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SAN FRANCISCO--(BUSINESS WIRE)--The Board of Directors of the Federal Reserve Bank of San Francisco has appointed Mary C. Daly executive vice president and director of Economic Research, the Bank announced today. In this capacity, Ms. Daly will oversee all research and analysis functions that support the development of monetary policy and that help further understanding of the economy nationally and globally. She succeeds Glenn D. Rudebusch, who will remain at the Bank as executive vice president and senior policy advisor. Ms. Daly’s appointment is effective January 1, 2017. In announcing the appointment, John C. Williams, president and CEO of the Federal Reserve Bank of San Francisco said, “Mary has become one of the most respected economists in the Federal Reserve System over her 20-year tenure at the San Francisco Fed. Her extensive and deep knowledge of labor market dynamics, economic inequality, wages and unemployment has been invaluable to our monetary policy work throughout the financial crisis. This coupled with her outstanding leadership skills makes her an ideal choice to become our new Research director.” Prior to her appointment, Ms. Daly was senior vice president and associate director of Economic Research at the San Francisco Fed. She currently serves on the U.S. Congressional Budget Office Panel of Economic Advisers and is a research fellow at the University of Southern California Schaeffer Center for Health Policy and Economics and at the Institute for the Study of Labor (IZA) in Bonn, Germany. She serves on the Bank’s Executive Committee, the governance group in charge of strategic direction and policy for the Twelfth District, and chairs the Bank’s Diversity Council. She began her career as an economist at the Federal Reserve Bank of San Francisco in 1996 after completing a National Institute of Aging Post-Doctoral Fellowship at Northwestern University. Ms. Daly holds a Ph.D. in economics at Syracuse University, a master’s degree in economics from the University of Illinois Urbana-Champaign, and a bachelor of arts from the University of Missouri-Kansas City. She is a native of St. Louis, Missouri, and lives with her partner in the San Francisco Bay Area. The Federal Reserve Bank of San Francisco, with branch offices in Los Angeles, Seattle, Salt Lake City, and Portland, and a cash processing office in Phoenix, provides wholesale banking services to financial institutions throughout the nine western states. As the nation’s central bank, the Federal Reserve System formulates monetary policy, serves as a bank regulator, administers certain consumer protection laws, and is fiscal agent for the U.S. government. Follow us on Twitter at twitter.com/sffed.


Grinols E.L.,Baylor University | Mustard D.B.,University of Georgia | Mustard D.B.,UGA Institute of Higher Education | Mustard D.B.,Institute for the Study of Labor | Staha M.,Catlin Inc.
Journal of Quantitative Criminology | Year: 2011

This paper, which uses data on National Park visitors between 1979 and 1998 and every county in the United States, is the most exhaustive examination to date of how visitors affect crime. After controlling for many other factors that influence crime, the county-level regressions consistently indicate that national park visitors have no effect on either property or violent crime. These results are true for a variety of different measures of park visitors, for different empirical specifications, and for different regression formats. We therefore conclude that some visitor types have no impact on crime. This conclusion sheds light on the empirical issue of whether only some types of recreational visitors increase crime or whether visitors, regardless of their type, necessarily increase crime. © 2011 Springer Science+Business Media, LLC.


Gross J.,Maastricht University | Woelbert E.,Maastricht University | Zimmermann J.,Maastricht University | Okamoto-Barth S.,Maastricht University | And 5 more authors.
Journal of Neuroscience | Year: 2014

Humans can choose between fundamentally different options, such as watching a movie or going out for dinner. According to the utility concept, put forward by utilitarian philosophers and widely used in economics, this may be accomplished by mapping the value of different options onto a common scale, independent of specific option characteristics (Fehr and Rangel, 2011; Levy and Glimcher, 2012). If this is the case, value-related activity patterns in the brain should allow predictions of individual preferences across fundamentally different reward categories. We analyze fMRI data of the prefrontal cortex while subjects imagine the pleasure they would derive from items belonging to two distinct reward categories: Engaging activities (like going out for drinks, daydreaming, or doing sports) and snack foods. Support vector machines trained on brain patterns related to one category reliably predict individual preferences of the other category and vice versa. Further, we predict preferences across participants. These findings demonstrate that prefrontal cortex value signals follow a common scale representation of value that is even comparable across individuals and could, in principle, be used to predict choice. © 2014 the authors.


Gobillon L.,Institute for the Study of Labor | Wolff F.-C.,University of Nantes
American Journal of Agricultural Economics | Year: 2016

This paper investigates spatial variations in product prices using an exhaustive micro dataset on fish transactions. The data includes all transactions between vessels and wholesalers that occurred within local fish markets in France during 2007. Spatial disparities in fish prices are sizable even after taking into account fish quality, time, and unobserved seller and buyer heterogeneity. The price difference between local fish markets can be explained to some extent by distance, but mostly by a coast effect related to market locations on the Atlantic and Mediterranean coasts. We also propose a new approach for identifying groups of interconnected local fish markets based on the activity of sellers and buyers within these markets. We show that most markets on the Atlantic coast are well connected, and that variation in prices across these markets is very small and in line with the law of one price. © 2015 The Author.


