House Price Beliefs And Mortgage Leverage Choice -- by Michael Bailey,...
We study the relationship between homebuyers' beliefs about future house price changes and their mortgage leverage choices. From a theoretical perspective, whether more pessimistic homebuyers choose...
View ArticleWealthier, Happier and More Self-Sufficient: When Anti-Poverty Programs...
We document how an anti-poverty program improves economic and subjective wellbeing, and self-sufficiency. Familias en Accion Urbano, a conditional cash transfer program implemented at scale in the...
View ArticleBrokers and Order Flow Leakage: Evidence from Fire Sales -- by Andrea Barbon,...
Using trade-level data, we study whether brokers play a role in spreading order flow information. We focus on large portfolio liquidations, which result in temporary drops in stock prices, and identify...
View ArticleSpatial Patterns of Development: A Meso Approach -- by Stelios Michalopoulos,...
Over the last two decades, the literature on comparative development has moved from country-level to within-country analyses. The questions asked have expanded, as economists have used satellite images...
View ArticleUnhappiness and Pain in Modern America: A Review Essay, and Further Evidence,...
In Happiness for All?, Carol Graham raises disquieting ideas about today's United States. The challenge she puts forward is an important one. Here we review the intellectual case and offer additional...
View ArticleThe L-Shaped Phillips Curve: Theoretical Justification and Empirical...
This paper has two parts. In the first part, I demonstrate that, in the absence of price and wage bounds, monetary models do not have current equilibria - and so lack predictive content - for a wide...
View ArticleHousehold Wealth Trends in the United States, 1962 to 2016: Has Middle Class...
Asset prices plunged between 2007 and 2010 but then rebounded from 2010 to 2016. The most telling finding is that median wealth plummeted by 44 percent over years 2007 to 2010. The inequality of net...
View ArticleUrban Revival in America, 2000 to 2010 -- by Victor Couture, Jessie Handbury
This paper documents and explains the striking rise in the proclivity of college-educated individuals to reside near city centers. We show that this recent urban revival is driven entirely by younger...
View ArticleWho Falls Prey to the Wolf of Wall Street? Investor Participation in Market...
Manipulative communications touting stocks are common in capital markets around the world. Although the price distortions created by so-called "pump-and-dump" schemes are well known, little is known...
View ArticleVenture Capital Investments and Merger and Acquisition Activity Around the...
We examine the relation between venture capital (VC) investments and mergers and acquisitions (M&A) activity around the world. We find evidence of a strong positive association between VC...
View ArticleThe Impact of Bank Credit on Labor Reallocation and Aggregate Industry...
We provide evidence that the deregulation of U.S. state banking markets leads to a significant increase in the relative employment and capital growth of local firms with higher productivity and that...
View ArticleU.S. Job Flows and the China Shock -- by Brian J. Asquith, Sanjana Goswami,...
International trade exposure affects job creation and destruction along the intensive margin (job flows due to expansions and contractions of firms' employment) as well as along the extensive margin...
View ArticleJob Tasks, Time Allocation, and Wages -- by Ralph Stinebrickner, Todd R....
While a burgeoning literature has extolled the conceptual virtues of directly measuring the underlying job tasks that define work activities, in practice task-based approaches have been hampered by...
View ArticleEndowments, Skill-Biased Technology, and Factor Prices: A Unified Approach to...
We develop a multi-factor, multi-sector Eaton-Kortum model in order to examine the impact of trade costs, factor endowments, and technology (both Ricardian and factor-augmenting) on factor prices,...
View ArticleA Neural Stochastic Volatility Model. (arXiv:1712.00504v1 [cs.LG])
In this paper, we show that the recent integration of statistical models with deep recurrent neural networks provides a new way of formulating volatility (the degree of variation of time series) models...
View ArticleRetirement Wealth under Fixed Limits: The Optimal Strategy for Exponential...
For an exponential utility maximizing investment strategy in a Black-Scholes Setting, fixed upper and lower constraints are introduced on the terminal wealth. This is equivalent to combining the...
View ArticleSavvy Investor Awards 2017: The Best White Papers
The best research papers of 2017. (via @savvyinv) https://t.co/9dDL3VzD94 â Tadas Viskanta (@abnormalreturns) December 5, 2017
View ArticleLCH Clears Over $700 Million In G10 NDF In One Month
LCH, a leading global clearing house, today announced that it has cleared a total of $745 million G10 FX NDFs currency pairs through its ForexClear service. This volume was achieved within one month of...
View ArticleEuronext Announces Volumes For November 2017
Euronext, the leading pan-European exchange in the Eurozone, today announced trading volumes for November 2017.read more...
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