Inflation Dynamics During the Financial Crisis -- by Simon Gilchrist, Raphael...
Using a novel dataset, which merges good-level prices underlying the PPI with the respondents' balance sheets, we show that liquidity constrained firms increased prices in 2008, while their...
View ArticleHospital Competition, Quality, and Expenditures in the U.S. Medicare...
Theoretical models of competition with fixed prices suggest that hospitals should compete by increasing quality of care for diseases with the greatest profitability and demand elasticity. Most...
View ArticlePutting the Cycle Back into Business Cycle Analysis -- by Paul Beaudry, Dana...
This paper begins by re-examining the spectral properties of several cyclically sensitive variables such as hours worked, unemployment and capacity utilization. For each of these series, we document...
View ArticleTime-Inconsistent Charitable Giving -- by James Andreoni, Marta Serra-Garcia
This paper examines the interaction between moral contradictions and time in charitable giving. Applying a simple theoretical framework to two longitudinal experiments with actual charitable donations,...
View ArticleThe Optimal Distribution of Population across Cities -- by David Albouy,...
The received economic wisdom is that cities are too big and that public policy should limit their sizes. This wisdom assumes, unrealistically, that city sites are homogeneous, migration is unfettered,...
View ArticlePuzzles in the Forex Tokyo "Fixing": Order Imbalances and Biased...
"Fixing" in the foreign exchange market is a market practice that determines the bid-ask-mid-point exchange rate at a scheduled time, 10am in Tokyo and 4pm in London. The fixing exchange rate is then...
View ArticleInternational Borrowing Cycles: A New Historical Database -- by Graciela L....
The ongoing slowdown in international capital flows has brought again to the attention the booms and bust cycles in international borrowing. Many suggest that capital flow bonanzas are excessive,...
View ArticleTechnical Aspects of Correspondence Studies -- by Joanna Lahey, Ryan Beasley
This paper discusses technical concerns and choices that arise when crafting a correspondence or audit study using external validity as a motivating framework. We will discuss resume creation,...
View ArticleGender, Marriage, and Life Expectancy -- by Margherita Borella, Mariacristina...
Wages and life expectancy, as well as labor market outcomes, savings, and consumption, differ by gender and marital status. In this paper we compare the aggregate implications of two dynamic structural...
View ArticleHousing Demand, Cost-of-Living Inequality, and the Affordability Crisis -- by...
Since 1970, housing's relative price, share of expenditure, and ``unaffordability'' have all grown. We estimate housing demand using a novel compensated framework over space and an uncompensated...
View ArticleThe Affordable Care Act as Retiree Health Insurance: Implications for...
Using data from the Health and Retirement Study, we examine the effects of the Affordable Care Act (ACA) on retirement. We first calculate retirements (and in related analyses changes in expected ages...
View ArticlePast Performance and Procurement Outcomes -- by Francesco Decarolis,...
Reputational incentives may be a powerful mechanism for improving supplier performance. We analyze their role in contract awarding, exploiting an experiment run by a firm which introduced a new vendor...
View ArticleOn a World Climate Assembly and the Social Cost of Carbon -- by Martin Weitzman
This paper postulates the conceptually useful allegory of a futuristic "World Climate Assembly" (WCA) that votes for a single worldwide price on carbon emissions via the basic democratic principle of...
View ArticleInternational Transmissions of Monetary Shocks: Between a Trilemma and a...
This paper re-examines international transmissions of monetary policy shocks from advanced economies to emerging market economies. In terms of methodologies, it combines three novel features. First, it...
View ArticleComplementarity without Superadditivity -- by Steven Berry, Philip Haile,...
The distinction between complements, substitutes, and independent goods is important in many contexts. It is well known that when consumers' conditional indirect utilities for two goods are...
View ArticlePolitical Borders and Bank Lending in Post-Crisis America -- by Matthieu...
We use spatial discontinuities associated with congressional district borders to identify the effect of political influences on American banks' lending. We show that recipients of the 2008 public...
View ArticleLeverage Dynamics without Commitment -- by Peter DeMarzo, Zhiguo He
We analyze equilibrium leverage dynamics in a dynamic tradeoff model when the firm is unable to commit to a leverage policy ex ante. We develop a methodology to characterize equilibrium equity and debt...
View ArticleDivergent Paths: Structural Change, Economic Rank, and the Evolution of...
Studying working and non-working men, we find that, after closing substantially from 1940 to the mid-1970s, the median black-white earnings gap has since returned to its 1950 level, while the...
View ArticleMoscow Exchange: Final Settlement Of Brent Derivatives In December 2016,...
Due to public holidays in Russia, the final settlement date of the January Brent oil futures contracts (BR-1.17) will be changed to 30 December 2016, instead of 2 January 2017. The date will be changed...
View ArticleIbdar Launches Parallel Shari’ah Trade Finance Fund
Bahrain-based wholesale Islamic Investment bank, Ibdar Bank, has announced the launch of the Barak Ibdar Shari’ah Trade Finance Fund, a parallel fund of the highly successful Barak Trade Finance...
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