The Economic Contribution of Unauthorized Workers: An Industry Analysis -- by...
This paper provides a quantitative assessment of the economic contribution of unauthorized workers to the U.S. economy, and the potential gains from legalization. We employ a theoretical framework that...
View ArticleWorld Shocks, World Prices, and Business Cycles: An Empirical Investigation...
Most existing studies of the macroeconomic effects of global shocks assume that they are mediated by a single intratemporal relative price such as the terms of trade and possibly an intertemporal price...
View ArticleScreening in Contract Design: Evidence from the ACA Health Insurance...
By steering patients to cost-effective substitutes, the tiered design of prescription drug formularies can improve the efficiency of healthcare consumption in the presence of moral hazard. However, a...
View ArticleMonetary 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 ArticleDisrupt Your Routine to Ignite Creativity
Blythe Harris, Stella and Dot's cofounder and chief creative officer, shared a few tips for stimulating creativity with Fast Company's Elizabeth Segran. For instance, Harris suggested that people...
View ArticleNasdaq MarketSite To Become Broadcast Home To CNBCâs Flagship Morning...
Nasdaq (Nasdaq:NDAQ) announced that CNBC's "Squawk Box" will broadcast from the Nasdaq MarketSite studio in Times Square, starting January 3, 2017, Monday - Friday at 6:00am EST.read more...
View ArticleBM&FBOVESPA Market Holiday Tuesday November 15 - Black Consciousness Day...
There will be no trading and settlement on BM&FBOVESPA’s markets on Tuesday (November 15).
View ArticleTSX Ignite 2016 Live Event Series Wraps Up In Vancouver On November 15
Toronto Stock Exchange (TSX) and TSX Venture Exchange wrap up this year's TSX Ignite live event series in Vancouver tomorrow, November 15.read more...
View ArticleFINRA: Study Finds 1 In 3 Student Loan Holders With Payments Due Are Late...
Nearly half of young Americans start their working lives with student debt, and 43 million Americans carry student loans. A new study by the Global Financial Literacy Excellence Center (GFLEC) at the...
View ArticleDTCC: Tax And Regulatory Differences, Operational Complexities Remain...
The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure provider for the global financial services industry, today released new research examining...
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