Feb 01, · The fifth edition of Environmental and Natural Resource Economics: A Contemporary Approach has been published! This text balances coverage of standard environmental economics topics with broader ecological economics analysis and a global perspective on current issues such as global climate change, the transition to renewable energy, “green” national income accounting, population Nov 17, · Staff working papers in the Finance and Economics Discussion Series (FEDS) investigate a broad range of issues in economics and finance, with a focus on the U.S. economy and domestic financial markets. We argue that spillovers occur in large part through bond term premia by showing that a low level of foreign yields relative to U.S. yields Applied economics is the application of economic theory and econometrics in specific settings. As one of the two sets of fields of economics (the other set being the core), it is typically characterized by the application of the core, i.e. economic theory and econometrics to address practical issues in a range of fields including demographic economics, labour economics, business economics
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Staff working papers in the Finance and Economics Discussion Series FEDS investigate a broad range of issues in economics and finance, with a focus on the U. economy and domestic financial markets. Michael Collins, Jeff Larrimoreeconomics term papers, and Carly Urban.
Abstract: Banking the unbanked is a common policy goal, but should this include access to bank accounts for minors? This study estimates how teenagers' access to bank accounts affects economics term papers financial development, economics term papers.
Using variation in state laws, we show policies that permit access to independently-owned accounts increase account ownership at age 16 through age 19, although by age 24 those young adults are banked at similar rates to teens who grew up in states that do not allow minors to own accounts independently.
Teens who had access to independently-owned accounts use fewer high-cost alternative financial services like payday loans through age 20—but are then more likely to use AFS, particularly check-cashing services, from age 21 through Using credit records, economics term papers show that access to non-custodial accounts has no effects on credit scores in the short-run, but lower credit scores and more loan delinquencies at ages 21 through While these state laws promote financial inclusion for teenagers, the young people who take on accounts may experience negative consequences in the longer run.
Ben Gardner, economics term papers, Chiara Scottiand Clara Vega. Abstract: While the literature has already widely documented the effects of macroeconomic news announcements on asset prices, as well as their asymmetric impact during good and bad times, we focus on the reaction to news based on the description of the state of the economy as painted by the Federal Open Market Committee FOMC statements.
We develop a novel FOMC sentiment index using textual analysis techniques, and find that news has a bigger smaller effect on equity prices during bad good times as described by the FOMC sentiment index. Our analysis suggests that the FOMC sentiment index offers a reading on current and future macroeconomic conditions economics term papers will affect the probability of a change in interest rates, and the reaction of equity prices to news depends on the FOMC sentiment index which is one of the best predictors of this probability.
Keywords: Monetary policy, economics term papers, public information, probability of a recession, price discovery. Aditya AladangadyEtienne GagnonBenjamin K.
Johannsenand William B. Abstract: We explore the long-run relationship between income risk, inequality, and the macroeconomy in an overlapping-generations model in which households face uncertain streams of labor income and returns on their savings.
To manage those risks, households can apportion their savings to a bond, economics term papers, whose return economics term papers safe and identical across households, and a productive asset, whose return is uncertain and can differ persistently across households. These findings suggest that the factors behind the observed rise in inequality over economics term papers past few decades might have contributed to economics term papers observed fall in the risk-free real interest rate and widening gap between the risk-free real interest rate and the rate of return on capital.
We also find that the magnitude of the decline in the risk-free real interest rate and offsetting rise in risk premiums depend importantly on the source of income polarization, with the effects being especially large when greater inequality is caused by increased dispersion in returns on risky assets.
Thus, the macroeconomic implications not only depend on the amount of inequality, but also the source of this inequality. Keywords: income and wealth inequality, heterogeneous returns, risk-free real interest rate, risk premium. Abstract: Economics term papers this paper, we examine if there are gender differences in total bankcard limits by utilizing a data set that links mortgage applicant information with individual-level credit bureau data from to We document that after controlling for credit score, income, and demographic characteristics, male borrowers on average have higher total bankcard limits than female borrowers.
Using a standard Kitagawa-Oaxaca-Blinder decomposition, we find that 87 percent of the gap is explained by differences in the effect of observed characteristics between male and female borrowers, while approximately 10 percent of the difference can be explained by differences in the levels of observed characteristics. Using a quantile decomposition strategy to analyze the gender gap along the entire bankcard credit limit distribution, we show that gender differences in bankcard limits favor female borrowers at smaller limits and favor male borrowers at larger limits.
