management of the federal funds rate through open market [...]

• The Fed Goes to War
  by Steve Cecchetti and Kim Schoenholtz in Money, Banking and Financial Markets, 2020-03-23 12:14:54 UTC

  “This is no war of chieftains or of princes, of dynasties or national ambition; it is a war of peoples and of causes. There are vast numbers, not only in this island but in every land, who will render faithful service in this war but whose names will never be known, whose deeds will never be recorded. This is a war of the Unknown Warriors; but let all strive without failing in faith or in duty….” Winston Churchill, BBC Broadcast, London, 14 July 1940. Over the past two weeks, the Federal Reserve has resurrected many of the policy tools that took many months to develop during the Great Financia [...]

• Supply Chain Disruptions, Time to Build, and the Business Cycle
  by Christian Zimmermann in NEP-DGE blog, 2020-03-23 03:19:51 UTC

  Bt Matthias Meier http://d.repec.org/n?u=RePEc:bon:boncrc:crctr224_2020_160 We provide new evidence that (i) time to build is volatile and countercyclical, and that (ii) supply chain disruptions lengthen time to build. Motivated by these findings, we develop a general equilibrium model in which heterogeneous firms face non-convex adjustment costs and multi-period time to build. In the model, supply chain disruptions lengthen time to build. Calibrating the model to US micro data, we show that disruptions, which lengthen time to build by 1 month, depress GDP by 1% and aggregate TFP by 0.2%. Stru [...]

2020-03-19

• What evidence exists that a child’s health is a form of human capital?
  by Jason Shafrin in Healthcare Economist, 2020-03-19 06:54:25 UTC

  Janet Currie has a nice review article ( Currie 2020 ) in Health Economics covering this topic. She summarizes the literature as follows: In the past 20 years, there has been an explosion of research demonstrating that child health is an important form of human capital. Healthier children live longer and healthier lives, get more education, and earn higher wages. Moreover, the available evidence shows that public policy can relax constraints on families and promote better child health in multiple ways, although guaranteeing access to health care and preventive health screenings remains es [...]

2020-03-18

• Against one-trick ponies
  by chris in Stumbling and Mumbling, 2020-03-18 14:34:27 UTC

  Those of you who believe that bourgeois economics is mere ideology have had two data points of corroboration recently. First, Stephen Moore, Art Laffer and Steve Forbes said : "don’t expand welfare and other income redistribution benefits like paid leave and unemployment benefits that will inhibit growth and discourage work." This contain layers of nonsense. For one thing, during the current public health crisis we want to discourage people from working so they don’t infect others. But even in normal times. Their statement would be wrong. In one survey of the evidence Abhijit Banerjee and Esth [...]

2020-03-17

• ¿Cómo fueron los cambios en la inversión pública local con la bonanza petrolera en Colombia?
  by Jaime Bonet in Foco Económico, 2020-03-17 21:55:16 UTC

  El estudio de las bonanzas originadas por la explotación de recursos naturales ha sido un tema recurrente en la literatura, especialmente en el caso de las economías en desarrollo. Debido a la dependencia de este tipo de recursos, estos países son altamente vulnerables al comportamiento de los precios internacionales. Sus efectos han sido analizados en múltiples dimensiones sociales y económicas a nivel macro, así como algunos impactos en el crecimiento e indicadores sociales y fiscales en los gobiernos locales. Sin embargo, han sido menos recurrentes los estudios que se han preocupado por tra [...]

• In a City FAR, FAR Away: Building Height Regulations and Their Impacts
  by Jason Barr in Skynomics Blog, 2020-03-17 12:17:31 UTC

  Jason M. Barr       March 17, 2020 Your New Job Imagine the governor of your state announces that she is going to create a brand-new city out of whole cloth. The state has purchased 200 square miles (519 km 2 ) of farmland (around the size of Chicago) and will begin auctioning off lots for development. The governor is working with officials to build the transportation and infrastructure network. But she has turned to you with a critical mission: to formulate the regulations about building heights. Your job, as Chief Building Heights Planner, is to develop a series of plans about how dense or t [...]

2020-03-16

• Endogenous Preferences for Parenting and Macroeconomic Outcomes
  by Christian Zimmermann in NEP-DGE blog, 2020-03-16 04:28:49 UTC

  By Nigar Hashimzade http://d.repec.org/n?u=RePEc:ces:ceswps:_8062&r=dge This paper investigates the effects of parenting time on macroeconomic outcomes and welfare when parenting choices are determined by own childhood experience and social norms in an overlapping generations framework. Parenting time and material expenditures on children generate children’s human capital. When the share of parenting time is relatively low and parenting and leisure are complements or weak substitutes the model has two steady-state equilibria with different welfare levels. In the high-welfare equilibrium paren [...]

2020-03-14

• Coronavirus, quanti ritardi della politica! Ecco i possibili scenari da qui a fine marzo
  by PierGiorgio Gawronski in Il Fatto Quotidiano, 2020-03-14 15:52:41 UTC

  Contenimento della pandemia – 8 Febbraio : “I governi stanno sottovalutando il coronavirus… l’epidemia [è] esponenziale… [occorrono] interventi straordinari… si pianifichino per tempo: dopo è tardi” (dal mio blog). 15 Febbraio : “La Cina sta guadagnando tempo per il mondo… Gli altri Paesi dovrebbe prepararsi” (OMS). Molti virologi lanciano avvertimenti. Ma il governo italiano – bloccati i voli dalla Cina e dichiarato lo Stato di Emergenza (31/1) – nelle prime tre settimane di Febbraio non fa quasi nulla per (prepararsi a) limitare un eventuale contagio interno. Il caso Codogno (21/2) coglie il [...]

