Spatial firm competition in two dimensions with linear transportation costs:...
Models of spatial firm competition assume that customers are distributed in space and transportation costs are associated with their purchases of products from a small number of firms that are also...
View ArticleAsset Pricing in a Semi-Markov Modulated Market with Time-dependent...
This project attempts to address the problem of asset pricing in a financial market, where the interest rates and volatilities exhibit regime switching. This is an extension of the Black-Scholes model....
View ArticleMicroscopic Understanding of Cross-Responses between Stocks: a Two-Component...
We construct a price impact model between stocks in a correlated market. For the price change of a given stock induced by the short-run liquidity of this stock itself and of the information about other...
View ArticleShenzhen Stock Exchange Signed A Strategic Cooperation Agreement With Inner...
On September 12, 2016, Shenzhen Stock Exchange (‘SZSE’) signed a strategic cooperation agreement with Inner Mongolia Autonomous Region in Hohhot, both parties reported their own recent development...
View ArticleTokyo Commodity Exchange: Go-Live Date Of Next Generation Derivatives Trading...
TOCOM has been preparing for the go-live of new trading system, which is developed to expand market liquidity and further improve reliability and convenience for investors, trading participants, and...
View ArticleASIC Reports On Review Of Marketing Practices In IPOs
ASIC has warned firms and issuers involved in initial public offerings (IPOs) in Australia to ensure their marketing campaigns comply with the letter and spirit of the law, particularly when using...
View ArticleQuantitative Spatial Economics -- by Stephen J. Redding, Esteban Rossi-Hansberg
The observed uneven distribution of economic activity across space is influenced by variation in exogenous geographical characteristics and endogenous interactions between agents in goods and factor...
View ArticleUnderemployment in the Early Careers of College Graduates Following the Great...
Though labor market conditions steadily improved following the Great Recession, underemployment among recent college graduates continued to climb, reaching highs not seen since the early 1990s. In this...
View ArticleLong-Range Growth: Economic Development in the Global Network of Air Links --...
We study the impact of international long-distance flights on the global spatial allocation of economic activity. To identify causal effects, we exploit variation due to regulatory and technological...
View ArticleTwo Centuries of Finance and Growth in the United States, 1790-1980 -- by...
Do efficient financial markets and institutions promote economic growth? Have they done so in the past? In this essay, to be included in the Handbook of Finance and Development (edited by Thorsten Beck...
View ArticleNational Income Accounting When Firms Insure Managers: Understanding Firm...
Among U.S. publicly traded firms, the average firm's capital share has declined, even though the aggregate capital share has increased. We attribute the secular increase in the aggregate capital share...
View ArticleChina Pro-Growth Monetary Policy and Its Asymmetric Transmission -- by Kaiji...
China monetary policy, as well as its transmission, is yet to be understood by researchers and policymakers. In the spirit of Taylor (1993, 2000), we develop a tractable framework that approximates...
View ArticleProduct Switching and the Business Cycle -- by Andrew B. Bernard, Toshihiro...
This paper explores role of product adding and dropping within manufacturing firms over the business cycle. While a substantial body of work has explored the importance of the extensive margins of firm...
View ArticleIncarceration, Recidivism and Employment -- by Manudeep Bhuller, Gordon B....
Understanding whether, and in what situations, time spent in prison is criminogenic or preventive has proven challenging due to data availability and correlated unobservables. This paper overcomes...
View ArticleBetter, Faster, Stronger: Global Innovation and Trade Liberalization -- by...
This paper estimates the effect of trade policy during the Great Liberalization of the 1990s on innovation in over 60 countries using international firm-level patent data. The empirical strategy...
View ArticleNonlinear Tax Incidence and Optimal Taxation in General Equilibrium -- by...
We study the incidence and the optimal design of nonlinear income taxes in a Mirrleesian economy with a continuum of endogenous wages. We characterize analytically the incidence of any tax reform by...
View ArticleInternational Banking and Cross-border Effects of Regulation: Lessons from...
Domestic prudential regulation can have unintended effects across borders and may be less effective in an environment where banks operate globally. Using U.S. micro-banking data for the first quarter...
View ArticlePreferences for Equality in Environmental Outcomes -- by Maureen Cropper,...
Benefit-cost analyses of health regulations traditionally evaluate their economic efficiency--ignoring equity. To help address the importance of equity, we develop a survey to elicit respondents'...
View ArticleCredible Ecological Inference for Personalized Medicine: Formalizing Clinical...
This paper studies the ecological inference problem that arises when clinicians seek to personalize patient care by making health risk assessments conditional on observed patient attributes. Let y be a...
View ArticleDeriving Risk Adjustment Payment Weights to Maximize Efficiency of Health...
Risk adjustment of payments to health plans is fundamental to regulated competition among private insurers, which serves as the basis of national health policy in many countries. To date, estimation...
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