DGCX Launches Shanghai Gold Futures Boosting Precious Metals Trading in April
The Dubai Gold and Commodities Exchange (DGCX), the region’s largest and most diversified derivatives exchange, witnessed an eventful month of trading across its precious metals, base metals and...
View ArticleDubai Financial Services Authority Co-hosts Seminar On Islamic Finance
The Dubai Financial Services Authority (DFSA) hosted a seminar on “Liquidity Generating Innovations in Islamic Finance” in conjunction with the Islamic Financial Services Board (IFSB). The event was...
View ArticleRedline Trading Solutions Announces Support For Quincy Extreme Data Microwave...
Redline Trading Solutions, the premier provider of high-performance market data and order execution systems for automated trading, today announced its new feed handler for the Quincy Extreme Data™...
View ArticleOn the Joint Evolution of Culture and Institutions -- by Alberto Bisin,...
Explanations of economic growth and prosperity commonly identify a unique causal effect, e.g., institutions, culture, human capital, geography. In this paper we provide instead a theoretical modeling...
View ArticleA Letter and Encouragement: Does Information Increase Post-Secondary...
For individuals who experience job loss, enrollment in post-secondary programs may provide an opportunity to improve future employment outcomes. However, decisions to enroll may be hampered by...
View ArticleAre Mutual Fund Managers Paid For Investment Skill? -- by Markus Ibert, Ron...
Compensation of mutual fund managers is paramount to understanding agency frictions in asset delegation. We collect a unique registry-based dataset on the compensation of Swedish mutual fund managers....
View ArticleInfant Mortality and the Repeal of Federal Prohibition -- by David S. Jacks,...
Exploiting a newly constructed dataset on county-level variation in prohibition status from 1933 to 1939, this paper asks two questions: what were the effects of the repeal of federal prohibition on...
View ArticleLifetime Incomes in the United States over Six Decades -- by Fatih Guvenen,...
Using panel data on individual labor income histories from 1957 to 2013, we document two empirical facts about the distribution of lifetime income in the United States. First, from the cohort that...
View ArticleFiscal Rules and Sovereign Default -- by Laura Alfaro, Fabio Kanczuk
Recurrent concerns over debt sustainability in emerging and developed nations have prompted renewed debate on the role of fiscal rules. Their optimality, however, remains unclear. We provide a...
View ArticlePrices of High-Tech Products, Mismeasurement, and Pace of Innovation -- by...
Two recent papers have made compelling cases that mismeasurement of prices of high tech products cannot explain the slow pace of labor productivity growth that has prevailed since the mid-2000s. Does...
View ArticleCapital Accumulation, Private Property and Rising Inequality in China,...
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 ArticleBen-Porath meets Lazear: Lifetime Skill Investment and Occupation Choice with...
We develop a fairly general and tractable model of investment when workers can invest in multiple skills and different jobs put different weights on those skills. In addition to expected findings such...
View ArticleHow Far Is Too Far? New Evidence on Abortion Clinic Closures, Access, and...
We estimate the effect of Texas HB2, a TRAP law that shuttered nearly half of Texas' abortion clinics in late 2013. After demonstrating that pre-existing trends in abortion rates were unrelated to the...
View ArticleRisk of Life Insurers: Recent Trends and Transmission Mechanisms -- by Ralph...
We summarize recent trends in risk exposure for U.S. life insurers from variable annuities, shadow insurance, securities lending, and derivatives. We discuss how these sources of risk could be...
View ArticleOptimal Multistage Adjudication -- by Louis Kaplow
In many settings, there are preliminary or interim decision points at which legal cases may be terminated: e.g., motions to dismiss and for summary judgment in U.S. civil litigation, grand jury...
View ArticleGradual Portfolio Adjustment: Implications for Global Equity Portfolios and...
Modern open economy macro models assume the continuous adjustment of international portfolio allocation. We introduce gradual portfolio adjustment into a global equity market model. Our approach...
View ArticleUsing Kinked Budget Sets to Estimate Extensive Margin Responses: Evidence...
We develop a method for estimating the effect of a kinked budget set on workers' employment decisions, and we use it to estimate the impact of the Social Security Old-Age and Survivors Insurance (OASI)...
View ArticleEconomies of Density in E-Commerce: A Study of Amazon's Fulfillment Center...
We examine the economies of density associated with the expansion of Amazon's distribution network from 2006 to 2018. We demonstrate that, in placing a fulfillment center in a new state, Amazon faces a...
View ArticleAverting Catastrophes that Kill -- by Ian Martin, Robert S. Pindyck
We face a variety of potential catastrophes; nuclear or bioterrorism, a climate catastrophe, and a "mega-virus" are examples. Martin and Pindyck (AER 2015) showed that decisions to avert such...
View ArticleLiquidity Constraints in the U.S. Housing Market -- by Denis Gorea, Virgiliu...
We study the severity of liquidity constraints in the U.S. housing market using a life-cycle model with uninsurable idiosyncratic risks in which houses are illiquid, but agents have the option to...
View Article