2020-03-13

• The oil shock of 2020 appears to be here – and the pain could be wide and deep
  by ? in DJG Blogger, 2020-03-13 12:02:36 UTC

  Suffering from sanctions, Russia is trying produce more and gain market share. Yegor Aleyev via Getty Images The world is again undergoing an oil shock. Prices, already on a downward trend, have collapsed 30% in less than a week, bringing the total fa [...]

2020-03-12

• The Urban and Environmental Economics of Voluntary Social Distancing
  by Matthew E. Kahn in Environmental and Urban Economics, 2020-03-12 13:51:00 UTC

  The aggregate contagion risk posed by the Coronavirus declines if more people engage in voluntary social distancing.� � Given that social distancing reduces one's own risk of being infected, is this a sufficient incentive to enforce this public health mandate? Standard microeconomic logic would predict that there will be a free rider problem here as everyone hopes that everyone else will engage in social distancing.� �This issue of course arises with respect to greenhouse gas emissions production in an economy where there is no carbon tax.� This free rider concern may not be important here bec [...]

2020-03-09

• Chris Sampson’s journal round-up for 9th March 2020
  by Chris Sampson in The Academic Health Economists' Blog, 2020-03-09 12:00:00 UTC

  Every Monday our authors provide a round-up of some of the most recently published peer reviewed articles from the field. We don’t cover everything, or even what’s most important – just a few papers that have interested the author. Visit our Resources page for links to more journals or follow the HealthEconBot . If you’d like to write one of our weekly journal round-ups, get in touch . The relative value of different QALY types . Journal of Health Economics [ PubMed ] Published 13th February 2020 There’s comfort and safety in equal treatment. The idea that a ‘QALY is a QALY is a QALY’ w [...]

• The global macroeconomic impacts of COVID-19: Seven scenarios
  by Christian Zimmermann in NEP-DGE blog, 2020-03-09 05:00:48 UTC

  By Warwick McKibbin and Roshen Fernando http://d.repec.org/n?u=RePEc:een:camaaa:2020-19&r=dge The outbreak of coronavirus named COVID-19 has disrupted the Chinese economy and is spreading globally. The evolution of the disease and its economic impact is highly uncertain which makes it difficult for policymakers to formulate an appropriate macroeconomic policy response. In order to better understand possible economic outcomes, this paper explores seven different scenarios of how COVID-19 might evolve in the coming year using a modelling technique developed by Lee and McKibbin (2003) and extend [...]

2020-03-05

• The economic impact of a pandemic : Wages during the Spanish Influenza
  by ? in FRED blog, 2020-03-05 14:00:00 UTC

  How does a pandemic affect an economy? Obviously, it’s a multilayered topic and FRED has limits to what it can reveal. The good news, of course, is that large-scale pandemics are rare. So the economic effects for most of these outbreaks are hard to see by graphing data. But we can take two of the most extreme examples, which will have visible effects in the data: the Black Death of the mid 14th century and the Spanish flu of 1918-1920. We already covered the first one in a post from December 2018. So we look at the second one today: the influenza outbreak of 1918, commonly known as the Spanis [...]

• Why Did Wuhan’s Officials Respond Slowly to the Spread of the Coronavirus?
  by Matthew E. Kahn in Environmental and Urban Economics, 2020-03-05 11:43:00 UTC

  My short answer is “benchmarking”.   In this age of ubiquitous Big Data, how do we benchmark whether a given urban leader is doing a "good job" when imputing a counter-factual is very difficult?   China’s urban leaders compete against each other to be promoted within the Chinese Communist Party.   In the early years, they competed with respect to urban economic growth.   The leaders of cities featuring a greater economic growth rate were more likely to be promoted in this tournament. In recent years, “green criteria” such as air pollution reductions and energy intensity of the economy have bee [...]

2020-03-04

• How Does Credit Access Affect Job-Search Outcomes and Sorting?
  by Blog Author in Liberty Street Economics, 2020-03-04 12:45:00 UTC

  Kyle Herkenhoff and Gordon Phillips How does access to consumer credit affect the job finding behavior of displaced workers? Are these workers looking for jobs at larger and more productive firms? What is the impact of consumer credit on the amount of time it takes to find a job? In recent work with Ethan Cohen-Cole we explore these questions by building a new data set of individual credit reports (from TransUnion) merged with administrative earnings data. We describe our approach and our results in this post. To answer these questions convincingly, we have to overcome the prob [...]

2020-03-03

• Gender equality in China’s labour market: some worrying signs
  by Jeni Klugman, Limin Wang and Meiyan Wang in Development Policy Blog, 2020-03-03 19:00:55 UTC

  Mao Zedong’s famous phrase “Chinese women hold up half of the sky” symbolises China’s commitment to gender equality. When China, under a centrally planned system, was among one of the poorest countries in the world, its achievements for women in human development outcome indicators and gender equality surpassed many middle-income countries. Half a century later, China’s rise as a global economic power has been accompanied by major social, demographic and structural transformations . A key question is how women have fared in the labour market in this process. In our paper published in the most [...]

• Così il mercato facilita l’efficienza energetica
  by Massimo Tavoni in La Voce, 2020-03-03 10:34:04 UTC

  L’efficienza energetica industriale è uno dei pilastri delle politiche italiane ed europee. Meccanismi di mercato come i certificati bianchi permettono di risparmiare energia a costi ridotti. Ecco perché dobbiamo salvaguardarli, riformandoli. Risparmiare energia significa ridurre l’inquinamento, mitigare il cambiamento climatico, aumentare la sicurezza energetica e la competitività. Nella strategia europea , la direttiva sull’efficienza energetica occupa un ruolo chiave. L’Italia è un paese tradizionalmente efficiente: dal 2000 al 2015, i guadagni di efficienza sono stati di quasi 15 punti per [...]

