General Equilibrium Effects of (Improving) Public Employment Programs:...
Public employment programs play a large role in many developing countries' anti-poverty strategies, but their net impact on the incomes of the poor will depend on both direct program earnings as well...
View ArticleKeynesian Economics without the Phillips Curve -- by Roger E.A. Farmer,...
We extend Farmer's (2012b) Monetary (FM) Model in three ways. First, we derive an analog of the Taylor Principle and we show that it fails in U.S. data. Second, we use the fact that the model displays...
View ArticleMacro Needs Micro -- by Fabio Ghironi
An emerging consensus on the future of macroeconomics views the incorporation of a role for financial intermediation, labor market frictions, and household heterogeneity in the presence of uninsurable...
View ArticleDefault Risk, Sectoral Reallocation, and Persistent Recessions -- by Cristina...
Sovereign debt crises are associated with large and persistent declines in economic activity, disproportionately so for nontradable sectors. This paper documents this pattern using Spanish data and...
View ArticleToo Much of a Good Thing? Exporters, Multiproduct Firms and Labor Market...
International trade is primarily conducted by large, multiproduct firms (MPFs) that pay above average wages and exhibit high productivity. In this paper we show that if firms can invest in management...
View ArticleThe Economic Implications of Housing Supply -- by Edward Glaeser, Joseph Gyourko
In this essay, we review the basic economics of housing supply and the functioning of US housing markets to better understand the distribution of home prices, household wealth and the spatial...
View ArticleAre CEOs Different? Characteristics of Top Managers -- by Steven N. Kaplan,...
We use a dataset of over 2,600 executive assessments to study thirty individual characteristics of candidates for top executive positions - CEO, CFO, COO and others. We classify the thirty candidate...
View ArticleOptimal Financing for R&D-Intensive Firms -- by Richard T. Thakor, Andrew...
We develop a theory of optimal financing for R&D-intensive firms that uses their unique features--large capital outlays, long gestation periods, high upside, and low probabilities of R&D...
View ArticleNegative Bubbles: What Happens After a Crash -- by William N. Goetzmann,...
We study crashes using data from 101 global stock markets from 1698 to 2015. Extremely large, annual stock market declines are typically followed by positive returns. This is not true for smaller...
View ArticleSemi-Static Variance-Optimal Hedging in Stochastic Volatility Models with...
In a financial market model, we consider the variance-optimal semi-static hedging of a given contingent claim, a generalization of the classic variance-optimal hedging. To obtain a tractable formula...
View ArticleSemi-Static and Sparse Variance-Optimal Hedging. (arXiv:1709.05519v1 [q-fin.MF])
We consider hedging of a contingent claim by a 'semi-static' strategy composed of a dynamic position in one asset and static (buy-and-hold) positions in other assets. We give general representations of...
View ArticleRelatedness, Knowledge Diffusion, and the Evolution of Bilateral Trade....
During the last decades two important contributions have reshaped our understanding of international trade. First, countries trade more with those with whom they share history, language, and culture,...
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Central bankers warn of $13 trillion hole in global debt calculations
Trillions of $s of FX derivatives may be âmissingâ from calculations of the amount of debt in the global economy https://t.co/lj9W5nrXxz â moneyscienceâ¦
View ArticleBasel III definition of capital - Frequently asked questions
Basel III definition of capital - Frequently asked questions published by the Basel Committee, September 2017. These aim to promote consistent global implementation of Basel III.
View ArticleFAQs on Basel III definition of capital published by the Basel Committee
Press release about the Basel Committee publishing FAQs on Basel III definition of capital (19 September 2017)
View ArticleHas the UFC Jumped the Shark?
Now, in the middle of hurricanes, Trump, and a (possibly) overheated stock market, here's a blog about something different and somewhat inconsequential: The mixed martial arts world, which pretty much...
View ArticleAgent-based modelling and complexity economics â Economics E-Journal
Special issue "Agent-Based Modelling and Complexity Economics" in @ej_economics Deadline extended to Nov 30th 2017 https://t.co/cCEvqsNTNA â Alberto Russoâ¦
View ArticleDirty money? Mystery over shredded â¬500 notes in Swiss sewers
Investigation launched after tens of thousands of euros found in plumbing system at UBS & bistros in Geneva https://t.co/kpbuHwlmLK â moneyscienceâ¦
View ArticleThe Dark Side of Board of Director Mentoring Relationships
Joann Lublin wrote a Wall Street Journal article this week titled, "Boards Try Buddy System to Get Newcomers Up to Speed." Lublin describes how some boards have assigned mentors to new directors, so...
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