Kaiser U.,University of Zürich | Kaiser U.,Center for European Economic Research | Kaiser U.,Institute for the Study of Labor | Kaiser U.,Copenhagen Business School | And 6 more authors.
Journal of Health Economics | Year: 2014

Reference price systems for prescription drugs constitute widely adopted cost containment tools. Under these regimes, patients co-pay a fraction of the difference between a drug's pharmacy retail price and a reference price that is set by the government. Reference prices are either externally (based on drug prices in other countries) or internally (based on domestic drug prices) determined. We study the effects of a change from external to internal reference pricing in Denmark in 2005. We find that the reform led to substantial reductions in retail prices, reference prices and patient co-payments as well as to sizable decreases in overall producer revenues and health care expenditures. The reform induced consumers to substitute away from branded drugs for which we estimate strong preferences. The increase in consumer welfare due to the reform therefore depends on whether or not we take perceived quality differences into account in its calculation. © 2014 Elsevier B.V.


Gould E.D.,Hebrew University | Gould E.D.,Institute for the Study of Labor | Lavy V.,Hebrew University | Lavy V.,Institute for the Study of Labor | And 3 more authors.
Review of Economic Studies | Year: 2011

This paper estimates the effect of the early childhood environment on a large array of social and economic outcomes lasting almost 60 years. To do this, we exploit variation in the living conditions experienced by Yemenite children after being airlifted to Israel in 1949. We find that children who were placed in a more modern environment (i.e. with better sanitary and infrastructure conditions) were more likely to obtain higher education, marry at an older age, have fewer children, and work at age 55. They were also more likely to be assimilated into Israeli society, to be less religious, and have more worldly tastes in music and food. However, these effects are found mainly for women and not for men. We also find an effect on the next generation-children who lived in a better environment grew up to have children with more education. © The Author 2011.


Akay A.,Institute for the Study of Labor | Martinsson P.,Gothenburg University | Medhin H.,Gothenburg University | Trautmann S.T.,University of Tilburg
Theory and Decision | Year: 2012

We investigate risk and ambiguity attitudes among Ethiopian farmers in one of the poorest regions of the world. Strong risk aversion and ambiguity aversion were found with the Ethiopian farmers. We compared their attitudes to those of a Western university student sample elicited by the same decision task. Ambiguity aversion was similar for farmers and students, but farmers were more risk averse. Our results show that ambiguity aversion is not restricted to Western student populations, and that studies of agricultural decisions may benefit from explicitly considering ambiguity attitudes. © Springer Science+Business Media, LLC. 2011.


Drabo A.,FERDI | Mbaye L.M.,Institute for the Study of Labor
Environment and Development Economics | Year: 2015

This paper aims to assess the effect of natural disasters closely related to climate change on migration rates in developing countries, observing how this effect varies according to the level of education. We investigate this relationship by using panel data that measure international migration from developing countries to the main OECD destination countries. Estimations are made with a pair-country fixed effects estimator. The results show that natural disasters are positively associated with emigration rates. Furthermore, we show that natural disasters may exacerbate the brain drain in developing countries when they are at their most vulnerable and need greater support from skilled workers. We also find that the effect of natural disasters on migration varies depending on the geographical location of countries, as well as according to the type of disaster. © 2014 Cambridge University Press.


Drydakis N.,Anglia Ruskin University | Drydakis N.,Institute for the Study of Labor
Social Science and Medicine | Year: 2015

The current study uses six annual waves of the Longitudinal Labor Market Study (LLMS) covering the 2008-2013 period to obtain longitudinal estimations suggesting statistically significant negative effects from unemployment on self-reported health and mental health in Greece. The specifications suggest that unemployment results in lower health and the deterioration of mental health during the 2008-2009 period compared with the 2010-2013 period, i.e., a period in which the country's unemployment doubled as a consequence of the financial crisis. Unemployment seems to be more detrimental to health/mental health in periods of high unemployment, suggesting that the unemployment crisis in Greece is more devastating as it concerns more people. Importantly, in all specifications, comparable qualitative patterns are found by controlling for unemployment due to firm closure, which allows us to minimize potential bias due to unemployment-health related reverse causality. Moreover, in all cases, women are more negatively affected by unemployment in relation to their health and mental health statuses than are men. Greece has been more deeply affected by the financial crisis than any other EU country, and this study contributes by offering estimates for before and during the financial crisis and considering causality issues. Because health and mental health indicators increase more rapidly in a context of higher surrounding unemployment, policy action must place greater emphasis on unemployment reduction and supporting women's employment. © 2014 Elsevier Ltd.


Lange F.,Yale University | Lange F.,Institute for the Study of Labor
Journal of Health Economics | Year: 2011

This paper uses data on real and perceived cancer risks and cancer screening behavior to test the allocative efficiency theory. Specifically, it explores whether the educated make better-informed health decisions. I propose that (1) when educated individuals are better informed, they are more likely to incorporate variation in risk factors when they report their personal cancer risk, and (2) as risk varies, the better educated will react more strongly by adopting preventive behaviors such as cancer screening. The results support for both predictions. Further, using data on attitudes toward breast health, I explore a possible mechanism: educated women are more receptive to scientific evidence and hold fewer nonscientific beliefs. © 2010 Elsevier B.V.

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