2020-03-02

• Does the local economy influence voters? : A look at state median household income growth
  by ? in FRED blog, 2020-03-02 14:00:00 UTC

  View on GeoFRED ® The health of our local economy affects our outlook, which in turn can affect our decisionmaking, including how we cast our votes. Some classic research shows the economy is an important factor in national elections; and some newer research specifically links disposable income and military casualties to election results. FRED has data to help you traverse the economic landscape during elections. This map shows the growth rate of median U.S. household income state by state. Median is defined as the value at which half the households are above and half below. In a majority ele [...]

• Bank Runs and Panics: A Primer
  by Steve Cecchetti and Kim Schoenholtz in Money, Banking and Financial Markets, 2020-03-02 12:38:37 UTC

  “… y ou're thinking of this place all wrong. As if I had the money back in a safe. The money's not here. Your money's in Joe's house .... and a hundred others .” George Bailey, Manager, Bailey Brothers’ Building and Loan; in Frank Capra, It’s a Wonderful Life . A bank promises its clients immediate access to cash. Depositors can redeem their funds on demand at face value—first come, first served. Other short-term creditors can do the same, albeit at varying speeds, by not rolling over their loans. And, households and firms that pay a fee for a credit commitment can take down their loans at wil [...]

• Jacoline Bouvy’s journal round-up for 2nd March 2020
  by Jacoline Bouvy in The Academic Health Economists' Blog, 2020-03-02 12:00:00 UTC

  Every Monday our authors provide a round-up of some of the most recently published peer reviewed articles from the field. We don’t cover everything, or even what’s most important – just a few papers that have interested the author. Visit our Resources page for links to more journals or follow the HealthEconBot . If you’d like to write one of our weekly journal round-ups, get in touch . Talkin’ about a resolution: issues in the push for greater transparency of medicine prices . PharmacoEconomics [ PubMed ] [ RePEc ] Published 20th January 2020 Any paper with a pun title will naturally gr [...]

• The economic effects of a pandemic
  by Mainly Macro in Mainly Macro, 2020-03-02 09:27:00 UTC

  A little over ten years ago I was approached by some health experts who wanted to look at the economic effects of a  influenza  pandemic. They needed someone with a macroeconomic model to look at the general equilibrium impacts. In the 1990s I had led a small team that constructed a model called COMPACT, and these health experts and I completed a paper that was subsequently published in Health Economics. We reference to other studies that had been done earlier in that paper. The current coronavirus outbreak will have different characteristics to the pandemic we studied, and hopefully it will n [...]

• Micro Jumps, Macro Humps: Monetary Policy and Business Cycles in an Estimated HANK Model
  by Christian Zimmermann in NEP-DGE blog, 2020-03-02 05:22:46 UTC

  By Adrien Auclert, Matthew Rognlie and Ludwig Straub http://d.repec.org/n?u=RePEc:ces:ceswps:_8051&r=dge We estimate a Heterogeneous-Agent New Keynesian model with sticky household expectations that matches existing microeconomic evidence on marginal propensities to consume and macroeconomic evidence on the impulse response to a monetary policy shock. Our estimated model uncovers a central role for investment in the transmission mechanism of monetary policy, as high MPCs amplify the investment response in the data. This force also generates a procyclical response of consumption to investment s [...]

2020-02-28

• Black women prefer hair products marketed with them in mind
  by ? in DJG Blogger, 2020-02-28 14:10:45 UTC

  Black female consumers outpace other consumer groups in a number of spending categories, notably personal care and hair products, but feel unappreciated by top brands. Peathegee Inc/Getty Images The Research Brief is a short take on interesting academic [...]

2020-02-27

• Some reflections on the new NICE Principles
  by koonalkiritshah in The Academic Health Economists' Blog, 2020-02-27 07:00:00 UTC

  A few weeks ago, NICE published its ‘ updated principles ‘ – a guide to what the Institute takes into account when developing its guidance, and to the “morals, ethics and values” that underpin its recommendations. This follows a public consultation in which comments were sought on a draft version of the guide in early 2019. The principles are intended to replace NICE’s guide to its social value judgments (available to download here ), which was first published in 2005 and updated in 2008. This reflects the fact that NICE’s remit has widened and its guidance now draws on a wider range of evide [...]

2020-02-26

• Buscando la curva de Laffer desesperadamente
  by admin in Nada Es Gratis, 2020-02-26 06:07:46 UTC

  de Jesús Ruiz Hace unos días el diario El País publicaba una entrevista a Paul Krugman. En la primera de las preguntas el premio Nobel respondía: “[…] básicamente no encontrará economistas honestos que digan que una rebaja de impuestos se va a pagar sola [como prometió Donald Trump con su gran recorte fiscal]. Tenemos muchos ejemplos de que no es así, pero la gente lo sigue diciendo.” Unas semanas antes, Olivier Blanchard había declarado ante el Comité de Presupuestos de la Cámara de Estados Unidos ( House Budget Committee ; véase aquí ) que, de alguna manera, las políticas de gasto en favor d [...]

2020-02-25

• 40. Lists of articles on economic development of journal RSES, 2001-2020
  by MCG Blogs de Economía in Euro-American Association: World Development, 2020-02-25 20:32:00 UTC

  The following tables include links to interesting free downloadable articles published in English in  the journal REGIONAL AND SECTORAL ECONOMIC STUDIES for the period 2001-2020. Lists of articles of this journal published in Spanish will appear at the Blog in Spanish of our Euro-American Association of Economic Development Studies Table 1. Articles published for the period 2018-2019 Authors Geographical Area: Title Volume Behera, D.K.  Abstract Asia: Determinants of Employment Potential in Industrial Sector: An Indian Perspective  , 19-1 Chernopiatov,A.M.,Akhmetov,L. [...]