The primary factors that drive this gap have changed over time and vary across the distribution of credit limits. Dong Hwan Oh and Andrew J. Abstract: Many important economic decisions are based on a parametric forecasting model that is known to be good but imperfect. We propose methods to improve out-of-sample forecasts from a mis- speci…ed model by estimating its parameters using a form of local M estimation thereby nesting local OLS and local MLEdrawing on information from a state variable that is correlated with the misspeci…cation of the model.
We theoretically consider the forecast environments in which our approach is likely to o¤er improvements over standard methods, and we …nd signi…cant fore- cast improvements from economics term papers the proposed method across distinct empirical analyses including volatility forecasting, risk management, and yield curve forecasting.
Anton BadevLauren Clark, Daniel Ebanks, Jeffrey Marquardt, David Mills. Abstract: We analyze the universe of payments settled through the Fedwire Funds Service--the primary U. real-time gross settlement service operated by the Federal Reserve--for the period January to December We report on trends in payments volume, payments value, balances, and overdrafts, in addition to documenting changes in the behavior of financial institutions transacting via the Fedwire Funds Service.
Hie Joo Ahn and Matteo Luciani, economics term papers. Abstract: This paper decomposes consumer price inflation into pure inflation, relative price inflation, economics term papers, and idiosyncratic inflation by estimating a dynamic factor model á la Reis and Watson on a data set of monthly disaggregated prices from to We find that pure inflation is the trend around which PCE price inflation fluctuates, while relative price inflation and idiosyncratic inflation drive the fluctuation of PCE price inflation around the trend.
Unlike Reis and Watson, we find that labor market slack is the main driver of pure inflation and that energy prices account for variation in relative price inflation. Keywords: Pure inflation, economics term papers, relative price inflation, Phillips correlation, dynamic factor model, disaggregated consumer prices, monetary policy.
Carolina Caetano, Gregorio Caetano, economics term papers, Hao Fe, economics term papers, and Eric Nielsen. Abstract: We propose a simple test of the main identification assumption in models where the treatment variable takes multiple values and has bunching.
The test consists of adding an indicator of the bunching point to the estimation model and testing whether the coefficient of this indicator is zero. Although similar in spirit to the test in Caetanothe dummy test has important practical advantages: it is more powerful at detecting endogeneity, and it also detects violations of the functional form assumption.
The test does not require exclusion restrictions and can be implemented in many approaches popular in empirical research, economics term papers linear, economics term papers, two-way fixed effects, and discrete choice models.
We find that increases in labor economics term papers exits were larger for Economics term papers women, Latinas, and women living with children. In particular, we find larger increases in pandemic-era labor force exits among women living with children under age 6 and among lower-earning women living with economics term papers children after controlling for detailed job and demographic characteristics.
Latinas and Black women also had larger increases in labor force exits during the pandemic relative to White women. Differences in the presence of children and household structure explain one-quarter of the excess labor force exits among women of color. Keywords: Women, economics term papers, Labor Force Participation, Race, Ethnicity, economics term papers, Labor Supply, COVID Aaron Flaaeneconomics term papers, Flora Haberkorn, Logan Lewiseconomics term papers, Anderson Monken, Justin PierceRosemary Rhodes, and Madeleine Yi.
Abstract: We evaluate high-frequency bill of lading data for its suitability in international trade research. These data offer many advantages over both other publicly accessible official trade data and confidential datasets, but they also have clear drawbacks. We provide a comprehensive overview for potential researchers to understand these strengths and weaknesses as these data become more widely available.
Drawing on the strengths of the data, we analyze three aspects of trade during economics term papers COVID- 19 economics term papers. First, we show how the high-frequency data capture features of the within-month collapse of trade between economics term papers United States and India that are not observable in official monthly data. Second, we demonstrate how U. buyers shifted their purchases across suppliers over time during the recovery. And third, economics term papers, we show how the data can be used to measure vessel delivery bottlenecks in near real time.
Abstract: Using granular data on home builder housing developments from the housing crisis, I show that builders spread house price shocks across geographically distinct projects via their internal capital markets. Builders who experience losses in one area subsequently sell homes in unaffected areas at a discount to raise cash quickly. Financially constrained firms are more likely to cut prices of homes in healthy areas in response to losses in unhealthy ones.
Firms also smooth shocks across projects only during the crisis and not during the boom. These results together suggest firm internal capital markets economics term papers negative economic shocks across space.
Abstract: We propose a shadow policy interest rate based on an estimated structural model that accounts for the zero lower bound.
