Paving the Way to Development: Costly Migration and Labor Market Integration...
How integrated are labor markets within a country? Labor mobility is key to the integration of local labor markets and therefore to understanding the efficacy of policies to reduce regional inequality....
View ArticleCan Currency Competition Work? -- by Jesus Fernandez-Villaverde, Daniel Sanches
Can competition among privately issued fiat currencies such as Bitcoin or Ethereum work? Only sometimes. To show this, we build a model of competition among privately issued fiat currencies. We modify...
View ArticleOptimal Contracting with Subjective Evaluation: The Effects of Timing,...
We introduce a general Principal-Agent model with subjective evaluation and malfeasance characterized by two-sided asymmetric information on performance that allows for an arbitrary information...
View ArticleCanary in a Coal Mine: Infant Mortality, Property Values, and Tradeoffs...
Pollution is a common byproduct of economic activity. Although policymakers should account for both the benefits and the negative externalities of polluting activities, it is difficult to identify...
View ArticleDifferences in Quarterly Utilization-Adjusted TFP by Vintage, with an...
This paper documents large differences across vintages in the properties of the widely-used quarterly utilization-adjusted TFP series produced by Fernald (2014), who provides updated data each quarter...
View ArticleCorporate Resilience to Banking Crises: The Roles of Trust and Trade Credit...
Are firms more resilient to systemic banking crises in economies with higher levels of social trust? Using firm-level data in 34 countries from 1990 through 2011, we find that liquidity-dependent firms...
View ArticleThe Deposits Channel of Monetary Policy -- by Itamar Drechsler, Alexi Savov,...
We propose and test a new channel for the transmission of monetary policy. We show that when the Fed funds rate increases, banks widen the interest spreads they charge on deposits, and deposits flow...
View ArticleLearning, Career Paths, and the Distribution of Wages -- by Santiago Caicedo,...
We develop a theory of career paths and earnings in an economy in which agents organize in production hierarchies. Agents climb these organizational hierarchies as they learn stochastically from other...
View ArticleLevered Returns -- by Ivo Welch
Do financial markets properly reflect leverage? Unlike Gomes and Schmid (2010) who examine this question with a structural approach (using long-term monthly stock characteristics), my paper examines it...
View ArticleFaculty Preferences over Unionization: Evidence from Open Letters at Two...
What determines employee preferences for unionizing their workplaces? A substantial literature addresses this question with surveys on worker attitudes and pay. Unionization drives at the Universities...
View ArticleThe Real Effects of Liquidity During the Financial Crisis: Evidence from...
Illiquidity in short-term credit markets during the financial crisis might have severely curtailed the supply of non-bank consumer credit. Using a new data set linking every car sold in the United...
View ArticleMeasuring Openness to Trade -- by Michael E. Waugh, B. Ravikumar
In this paper we derive a new measure of openness--the trade potential index--that quantifies the potential gains from trade as a simple function of data. Using a standard multicountry trade model, we...
View ArticleUninformative Feedback and Risk Taking: Evidence from Retail Forex Trading --...
We document evidence consistent with retail day traders in the Forex market attributing random success to their own skill and, as a consequence, increasing risk taking. Although past performance does...
View ArticleThe Global Spatial Distribution of Economic Activity: Nature, History, and...
We study the distribution of economic activity, as proxied by lights at night, across 250,000 grid cells of average area 560 square kilometers. We first document that nearly half of the variation can...
View ArticleWarsaw Stock Exchange: Changes In The Management Board Of BondSpot S.A.
President of the Management Board of BondSpot S.A. Jacek Fotek has resigned on 11 April 2016. GPW Managing Director for Development Izabela Olszewska has been delegated as acting President of BondSpot....
View ArticleEBA Acknowledges Notification From The Austrian Financial Market
The EBA has received a notification from the Austrian Financial Market Authority (Finanzmarktaufsicht, FMA), in its capacity as Resolution Authority, in relation to the application of resolution...
View ArticleSEC: Company Misled Investors About Energy-Efficient Technology
The Securities and Exchange Commission today announced fraud charges against a Texas-based technology company and its founder accused of boosting stock sales with false claims about a supposedly...
View ArticleCall For Papers For The 5th Annual EBA Research Workshop
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View ArticleBM&FBOVESPA And Cetip Announce Agreement To Combine Operations - The...
BM&FBOVESPA and Cetip presented the press today with a proposal to merge the operations of the two companies, creating a world-class financial infrastructure company of great systemic importance,...
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