2020-02-24

• The Minimum Wage Puzzle in Less Developed Countries: Reconciling Theory and Evidence
  by Christian Zimmermann in NEP-DGE blog, 2020-02-24 21:23:51 UTC

  By Christopher Adam and Edward Buffie http://d.repec.org/n?u=RePEc:imf:imfwpa:20/23&r=dge We show that a dynamic general equilibrium model with efficiency wages and endogenous capital accumulation in both the formal and (non-agricultural) informal sectors can explain the full range of confounding stylized facts associated with minimum wage laws in less developed countries. I am actually surprised that minimum wage laws have any bite in countries where the informal sector is substantial and easy to access. [...]

• A house divided against itself cannot stand : Explaining the composition effect in housing prices
  by ? in FRED blog, 2020-02-24 14:00:00 UTC

  Our recent post on women in the workforce included a lyric from Dolly Parton and an explanation of the composition effect . Here’s the formal definition: “The part of the observed between-group difference in the distribution of some economic outcome that can be explained by differences in the distribution of covariates.” That’s a doozy of a definition, so let’s use a picture that’s worth 1,000 words to explain it… The graph shows the year-to-year growth rate of average home prices in the United States (blue bars) and in its 20 largest metropolitan areas (red bars). The blue bars and red bars [...]

• Monetary Policy in the Next Recession?
  by Steve Cecchetti and Kim Schoenholtz in Money, Banking and Financial Markets, 2020-02-24 13:58:30 UTC

  “…the new tools have been quite effective, providing substantial additional scope for monetary policy despite the lower bound for short-term interest rates.” Ben Bernanke, “ The New Tools of Monetary Policy ,” AEA Presidential Address, January 4, 2020. In many advanced countries, lowering the policy rate to zero will be insufficient to counter the next recession. In the United States, for example, with the target range for the federal funds rate at 1½ to 1¾ percent, there is little scope for the nearly 5 percentage-point easing that is typical in recent recessions  (see, for example, Kiley ). [...]

• Uppfattningar om invandringens storlek pÃ¥verkar röstandet
  by Niclas Berggren in Nonicoclolasos, 2020-02-24 05:03:08 UTC

  Det verkar finnas stöd i forskningen för att faktisk invandring påverkar hur väljare röstar; se t.ex. studien ”Invandring och väljarstödet för Sverigedemokraterna – lärdomar från flyktingkrisen 2015” . Nå, faktisk invandring är en sak – men kan det även vara så att uppfattad invandring påverkar väljarnas beteende? Ja, enligt den nya italienska studien ”Perceived Immigration and Voting Behavior” : Our results show that the increase in perceived exposure to arrivals significantly predicts the negative trend in turnout that Italian municipalities experienced in the last years. It also explains th [...]

2020-02-18

• Monetary Policy and Wealth Effects
  by Christian Zimmermann in NEP-DGE blog, 2020-02-18 14:56:48 UTC

  By Nicolas Caramp and Dejanir Silva http://d.repec.org/n?u=RePEc:cda:wpaper:337&r=dge This paper studies the role of wealth effects in the monetary transmission mechanism in New Keynesian models. We propose a decomposition of consumption that extends the Slutsky equation to a general equilibrium setting. Wealth effects, and their amplification in general equilibrium, explain a large fraction of the consumption and inflation response to changes in nominal interest rates in the standard equilibrium. In RANK, wealth effects are determined, generically, by the revaluation of public debt and the fi [...]

2020-02-17

• Some Unpleasant Gold Bug Arithmetic
  by Steve Cecchetti and Kim Schoenholtz in Money, Banking and Financial Markets, 2020-02-17 13:22:19 UTC

  Most people care far more about the prices of things they purchase—food, housing, health care, and the like—than the price of gold. Not coincidentally, professional economists display a remarkably explicit consensus against forcing the central bank to adopt a policy that fixes the price of gold. Yet, there are still powerful people who think that the United States would benefit if the central bank’s sole purpose were to restore a gold standard. Senators Rand Paul and Ted Cruz are supporters, as is West Virginia Representative Alexander Rooney, who recently proposed legislation to “ define the [...]

2020-02-15

• Una lotería como experimento natural: performance escolar y Fe y Alegría
  by Pablo Lavado, Santiago Cueto, Gustavo Yamada y Micaela Wensjoe in Foco Económico, 2020-02-15 15:55:42 UTC

  Las colaboraciones entre el sector público y el sector privado están teniendo un rol cada vez más importante en la búsqueda de objetivos de política pública. De hecho, vemos ejemplos en el sector educativo en países en países en desarrollo (Angrist, Bettinger, Bloom, King y Kremer, 2002). Recientemente estudiamos uno de esos casos de colaboración: Fe y Alegría ( https://ideas.repec.org/p/iza/izadps/dp10431.html . ) El objetivo de nuestro estudio es estimar el impacto de Fe y Alegría sobre el aprendizaje de niños y niñas de bajos ingresos. Fe y Alegría es una entidad religiosa cuyo modelo se ba [...]

2020-02-13

• Policymaking Is Not a Science (Yet) (Ep. 405)
  by Stephen J. Dubner in Freakonomics, 2020-02-13 04:00:34 UTC

  (Photo: Piqsels) Why do so many promising solutions — in education, medicine, criminal justice, etc. — fail to scale up into great policy? And can a new breed of “implementation scientists” crack the code? Listen and subscribe to our podcast at Apple Podcasts , Stitcher , or elsewhere . Below is a transcript of the episode, edited for readability. For more information on the people and ideas in the episode, see the links at the bottom of this post. *      *      * Dana SUSKIND: Usually when children are born deaf, they call it “nerve deafness.” But it’s really not the actual nerve — it’s littl [...]

