Existence of a Radner equilibrium in a model with transaction costs....
We prove the existence of a Radner equilibrium in a model with proportional transaction costs on an infinite time horizon. Two agents receive exogenous, unspanned income and choose between consumption...
View ArticleDemonetization and Its Impact on Employment in India. (arXiv:1702.01686v1...
On November 08, the sudden announcement to demonetization the high denomination currency notes sent tremors all across the country. Given the timing, and socioeconomic and political repercussions of...
View ArticlePerfect hedging under endogenous permanent market impacts....
We model a nonlinear price curve quoted in a market as the utility indifference curve of a representative liquidity supplier. As the utility function we adopt a g-expectation. In contrast to the...
View ArticleThe Macroeconomic Impact of Microeconomic Shocks: Beyond Hulten's Theorem --...
We provide a nonlinear characterization of the macroeconomic impact of microeconomic TFP shocks in terms of reduced-form non-parametric elasticities for efficient economies. We also provide the mapping...
View ArticleUndergraduate Econometrics Instruction: Through Our Classes, Darkly -- by...
The past half-century has seen economic research become increasingly empirical, while the nature of empirical economic research has also changed. In the 1960s and 1970s, an empirical economist's...
View ArticleShocks vs. Responsiveness: What Drives Time-Varying Dispersion? -- by David...
The dispersion of many economic variables is countercyclical. What drives this fact? Greater dispersion could arise from greater volatility of shocks or from agents responding more to shocks of...
View ArticleRevisions in Utilization-Adjusted TFP and Robust Identification of News...
This paper documents large revisions in a widely-used series of utilization-adjusted total factor productivity (TFP) by Fernald (2014) and shows that these revisions can materially affect empirical...
View ArticleKeynes and the Dollar in 1933 -- by Sebastian Edwards
On December 1933, John Maynard Keyes published an open letter to President Roosevelt, where he wrote: "The recent gyrations of the dollar have looked to me more like a gold standard on the booze than...
View ArticleEstimating Global Bank Network Connectedness -- by Mert Demirer, Francis X....
We use LASSO methods to shrink, select and estimate the high-dimensional network linking the publicly-traded subset of the world's top 150 banks, 2003-2014. We characterize static network connectedness...
View ArticleDid Medicaid Expansion Reduce Medical Divorce? -- by David Slusky, Donna Ginther
Prior to the Affordable Care Act, many state Medicaid eligibility rules had maximum asset levels. This was a problem when one member of a couple was diagnosed with a degenerative disease requiring...
View ArticleEndogenous Appropriability -- by Joshua S. Gans, Scott Stern
The appropriability of innovation depends not only on the instruments available to an innovator to protect private returns, but how those instruments interact with each other as part of the firm's...
View ArticleLiving Mindfully: Discovering Authenticity through Mindfulness Coaching
Written by a practitioner with over 25 years of experience, Living Mindfully shows how mindfulness can be integrated with coaching in order to enhance motivation and achieve an authentic life.read more...
View ArticleThe World After GDP: Politics, Business and Society in the Post Growth Era
GDP is much more than a simple statistic. It has become the overarching benchmark of success and a powerful ordering principle at the heart of the global economy. But the convergence of major economic,...
View ArticleCMT Level III 2017: The Integration of Technical Analysis
Everything you need to pass Level III of the CMT Programread more...
View ArticleCMT Level II 2017: Theory and Analysis
Everything you need to pass Level II of the CMT Programread more...
View ArticleCMT Level I 2017: An Introduction to Technical Analysis
Everything you need to pass Level I of the CMT Programread more...
View ArticleThe World After GDP: Politics, Business and Society in the Post Growth Era
GDP is much more than a simple statistic. It has become the overarching benchmark of success and a powerful ordering principle at the heart of the global economy. But the convergence of major economic,...
View ArticleAn Ivy League professor who spent 4 months working in a South Bronx...
An Ivy League professor who spent 4 months working in a South Bronx check-cashing store says we're getting it all wrong: "The three common reasons customers cited for using a check casher over a bank:...
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