London Metal Exchange Price Exclusivity Falls On Global Stage - By Jason...
Globally, base metal trading has expanded since the sale of the London Metal Exchange (LME) to the HKEx. Taking the two main exchanges for base metals - the LME and the Shanghai Futures Exchange (SHFE)...
View ArticleESMA Seeking Commodity Derivatives Experts To Join Consultative Industry Group
The European Securities and Markets Authority (ESMA) has published today a call for candidates to newly constitute a Consultative Working Group (CWG) for the ESMA Commodity Derivatives Task Force...
View ArticleMeasuring Polarization in High-Dimensional Data: Method and Application to...
We study trends in the partisanship of Congressional speech from 1873 to 2009. We define partisanship to be the ease with which an observer could infer a congressperson's party from a fixed amount of...
View ArticleRBC Methodology and the Development of Aggregate Economic Theory -- by Edward...
This essay reviews the development of neoclassical growth theory, a unified theory of aggregate economic phenomena that was first used to study business cycles and aggregate labor supply. Subsequently,...
View ArticleFinders, Keepers? -- by Niko Jaakkola, Daniel Spiro, Arthur A. van Benthem
Natural resource taxation and investment often exhibit cyclical behavior, associated with shifts in political power. Why do finders get to keep more of their discoveries in some periods than others? We...
View ArticleCan Paying Firms Quicker Affect Aggregate Employment? -- by Jean-Noel Barrot,...
In 2011, the federal government accelerated payments to their small business contractors, spanning virtually every county and industry in the US. We study the impact of this reform on county-sector...
View ArticleDisability Benefit Generosity and Labor Force Withdrawal -- by Kathleen...
A key component for estimating the optimal size and structure of disability insurance (DI) programs is the elasticity of DI claiming with respect to benefit generosity. Yet, in many countries,...
View ArticleThe New Keynesian Transmission Mechanism: A Heterogenous-Agent Perspective --...
We argue that a 2-agent version of the standard New Keynesian model--where a "worker" receives only labor income and a "capitalist" only profit income-- offers insights about how income inequality...
View ArticleBride Price and Female Education -- by Nava Ashraf, Natalie Bau, Nathan Nunn,...
Traditional cultural practices can play an important role in development, but can also inspire condemnation. The custom of bride price, prevalent throughout sub-Saharan Africa and parts of Asia as a...
View ArticleLong-Run Risk is the Worst-Case Scenario -- by Rhys Bidder, Ian Dew-Becker
We study an investor who is unsure of the dynamics of the economy. Not only are parameters unknown, but the investor does not even know what order model to estimate. She estimates her consumption...
View ArticleQE in the future: the central bank's balance sheet in a fiscal crisis -- by...
Analysis of quantitative easing (QE) typically focus on the recent past studying the policy's effectiveness during a financial crisis when nominal interest rates are zero. This paper examines instead...
View ArticleBuyout Activity: The Impact of Aggregate Discount Rates -- by Valentin...
Buyout booms form in response to declines in the aggregate risk premium. We document that the equity risk premium is the primary determinant of buyout activity rather than credit-specific conditions....
View ArticleA Forward Looking Ricardian Approach: Do Land Markets Capitalize Climate...
The hedonic pricing method is one of the fundamental approaches used to estimate the economic value of attributes that affect the market price of an asset. In environmental economics, such methods are...
View ArticleThe Impact of Pre-marital Sex Ratios on Household Saving in Two Asian...
This paper estimates a household saving rate equation for India and Korea using long-term time series data for the 1975-2010 period, focusing in particular on the impact of the pre-marital sex ratio on...
View ArticlePotential Unemployment Insurance Duration and Labor Supply: The Individual...
We examine how a 16-week cut in potential unemployment insurance (UI) duration in Missouri affected search behavior of UI recipients and the aggregate labor market. Using a regression discontinuity...
View ArticleThe Fed and Lehman Brothers: Introduction and Summary -- by Laurence Ball
Why did the Federal Reserve let Lehman Brothers fail? Fed officials say they lacked the legal authority to rescue the firm, because it did not have adequate collateral to borrow the cash it needed....
View ArticleCurse of Anonymity or Tyranny of Distance? The Impacts of Job-Search Support...
We conduct a randomized evaluation of two job-search support programs for urban youth in Ethiopia. One group of treated respondents receives a subsidy to cover the transport costs of job search....
View ArticleOptimal Tax Administration -- by Michael Keen, Joel Slemrod
This paper sets out a framework for analyzing optimal interventions by a tax administration, one that parallels and can be closely integrated with established frameworks for thinking about optimal tax...
View ArticleCEO Pay and the rise of Relative Performance Contracts: A Question of...
Would moving to relative performance contracts improve the alignment between CEO pay and performance? To address this we exploit the large rise in relative performance awards and the share of equity...
View ArticleThe Political Economy of Public Debt: A Laboratory Study -- by Marco...
This paper reports the results from a laboratory experiment designed to study political distortions in the accumulation of public debt. A legislature bargains over the levels of a public good and of...
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