2020-02-12

• Desertores y rezagados en educación superior: ¿quién podrá defenderlos?
  by Sandra Garcia Jaramillo in Foco Económico, 2020-02-12 20:48:42 UTC

  En 2014 el gobierno nacional lanzó el programa Ser Pilo Paga con el fin de ampliar el acceso a educación superior de alta calidad a jóvenes que provienen de hogares económicamente vulnerables. Cerca de seis años después de iniciado el programa, la evidencia sugiere que el impacto ha sido positivo y grande: Londoño et al. (2017) mostraron que SPP duplicó la probabilidad de ingreso a educación superior entre jóvenes elegibles (ver resumen acá ).   Más aún, la probabilidad de ingresar a una institución de educación superior de alta calidad aumentó en 182% para los jóvenes “pilos” de familias de e [...]

• Housing Booms and the U.S. Productivity Puzzle
  by Christian Zimmermann in NEP-DGE blog, 2020-02-12 19:52:35 UTC

  By Jose Carreno http://d.repec.org/n?u=RePEc:cen:wpaper:20-4&r=dge The United States has been experiencing a slowdown in productivity growth for more than a decade. I exploit geographic variation across U.S. Metropolitan Statistical Areas (MSAs) to investigate the link between the 2006-2012 decline in house prices (the housing bust) and the productivity slowdown. Instrumental variable estimates support a causal relationship between the housing bust and the productivity slowdown. The results imply that one standard deviation decline in house prices translates into an increment of the productivi [...]

• Wer hat, der erbt?
  by Marius Brülhart in BATZ.ch, 2020-02-12 07:56:05 UTC

  Marius Brülhart In der Schweiz wird doppelt so viel Geld über Erbschaften und Schenkungen umverteilt wie durch die AHV: Geschätzten 95 Erbschafts-Milliarden stehen 46 Milliarden an ausbezahlten AHV-Renten gegenüber. Während die AHV explizit darauf abzielt, Einkommensunterschiede zu reduzieren, werden Erbschaften gemeinhin als Treiber zunehmender wirtschaftlicher Ungleichheiten betrachtet. So sahen die Autoren der eidgenössischen Erbschaftssteuervorlage von 2015 ihre Idee als „ Gegensteuer “ zu einer immer ungleicheren Verteilung der Vermögen. Könnte es sein, dass die Initianten nicht nur mit i [...]

2020-02-10

• The Challenge of Child Malnutrition for Venezuela’s Future
  by Ignacio Jesús Sánchez Urdaneta in Caracas Chronicles, 2020-02-10 22:06:33 UTC

  Photo by: Rayner Peña. We’ve all heard, at least once, the scream of the gut echoing on an empty stomach, a thunder of hunger that breaks the silence of the closed mouth. For most of our readers, the roar is due to harmless neglect: skipping lunchtime to finish a project, or getting up late and not having time for breakfast. For 56.9% of children surveyed by NGO Caritas Venezuela in 2018, though, that thunder means a storm — up to the point where the cheap mango sold on the street (or even hanging on trees) is now dubbed the “stomach silencer”. Carita’s report confirms and expands on what the [...]

• Has P2P lending already hit the wall?
  by Steve Cecchetti and Kim Schoenholtz in Money, Banking and Financial Markets, 2020-02-10 13:38:59 UTC

  “[I]f the market is competitive, there are two possibilities. The market may reach a stable equilibrium in which individuals are all rationed in the amount they can borrow, this ration being so severe that no one defaults. Alternatively, the market may oscillate in an unstable fashion, lenders entering and making short-run profits, but in the long run being forced to leave.” Dwight M. Jaffee and Thomas Russell, “Imperfect Information, Uncertainty, and Credit Rationing,” Quarterly Journal of Economics , Nov. 1976. The two biggest U.S. P2P lenders , Prosper and Lending Club, started operations i [...]

• Skyscraper Bottlenecks (Part I): The Elevator
  by Jason Barr in Skynomics Blog, 2020-02-10 13:28:15 UTC

  Jason M. Barr                 February 10, 2020 Note this is the first post in an intended series on the technological and economic barriers that need to be broken to construct the first mile-high skyscraper. The Illinois In 1956, Frank Lloyd Wright unveiled his design for a mile-high skyscraper (1.61 km)— The Illinois . It was to be built in Chicago and was to have 528 floors, with 12.3 million square feet (1.14 km 2 ) of office space for 123,000 people. Commuters could choose from 15,000 parking spots after they arrived by one of four feeder highways. Two helicopter landing decks could acco [...]

• Brent Gibbons’s journal round-up for 10th February 2020
  by brentgibbons in The Academic Health Economists' Blog, 2020-02-10 12:00:00 UTC

  Every Monday our authors provide a round-up of some of the most recently published peer reviewed articles from the field. We don’t cover everything, or even what’s most important – just a few papers that have interested the author. Visit our Resources page for links to more journals or follow the HealthEconBot . If you’d like to write one of our weekly journal round-ups, get in touch . Impact of comprehensive smoking bans on the health of infants and children . American Journal of Health Economics [ RePEc ] Published 15th January 2020 While debates on tobacco control policies have recen [...]

2020-02-07

• Friday assorted links
  by Tyler Cowen in Marginal Revolution, 2020-02-07 16:09:48 UTC

  1. Does the quality of blog comments deteriorate ? (MR post from 2008) 2. Is local news really dying ? 3. America’s favorite architecture ? 4. Africa has 1.2 billion people and only six labs that can test for coronavirus .  And “ We find that expansions of transportation networks have significant health costs in increasing the spread of viruses, and that propagation rates are pro-cyclically sensitive to economic conditions and increase with inter-regional trade. ” 5. Vulnerability to disgust does not predict social conservatism very well . 6. The Jill Lepore interviews Ezra Klein podcast is li [...]

