Currency Manipulation -- by Tarek A. Hassan, Thomas M. Mertens, Tony Zhang
We propose a novel, risk-based transmission mechanism for the effects of currency manipulation: policies that systematically induce a country's currency to appreciate in bad times, lower its risk...
View ArticleA Real Estate Boom with Chinese Characteristics -- by Edward Glaeser, Wei...
Chinese housing prices rose by over 10 percent per year in real terms between 2003 and 2014, and are now between two and ten times higher than the construction cost of apartments. At the same time,...
View ArticleCrime and Durable Goods -- by Sebastian Galiani, Laura Jaitman, Federico...
Crime and the durability of goods are strongly connected issues. However, surprisingly, they have been studied separately. This paper explores the relationship between the production of durable goods...
View ArticleFighting Crises -- by Gary Gorton, Guillermo Ordonyez
In fighting a financial crisis, opacity (keeping the names of banks borrowing at emergency lending facilities secret) and stigma (the cost of having a bank's name revealed) are desirable to restore...
View ArticleDiscrimination as a Self-Fulfilling Prophecy: Evidence from French Grocery...
Examining the performance of cashiers in a French grocery store chain, we find that manager bias negatively affects minority job performance. In the stores studied, cashiers work with different...
View ArticleForward Guidance without Common Knowledge -- by George-Marios Angeletos, Chen...
Forward guidance relies on shifting expectations of income and inflation. These expectations matter through general-equilibrium mechanisms, including two known as the deflationary spiral and the income...
View ArticleLog-linear Approximation versus an Exact Solution at the ZLB in the New...
How accurate is a log-linear approximation of the New Keynesian model when the nominal interest rate is bounded by zero? This paper compares the solution of the exact non-linear model to the log-linear...
View ArticleInnovation Network -- by Daron Acemoglu, Ufuk Akcigit, William Kerr
Technological progress builds upon itself, with the expansion of invention in one domain propelling future work in linked fields. Our analysis uses 1.8 million U.S. patents and their citation...
View ArticleTrends in Cumulative Marginal Tax Rates Facing Low-Income Families, 1997-2007...
We present new calculations of cumulative marginal tax rates (MTRs) facing low income families participating in multiple welfare programs over the period 1997-2007, the period after 1996 welfare reform...
View ArticleRegression Kink Design: Theory and Practice -- by David Card, David S. Lee,...
A regression kink design (RKD or RK design) can be used to identify casual effects in settings where the regressor of interest is a kinked function of an assignment variable. In this paper, we apply an...
View ArticleCompetitive Effects of Scope of Practice Restrictions: Public Health or...
The demand for health care and healthcare professionals is predicted to grow significantly over the next decade. Securing an adequate health care workforce is of primary importance to ensure the health...
View ArticleKnowledge Elites and Modernization: Evidence from Revolutionary France -- by...
This paper examines the role of knowledge elites in modernization. At the eve of the French Revolution, in the spring of 1789, King Louis XVI solicited lists of grievances (Cahiers de Doleances), in...
View ArticleBusiness Income and Business Taxation in the United States Since the 1950s --...
In theory, the U.S. tax system aims to attribute and tax all business income to individuals. But the tax treatment of this income varies. Pass-through income is taxed when earned; capital-gains income...
View ArticleElite Identity and Political Accountability: A Tale of Ten Islands -- by...
This paper examines the relationship between elite identity and political outcomes from a theoretical and empirical perspective. Elite members with distinct economic and social identities vote for or...
View ArticleRacial and Gender Discrimination in Transportation Network Companies -- by...
Passengers have faced a history of discrimination in transportation systems. Peer transportation companies such as Uber and Lyft present the opportunity to rectify long-standing discrimination or...
View ArticleFactions in Nondemocracies: Theory and Evidence from the Chinese Communist...
This paper investigates theoretically and empirically the factional arrangements and dynamics within the Chinese Communist Party (CCP), the governing political party of the People's Republic of China....
View ArticleGlobalization Process in Emerging Capital Markets -- Lessons and Implications...
Since 2002 when China first introduced QFII (Qualified Foreign Institutional Investors) system, QFII has been developing in China for 14 years, during when RQFII, Shanghai-Hongkong Stock Connect...
View ArticleThe Innovation Race: How to Change a Culture to Change the Game
The Innovation Race takes readers on a lively global adventure to explore the current state of innovation. Along the way best-selling authors Andrew and Gaia Grant search for clues on how to stay ahead...
View ArticleGetting Started In Small Business For Dummies, Third Australian and New...
Make a big splash in small businessread more...
View ArticleUnequaled: Tips for Building a Successful Career through Emotional Intelligence
UNEQUALED is the client service professional's guide to getting ahead and achieving professional goals. You're smart and hard working, but guess whatso is everyone else. So how do you stand out? You...
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