Animal Spirits in a Monetary Model -- by Roger E.A. Farmer, Konstantin Platonov
We integrate Keynesian economics with general equilibrium theory in a new way. Our approach differs from the prevailing New Keynesian paradigm in two ways. First, our model displays steady state...
View ArticleThe Theory of Unconventional Monetary Policy -- by Roger Farmer, Pawel Zabczyk
This paper is about the effectiveness of qualitative easing, a form of unconventional monetary policy that changes the risk composition of the central bank balance sheet with the goal of stabilizing...
View ArticleRethinking Performance Evaluation -- by Campbell R. Harvey, Yan Liu
We show that the standard equation-by-equation OLS used in performance evaluation ignores information in the alpha population and leads to severely biased estimates for the alpha population. We propose...
View ArticleOn the Optimal Inflation Rate -- by Markus K. Brunnermeier, Yuliy Sannikov
In our incomplete markets economy financial frictions affect the optimal inflation target. Households choose portfolios consisting of risky (uninsurable) capital and money. Money is a bubbly store of...
View ArticleGovernment Old-Age Support and Labor Supply: Evidence from the Old Age...
Many major government programs transfer resources to older people and implicitly or explicitly tax their labor. In this paper, we shed new light on the labor supply effects of such programs by...
View ArticleClans, Guilds, and Markets: Apprenticeship Institutions and Growth in the...
In the centuries leading up to the Industrial Revolution, Western Europe gradually pulled ahead of other world regions in terms of technological creativity, population growth, and income per capita. We...
View ArticleThe Production of Human Capital in Developed Countries: Evidence from 196...
Randomized field experiments designed to better understand the production of human capital have increased exponentially over the past several decades. This chapter summarizes what we have learned about...
View ArticleThe Discounted Euler Equation: A Note -- by Alisdair McKay, Emi Nakamura, Jon...
We present a simple model with unemployment risk and borrowing constraints which yields a "discounted Euler equation." This feature of the model mutes the extent to which news about far future real...
View ArticleTax Benefits for College Attendance -- by Susan Dynarski, Judith Scott-Clayton
National efforts to promote college enrollment are increasingly delivered through tax-based assistance, including tax credits and deductions for tuition and fees, tax-advantaged college savings plans,...
View ArticleTargeted or Universal Coverage? Assessing Heterogeneity in the Effects of...
We extend earlier research evaluating the Quebec Family Policy by providing the first evidence on the distributional effects of universal child care on two specific developmental outcomes. Our analysis...
View ArticleQuantitative Models of Sovereign Debt Crises -- by Mark Aguiar, Satyajit...
This chapter is on quantitative models of sovereign debt crises in emerging economies. We interpret debt crises broadly to cover all of the major problems a country can experience while trying to issue...
View ArticleNigeria Stock Exchange/London Stock Exchange Group Partner To Host Capital...
In line with its commitment to provide quoted companies global visibility and access to deep capital pools, The Nigerian Stock Exchange (The Exchange or NSE), in partnership with the London Stock...
View ArticleMoscow Exchange Trading Volumes In March 2016
Moscow Exchange (ticker: MOEX) announces trading volumes for March 2016. Total trading volumes increased by 43.4% YoY to RUB 74.7 trln. The Derivatives Market and FX Market posted the strongest growth,...
View ArticleMiFID II â ESMA: No Need To Temporarily Exclude ETDs From Open Access...
The European Securities and Markets Authority (ESMA) sees no need to temporarily exclude exchange-traded derivatives (ETDs) from non-discriminatory access to central counterparties (CCPs) and trading...
View ArticleBörse Berlin: Turnover Q1 2016 Reaches â¬15.6 Billion
Market participants are dumbfounded – this is the worst start of a trading year most of them can remember. Nevertheless Börse Berlin managed to maintain its position compared to Q4 2015. read more...
View ArticleCHX Announces May 13 Start For SNAP Auctions
Today the Chicago Stock Exchange (CHX) announced plans to introduce its auction products – Participant-initiated on-demand SNAPSM Auctions as well as Exchange-Initiated SNAP Auctions – starting May 13,...
View ArticleCFTC Financial Data For Futures Commission Merchants Update
This information has recently been updated, and is now available.read more...
View ArticleUBS Publishes Agenda For The Annual General Meeting Of UBS Group AG On 10 May...
The Board of Directors of UBS Group AG is proposing Robert W. Scully and Dieter Wemmer for election as new members of the Board of Directors for a one-year term. Robert W. Scully (1950) served as a...
View ArticleThomson Reuters Acquires WM/Reuters Foreign Exchange Benchmarks From State...
Thomson Reuters today announced it has acquired WM/Reuters FX benchmark rate calculation business of The World Markets Company (WM) from State Street Corporation. The acquisition will be effective...
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