• Measuring Urban Government Productivity Using Public Big Data
  by Matthew E. Kahn in Environmental and Urban Economics, 2020-02-07 12:00:00 UTC

  In this Big Data age, what do we now know about urban government productivity?� Whether the city is Baltimore or Chicago or San Diego, when a city spends an extra dollar on public goods such as street safety or public transit, how much local public goods are produced?� This is a surprisingly difficult question to answer and in the next series of blog posts, I will argue that this "opacity" benefits several interest groups including the Mayor, the urban government and the public sector unions. Back in 2017, I co-authored a paper that was publis hed in the Journal of Public Economics that invest [...]

2020-02-06

• Two papers on the productivity slowdown
  by Christian Zimmermann in NEP-DGE blog, 2020-02-06 19:58:47 UTC

  What Is Driving The TFP Slowdown? Insights From a Schumpeterian DSGE Model By Marco Pinchetti http://d.repec.org/n?u=RePEc:pra:mprapa:98316&r=dge In this paper, I incorporate a Schumpeterian mechanism of creative destruction in a medium-scale DSGE framework. In the model, a sector of profit-maximizing innovators invests in R&D and endogenously generates productivity gains, ultimately determining the economy’s growth rate. I estimate the model using Bayesian methods on U.S. data of the last 25 years (1993q1-2018q4) in order to disentangle the key forces underlying the productivity slowdown exp [...]

• Possible pitfalls of a 1-in-X approach to financial stability
  by BankUnderground in Bank Underground, 2020-02-06 09:00:00 UTC

  Adam Brinley Codd and Andrew Gimber Meteorologists and insurers talk about the “1-in-100 year storm”. Should regulators do the same for financial crises? In this post, we argue that false confidence in people’s ability to calculate probabilities of rare events might end up worsening the crises regulators are trying to prevent. Sir Paul Tucker recently said he thought the public would want regulators to make sure financial crises like the one in 2008–2009 happened less than once every 75 years . And an approach called GDP (or growth) at risk – which has featured prominently in th [...]

• Can AI ever rival human creativity? Here’s what the science says
  by ? in Co.Exist, 2020-02-06 09:00:00 UTC

  AI probably won’t invent the next Post-it note or snowboard. But check back again in 50 years. The European Patent Office recently turned down an application for a patent that described a food container. This was not because the invention was not no [...]

2020-02-05

• In praise of trade frictions
  by chris in Stumbling and Mumbling, 2020-02-05 13:57:21 UTC

  Are restrictions on free trade a better idea than generally thought? I ask because, despite his lauding of it, it is reported that Johnson will impose customs checks upon goods imported from the EU. This lends credence to the estimate (pdf) by The UK in a Changing Europe that Johnson’s plan might eventually cut UK GDP by over six per cent. But might this estimate miss an important mechanism and thus over-state the costs of us leaving the single market? What follows cuts against all my instincts in favour of free trade and EU membership. My gut tells me to agree with Martin Wolf’s claim that Jo [...]

• La subida del SMI y el empleo (II): Estimaciones varias
  by Juan José Dolado in Nada Es Gratis, 2020-02-05 06:07:22 UTC

  Juan J. Dolado Esta es la segunda parte de mi contribución sobre el impacto del salario mínimo en el empleo. Tras enumerar algunos argumentos teóricos que apuntan a que dicho impacto no siempre tiene por qué ser negativo en la primera parte , aquí comento algunas estimaciones que se han adelantado relativos a la subida del SMI que tuvo lugar en 2019 en España. Estimaciones recientes Muy poco tiempo después de que se acordara un aumento del 22,3% del SMI en octubre del 2018, algunas instituciones cifraron su impacto en una pérdida de más de 100 mil empleos respecto al nivel de empleo que se hub [...]

2020-02-04

• Los cambios recientes en la situación laboral de los jóvenes en Colombia (2008-2017)
  by Darío Maldonado in Foco Económico, 2020-02-04 22:07:35 UTC

  Basado en: Ham, A., Maldonado, D., & Guzmán-Gutiérrez, C. S. (2019). Tendencias recientes en la situación laboral de los jóvenes en Colombia: diagnóstico, desafíos y retos de política pública. Documentos de trabajo, Escuela de Gobierno-Universidad de los Andes, no. 66. https://ideas.repec.org/p/col/000547/017569.html   Uno de los problemas apremiantes de la sociedad colombiana es la necesidad de mejorar la inserción laboral de los jóvenes. De forma general, las oportunidades laborales están relacionadas con el nivel de bienestar individual y la dependencia de los individuos en las políticas as [...]

2020-02-02

• On socially influenced preferences
  by chris in Stumbling and Mumbling, 2020-02-02 13:06:32 UTC

  Some ideas are both radical and conservative at the same time. This is a thought triggered by reading Robert Frank’s latest book, Under the Influence . “Context shapes our choices to a far greater extent than many people realize” he writes. “In virtually every domain, evidence suggests that our consumption patterns tend to mirror those of others in our social circle.” He shows that behaviours such as smoking, becoming obese, committing crime (pdf) or even how many children we have are all heavily shaped by what our peers do. This, he says, means that much of what we do imposes externalities u [...]

