IOSCO Plays Key Role In Responding To Global Securities Marketsâ...
The Board of the International Organization of Securities Commissions (IOSCO) met for two days in Madrid to discuss and respond to the many ongoing and emerging challenges facing global securities...
View Article"India â Switzerland In Focus": As Part Of Its Activities In...
The recently published magazine "India – Switzerland in Focus" looks at the partnerships between India and Switzerland in areas such as business, politics, culture and innovation. Various companies...
View ArticleSchool Finance Reform and the Distribution of Student Achievement -- by...
We study the impact of post-1990 school finance reforms, during the so-called "adequacy" era, on gaps in spending and achievement between high-income and low-income school districts. Using an event...
View ArticleMisMatch in Human Capital Accumulation -- by Russell Cooper, Huacong Liu
This paper studies the allocation of heterogeneous agents to levels of educational attainment. The goal is to understand the magnitudes and sources of mismatch in this assignment, both in theory and in...
View ArticleSluggish Inflation Expectations: A Markov Chain Analysis -- by Narayana R....
A large body of recent empirical work on inflation dynamics documents that current real variables (like unemployment or output gaps) have little explanatory power for future inflation. Motivated by...
View ArticleGood Booms, Bad Booms -- by Gary Gorton, Guillermo Ordonyez
Credit booms are not rare and usually precede financial crises. However, some end in a crisis (bad booms) while others do not (good booms). We document that credit booms start with an increase in...
View ArticleDynamic Savings Choices with Disagreements -- by Dan Cao, Ivan Werning
We study a dynamic savings game in continuous time, where decision makers rotate in and out of power. Agents value consumption more highly while in power. Our setup applies to individuals under a...
View ArticleBreaking the Spell with Credit-Easing: Self-Confirming Credit Crises in...
We show that credit crises can be Self-Confirming Equilibria (SCE), which provides a new rationale for policy interventions like, for example, the FRB's TALF credit-easing program in 2009. We introduce...
View ArticleEndogenous Technology Adoption and R&D as Sources of Business Cycle...
We examine the hypothesis that the slowdown in productivity following the Great Recession was in significant part an endogenous response to the contraction in demand that induced the downturn. We first...
View ArticleWhat Drives Racial and Ethnic Differences in High Cost Mortgages? The Role of...
This paper examines racial and ethnic differences in high cost mortgage lending in seven diverse metropolitan areas from 2004-2007. Even after controlling for credit score and other key risk factors,...
View ArticleJudges, Juveniles and In-group Bias -- by Briggs Depew, Ozkan Eren, Naci Mocan
We investigate the existence of in-group bias (preferential treatment of one's own group) in court decisions. Using the universe of juvenile court cases in a U.S. state between 1996 and 2012 and...
View ArticleWhat is Different About Urbanization in Rich and Poor Countries? Cities in...
Are the well-known facts about urbanization in the United States also true for the developing world? We compare American metropolitan areas with comparable geographic units in Brazil, China and India....
View ArticleAnti-Corruption Reforms and Shareholder Valuations: Event Study Evidence from...
Chinese share prices rose sharply on the Politburo's Dec. 4th 2012 announcement of its Eight-point Regulation, an uncharacteristically detailed and concrete Party policy, initiating an extensive...
View ArticleSets of Models and Prices of Uncertainty -- by Lars P. Hansen, Thomas J. Sargent
A decision maker constructs a convex set of nonnegative martingales to use as likelihood ratios that represent parametric alternatives to a baseline model and also non-parametric models statistically...
View ArticleMethodological Issues in Analyzing Market Dynamics -- by Ariel Pakes
This paper investigates progress in the development of models capable of empirically analyzing the evolution of industries. It starts with a parallel between the development of empirical frameworks for...
View ArticleIncome-comparison Attitudes in the US and the UK: Evidence from...
Economists have long been aware of utility externalities such as a tendency to compare own income with others'. If welfare losses from income comparisons are significant, any governmental interventions...
View ArticleCan You Have Too Much Grit?
Amy Morin writes in Forbes this week about an interesting new study about grit. The study, is titled "When the going gets tough: Grit predicts costly perseverance." The authors are Gale Lucas, Jonathan...
View ArticleFEDS 2016-013: Fiscal Stimulus and Firms: A Tale of Two Recessions
Christine L. Dobridge | In this paper, I examine the effects of a countercyclical fiscal policy that gave firms additional tax refunds--additional liquidity--at the end of the past two recessions. I...
View ArticleSecurities Commission Malaysia: Global Body Of Capital Market Regulators To...
The International Organisation of Securities Commissions (IOSCO), the global body of capital market regulators has approved the establishment of its first ever regional office to be set up in Kuala...
View ArticleERI Scientific Beta Announces The Launch Of New Low Carbon Indices That...
EDHEC Risk Institute has been conducting research for several years on the possibility of reconciling financial and environmental performance. The launch of a new series of low carbon indices by ERI...
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