BIS 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 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 ArticleHow Efficient is Dynamic Competition? The Case of Price as Investment -- by...
We study industries where the price that a firm sets serves as an investment into lower cost or higher demand. We assess the welfare implications of the ensuing competition for the market using...
View ArticleDeposit Insurance and Depositor Monitoring: Quasi-Experimental Evidence from...
In the Banking Acts of 1933 and 1935, the United States created the Federal Deposit Insurance Corporation, which ensured deposits in commercial banks up to $5,000. Congress capped the size of insured...
View ArticleEthnic Differences in Demographic Behavior in the United States: What Can We...
This paper looks at the fertility and mortality experience of racial and ethnic groups in the United States from the early 20th century to the present. The first part consist of a description and...
View ArticleWeighting for External Validity -- by Isaiah Andrews, Emily Oster
External validity is a fundamental challenge in treatment effect estimation. Even when researchers credibly identify average treatment effects - for example through randomized experiments - the results...
View ArticleTwo Great Trade Collapses: The Interwar Period & Great Recession Compared...
In this paper, I offer some preliminary comparisons between the trade collapses of the Great Depression and Great Recession. The commodity composition of the two trade collapses was quite similar, but...
View ArticleAllocating Effort and Talent in Professional Labor Markets -- by Gadi...
In many professional service firms, new associates work long hours while competing in up-or-out promotion contests. Our model explores why these firms require young professionals to take on heavy...
View ArticleHow Segregated is Urban Consumption? -- by Donald R. Davis, Jonathan I....
We provide measures of ethnic and racial segregation in urban consumption. Using Yelp reviews, we estimate how spatial and social frictions influence restaurant visits within New York City. Transit...
View ArticleMarch Madness: NCAA Tournament Participation and College Alcohol Use -- by...
We examine the impact of the NCAA Men's Basketball Tournament on college students' drinking behavior using a nationally representative sample of American institutions. While success in intercollegiate...
View ArticleSmoking, Health Capital, and Longevity: Evaluation of Personalized Cessation...
Cigarette smoking leads to large healthcare and morbidity costs, and mortality losses, and smoking cessation plays a key role in reducing health risk and economic costs. While medical evidence suggests...
View ArticleRural-Urban Migration, Structural Transformation, and Housing Markets in...
This paper explores the contribution of the structural transformation and urbanization process to China's housing-market boom. Rural to urban migration together with regulated land supplies and...
View ArticleThe U.S. Shale Oil Boom, the Oil Export Ban, and the Economy: A General...
This paper examines the effects of the U.S. shale oil boom in a two-country DSGE model where countries produce crude oil, refined oil products, and a non-oil good. The model incorporates different...
View ArticleSignaling to Experts -- by Pablo Kurlat, Florian Scheuer
We study competitive equilibrium in a signaling economy with heterogeneously informed buyers. In terms of the classic Spence (1973) model of job market signaling, firms have access to direct but...
View ArticleIs There Still Son Preference in the United States? -- by Francine D. Blau,...
In this paper, we use 2008-2013 American Community Survey data to update and further probe Dahl and Moretti's (2008) son preference results, which found evidence that having a female first child...
View ArticleSearch Engines and Data Retention: Implications for Privacy and Antitrust --...
This paper investigates whether larger quantities of historical data affect a firm's ability to maintain market share in Internet search. We study whether the length of time that search engines...
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