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First Day Of Trading For Audiovalley On Euronext Growth

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AudioValley, a pioneer in BtoB digital audio, listed today on the Euronext Growth market in Paris.

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Google Enters Into Blockchain Market

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In July 2018, Google officially entered blockchain market. The company admits that they need to bring themselves up to speed with their competitors.…

IOHK | IELE Testnet - No DAO Attack with IELEIOHK | IELE Testnet - No DAO Attack with IELE

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In this video, IOHK Director of Education Lars Brunjes explains the DAO Attack on Ethereum and shows that the same attack does not work in IELE, which has been designed from the ground up with security in mind. https://iohk.io/team/lars-brunjes/ -- See more at: https://iohk.io Get our latest news updates: https://iohk.io/blog/ Meet the team: https://iohk.io/team/ Learn about our projects: https://iohk.io/projects/ Visit our library: https://iohk.io/research/library/ In the press: https://iohk.io/press/ Work with us: https://iohk.io/careers/

Bitcoin's Price Needs Move Above $8,350 to Regain Bull Bias

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Bitcoin bulls could make a strong comeback if prices find acceptance above the key resistance at $8,300.

A Blueprint for Reforming the Crypto Token Market

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The Token Alliance, a Chamber of Digital Commerce initiative, has laid out guidelines for how token sponsors and regulators can meet in the middle.

Draper Dragon Backs $20 Million Raise for Alibaba Vets' Blockchain Startup

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A public blockchain project founded by former members of Alibaba's blockchain arm has raised over $20 million in a combined token and equity sale.

Al Mawared Brokerage Amman Stock Exchange Weekly Report, 30 July 2018

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Click here to download Al Mawared Brokerage's weekly report on the Amman Stock Exchange (ASE). The Report is designed to give an overview of developments in the Jordan Capital Markets as well as ASE performance indicators.

Inputs, Incentives, and Complementarities in Education: Experimental Evidence from Tanzania -- by Isaac Mbiti, Karthik Muralidharan, Mauricio Romero, Youdi Schipper, Constantine Manda, Rakesh Rajani

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The idea that complementarities across policies can yield increasing returns from joint implementation has been posited in several economic settings. Yet there is limited, well-identified evidence of such complementarities in practice. We present results from a randomized experiment across a representative sample of 350 schools in Tanzania that studied the impact of providing schools with (a) unconditional school grants, (b) bonus payments to teachers based on student performance, and (c) both of the above. At the end of two years, we find (a) no impact on student test scores from providing school grants, (b) some evidence of positive effects from offering performance-linked bonuses to teachers, and (c) significant positive effects on learning from providing both programs. Most importantly, we find strong evidence of complementarities between the two programs, with the effect of joint provision being significantly greater than the sum of the individual effects. Our results suggest that accounting for complementarities between inputs and incentives could substantially improve the effectiveness of public spending on education.

Business Cycle Anatomy -- by George-Marios Angeletos, Fabrice Collard, Harris Dellas

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We dissect the comovement patterns of the macroeconomic data, identify a single shock that accounts for the bulk of the business-cycle volatility in the key quantities, and use its empirical properties to appraise parsimonious models of the business cycle. Through this lens, the data appears to be at odds with theories that attribute a major role to fluctuations in TFP, to news about future productivity or the long run, and to demand shocks of the New Keynesian type. Instead, it appears to favor theories that allow for demand-driven fluctuations without nominal rigidities and Philips curves. Our findings can also be of use in the evaluation of larger models that employ a multitude of shocks. In this context, we argue that leading DSGE models seem to lack the propagation mechanism observed in the data.

The Labor Force Participation of Older Men in Canada: -- by Kevin S. Milligan, Tammy Schirle

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We explore recent trends in the labour force participation rates of men aged 55-69 in Canada. Following steady declines in participation until the mid-1990s, the participation rates of older men have increased substantially and have reached historically high rates among those aged 65-69. We consider various factors that may influence the participation rates of older men and suggest that improvements in health, higher education, and increased attachment of older wives to the labour market are likely important factors driving recent trends in older men's participation in Canada.

