Historical Antisemitism, Ethnic Specialization, and Financial Development --...
For centuries, Jews in Europe have specialized in financial services. At the same time, they have been the victims of historical antisemitism on the part of the Christian majority. We find that...
View ArticleThe Mortgage Rate Conundrum -- by Alejandro Justiniano, Giorgio E. Primiceri,...
We document the emergence of a disconnect between mortgage and Treasury interest rates in the summer of 2003. Following the end of the Federal Reserve expansionary cycle in June 2003, mortgage rates...
View ArticleThe Paper Money of Colonial North Carolina, 1712-1774 -- by Cory Cutsail,...
Beginning in 1712, North Carolina's assembly emitted its own paper money and maintained some of its paper money in public circulation for the rest of the colonial period. This paper money has been...
View ArticleAre Ideas Getting Harder to Find? -- by Nicholas Bloom, Charles I. Jones,...
In many growth models, economic growth arises from people creating ideas, and the long-run growth rate is the product of two terms: the effective number of researchers and their research productivity....
View ArticleAccess to Long-Term Care After a Wealth Shock: Evidence from the Housing...
Home equity is the primary self-funding mechanism for long term services and supports (LTSS). Using data from the relevant waves of the Health and Retirement Study (1996-2010), we exploit the exogenous...
View ArticleThe Revolution of Information Economics: The Past and the Future -- by Joseph...
The economics of information has constituted a revolution in economics, providing explanations of phenomena that previously had been unexplained and upsetting longstanding presumptions, including that...
View ArticleThe Effects of Marijuana Liberalizations: Evidence from Monitoring the Future...
By the end of 2016, 28 states had liberalized their marijuana laws: by decriminalizing possession, by legalizing for medical purposes, or by legalizing more broadly. More states are considering such...
View ArticlePricing when Customers Care about Fairness but Misinfer Markups -- by Erik...
This paper proposes a theory of price rigidity consistent with survey evidence that firms stabilize prices out of fairness to their consumers. The theory relies on two psychological assumptions. First,...
View ArticleHow Wide Is the Firm Border? -- by Enghin Atalay, Ali Hortacsu, Mary Jialin...
We examine the within- and across-firm shipment decisions of tens of thousands of goods-producing and distributing establishments. This allows us to quantify the normally unobservable forces that...
View ArticleDavid Allen Green on Twitter
This by Lord Kerr in the House of Lords on Brexit last night is worth a very close read. (ht a commenter at @FT)https://t.co/9bQdUdgHmNâ¦
View ArticleRemarks of CFTC Chairman J. Christopher Giancarlo before the Eurofi Financial...
Remarks of CFTC Chairman J. Christopher Giancarlo before the Eurofi Financial Forum
View ArticleRandom matrix approach for primal-dual portfolio optimization problems....
In this paper, we revisit the portfolio optimization problems of the minimization/maximization of investment risk under constraints of budget and investment concentration (primal problem) and the...
View ArticleBIS Quarterly Review, September 2017
BIS Quarterly Review for September 2017: Strong outlook with low inflation spurs risk-taking. Special features on "FX swaps and forwards: missing global debt?", "Central bank cryptocurrencies", "What...
View ArticleSeptember 2017 BIS Quarterly Review: Strong outlook with low inflation spurs...
BIS Press Release - The September issue of the BIS Quarterly Review - Low inflation despite a stronger economic outlook helped push markets up in recent months and reduced the expected pace of...
View ArticleSampling of probability measures in the convex order and approximation of...
Motivated by the approximation of Martingale Optimal Transport problems, we study sampling methods preserving the convex order for two probability measures $\mu$ and $\nu$ on $\mathbb{R}^d$, with $\nu$...
View ArticleEconomic Complexity: "Buttarla in caciara" vs a constructive...
This note is a contribution to the debate about the optimal algorithm for Economic Complexity that recently appeared on ArXiv [1, 2] . The authors of [2] eventually agree that the ECI+ algorithm [1]...
View ArticleOptimal Inflation Target: Insights from an Agent-Based Model....
Which level of inflation should Central Banks be targeting? We investigate this issue in the context of a simplified Agent Based Model of the economy. Depending on the value of the parameters that...
View ArticleBusiness, Innovation and Responsibility
Responsible Innovation. For some, this expression is only an oxymoron or, worse, a means of masking with a sheet of virtue economic practices that would otherwise appear selfish and self-interested....
View ArticleInnovation and Production Ecosystems
“We do not know where Silicon Valley is really located”, Feldman writes, because these types of organization, when they are dynamic, are moving and fluid.read more...
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