Multihorizon Currency Returns and Purchasing Power Parity -- by Mikhail...
Exposures of expected future depreciation rates to the current interest rate differential violate the UIP hypothesis in a distinctive pattern that is a non-monotonic function of horizon. Conversely,...
View ArticlePlace-Based Policies for Development -- by Gilles Duranton, Anthony J. Venables
Many development policies, such as placement of infrastructure or local economic development schemes, are "place-based." Such policies are generally intended to stimulate private sector investment and...
View ArticleA Practical Guide to Parallelization in Economics -- by Jesus...
This guide provides a practical introduction to parallel computing in economics. After a brief introduction to the basic ideas of parallelization, we show how to parallelize a prototypical application...
View ArticleThe Transmission of Commodity Price Super-Cycles -- by Felipe Benguria,...
We examine the channels through which commodity price super-cycles affect the economy. Exploiting regional variation in exposure to commodity price shocks and administrative firm-level data from Brazil...
View ArticleTail and Center Rounding of Probabilistic Expectations in the Health and...
A growing number of surveys elicit respondents' expectations for future events on a 0-100 scale of percent chance. These data reveal substantial heaping at multiples of 10 and 5 percent, suggesting...
View ArticleShock Value: Bill Smoothing and Energy Price Pass-Through -- by Catherine...
Energy price pass-through receives a lot of academic attention, for several reasons: energy prices can be highly volatile, they impact every consumer and every industry in the economy, and they are...
View ArticleFirm-to-firm Connections in Colombian Imports -- by Andrew B. Bernard, Esther...
The vast majority of world trade flows is between firms. Only recently has research in international trade started to emphasize the importance of the connections between exporters and importers both in...
View ArticleNetworks and Trade -- by Andrew B. Bernard, Andreas Moxnes
Trade occurs between firms both across borders and within countries, and the vast majority of trade transactions includes at least one large firm with many trading partners. This paper reviews the...
View ArticleDebt Overhang, Rollover Risk, and Corporate Investment: Evidence from the...
We quantify the role of financial factors that have contributed to sluggish investment in Europe in the aftermath of the 2008-2009 crisis. Using a big data approach, we match the firms to their banks...
View ArticleWhy Has Economic Growth Slowed When Innovation Appears to be Accelerating? --...
Measured between quarters with identical unemployment rates, U. S. economic growth slowed by more than half from 3.2 percent per year during 1970-2006 to only 1.4 percent during 2006-16, and only half...
View ArticleMeasuring Moore's Law: Evidence from Price, Cost, and Quality Indexes -- by...
"Moore's Law" in the semiconductor manufacturing industry is used to describe the predictable historical evolution of a single manufacturing technology platform that has been continuously reducing the...
View ArticleSophisticated Investors and Market Efficiency: Evidence from a Natural...
We study how sophisticated investors, when faced with changes in information environment, adjust their information acquisition and trading behavior, and how these changes in turn affect market...
View ArticleOn the Rise of FinTechs - Credit Scoring using Digital Footprints -- by...
We analyze the information content of the digital footprint - information that people leave online simply by accessing or registering on a website - for predicting consumer default. Using more than...
View ArticleBig Data in Finance and the Growth of Large Firms -- by Juliane Begenau,...
One of the most important trends in modern macroeconomics is the shift from small firms to large firms. At the same time, financial markets have been transformed by advances in information technology....
View ArticleGoing With the Flows: New Borrowing, Debt Service and the Transmission of...
Traditional economic models have had difficulty explaining the non-monotonic real effects of credit booms and, in particular, why they have predictable negative after-effects for up to a decade. We...
View ArticleJobs for the Heartland: Place-Based Policies in 21st Century America -- by...
The economic convergence of American regions has greatly slowed, and rates of long-term non-employment have even been diverging. Simultaneously, the rate of non-employment for working age men has...
View ArticleAn Economic Perspective on Mexico's Nascent Deregulation of Retail Petroleum...
Retail petroleum markets in Mexico are on the cusp of a historic deregulation. For decades, all 11,000 gasoline stations nationwide have carried the brand of the state-owned petroleum company Pemex and...
View ArticleFinancial Frictions and the Rule of Law -- by Ashantha Ranasinghe, Diego...
Using cross-country micro establishment-level data we document that crime and lack of access to finance are two major obstacles to business operation in poor and developing countries. Using an...
View ArticleMyopia and Anchoring -- by George-Marios Angeletos, Zhen Huo
We consider a stationary setting featuring forward-looking behavior, higher-order uncertainty, and learning. We obtain an observational equivalence result that recasts the aggregate dynamics of this...
View ArticleProperty Rights to Frontier Land and Minerals: US Exceptionalism -- by Gary...
Property rights are the most fundamental institution in any society. They determine who has decision-making authority over assets and who bears the costs and benefits of those decisions. They assign...
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