What Causes Labor Turnover To Vary? -- by Edward P. Lazear, Kristin McCue

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Most turnover reflects churn, where hires replace departures. Churn varies substantially by employer, industry and worker characteristics. In the LEHD (QWI) data, permanent employer differences account for 36% of the variation in churn. For example, leisure and hospitality turnover is more than double that of manufacturing. The cost of churn is proxied by the mean wage and the benefit by the variance in wages. QWI and JOLTS data confirm predictions. High mean wage occupations and industries experience less churn and high wage-variance ones experience more churn. Additionally, less educated, younger and male workers have higher separation and churn rates.

Distributing the Green (Cards): Permanent Residency and the Income Tax after the Immigration Reform and Control Act of 1986 -- by Elizabeth U. Cascio, Ethan G. Lewis

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We explore how permanent residency affects the income tax using variation from the Immigration Reform and Control Act of 1986 (IRCA), which authorized the largest U.S. amnesty to date. We exploit the timing and geographic unevenness of IRCA's legalization programs alongside newly digitized data on the income tax in California, home to the majority of applicants. Green Cards induced the previously unauthorized to file state income tax returns at rates comparable to other California residents. While the new returns generated little additional revenue through the end of the 1990s, they did raise the earnings of families with children through new claims of the federal Earned Income Tax Credit.

Is Automation Labor-Displacing? Productivity Growth, Employment, and the Labor Share -- by David Autor, Anna Salomons

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Many technological innovations replace workers with machines, but this capital-labor substitution need not reduce aggregate labor demand because it simultaneously induces four countervailing responses: own-industry output effects; cross-industry input-output effects; between-industry shifts; and final demand effects. We quantify these channels using four decades of harmonized cross-country and industry data, where we measure automation as industry-level movements in total factor productivity (TFP) that are common across countries. We find that automation displaces employment and reduces labor's share of value-added in the industries in which it originates (a direct effect). In the case of employment, these own-industry losses are reversed by indirect gains in customer industries and induced increases in aggregate demand. By contrast, own-industry labor share losses are not recouped elsewhere. Our framework can account for a substantial fraction of the reallocation of employment across industries and the aggregate fall in the labor share over the last three decades. It does not, however, explain why the labor share fell more rapidly during the 2000s

Heat, Humidity, and Infant Mortality in the Developing World -- by Michael Geruso, Dean Spears

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We study how extreme weather exposure impacts infant survival in the developing world. Our analysis overcomes the absence of vital registration systems in many poor countries by extracting birth histories from household surveys. Studying 53 developing countries that span five continents, we find impacts of hot days on infant morality that are an order of magnitude larger than corresponding estimates from rich country studies, with humidity playing an important role. The size and implied geographic distribution of harms documented here have the potential to significantly alter assessments of optimal climate policy.

Are Health Care Services Shoppable? Evidence from the Consumption of Lower-Limb MRI Scans -- by Michael Chernew, Zack Cooper, Eugene Larsen-Hallock, Fiona Scott Morton

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We study how individuals with private health insurance choose providers for lower-limb MRI scans. Lower-limb MRI scans are a fairly undifferentiated service and providers' prices routinely vary by a factor of five or more across providers within hospital referral regions. We observe that despite significant out-of-pocket cost exposure, patients often received care in high-priced locations when lower priced options were available. Fewer than 1 percent of individuals used a price transparency tool to search for the price of their services in advance of care. The choice of provider is such that, on average, individuals bypassed 6 lower-priced providers between their home and the location where they received their scan. Referring physicians heavily influence where their patients receive care. The influence of referring physicians is dramatically greater than the effect of patient cost-sharing. As a result, in order to lower out-of-pocket costs and reduce total MRI spending, patients must diverge from the established referral pathways of their referring physicians. We also observe that patients with vertically integrated (i.e. hospital-owned) referring physicians are more likely to have hospital-based (and more costly) MRI scans.

