The Historical Evolution of the Wealth Distribution: A Quantitative-Theoretic...
This paper employs the benchmark heterogeneous-agent model used in macroeconomics to examine drivers of the rise in wealth inequality in the U.S. over the last thirty years. Several plausible...
View ArticleCorporate Control around the World -- by Gur Aminadav, Elias Papaioannou
We provide an autopsy of the patterns of corporate control and ownership concentration in a dataset covering more than 40,000 listed firms from 127 countries over 2004âÂÂ2012. Employing a plethora...
View ArticleClimate Change and Growth Risks -- by Ravi Bansal, Marcelo Ochoa, Dana Kiku
To study the welfare implications of rising temperature we propose a temperature-augmented long-run risks model that accounts for the interaction between temperature, economic growth and risk. The...
View ArticleFiring Costs, Misallocation, and Aggregate Productivity -- by Jose-Maria...
We assess the quantitative impact of firing costs on aggregate total factor productivity (TFP) in a dynamic general-equilibrium framework where the distribution of establishment-level productivity is...
View ArticleRecent Trends in U.S. Top Income Shares in Tax Record Data Using More...
Access to IRS personal income tax records improves researchers' ability to track U.S. income and inequality, especially at the very top of the distribution (Piketty and Saez 2003). However, rather than...
View ArticleTo Work for Yourself, for Others, or Not At All? How Disability Benefits...
The U.S. Department of Veterans Affairs Disability Compensation (DC) program provides disability benefits to nearly one in five military veterans in the US and its annual expenditures exceed $60...
View ArticleLabor Drops: Experimental Evidence on the Return to Additional Labor in...
The majority of enterprises in developing countries have no paid workers. Is this optimal, or the result of frictions in labor markets? We conduct an experiment providing wage subsidies to randomly...
View ArticleCurrency Wars or Efficient Spillovers? A General Theory of International...
In an interconnected world, national economic policies regularly lead to large international spillover effects, which frequently trigger calls for international policy cooperation. However, the premise...
View ArticleThe Effect of Education on Overall Fertility -- by Philip DeCicca, Harry...
Fertility rates have long been falling in many developed countries while educational attainment in these countries has risen. We attempt to reconcile these two trends with a novel application of a...
View ArticleThe Impacts of Neighborhoods on Intergenerational Mobility II: County-Level...
We estimate the causal effect of each county in the U.S. on children's earnings and other outcomes in adulthood using a fixed effects model that is identified by analyzing families who move across...
View ArticleThe Impacts of Neighborhoods on Intergenerational Mobility I: Childhood...
We show that the neighborhoods in which children grow up play a significant role in determining their earnings, college attendance rates, and fertility and marriage rates by studying more than 7...
View ArticleGrowth and Childbearing in the Short- and Long-Run -- by Shoumitro...
Despite being key to theories of economic growth and the demographic transition, evidence on how fertility responds to aggregate income change is mixed. We analyze economic growth and fertility change...
View ArticleInequality in Human Capital and Endogenous Credit Constraints -- by Rong Hai,...
This paper investigates the determinants of inequality in human capital with an emphasis on the role of the credit constraints. We develop and estimate a model in which individuals face uninsured human...
View ArticleDo Technical Experts Make Better Leaders? Part 2
Someone read yesterday's blog post about technical experts as leaders, and they asked me if I had done a similar analysis for NFL coaches. In yesterday's blog post, I showed that most NBA...
View ArticleThe Golden Era of Hedge Funds Draws to a Close With Clients in Revolt
The Golden Era of Hedge Funds Draws to a Close With Clients in Revolt https://t.co/BBU2bLcC7E â moneyscience (@moneyscience) January 5, 2017
View ArticleChebyshev Reduced Basis Function applied to Option Valuation....
This paper concerns the design of a Reduced basis function approach to mitigate the impact of the "Curse of Dimensionality" which appears when we deal with multidimensional interpolation, in...
View ArticlePredicting Economic Recessions Using Machine Learning Algorithms....
Even at the beginning of 2008, the economic recession of 2008/09 was not being predicted. The failure to predict recessions is a persistent theme in economic forecasting. The Survey of Professional...
View ArticleRational Decision-Making Under Uncertainty: Observed Betting Patterns on a...
What would you do if you were invited to play a game where you were given \$25 and allowed to place bets for 30 minutes on a coin that you were told was biased to come up heads 60% of the time? This is...
View ArticleOptimal liquidation in a Level-I limit order book for large tick stocks....
We propose a framework to study the optimal liquidation strategy in a limit order book for large-tick stocks, with spread equal to one tick. All order book events (market orders, limit orders and...
View ArticleBurst and inter-burst duration statistics as empirical test of long-range...
We address the problem of long-range memory in the financial markets. There are two conceptually different ways to reproduce power-law decay of auto-correlation function: using fractional Brownian...
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