An Aggregative Games Approach to Merger Analysis in Multiproduct-Firm...
Using an aggregative games approach, we analyze horizontal mergers in a model of multiproduct-firm price competition with nested CES or nested logit demands. We show that the Herfindahl index provides...
View ArticleInnovation and Diffusion of Medical Treatment -- by Barton H. Hamilton,...
This paper develops and estimates a dynamic structural model of demand for a multi-attribute product. The demand side equilibrium supports a product spectrum, the characteristics of which evolve over...
View ArticleWorking Longer in the U.S.: Trends and Explanations -- by Courtney Coile
Over the past two decades, labor force participation rates for older men have been rising, reversing a century-long trend towards earlier retirement. Participation rates for older women are rising as...
View ArticleDo Properly Anticipated Prices Fluctuate Randomly? Evidence from VIX Futures...
The VIX index is not traded on the spot market. Hence, in contrast to other futures markets, the VIX futures contract and spot index are not linked by a no-arbitrage condition. We examine (a) whether...
View ArticleNew Evidence on the Markup of Prices over Marginal Costs and the Role of...
The markup of price over marginal cost reveals market power. The distinction between marginal and average cost is key. Average cost is easy to measure, but the price/average cost ratio understates the...
View ArticleThe Impact of High School Curriculum on Confidence, Academic Success, and...
This paper investigates the causal effect of high school curriculum on various student outcomes including academic performance at the university, happiness, physical and mental health, self-confidence,...
View ArticleMoral NIMBY-ism? Understanding Societal Support for Monetary Compensation to...
The growing demand for plasma, especially for the manufacture of therapeutic products, prompts discussions on the merits of different procurement systems. We conducted a randomized survey experiment...
View ArticleThe Finance Uncertainty Multiplier -- by Ivan Alfaro, Nicholas Bloom, Xiaoji Lin
We show how real and financial frictions amplify the impact of uncertainty shocks. We build a model with real frictions, and find adding financial frictions roughly doubles the impact of uncertainty...
View ArticleTechnology and Skill: Twin Engines of Growth -- by Nancy L. Stokey
A model is developed in which two complementary forms of investment contribute to growth--technology and skill acquisition, and growth takes two forms--TFP and variety growth. The rate of TFP growth...
View ArticleAsymmetric Business-Cycle Risk and Social Insurance -- by Christopher Busch,...
This paper studies the business-cycle variation in higher-order (labor) income risk--that is, risks that are captured by moments higher than the variance. We examine the extent to which such risks can...
View ArticleStructural Change in Investment and Consumption: A Unified Approach -- by...
Existing models of structural change typically assume that all of investment is produced in manufacturing. This assumption is strongly counterfactual: in the postwar US, the share of services value...
View ArticleThe Poverty Reduction of Social Security and Means-Tested Transfers -- by...
Many studies examine the anti-poverty effects of social insurance and means-tested transfers, relying solely on survey data with substantial errors. We improve on past work by linking administrative...
View ArticleNew Korean Financial Watchdog Chief Takes Softer Tone on Cryptos
The incoming head of a South Korean financial regulator has noted the "positive aspects" of cryptocurrencies.
View ArticleEthereum's EIP:0 Attendees Commit to Governance Plan
Several stakeholders in the ethereum community have pledged support for a governance plan produced by attendees of the EIP:0 Summit.
View ArticleJP Morgan's New DLT Lead: We're Not Done With Blockchain Innovation
Christine Moy, Amber Baldet's successor at JPMorgan, shares her thoughts on the future of enterprise DLT and the role of public blockchain networks.
View ArticleInvestment Advisor Morgan Creek Tokenizes Tech Firm's Paper Shares
Morgan Creek Blockchain has helped a tech company turn its paper shares into security tokens as part of a push to raise $40 million.
View ArticleVenture Capitalist 'Disciple' of Buffett Condemns His Views On Bitcoin
Venture capitalist Chamath Palihapitiya says billionaire Warren Buffett is wrong about bitcoin, though he calls himself Buffett's "disciple."
View ArticleDrop to $9K Still in Play Despite Brief Bitcoin Rally
Despite a brief rally yesterday, bitcoin risks falling back below $9,000 amid bearish short-term moving averages.
View ArticleEPIC TRIP: Visiting Beijing with Friends (Feat. Tony G)EPIC TRIP: Visiting...
It's China time! I Visit Beijing, China with my friend Danilo to see whats happening in the blockchain space there. I also challenged his friend poker star Tony G to an epic weight loss...
View ArticleIOSCO Annual Conference focuses on key challenges facing securities regulators
IOSCO/MR/13/2018read more...
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