Depression for Economists -- by Jonathan de Quidt, Johannes Haushofer
Major depressive disorder (MDD) is one of the most prevalent mental illnesses worldwide. Existing evidence suggests that it has both economic causes and consequences, such as unemployment. However,...
View ArticleBeliefs about Gender -- by Pedro Bordalo, Katherine B. Coffman, Nicola...
We conduct a laboratory experiment on the determinants of beliefs about own and others' ability across different domains. A preliminary look at the data points to two distinct forces: miscalibration in...
View ArticleAdjustment to Small, Large, and Sunspot Shocks in Open Economies With Stock...
This paper characterizes analytically the adjustment of an open economy with a stock collateral constraint to fundamental and nonfundamental shocks. In the model, external borrowing is limited by the...
View ArticleThe Hidden Resources of Women Working Longer: Evidence from Linked...
Despite women's increased labor force attachment over the lifecycle, household surveys such as the Current Population Survey Annual Social and Economic Supplement (CPS ASEC) do not show increases in...
View ArticleThe Response of Consumer Spending to Changes in Gasoline Prices -- by Michael...
This paper estimates how overall consumer spending responds to changes in gasoline prices. It uses the differential impact across consumers of the sudden, large drop in gasoline prices in 2014 for...
View ArticleThe Political Economy of Weak Treaties -- by Marco Battaglini, Bard Harstad
In recent decades, democratic countries have signed hundreds of international environmental agreements (IEAs). Most of these agreements, however, are weak: they generally do not include effective...
View ArticleWhere Do Students Go when For-Profit Colleges Lose Federal Aid? -- by...
Recent federal investigations and new regulations have resulted in restrictions on for-profit institutions' access to federal student aid. We examine the enrollment effects of similar restrictions...
View ArticlePublic Sector Personnel Economics: Wages, Promotions, and the...
We model personnel policies in public agencies, examining how wages and promotion standards can partially offset a fundamental contracting problem: the inability of public sector workers to contract on...
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Jimmy Kimmel's Take on New Year's Resolutions
I posted this funny video clip from Jimmy Kimmel last year just a few days into the new year. It's worth another look!
View ArticleA Theory of Experience Effects. (arXiv:1612.09553v1 [q-fin.EC])
How do financial crises and stock-market fluctuations affect investor behavior and the dynamics of financial markets in the long run? Recent evidence suggests that individuals overweight personal...
View ArticleThe Industry Supply Function and the Long-Run Competitive Equilibrium with...
The theory of long-run competitive equilibrium (LRCE), first developed by Marshall in the 1890s, has had a profound influence on our understanding of competitive markets. While Marshall referred to the...
View ArticleA spectral method for an Optimal Investment problem with Transaction Costs...
This paper concerns the numerical solution of the finite-horizon Optimal Investment problem with transaction costs under Potential Utility. The problem is initially posed in terms of an evolutive HJB...
View ArticleThe Random Walk behind Volatility Clustering. (arXiv:1612.09344v1 [q-fin.ST])
Financial price changes obey two universal properties: they follow a power law and they tend to be clustered in time. The second regularity, known as volatility clustering, entails some predictability...
View ArticleCan the Central Bank Alleviate Fiscal Burdens? -- by Ricardo Reis
Central banks affect the resources available to fiscal authorities through the impact of their policies on the public debt, as well as through their income, their mix of assets, their liabilities, and...
View ArticleSocial Image and Economic Behavior in the Field: Identifying, Understanding...
Many people care about how they are perceived by those around them. A number of recent field experiments in economics have found that such social image concerns can have powerful effects on a range of...
View ArticleForgetting and Heterogeneity in Task Delay: Evidence from New York City...
We study response behavior of New York City parking-ticket recipients by analyzing administrative data on 6.6 million tickets issued to 2 million individuals over two years. Exploiting variation (from...
View ArticleThe 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...
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