Hires and Separations in Equilibrium -- by Edward P. Lazear, Kristin McCue
Hiring is positively correlated with separation, both across firms and over time. A theory of hiring and separation based on shifts in demand implies the opposite. One firm or industry hires and grows...
View ArticleWill Ad Blocking Break the Internet? -- by Ben Shiller, Joel Waldfogel,...
Ad blockers allow Internet users to obtain information without generating ad revenue for site owners; and by 2016 they were used by roughly a quarter of site visitors. Given the ad-supported nature of...
View Article[1701.05632] The Internet as Quantitative Social Science Platform: Insights...
Research: The Internet as Quantitative Social Science Platform: Insights from a Trillion Observations. (arXiv:17... https://t.co/D2iYKbqxN5 â moneyscienceâ¦
View ArticleâBarclays took my £440,000 and put me through hellâ
Customers are getting caught up as banks de-risk due to money laundering laws. https://t.co/Ov95Pvxl2w â moneyscience (@moneyscience) January 23, 2017
View ArticleEconomics cannot isolate itself from political theory: a mathematical...
The purpose of this paper is to provide a confession of sorts from an economist to political science and philosophy. A confession of the weaknesses of the political position of the economist. It is...
View ArticleEconomic Growth Model with Constant Pace and Dynamic Memory....
The article discusses a generalization of model of economic growth with constant pace, which takes into account the effects of dynamic memory. Memory means that endogenous or exogenous variable at a...
View ArticleA Dual Method For Backward Stochastic Differential Equations with Application...
We propose a numerical recipe for risk evaluation defined by a backward stochastic differential equation. Using dual representation of the risk measure, we convert the risk valuation to a stochastic...
View ArticleTopology data analysis of critical transitions in financial networks....
We develop a topology data analysis-based method to detect early signs for critical transitions in financial data. From the time-series of multiple stock prices, we build time-dependent correlation...
View ArticleAsymptotic efficiency of the proportional compensation scheme for a large...
We consider a manager, who allocates some fixed total payment amount between $N$ rational agents in order to maximize the aggregate production. The profit of $i$-th agent is the difference between the...
View ArticleCalibration of a Four-Factor Hybrid Local-Stochastic Volatility Model with a...
We propose a novel and generic calibration technique for four-factor foreign-exchange hybrid local-stochastic volatility models with stochastic short rates. We build upon the particle method introduced...
View ArticleFatou Property, representations, and extensions of law-invariant risk...
We provide a variety of results for (quasi)convex, law-invariant functionals defined on a general Orlicz space, which extend well-known results in the setting of bounded random variables. First, we...
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January 2017 Data Update 4: Country Risk Update
In my last post, I pointed to currency confusion as one of the side effects of globalization. In this one, I will argue that as companies and investors globalize, investors and analysts have no choice...
View ArticleRedemption risk and cash hoarding by asset managers
Household debt levels relative to GDP have risen rapidly in many countries over the past decade. We investigate the macroeconomic impact of such increases by employing a novel estimation technique...
View ArticleGross Capital Inflows to Banks, Corporates and Sovereigns -- by Stefan...
We construct a new data set for gross capital inflows during 1996-2014 for 85 countries at a quarterly frequency. We decompose debt inflows by borrower type: banks, corporates and sovereigns. Using our...
View ArticleAssignment of Stock Market Coverage -- by Briana Chang, Harrison Hong
Price efficiency plays an important role in financial markets. Firms influence it, particularly when they issue public equity. They can hire a reputable underwriter with a star analyst to generate...
View ArticleSecondary Pharmaceutical Patenting: A Global Perspective -- by Bhaven N....
Pharmaceutical firms' use of secondary patents to extend periods of exclusivity generates concerns among policymakers worldwide. In response, some developing countries have introduced measures to curb...
View ArticleThe (Dis)Advantages of Clearinghouses Before the Fed -- by Matthew S. Jaremski
Operating in individual cities, U.S. clearinghouses were the closest thing to a central bank before 1914, but they only assisted banks that chose to join the association. Using an annual bank-level...
View ArticleHow Are SNAP Benefits Spent? Evidence from a Retail Panel -- by Justine S....
We use a novel retail panel with more than six years of detailed transaction records to study the effect of participation in the Supplemental Nutrition Assistance Program (SNAP) on household spending....
View ArticleChallenges in Constructing a Survey-Based Well-Being Index -- by Daniel J....
Many in both government and academia are showing renewed interest in developing new measures of national well-being. A new measure that goes "beyond GDP" to comprehensively capture non-market goods...
View ArticleAre Protests Games of Strategic Complements or Substitutes? Experimental...
The decision to protest is strategic: an individual's participation is a function of her beliefs about others' turnout. Models of protest often assume strategic complementarity; however, the challenge...
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