Measuring Liquidity Mismatch in the Banking Sector -- by Arvind...
This paper implements a liquidity measure, "Liquidity Mismatch Index (LMI)," to gauge the mismatch between the market liquidity of assets and the funding liquidity of liabilities. We construct the LMIs...
View ArticleWhat Makes a Price Fair? An Experimental Analysis of Market Experience and...
People's fairness preferences are an important constraint for what constitutes an acceptable economic transaction, yet little is known about how these preferences are formed. In this paper, we provide...
View ArticleGlobal Firms -- by Andrew B. Bernard, J. Bradford Jensen, Stephen J. Redding,...
Research in international trade has changed dramatically over the last twenty years, as attention has shifted from countries and industries towards the firms actually engaged in international trade....
View ArticleLate-in-Life Risks and the Under-Insurance Puzzle -- by John Ameriks, Joseph...
Individuals face significant late-in-life risks, including needing long-term care (LTC). Yet, they hold little long-term care insurance (LTCI). Using both "strategic survey questions," which identify...
View ArticleLearning and Earning: An Approximation to College Value Added in Two...
This paper explores the implications of measuring college productivity in two different dimensions: earning and learning. We compute system-wide measures using administrative data from the country of...
View ArticleWhy Not Taxation and Representation? A Note on the American Revolution -- by...
Why did the most prosperous colonies in the British Empire mount a rebellion? Even more puzzling, why didn't the British agree to have American representation in Parliament and quickly settle the...
View ArticleDo Rare Events Explain CDX Tranche Spreads? -- by Sang Byung Seo, Jessica A....
We investigate whether a model with a time-varying probability of economic disaster can explain the pricing of collateralized debt obligations, both prior to and during the 2008-2009 financial crisis....
View ArticleChoosing Between an Estate Tax and a Basis Carryover Regime: Evidence from...
Executors of estates for decedents in 2010 could choose between an estate tax regime and a basis carry-over regime. For most executors, this created a tradeoff between a current estate tax payment and...
View ArticleChildhood Housing and Adult Earnings: A Between-Siblings Analysis of Housing...
To date, research on the long-term effects of childhood participation in voucher-assisted and public housing has been limited by the lack of data and suitable identification strategies. We create a...
View ArticleA Ricardian-Demand Explanation for Changing Pharmaceutical R&D...
This paper examines trends in the aggregate productivity of the pharmaceutical sector over the past three decades. We incorporate Ricardo's insight about demand-driven productivity in settings of...
View ArticleEducation Quality and Teaching Practices -- by Marina Bassi, Costas Meghir,...
This paper uses a RCT to estimate the effectiveness of guided instruction methods as implemented in under-performing schools in Chile. The intervention improved performance substantially for the first...
View ArticleBehavioral Welfare Economics and FDA Tobacco Regulations -- by Philip...
The U.S. 2009 Tobacco Control Act opened the door for new anti-smoking policies by giving the Food and Drug Administration broad regulatory authority over the tobacco industry. We develop a behavioral...
View ArticlePutting the Pension Back in 401(k) Plans: Optimal versus Default Longevity...
Most defined contribution pension plans pay benefits as lump sums, yet the US Treasury has recently encouraged firms to protect retirees from outliving their assets by converting a portion of their...
View ArticleBidding Dynamics in Auctions -- by Hugo Hopenhayn, Maryam Saeedi
This paper studies bidding dynamics where values and bidding opportunities follow an unrestricted joint Markov process, independent across agents. Bids cannot be retracted, as is frequently the case in...
View ArticlePoverty Traps and the Social Protection Paradox -- by Munenobu Ikegami,...
Progressively targeted cash transfers remain the dominant policy response to chronic poverty in developing countries. But are there alternative social protection policies that might have larger poverty...
View ArticlePerformance Standards in Need-Based Student Aid -- by Judith Scott-Clayton,...
College attendance is a risky investment. But students may not recognize when they are at risk for failure, and financial aid introduces the possibility for moral hazard. Academic performance standards...
View ArticleTort Reform and Innovation -- by Alberto Galasso, Hong Luo
Current academic and policy debates focus on the impact of tort reforms on physicians' behavior and medical costs. This paper examines whether these reforms also affect incentives to develop new...
View ArticleStatement of Commissioner J. Christopher Giancarlo on the Proposed Rule on...
Statement of Commissioner J. Christopher Giancarlo on the Proposed Rule on Cross-Border Application of the Registration Thresholds and External Business Conduct Standards Applicable to Swap Dealers and...
View ArticleConcurring Statement of Commissioner Sharon Y. Bowen Regarding Cross-Border...
Concurring Statement of Commissioner Sharon Y. Bowen Regarding Cross-Border Application of the Registration Thresholds and External Business Conduct Standards Applicable to Swap Dealers and Major Swap...
View ArticleStatement of Chairman Timothy Massad on Proposed Rule Regarding the...
Statement of Chairman Timothy Massad on Proposed Rule Regarding the Application of Certain Swap Provisions in Cross-Border Transactions
View Article