Can Currency Competition Work? -- by Jesus Fernandez-Villaverde, Daniel Sanches
Can competition among privately issued fiat currencies such as Bitcoin or Ethereum work? Only sometimes. To show this, we build a model of competition among privately issued fiat currencies. We modify...
View ArticleOptimal Contracting with Subjective Evaluation: The Effects of Timing,...
We introduce a general Principal-Agent model with subjective evaluation and malfeasance characterized by two-sided asymmetric information on performance that allows for an arbitrary information...
View ArticleCanary in a Coal Mine: Infant Mortality, Property Values, and Tradeoffs...
Pollution is a common byproduct of economic activity. Although policymakers should account for both the benefits and the negative externalities of polluting activities, it is difficult to identify...
View ArticleDifferences in Quarterly Utilization-Adjusted TFP by Vintage, with an...
This paper documents large differences across vintages in the properties of the widely-used quarterly utilization-adjusted TFP series produced by Fernald (2014), who provides updated data each quarter...
View ArticleCorporate Resilience to Banking Crises: The Roles of Trust and Trade Credit...
Are firms more resilient to systemic banking crises in economies with higher levels of social trust? Using firm-level data in 34 countries from 1990 through 2011, we find that liquidity-dependent firms...
View ArticleThe Deposits Channel of Monetary Policy -- by Itamar Drechsler, Alexi Savov,...
We propose and test a new channel for the transmission of monetary policy. We show that when the Fed funds rate increases, banks widen the interest spreads they charge on deposits, and deposits flow...
View ArticleLearning, Career Paths, and the Distribution of Wages -- by Santiago Caicedo,...
We develop a theory of career paths and earnings in an economy in which agents organize in production hierarchies. Agents climb these organizational hierarchies as they learn stochastically from other...
View ArticleLevered Returns -- by Ivo Welch
Do financial markets properly reflect leverage? Unlike Gomes and Schmid (2010) who examine this question with a structural approach (using long-term monthly stock characteristics), my paper examines it...
View ArticleFaculty Preferences over Unionization: Evidence from Open Letters at Two...
What determines employee preferences for unionizing their workplaces? A substantial literature addresses this question with surveys on worker attitudes and pay. Unionization drives at the Universities...
View ArticleThe Real Effects of Liquidity During the Financial Crisis: Evidence from...
Illiquidity in short-term credit markets during the financial crisis might have severely curtailed the supply of non-bank consumer credit. Using a new data set linking every car sold in the United...
View ArticleDistribution-Constrained Optimal Stopping. (arXiv:1604.03042v1 [math.OC])
We solve the problem of optimal stopping of a Brownian motion subject to the constraint that the stopping time's distribution is a given measure consisting of finitely-many atoms. In particular, we...
View ArticleReconstruction of Order Flows using Aggregated Data. (arXiv:1604.02759v1...
In this work we investigate tick-by-tick data provided by the TRTH database for several stocks on three different exchanges (Paris - Euronext, London and Frankfurt - Deutsche B\"orse) and on a 5-year...
View ArticleNasdaq March 2016 Volumes, 1Q16 Est. Revenue Capture
Nasdaq (NASDAQ:NDAQ) today reported monthly volumes for March 2016, as well as quarterly volumes and estimated revenue capture for the quarter ending March 31, 2016, on its investor relations website....
View ArticleISDAâs 31st AGM To Highlight Impact Of Market Structure Changes
Leading regulators and industry participants will gather at the International Swaps and Derivatives Association’s (ISDA) 31st Annual General Meeting (AGM) in Tokyo this week to discuss the impact of...
View ArticleNew Zealand's Financial Markets Authority: Enforceable Undertaking From...
On 11 April 2016, Stephen Duff (also known as Nick Duff) offered, and the FMA accepted, the attached Enforceable Undertaking pursuant to section 46 of the Financial Markets Authority Act 2011.read more...
View ArticleVolante Technologies And Turkish Banking And Payments Experts Payfessional...
Volante Technologies Inc., a global leader in the provision of software for the integration, processing and orchestration of financial messages and payments, today announced the signing of a...
View ArticleTokyo Stock Exchange To Begin Calculating And Publishing Currency Hedged...
The Tokyo Stock Exchange (TSE) has been calculating and publishing the TOPIX Total ReturnDaily Hedged Index(Euro, GBP, US Dollar). TSE will start calculating and publishing the same version of the...
View ArticleESMA Publishes Updated Data On CRAsâ Performance Over 1/7/15 - 31/12/15
The European Securities and Markets Authority (ESMA) has published its latest set of semi-annual statistical data on the performance of credit ratings, including transition matrices and default...
View ArticleSingapore's Semiconductor Sector Averaged 4% Gain In 2016 YTD
Semiconductor chips are an important component of consumer electronics in addition to the global stock market. Semiconductor businesses are defined by the Global Industry Classification Standard...
View ArticleAssets Invested In ETFs/ETPs Listed In Europe Reach A New Record High Of 522...
Assets invested in ETFs/ETPs listed in Europe reach a new record high of US$522 billion US at the end of Q1 2016, according to preliminary data from ETFGI’s March 2016 global ETF and ETP industry...
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