2020-02-01

• The Rising Value of a Statistical Life in China and Risk Avoidance Associated with the Coronavirus
  by Matthew E. Kahn in Environmental and Urban Economics, 2020-02-01 20:59:00 UTC

  Back in 2004, Dora and I published a paper documenting that from 1940 to 1990 the estimated value of a statistical life in the U.S grew faster than U.S per-capita GNP.� � Other studies from Taiwan and India have documented a similar result. These findings have implications for China today and risk regulation policy in the face of the contagion risk.� As China has grown richer, the value of risk avoidance rises.� There is a greater aggregate demand for safety.� The CCP thus has a strong incentive to deliver safety.� This same logic was at the heart of my work with Siqi Zheng on air pollution re [...]

2020-01-30

• Leder sämre ekonomi till politisk radikalisering?
  by Niclas Berggren in Nonicoclolasos, 2020-01-30 05:06:31 UTC

  Forskare och andra är ivriga att försöka förklara varför alltfler väljare i många länder i allt högre grad numera stödjer radikala partier. En vanlig hypotes är att försämrad ekonomi får dem att söka sig till populistiska partier som föreslår stora förändringar i opposition med beprövad och mer pragmatisk politik. Denna hypotes testas empiriskt med nederländska data i studien ”Do Changes in Material Circumstances Drive Support for Populist Radical Parties? Panel Data Evidence from The Netherlands during the Great Recession, 2007–2015” : [W]e examine whether individual-level changes in economic [...]

2020-01-28

• How business lost its influence on right wing parties
  by Mainly Macro in Mainly Macro, 2020-01-28 09:16:00 UTC

  This covers ground which others may be more knowledgeable about, so please let me know of any references or sources that I really should read that cover issues central to the discussion below. When Trump threatens governments that want to tax tech giants, most of which are based in the US, it seems like the familiar story of governments acting in the interest of business. But when Trump imposes tariffs on imports he may be favouring particular firms, but he is also acting against the interests of US trading firms in general. Brexit is a much more potent example. Brexit is clearly not in the [...]

2020-01-27

• Have you heard the news? News can affect markets : The effects of economic news on expectations of future financial performance
  by ? in FRED blog, 2020-01-27 14:00:00 UTC

  FRED’s all about data, which economists often use to conduct or test their research. So let’s look at some of that research… In a recent St. Louis Fed working paper , economists Maximiliano Dvorkin, Juan M. Sanchez, Horacio Sapriza, and Emircan Yurdagul study how the arrival of news affects emerging markets. They use a logic from a 2006 paper by Beaudry and Portier to identify news events—aka “shocks.” The idea is to compare a financial index that captures the expected future performance of the economy with a measure of current performance. They identify “good news” when the expected performa [...]

• Capital Income Taxation with Housing
  by Christian Zimmermann in NEP-DGE blog, 2020-01-27 04:15:30 UTC

  By Makoto Nakajima http://d.repec.org/n?u=RePEc:fip:fedpwp:86734&r=dge This paper quantitatively investigates capital income taxation in the general-equilibrium overlapping generations model with household heterogeneity and housing. Housing tax policy is found to affect how capital income should be taxed, due to substitution between housing and non-housing capital. Given the existing U.S. preferential tax treatment for owner-occupied housing, the optimal capital income tax rate is close to zero (1%), contrary to the high optimal capital income tax rate found with overlapping generations models [...]

• Das Warns 'Prepare For Turbulence In Emerging Markets'
  by Tyler Durden in Zero Hedge, 2020-01-27 01:55:00 UTC

  Das Warns 'Prepare For Turbulence In Emerging Markets' Authored by Satyajit Das, op-ed via Bloomberg.com, Encouraging trends in  emerging markets  belie their volatility since the taper tantrum of 2013, when the Federal Reserve signaled it was pulling back on quantitative easing. Further turbulence is likely, despite the improving outlook for advanced economies, easing trade tensions and accommodative monetary policy. The International Monetary Fund estimates that   growth in developing countries fell to 3.7%  last year, the slowest pace since 2009 and well below the IMF’s Jul [...]

2020-01-26

• We don't want economic growth
  by chris in Stumbling and Mumbling, 2020-01-26 13:40:47 UTC

  In launching a new 50p coin to mark Brexit, Sajid Javid seems to be interpreting the role of Chancellor in the same spirit that Trigger regarded Del Boy’s request to talk about money: “I saw one of those old £5 notes the other day.” We might have hoped that his energies would be better directed towards improving the UK’s lamentable productivity performance. In fact, though, we should not snark. Mr Javid has grasped an important point not understood by leftists and economists (two groups which increasingly overlap) – that the public do not want economic growth. We know this because they have co [...]

2020-01-24

• Pandemics and the economy
  by Michael Reddell in Croaking Cassandra, 2020-01-24 02:04:40 UTC

  Who knows quite what will happen with the current coronavirus.  But experts in such matters seem pretty confident (resigned?) that one day there will be virus that really takes hold and causes significant infection, disruption, and probably loss of life across a wide range of countries.  The 1918 flu outbreak is the (relatively) modern best known case –  estimated to have infected 500 million people worldwide and killed anything up to 50 million people.  In New Zealand, with a population then of little more than a million, almost 9000 people died.    Rather milder flu outbreaks in 1957 and 196 [...]

2020-01-22

• Thailand’s plastic bag ban is an overdue step towards pragmatism
  by Tim Forsyth in East Asia Forum, 2020-01-22 11:00:01 UTC

  Author: Tim Forsyth, LSE Thailand recently took an important step towards environmental protection when 75 leading retailers stopped issuing plastic bags to shoppers. This step continues a campaign started by environmentalists and local governments in Thailand to reduce urban waste and pollution. The long-term plan is to ban all single-use plastics by 2021. Thai newspapers have shown customers responding in good faith to the ban. Many are taking wheelbarrows and buckets to supermarkets, and others are re-using sacks made for transporting sugar and rice. But critics ask why it has taken so lon [...]

