Monetary Policy and the Stock Market: Time-Series Evidence -- by Andreas...
We construct a slope factor from changes in federal funds futures of different horizons. Slope predicts stock returns at the weekly frequency: faster monetary policy easing positively predicts excess...
View ArticleAn Economic Analysis of U.S Airline Fuel Economy Dynamics from 1991 to 2015...
Airline transport generates a growing share of global greenhouse gas emissions but as of late 2016, this sector has not faced U.S. fuel economy or emissions regulation. At any point in time, airlines...
View ArticleExchange Traded Funds (ETFs) -- by Itzhak Ben-David, Francesco Franzoni,...
Over two decades, ETFs have become one of the most popular investment vehicle among retail and professional investors due to their low transaction costs and high liquidity, taking market share from...
View ArticleCorporate Deleveraging -- by Harry DeAngelo, Andrei S. Goncalves, Rene M. Stulz
Proactive deleveraging from all-time peak market leverage (ML) to near-zero ML and negative net debt is the norm among 4,476 nonfinancial firms with five or more years of post-peak data. ML is 0.543 at...
View ArticleInflation Dynamics During the Financial Crisis -- by Simon Gilchrist, Raphael...
Using a novel dataset, which merges good-level prices underlying the PPI with the respondents' balance sheets, we show that liquidity constrained firms increased prices in 2008, while their...
View ArticleHospital Competition, Quality, and Expenditures in the U.S. Medicare...
Theoretical models of competition with fixed prices suggest that hospitals should compete by increasing quality of care for diseases with the greatest profitability and demand elasticity. Most...
View ArticlePutting the Cycle Back into Business Cycle Analysis -- by Paul Beaudry, Dana...
This paper begins by re-examining the spectral properties of several cyclically sensitive variables such as hours worked, unemployment and capacity utilization. For each of these series, we document...
View ArticleTime-Inconsistent Charitable Giving -- by James Andreoni, Marta Serra-Garcia
This paper examines the interaction between moral contradictions and time in charitable giving. Applying a simple theoretical framework to two longitudinal experiments with actual charitable donations,...
View ArticleThe Optimal Distribution of Population across Cities -- by David Albouy,...
The received economic wisdom is that cities are too big and that public policy should limit their sizes. This wisdom assumes, unrealistically, that city sites are homogeneous, migration is unfettered,...
View ArticleHeterogeneity and Persistence in Returns to Wealth -- by Andreas Fagereng,...
We provide a systematic analysis of the properties of individual returns to wealth using twenty years of population data from Norway's administrative tax records. We document a number of novel results....
View ArticleDurable Coalitions and Communication: Public versus Private Negotiations --...
We present a laboratory experiment to study the effect of communication on durable coalitions - coalitions that support the same allocation from one period to the next. We study a bargaining setting...
View ArticlePuzzles in the Forex Tokyo "Fixing": Order Imbalances and Biased...
"Fixing" in the foreign exchange market is a market practice that determines the bid-ask-mid-point exchange rate at a scheduled time, 10am in Tokyo and 4pm in London. The fixing exchange rate is then...
View ArticleInternational Borrowing Cycles: A New Historical Database -- by Graciela L....
The ongoing slowdown in international capital flows has brought again to the attention the booms and bust cycles in international borrowing. Many suggest that capital flow bonanzas are excessive,...
View ArticleTechnical Aspects of Correspondence Studies -- by Joanna Lahey, Ryan Beasley
This paper discusses technical concerns and choices that arise when crafting a correspondence or audit study using external validity as a motivating framework. We will discuss resume creation,...
View ArticleGender, Marriage, and Life Expectancy -- by Margherita Borella, Mariacristina...
Wages and life expectancy, as well as labor market outcomes, savings, and consumption, differ by gender and marital status. In this paper we compare the aggregate implications of two dynamic structural...
View ArticleHousing Demand, Cost-of-Living Inequality, and the Affordability Crisis -- by...
Since 1970, housing's relative price, share of expenditure, and ``unaffordability'' have all grown. We estimate housing demand using a novel compensated framework over space and an uncompensated...
View ArticleThe Affordable Care Act as Retiree Health Insurance: Implications for...
Using data from the Health and Retirement Study, we examine the effects of the Affordable Care Act (ACA) on retirement. We first calculate retirements (and in related analyses changes in expected ages...
View ArticlePast Performance and Procurement Outcomes -- by Francesco Decarolis,...
Reputational incentives may be a powerful mechanism for improving supplier performance. We analyze their role in contract awarding, exploiting an experiment run by a firm which introduced a new vendor...
View ArticleOn a World Climate Assembly and the Social Cost of Carbon -- by Martin Weitzman
This paper postulates the conceptually useful allegory of a futuristic "World Climate Assembly" (WCA) that votes for a single worldwide price on carbon emissions via the basic democratic principle of...
View ArticleInternational Transmissions of Monetary Shocks: Between a Trilemma and a...
This paper re-examines international transmissions of monetary policy shocks from advanced economies to emerging market economies. In terms of methodologies, it combines three novel features. First, it...
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