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View ArticleESM Receives €2 Billion Loan Repayment From Greece
The European Stability Mechanism on Monday received a loan repayment of €2 billion from the Greek government. The repayment was a contractual obligation with the ESM and follows the sale of an asset by...
View ArticleWorld Federation Of Exchanges Responds To FSB Consultation On Continuity Of...
The World Federation of Exchanges (“WFE”), which represents more than 200 market infrastructure providers including exchanges and CCPs, has responded to a consultation from the Financial Stability...
View ArticleBack to Basics: Why do Firms Invest in Research? -- by Ashish Arora, Sharon...
If scientific knowledge is a public good, why do firms invest in research? This paper revisits this question with new data on patent citations to corporate scientific publications. Using data on 4,736...
View ArticleLong-Run Covariability -- by Ulrich K. Mueller, Mark W. Watson
We develop inference methods about long-run comovement of two time series. The parameters of interest are defined in terms of population second-moments of lowfrequency trends computed from the data....
View ArticleHigh-Skilled Immigration, STEM Employment, and Non-Routine-Biased Technical...
We study the role of foreign-born workers in the growth of employment in STEM occupations since 1980. Given the importance of employment in these fields for research and innovation, we consider their...
View ArticlePolitical Cycles and Stock Returns -- by Lubos Pastor, Pietro Veronesi
We develop a model of political cycles driven by time-varying risk aversion. Heterogeneous agents make two choices: whether to work in the public or private sector and which of two political parties to...
View ArticleFirm-Related Risk and Precautionary Saving Response -- by Andreas Fagereng,...
We propose a new approach to identify the strength of the precautionary motive and the extent of self-insurance in response to earnings risk based on Euler equation estimates. To address endogeneity...
View ArticleImpact of Violent Crime on Risk Aversion: Evidence from the Mexican Drug War...
Whereas attitudes towards risk are thought to play an important role in many decisions over the life-course, factors that affect those attitudes are not fully understood. Using longitudinal survey data...
View ArticleHuman Decisions and Machine Predictions -- by Jon Kleinberg, Himabindu...
We examine how machine learning can be used to improve and understand human decision-making. In particular, we focus on a decision that has important policy consequences. Millions of times each year,...
View ArticleFunding Liquidity without Banks: Evidence from a Shock to the Cost of Very...
In 2011, Colombia instituted a tax on repayment of bank loans, thereby increasing the cost of short-term bank credit more than long-term credit. Firms responded by cutting their short-term loans for...
View ArticleIllusory Gains from Chile's Targeted School Voucher Experiment -- by Benjamin...
In 2008, Chile implemented a targeted voucher program that increased voucher values for disadvantaged students at participating schools by approximately 50%. Although disadvantaged students made...
View ArticleSticking Points: Common-Agency Problems and Contracting in the U.S....
We propose a "common-agency" model for explaining inefficient contracting in the U.S. healthcare system. In our setting, common-agency problems arise when multiple payers seek to motivate a shared...
View ArticleFirms' Internal Networks and Local Economic Shocks -- by Xavier Giroud,...
This paper shows that firms spread the adverse impacts of local employment shocks across regions through their internal networks of establishments. Linking confidential micro data at the establishment...
View ArticleCurrency Matters: Analyzing International Bond Portfolios -- by John D....
Currency denomination is a prominent feature in the analysis of the structure of international bond markets, but is largely absent from analyses of cross-border investment in debt securities. This...
View ArticleThe Returns to Nursing: Evidence from a Parental Leave Program -- by Benjamin...
Nurses comprise the largest health profession. In this paper, we measure the effect of nurses on health care delivery and patient health outcomes across sectors. Our empirical strategy takes advantage...
View ArticleWhen Work Disappears: Manufacturing Decline and the Falling Marriage-Market...
The structure of marriage and child-rearing in U.S. households has undergone two marked shifts in the last three decades: a steep decline in the prevalence of marriage among young adults, and a sharp...
View ArticleRecovery from the Great Depression: The Farm Channel in Spring 1933 -- by...
In the four months following the trough of the Great Depression in March 1933, industrial production rose 57 percent. We argue that an important source of recovery was the direct effect of dollar...
View ArticleWith a Little Help from My Friends: The Effects of Naloxone Access and Good...
In an effort to address the opioid epidemic, a majority of states have recently passed some version of a Naloxone Access Law (NAL) and/or a Good Samaritan Law (GSL). NALs allow lay persons to...
View ArticleDeviations from Covered Interest Rate Parity -- by Wenxin Du, Alexander...
We find that deviations from the covered interest rate parity condition (CIP) imply large, persistent, and systematic arbitrage opportunities in one of the largest asset markets in the world. Contrary...
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