2020-01-20

• Two papers on Chinese Growth
  by Christian Zimmermann in NEP-DGE blog, 2020-01-20 20:44:55 UTC

  Population Aging, Credit Market Frictions, and Chinese Economic Growth By Michael Dotsey, Wenli Li and Fang Yang http://d.repec.org/n?u=RePEc:fip:fedpwp:86688&r=dge We build a unified framework to quantitatively examine population aging and credit market frictions in contributing to Chinese economic growth between 1977 and 2014. We find that demographic changes together with endogenous human capital accumulation account for a large part of the rise in per capita output growth, especially after 2007, as well as some of the rise in savings. Credit policy changes initially alleviate the capital m [...]

• ¿Afecta al rendimiento universitario el orden de los exámenes en cada convocatoria?
  by Juan Luis Jiménez in Nada Es Gratis, 2020-01-20 06:07:55 UTC

  Por Juan Luis Jiménez , Carmen Florido y Yaiza Navarro. La educación es uno de los leitmotiv de Nada es Gratis. Y dentro de esta, los factores que inciden sobre el rendimiento académico han supuesto diversas entradas. Por ejemplo, se han descrito efectos positivos en el uso de las becas , o en los aumentos de las  tasas académicas . También se ha analizado que los  estereotipos de género  afectan al desempeño del alumnado; o cómo el  consumo de cannabis  incide negativamente sobre los resultados académicos. Recientemente,  Marcos Vera  explicó el modelo de exámenes universitarios en Reino Uni [...]

2020-01-17

• 38. Selected Readings on World Development in journal AEID: America, 2001-2020
  by MCG Blogs de Economía in Euro-American Association: World Development, 2020-01-17 20:24:00 UTC

  We include lists and links to some selected articles published in the period 2001-2020. Table 1 includes articles of the period 2001-2005 and table 2 corresponds to the period 2006-2020. Table 2. Articles on economic development of America, 2006-2020 Autores Título Banerjee, S., Chatterjee, B. 2020 Cities Versus Suburbs: The Post 2000 Dynamics Of Population And Employment In U.S. Metro Areas,   Banerjee, S., Chatterjee, B.  New* Husein, J., Pier, C. (2019) Long-Run Sustainability of Current Account Balance: Evidence from Twenty North and Latin American Economies,  Huse [...]

2020-01-16

• 37. Selected Readings on World Development in journal AEID 2001-2020: Europe and Eurasia
  by MCG Blogs de Economía in Euro-American Association: World Development, 2020-01-16 19:11:00 UTC

  Here we include the lists and links (to the abstract and full text of the article) to some selected articles related with economic development of Europe and Eurasia, publised in AIED. Table 1 includes some articles of the period 2006-2020 and table 2 some articles of the period 2001-2005. Table 2: Some selected articles on Europe and Eurasia, published for the period 2001-2005 Authors Title Ogloblin, C. The Gender Earnings Differential in Russia After a Decade of Economic Transition. Abstract     Cosar, N., Bildirici, M. (2005) Some Comparisons Between Turkey and OECD C [...]

• Great economics, bad politics
  by chris in Stumbling and Mumbling, 2020-01-16 13:47:59 UTC

  Non-economists (and quite a few trained economists too) often claim that mainstream economics is a simple-minded defence of free markets and inequality. Abhijit Banerjee and Esther Duflo’s Good Economics for Hard Times is a superb refutation of this. They argue that: It is unreasonable to expect markets to always deliver outcomes that are just, acceptable or even efficient. A big reason for this is that the economy is “sticky” and that “resources do not always flow to their best use. Workers who are laid off because of international trade or technical change do not quickly move to decent job [...]

• Thesis Thursday: Koh Jun Ong
  by Chris Sampson in The Academic Health Economists' Blog, 2020-01-16 07:00:00 UTC

  On the third Thursday of every month, we speak to a recent graduate about their thesis and their studies. This month’s guest is Dr Koh Jun Ong who has a PhD from the University of Groningen . If you would like to suggest a candidate for an upcoming Thesis Thursday, get in touch. Title Economic aspects of public health programmes for infectious disease control: studies on human immunodeficiency virus & human papillomavirus Supervisors Maarten Postma , Mark Jit Repository link http://hdl.handle.net/11370/0edbcfae-2a0c-4103-9722-fb8086d75cff Which public health programmes did you consider [...]

2020-01-15

• Minimum wages and employment
  by Eric Crampton in Offsetting Behaviour, 2020-01-15 02:32:00 UTC

  Stuff's Susan Edmunds asked me for comment on the employment effects of the latest round of minimum wage hikes. She chose the right quotes out of this more verbose missive I'd sent through, copied below.  “Minimum wage hikes always bring argument about the effects of those increases on jobs. MBIE regularly provides estimates of the number of job losses likely to be caused by different levels of increase; this time, MBIE expected that the increase to $18.90 would reduce employment by about 6,500 jobs, with some 242,400 workers overall being affected by the minimum wage increase. The employment [...]

2020-01-14

• No Vacancy? Why Housing Prices in New York City are So High
  by Jason Barr in Skynomics Blog, 2020-01-14 13:41:46 UTC

  Jason M. Barr            January 14, 2020 Note: This post is one of several about New York City. More posts can be read here . Costanza versus the Andria Doria In Season 8, Episode 10 of Seinfeld (“ The Andrea Doria ),” George Costanza, the neurotic buddy of Jerry Seinfeld, has found a fantastic Manhattan two-bedroom apartment with a huge bathroom and walk-in closet. The only rub—there’s competition for the unit. An older man who lives upstairs also wants it. He was a survivor on the ocean liner, The Andria Doria, which, in 1956, was struck by another vessel and sank off the coast of Nantucket [...]

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