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Optimal Automatic Stabilizers -- by Alisdair McKay, Ricardo Reis

Should the generosity of unemployment benefits and the progressivity of income taxes depend on the presence of business cycles? This paper proposes a tractable model where there is a role for social...

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New Innovations in Payments -- by Marc Rysman, Scott Schuh

We discuss prospects for innovation in consumer payment instruments. We discuss recent research into consumer payments and what can be learned about consumer behavior towards new payment options. We...

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Consumption Network Effects -- by Giacomo De Giorgi, Anders Frederiksen,...

In this paper we study consumption network effects. Does the consumption of our peers affect our own consumption? How large is such effect? What are the economic mechanisms behind it? We use long panel...

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The Staying Power of Staggered Wage and Price Setting Models in...

After many years, many critiques, and many variations, the staggered wage and price setting model is still the most common method of incorporating nominal rigidities into empirical macroeconomic models...

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Equity is Cheap for Large Financial Institutions: The International Evidence...

Equity is a cheap source of funding for a country's largest financial institutions. In a large panel of 31 countries, we find that the stocks of a country's largest financial companies earn returns...

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Housing and Macroeconomics -- by Monika Piazzesi, Martin Schneider

This paper surveys the literature on housing in macroeconomics. We first collect facts on house prices and quantities in both the time series and the cross section of households and housing markets. We...

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Insurance and the High Prices of Pharmaceuticals -- by David Besanko, David...

We present a model in which prospective patients are liquidity constrained, and thus health insurance allows patients access to treatments and services that they otherwise would have been unable to...

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The Over Time Impacts Of Smoke Free Air Ordinances In Texas -- by Silda...

We examine an untested hypothesis that posits that null results in early studies examining the economic impacts of smoking bans were driven by sample selection. Early adopters could better absorb the...

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The Unintended Consequences of the Zero Lower Bound Policy -- by Marco Di...

We study the impact of the zero lower bound interest rate policy on the industrial organization of the U.S. money fund industry. We find that in response to policies that maintain low interest rates,...

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Does Emigration Delay Political Change? Evidence from Italy during the Great...

Mobility within the European Union (EU) brings great opportunities and large overall benefits. Economically stagnant areas, however, may be deprived of talent through emigration, which may harm...

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Bias in Official Fiscal Forecasts: Can Private Forecasts Help? -- by Jeffrey...

Government forecasts of GDP growth and budget balances are generally more over-optimistic than private sector forecasts. When official forecasts are especially optimistic relative to private forecasts...

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The Impact of Late-Career Job Loss and Genotype on Body Mass Index -- by...

This study examines whether the effect of job loss on body mass index (BMI) at older ages is moderated by genotype using twenty years of socio-demographic and genome-wide data from the Health and...

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The Long Run Impacts of Merit Aid: Evidence from California's Cal Grant -- by...

We examine the impacts of being awarded a Cal Grant, among the most generous state merit aid programs. We exploit variation in eligibility rules using GPA and family income cutoffs that are ex ante...

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Adoption of New Information and Communications Technologies in the Workplace...

The invention of new applications based on information and communications technologies (ICTs) has had two economic effects up to now. These applications have transformed production, creating value for...

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High Frequency Evidence on the Demand for Gasoline -- by Laurence Levin,...

Daily city-level expenditures and prices are used to estimate the price responsiveness of gasoline demand in the U.S. Using a frequency of purchase model that explicitly acknowledges the distinction...

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An "inverse square law" for the currency market: Uncovering hidden...

Identifying universal behavior is a challenging task for far-from-equilibrium complex systems. Here we investigate the collective dynamics of the international currency exchange market and show the...

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Using String Invariants for Prediction Searching for Optimal Parameters....

We have developed a novel prediction method based on string invariants. The method does not require learning but a small set of parameters must be set to achieve optimal performance. We have...

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A new decomposition of portfolio return. (arXiv:1606.05877v1 [q-fin.MF])

For a functionally generated portfolio, there is a natural decomposition of the relative log-return into the log-change in the generating function and a drift process. In this note, this decomposition...

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CalPERS Names Douglas Hoffner Interim CEO

The California Public Employees' Retirement System (CalPERS) Board of Administration today appointed Douglas Hoffner as the Pension Fund's Interim Chief Executive Officer (CEO) as it completes its...

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International Customer Trades Increased To 52.1% Of Total Volulme At Tokyo...

The Tokyo Commodity Exchange, Inc announced today that the May 2016 monthly volume of customer trades (combined sell & buy sides) originating overseas was 2,172,946 contracts, accounting for 52.1...

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