NSD Approves Its Valuation Centerâs Expert Council Composition And...
National Settlement Depository (NSD), Russia’s central securities depository, has approved a series of regulations governing the operations of its Valuation Center, including the Regulations on NSD’s...
View ArticleIFORS Regional Groupings â IFORS News September 2016
As President of IFORS I write a quarterly column for its IFORS Newsletter (which I highly recommend). Â This is my column for September 2016.read more...
View ArticleClearstreamâs Monthly Report
After the successful third migration wave, TARGET2 Securities (T2S) is now gaining momentum, and Europe is one step closer to a harmonised settlement. With its own migration drawing near, Clearstream...
View ArticleReal Anomalies -- by Jules H. van Binsbergen, Christian C. Opp
We examine the importance of asset pricing anomalies (alphas) for the real economy. We develop a novel quantitative model with lumpy investment that features such informational inefficiencies and...
View ArticleTrade Policy and Redistribution when Preferences are Non-Homothetic -- by...
We compare redistribution through trade restrictions vs. domestic lump-sum transfers. When preferences are non-homothetic, even domestic lump-sum transfers affect relative prices. Thus, contrary to the...
View ArticleThe Earnings of Undocumented Immigrants -- by George J. Borjas
Over 11 million undocumented persons reside in the United States, and there has been a heated debate over the impact of legislative or executive efforts to regularize the status of this population....
View ArticleFinancial Markets and Fiscal Unions -- by Patrick J. Kehoe, Elena Pastorino
Do sophisticated international financial markets obviate the need for an active union-wide authority to orchestrate fiscal transfers between countries to provide adequate insurance against...
View ArticleThe Emergence of Market Structure -- by Maryam Farboodi, Gregor Jarosch,...
What market structure emerges when market participants can choose the rate at which they contact others? We show that traders who choose a higher contact rate emerge as intermediaries, earning profits...
View ArticleIntangible Capital and Measured Productivity -- by Ellen R. McGrattan
Because firms invest heavily in R&D, software, brands, and other intangible assets--at a rate close to that of tangible assets--changes in measured GDP, which does not include all intangible in-...
View ArticlePoorly Measured Confounders are More Useful on the Left Than on the Right --...
Researchers frequently test identifying assumptions in regression based research designs (which include instrumental variables or difference-in-differences models) by adding additional control...
View ArticleAsset Mispricing -- by Kurt F. Lewis, Francis A. Longstaff, Lubomir Petrasek
We use a unique dataset of corporate bonds guaranteed by the full faith and credit of the U.S. to test a number of recent theories about why asset prices may diverge from fundamental values. These...
View ArticleThe Economics of Non-Marital Childbearing and The "Marriage Premium for...
A large literature exists on the impact of family structure on children's outcomes, typically focusing on average effects. We build on this with an economic framework that has heterogeneous predictions...
View ArticleAre the Rich More Selfish than the Poor, or Do They Just Have More Money? A...
The growing concentration of resources among the rich has re-ignited a discussion about whether the rich are more selfish than others. While many recent studies show the rich behaving less...
View ArticleThe Making of Hawks and Doves: Inflation Experiences on the FOMC -- by Ulrike...
We show that personal experiences of inflation strongly influence the hawkish or dovish leanings of central bankers. For all members of the Federal Open Market Committee (FOMC) since 1951, we estimate...
View ArticleDissecting Characteristics Nonparametrically -- by Joachim Freyberger,...
We propose a nonparametric method to test which characteristics provide independent information for the cross section of expected returns. We use the adaptive group LASSO to select characteristics and...
View ArticleThe Investment CAPM -- by Lu Zhang
A new class of Capital Asset Pricing Models (CAPM) arises from the first principle of real investment for individual firms. Conceptually as "causal"' as the consumption CAPM, yet empirically more...
View ArticleShock Restricted Structural Vector-Autoregressions -- by Sydney C. Ludvigson,...
Identifying assumptions need to be imposed on autoregressive models before they can be used to analyze the dynamic effects of economically interesting shocks. Often, the assumptions are only rich...
View ArticleEarnings Inequality and Mobility Trends in the United States: Nationally...
Using earnings data from the U.S. Census Bureau, this paper analyzes the role of the employer in explaining the rise in earnings inequality in the United States. We first establish a consistent frame...
View ArticleGlobalized Israel: High Tech Prowess and Buttressing FDI -- by Assaf Razin
The paper reviews the crucial role which globalization forces played in Israel's transformation from low tech to high tech economy. Special emphasis is placed on foreign direct investment as a driver...
View ArticleMeasures of Participation in Global Value Chains and Global Business Cycles...
This paper makes two methodological contributions. First, it proposes a framework to decompose total production activities at the country, sector, or country-sector level, to different types, depending...
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