The lower bound constraint, economics term papers, if expected to bind, economics term papers, is contractionary and increases the shadow rate compared to an unconstrained systematic policy response. By contrast, forward guidance and other unconventional policies that extend the expected duration of zero-interest-rate policy are expansionary and decrease the shadow rate.
By quantifying these distinct effects, our structural shadow federal funds rate better captures the stance of monetary policy given economic conditions than a shadow rate based only on the term structure of economics term papers rates. Yacine Aït-Sahalia, Felix Matthys, Emilio Osambelaeconomics term papers, and Ronnie Sircar. Abstract: We analyze an environment where the uncertainty in the equity market return and its volatility are both stochastic and may be potentially disconnected, economics term papers.
We solve a representative investor's optimal asset allocation and derive the resulting conditional equity premium and risk-free rate in equilibrium. Our empirical analysis shows that the equity premium appears to be earned for facing uncertainty, especially high uncertainty that is disconnected from lower volatility, rather than for facing volatility as traditionally assumed.
Incorporating the possibility of a disconnect between volatility and uncertainty significantly improves portfolio performance, over and above the performance obtained by conditioning on volatility only. Abstract: Economists and economic policymakers believe that households' and firms' expectations of future inflation are a key determinant of actual inflation. A review of the relevant theoretical and empirical literature suggests that this belief rests on extremely shaky foundations, and a case is made that adhering to it uncritically could easily lead to serious policy errors.
Abstract: Modern central bankers confront a challenge of providing economic stimulus even when the policy rate is constrained by a lower bound. This challenge has led to substantial economics term papers by policymakers and a proliferation of new policy tools.
In this paper, I offer evidence on the efficacy of a new tool known as funding for lending, which provides banks with subsidized funding to make additional loans. I focus on a historical episode from the United States in which the Federal Reserve provided banks with steeply subsidized loans to promote the expansion of credit within their local communities.
I show that the cheap funding succeeded in generating more lending by countering banks' excessive liquidity preference. The additional credit benefited the real economy. Local areas enjoyed higher rates of small business formation and more rapid employment growth. Finally, I show that the cost of the subsidy provided by the government was more than offset by the additional payroll taxes paid out of higher wages and salaries. These results suggest that funding for lending programs deserve consideration for the modern central banker's toolkit and demonstrate that certain unconventional tools can offer monetary policymakers the means to pursue more targeted objectives.
Keywords: monetary policy, funding for lending, bank lending, economics term papers, countercyclical policy, discount window. Kevin F. Kiernan, Vladimir YankovFilip Zikes. Abstract: We study the capacity of the banking system to provide liquidity to the corporate sector in times of economics term papers and how changes in this capacity affect corporate liquidity management. We show that the contractual arrangements among banks in loan syndicates co-insure liquidity risks of credit line drawdowns and generate a network of interbank exposures.
We develop a simple model and simulate the liquidity and insurance capacity of the banking network. We find that the liquidity capacity of large banks has significantly economics term papers following the introduction of liquidity regulation, economics term papers, and that the liquidity co-insurance function in loan syndicates is economically important.
We also find that borrowers with higher reliance on credit lines in their liquidity management have become more likely to obtain credit lines from syndicates with higher liquidity. The assortative matching on liquidity characteristics has strengthened the role of banks as liquidity providers to the corporate sector. Keywords: Liquidity Insurance, Liquidity Regulation, Interbank networks, Syndicated Credit Lines. Francesco Furlanetto, economics term papers, Antoine LepetitØrjan Robstad, Juan Rubio-Ramírez, Pål Ulvedal.
Abstract: In this paper we identify demand shocks that can have a permanent effect on output through hysteresis effects. We call these shocks permanent demand shocks.
They are found to be quantitatively important in the United States, in particular when the Great Recession is included in the sample. Recessions driven by permanent demand shocks lead to a permanent decline in employment and investment, economics term papers, while output per worker is largely unaffected.
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Nov 17, · Staff working papers in the Finance and Economics Discussion Series (FEDS) investigate a broad range of issues in economics and finance, with a focus on the U.S. economy and domestic financial markets. We argue that spillovers occur in large part through bond term premia by showing that a low level of foreign yields relative to U.S. yields Model term papers. Model term papers. Download resume format for campus interview. how to write reports sample science fair research paper download best essay ghostwriters services au help me write economics essay top critical thinking writers for hire Veconlab: Experimental Economics Laboratory. Set up, manage and review experiments. Participate in an economics experiment. V econ Lab
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