Bank Health Post-Crisis -- by Kyriakos T. Chousakos, Gary B. Gorton
Economic growth is persistently low following a financial crisis, possibly because of a continuing weal banking system. In a financial crisis bank health is significantly damaged. Post-crisis...
View ArticleEvaluating Measures of Hospital Quality -- by Joseph J. Doyle, Jr., John A....
In response to unsustainable growth in health care spending, there is enormous interest in reforming the payment system to "pay for quality instead of quantity." While quality measures are crucial to...
View ArticleA Narrative Analysis of Mortgage Asset Purchases by Federal Agencies -- by...
This paper provides a narrative analysis of regulatory policy changes affecting the purchases and holdings of mortgages and related securities of five US government entities over the 1968-2014 period....
View ArticleWhen Britain turned inward: Protection and the shift towards Empire in...
International trade became much less multilateral during the 1930s. Previous studies, looking at aggregate trade flows, have argued that discriminatory trade policies had comparatively little to do...
View ArticleWorker Betas: Five Facts about Systematic Earnings Risk -- by Fatih Guvenen,...
The magnitude of and heterogeneity in systematic earnings risk has important implications for various theories in macro, labor, and financial economics. Using administrative data, we document how the...
View ArticleBankruptcy Spillovers -- by Shai Bernstein, Emanuele Colonnelli, Xavier...
How do different bankruptcy approaches affect the local economy? Using U.S. Census microdata at the establishment level, we explore the spillover effects of reorganization and liquidation on...
View ArticleWhat is the Price of Tea in China? Towards the Relative Cost of Living in...
We examine the price and variety of products at the barcode level in cities within China and the United States. In both countries, there is a greater variety of products in larger cities. But in China,...
View ArticleShort-Run Effects of Lower Productivity Growth. A Twist on the Secular...
Since 2010, U.S. GDP growth has been anemic, averaging 2.1% a year, and this despite interest rates very close to zero. Historically, one would have expected such low sustained rates to lead to much...
View ArticleBeyond the Classroom: The Implications of School Vouchers for Church Finances...
Governments have used vouchers to spend billions of dollars on private education; much of this spending has gone to religiously-affiliated schools. We explore the possibility that vouchers could create...
View ArticleMonetary Policy and the Predictability of Nominal Exchange Rates -- by Martin...
This paper documents two facts about the behavior of floating exchange rates in countries where monetary policy follows a Taylor-type rule. First, the current real exchange rate is highly negatively...
View ArticleCircumventing the Zero Lower Bound with Monetary Policy Rules Based on Money...
Discussions of monetary policy rules after the 2007-2009 recession highlight the potential ineffectiveness of a central bank's actions when the short-term interest rate under its control is limited by...
View ArticleThe End of Alchemy: A Review Essay -- by Roger E.A. Farmer
I review The End of Alchemy by Mervyn King, published by W.W. Norton and Company in 2016. I discuss King's proposed regulatory reform, the 'Pawn Broker for All Seasons' (PFAS) and I compare it to an...
View ArticleUndergraduate Econometrics Instruction: Through Our Classes, Darkly -- by...
The past half-century has seen economic research become increasingly empirical, while the nature of empirical economic research has also changed. In the 1960s and 1970s, an empirical economist's...
View ArticleShocks vs. Responsiveness: What Drives Time-Varying Dispersion? -- by David...
The dispersion of many economic variables is countercyclical. What drives this fact? Greater dispersion could arise from greater volatility of shocks or from agents responding more to shocks of...
View ArticleRevisions in Utilization-Adjusted TFP and Robust Identification of News...
This paper documents large revisions in a widely-used series of utilization-adjusted total factor productivity (TFP) by Fernald (2014) and shows that these revisions can materially affect empirical...
View ArticleKeynes and the Dollar in 1933 -- by Sebastian Edwards
On December 1933, John Maynard Keyes published an open letter to President Roosevelt, where he wrote: "The recent gyrations of the dollar have looked to me more like a gold standard on the booze than...
View ArticleEstimating Global Bank Network Connectedness -- by Mert Demirer, Francis X....
We use LASSO methods to shrink, select and estimate the high-dimensional network linking the publicly-traded subset of the world's top 150 banks, 2003-2014. We characterize static network connectedness...
View ArticleDid Medicaid Expansion Reduce Medical Divorce? -- by David Slusky, Donna Ginther
Prior to the Affordable Care Act, many state Medicaid eligibility rules had maximum asset levels. This was a problem when one member of a couple was diagnosed with a degenerative disease requiring...
View ArticleEndogenous Appropriability -- by Joshua S. Gans, Scott Stern
The appropriability of innovation depends not only on the instruments available to an innovator to protect private returns, but how those instruments interact with each other as part of the firm's...
View ArticleLiving Mindfully: Discovering Authenticity through Mindfulness Coaching
Written by a practitioner with over 25 years of experience, Living Mindfully shows how mindfulness can be integrated with coaching in order to enhance motivation and achieve an authentic life.read more...
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