The Decline in Bank-Led Corporate Restructuring in Japan: 1981-2010 -- by...
Using a unique dataset on all major corporate restructuring events in Japan between 1981 and 2010, we examine how bank-led rescue operations in Japan have changed over time. The incidence of...
View ArticleEffects of State-Level Earned Income Tax Credit Laws in the U.S. on Maternal...
The purpose of this paper is to investigate the effects of state-level Earned Income Tax Credit (EITC) laws in the U.S. on maternal health behaviors and infant health outcomes. Using multi-state,...
View ArticleMigration-Induced Redistribution with and without Migrant's Voting -- by...
We are motivated by the unique migration experience of Israel of a supply-side shock triggering skilled immigration and the concurrent decline in welfare-state redistribution. This paper develops a...
View ArticleFrom Soviets to Oligarchs: Inequality and Property in Russia, 1905-2016 -- by...
This paper combines national accounts, survey, wealth and fiscal data (including recently released tax data on high-income taxpayers) in order to provide consistent series on the accumulation and...
View ArticleCentral Bank Digital Currency and the Future of Monetary Policy -- by Michael...
We consider how a central bank digital currency (CBDC) could transform all aspects of the monetary system and facilitate the systematic and transparent conduct of monetary policy. In particular, we...
View ArticleMostly Harmless Regulation? Electronic Cigarettes, Public Policy and Consumer...
Electronic cigarettes are a less harmful alternative to combustible cigarettes. We analyze data on e-cigarette choices in an online experimental market. Our data and mixed logit model capture two...
View ArticleCan Superstition Create a Self-Fulfilling Prophecy? School Outcomes of Dragon...
In Chinese culture those who are born in the year of the Dragon under the zodiac calendar are believed to be destined for good fortune and greatness, and parents prefer their kids to be born in a...
View ArticleMispriced Index Option Portfolios -- by George M. Constantinides, Michal...
The optimal portfolio of a utility-maximizing investor trading in the S&P 500 index and cash, subject to proportional transaction costs, becomes stochastically dominated when overlaid with a...
View ArticleRethinking the Power of Forward Guidance: Lessons from Japan -- by Mark Gertler
In the spring of 2013 the Bank of Japan introduced a state-of-the-art monetary policy which included among other things inflation targeting and aggressive use of forward guidance. In contrast to the...
View ArticleThe Time-Varying Price of Financial Intermediation in the Mortgage Market --...
The U.S. mortgage market links homeowners with savers all over the world. In this paper, we ask how much of the flow of money from savers to borrowers goes to the intermediaries that facilitate these...
View ArticleReal Exchange Rates, Income per Capita, and Sectoral Input Shares -- by...
Aggregate price levels are positively related to GDP per capita across countries. We propose a mechanism that rationalizes this observation through sectorial differences in intermediate input shares....
View ArticleCyclical Dispersion in Expected Defaults -- by Joao F. Gomes, Marco...
A growing literature shows that credit indicators forecast aggregate real outcomes. While researchers have proposed various explanations, the economic mechanism behind these results remains an open...
View ArticleThe Gendered Spillover Effect of Young Children's Health on Human Capital:...
Recent policy debates on closing the education gender gap in developing countries have focused on cash transfers, but standard models of intrahousehold allocation imply that reducing the opportunity...
View ArticleIndustrial Development and Long-Run Prosperity -- by Raphael Franck, Oded Galor
This research explores the long-run effect of industrialization on the process of development. In contrast to conventional wisdom that views industrial development as a catalyst for economic growth,...
View ArticleHealth Insurance and the Boomerang Generation: Did the 2010 ACA Dependent...
We test whether the ACA dependent care provision is associated with young adults' propensity to live with/near parents and to receive food assistance. Data come from the 2008 Survey of Income and...
View ArticleInside Job or Deep Impact? Using Extramural Citations to Assess Economic...
Does academic economic research produce material of scientific value, or are academic economists writing only for clients and peers? Is economics scholarship uniquely insular? We address these...
View ArticleCrime and Violence: Desensitization in Victims to Watching Criminal Events --...
We study desensitization to crime in a lab experiment by showing footage of criminal acts to a group of subjects, some of whom have been previously victimized. We measure biological markers of stress...
View ArticleCFTC Charges South Carolina Resident Thomas Lanzana, Florida Resident Nikolay...
The U.S. Commodity Futures Trading Commission (CFTC) filed a civil enforcement action against Defendants Thomas Lanzana (d/b/a Unique Forex) and his company Blackbox Pulse, LLC, and Nikolay Masanko and...
View ArticleDGM: A deep learning algorithm for solving partial differential equations....
High-dimensional PDEs have been a longstanding computational challenge. We propose a deep learning algorithm similar in spirit to Galerkin methods, using a deep neural network instead of linear...
View ArticleSecond order approximations for limit order books. (arXiv:1708.07394v1...
In this paper we derive a second order approximation for an infinite dimensional limit order book model, in which the dynamics of the incoming order flow is allowed to depend on the current market...
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