The Role of Industry, Occupation, and Location-Specific Knowledge in the Survival of New Firms -- by C. Jara Figueroa, Bogang Jun, Edward L. Glaeser, Cesar Hidalgo

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How do regions acquire the knowledge they need to diversify their economic activities? How does the migration of workers among firms and industries contribute to the diffusion of that knowledge? Here we measure the industry, occupation, and location specific knowledge carried by workers from one establishment to the next using a dataset summarizing the individual work history for an entire country. We study pioneer firms-firms operating in an industry that was not present in a region-because the success of pioneers is the basic unit of regional economic diversification. We find that the growth and survival of pioneers increase significantly when their first hires are workers with experience in a related industry, and with work experience in the same location, but not with past experience in a related occupation. We compare these results with new firms that are not pioneers and find that industry specific knowledge is significantly more important for pioneer than non-pioneer firms. To address endogeneity we use Bartik instruments, which leverage national fluctuations in the demand for an activity as shocks for local labor supply. The instrumental variable estimates support the finding that industry related knowledge is a predictor of the survival and growth of pioneer firms. These findings expand our understanding of the micro-mechanisms underlying regional economic diversification events.

Location as an Asset -- by Adrien Bilal, Esteban Rossi-Hansberg

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The location of individuals determines their job opportunities, living amenities, and housing costs. We argue that it is useful to conceptualize the location choice of individuals as a decision to invest in a 'location asset.' This asset has a cost equal to the location's rent, and a payoff through better job opportunities and, potentially, more human capital for the individual and her children. As with any asset, savers in the location asset transfer resources into the future by going to expensive locations with good future opportunities. In contrast, borrowers transfer resources to the present by going to cheap locations that offer few other advantages. As in a standard portfolio problem, holdings of this asset depend on the comparison of its rate of return with that of other assets. Differently from other assets, the location asset is not subject to borrowing constraints, so it is used by individuals with little or no wealth that want to borrow. We provide an analytical model to make this idea precise and to derive a number of related implications, including an agent's mobility choices after experiencing negative income shocks. The model can rationalize why low wealth individuals locate in low income regions with low opportunities even in the absence of mobility costs. We document the investment dimension of location, and confirm the core predictions of our theory with French individual panel data from tax returns.

The Run on Repo and the Fed's Response -- by Gary Gorton, Toomas Laarits, Andrew Metrick

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The Financial Crisis began and accelerated in short-term money markets. One such market is the multi-trillion dollar sale-and-repurchase ("repo") market, where prices show strong reactions during the crisis. The academic literature and policy community remain unsettled about the role of repo runs, because detailed data on repo quantities is not available. We provide quantity evidence of the run on repo through an examination of the collateral brought to emergency liquidity facilities of the Federal Reserve. We show that the magnitude of repo discounts ("haircuts") on specific collateral is related to the likelihood of that collateral being brought to Fed facilities.

Health and Economic Activity Over the Lifecycle: Literature Review -- by Daniel Prinz, Michael Chernew, David Cutler, Austin Frakt

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We systematically review the literature linking health to economic activity, particularly education and labor market outcomes, over the lifecycle. In the first part, we review studies that link childhood health to later-life outcomes. The main themes we focus on are in-utero exposures, birthweight, physical health and nutrition, mental health, and the environment. In the second part, we review studies of the impact of health on labor market success for adults. The main themes we focus on are the environment, disability, physical health shocks, within-household spillovers, cancer, and mental health.

Physician-Industry Interactions: Persuasion and Welfare -- by Matthew Grennan, Kyle Myers, Ashley Swanson, Aaron Chatterji

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In markets where consumers seek expert advice regarding purchases, firms seek to influence experts, raising concerns about biased advice. Assessing firm-expert interactions requires identifying their causal impact on demand, amidst frictions like market power. We study pharmaceutical firms' payments to physicians, leveraging instrumental variables based on regional spillovers from hospitals' conflict-of-interest policies and market shocks due to patent expiration. We find that the average payment increases prescribing of the focal drug by 73 percent. Our structural model estimates indicate that payments decrease total surplus, unless payments are sufficiently correlated with information (vs. persuasion) or clinical gains not captured in demand.




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