Finance and Growth: Household Savings, Public Investment, and Public Health...
Saving is essential to the health of economies because it provides the wherewithal for investment. In the late nineteenth century, saving was also essential to the health of urban working-class...
View ArticleWhy You Should Never Use the Hodrick-Prescott Filter -- by James D. Hamilton
Here's why. (1) The HP filter produces series with spurious dynamic relations that have no basis in the underlying data-generating process. (2) Filtered values at the end of the sample are very...
View ArticleFinancial Intermediation in Private Equity: How Well Do Funds of Funds...
This paper focuses on funds of funds (FOFs) as a form of financial intermediation in private equity (both buyout and venture capital). After accounting for fees, FOFs provide returns equal to or above...
View ArticleThe Lerner Symmetry Theorem: Generalizations and Qualifications -- by Arnaud...
The Lerner Symmetry Theorem (Lerner, 1936) establishes the equivalence between import tariffs and export taxes in a simple neoclassical economy with two countries, two final goods, and no trade costs....
View ArticleThe Cross-Border Spillover Effects of Recreational Marijuana Legalization --...
We examine the spillover effects of recreational marijuana legalization (RML) in Colorado and Washington on neighboring states. We find that RML causes a sharp increase in marijuana possession arrests...
View ArticleStraight Talkers and Vague Talkers: The Effects of Managerial Style in...
Managers conducting earnings conference calls display distinctive styles in their word choice. Some CEOs and CFOs are straight talkers. Others, by contrast, are vague talkers. Vague talkers routinely...
View ArticleMonetary Policy through Production Networks: Evidence from the Stock Market...
Monetary policy shocks have a large impact on stock returns in narrow windows around press releases by the Federal Reserve. We use spatial autoregressions to decompose the overall effect of monetary...
View ArticleLags, Costs, and Shocks: An Equilibrium Model of the Oil Industry -- by...
We use a new micro data set to compile some key facts about the oil market and estimate a structural industry equilibrium model that is consistent with these facts. We find that demand and supply...
View ArticleThe Causes and Costs of Misallocation -- by Diego Restuccia, Richard Rogerson
Why do living standards differ so much across countries? A consensus in the development literature is that differences in productivity are a dominant source of these differences. But what accounts for...
View ArticleRacial Bias in Bail Decisions -- by David Arnold, Will Dobbie, Crystal S. Yang
This paper develops a new test for identifying racial bias in the context of bail decisions - a high-stakes setting with large disparities between white and black defendants. We motivate our analysis...
View ArticleInnovation-Led Transitions in Energy Supply -- by Derek Lemoine
I reconcile a benchmark model of directed technical change with the historical experience of energy transitions by allowing for a non-unitary elasticity of substitution between machines and the other...
View ArticleImperfect Financial Markets and Shareholder Incentives in Partial and General...
We analyze the firm-level and aggregate consequences of equity market imperfections in the form of noisy information aggregation for corporate risk-taking and investment. Market imperfections cause...
View ArticleSurvey Measurement of Probabilistic Macroeconomic Expectations: Progress and...
Economists commonly suppose that persons have probabilistic expectations for uncertain events, yet empirical research measuring expectations was long rare. The inhibition against collection of...
View ArticleChinese Investors Get Access To MOEX Russian Market Data
As of 23 May 2017, clients of China"s top four financial information vendors, Great Wisdom, Wind, East Money and Emoney, have started to receive Moscow Exchange"s real-time market data. read more...
View ArticleHKEX Announces Launch Date For Revised Stock Option Position Limit Model
Hong Kong Exchanges and Clearing Limited (HKEX) announced today that it will introduce its revised stock option position limit (SOPL) model on 1 June 2017 and new limits will take effect on the same...
View ArticleDecoded: Breaking down how an actual trading algorithm works. Want to impress...
Love this explainer of a basic trading algorithm https://t.co/14GXryQ1ZJ â Tim Fernholz (@TimFernholz) May 22, 2017
View ArticleSOMO To Sell A Second Basrah Light Cargo On DME Auction Platform - 2 Million...
Dubai Mercantile Exchange (DME) announced today that SOMO is set to sell a second Basrah Light cargo on the DME auction platform, following the success of the first auction. Two million barrels of...
View ArticleFormer Directors Jailed Six Months For Misleading Financial Disclosures To...
The Court of Appeal today allowed Securities Commission Malaysia (SC)’s appeal to enhance sentences meted out against former executive directors of Welli Multi Corporation Bhd (Welli Multi), Ang Sun...
View ArticleRSRCHXchange To Offer Research Consumption Data Via CorpAxe Platform For...
RSRCHXchange, the MiFID II research solution and marketplace for institutional research, today announces a partnership with CorpAxe, a market-leading solution for corporate access management (inclusive...
View ArticleSustainable Finance Initiative Launched To Good Reception - Sustainable...
Deutsche Börse AG launches its “Accelerating Sustainable Finance” initiative on Tuesday, together with other key players from Frankfurt’s financial centre. The launch conference will feature...
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