All Outputs (573)

Tracking Trend Output Using Expectations Data (2024)
Journal Article

This paper proposes a new approach to measuring trend output that exploits survey data on expectations to distinguish the e®ects of permanent and transitory shocks and to track the time-variation in the processes underlying the determination of outpu... Read More about Tracking Trend Output Using Expectations Data.

On the productivity advantage of cities (2024)
Journal Article

Agglomeration externalities are the key factor explaining the existence of cities and their size. However, while the various micro foundations of agglomeration externalities stress the importance of Total Factor Productivity (TFP), the empirical evid... Read More about On the productivity advantage of cities.

International Trade Liberalization and Domestic Institutional Reform: Effects of WTO Accession on Chinese Internal Migration Policy (2024)
Journal Article

Economic institutions that impede factor mobility become more costly when an economy experiences substantial transitions such as trade liberalization. I study how trade triggers changes in labor institutions that regulate internal migration in the co... Read More about International Trade Liberalization and Domestic Institutional Reform: Effects of WTO Accession on Chinese Internal Migration Policy.

The role of payoff parameters for cooperation in the one-shot Prisoner's Dilemma (2024)
Journal Article

The Prisoner's Dilemma is arguably the most important model of social dilemmas, but our knowledge about how its material payoff structure affects cooperation is incomplete. We investigate the effect of variation in material payoffs on cooperation in... Read More about The role of payoff parameters for cooperation in the one-shot Prisoner's Dilemma.

The Coholding Puzzle: New Evidence from Transaction-Level Data (2024)
Journal Article

Why do individuals pay debt interest when they could use their savings to pay down the debt? We explore why individuals “cohold” debt and savings using detailed and highly disaggregated daily-level data on household finances. We find that coholding m... Read More about The Coholding Puzzle: New Evidence from Transaction-Level Data.

Tests for equal forecast accuracy under heteroskedasticity (2024)
Journal Article

Heteroskedasticity is a common feature in empirical time series analysis, and in this paper, we consider the effects of heteroskedasticity on statistical tests for equal forecast accuracy. In such a context, we propose two new Diebold–Mariano-type te... Read More about Tests for equal forecast accuracy under heteroskedasticity.

Investor Logins and the Disposition Effect (2024)
Journal Article

Using data from an online brokerage, we examine the role of investor logins in trading behavior. We find that a new reference point is created when an investor logs in and views the investor’s portfolio. We observe this as a disposition effect on ret... Read More about Investor Logins and the Disposition Effect.

Macroprudential policies and Brexit: A welfare analysis (2024)
Journal Article

Brexit will have implications on financial stability and the implementation of macroprudential policies. The United Kingdom (UK) will no longer be subject to the jurisdiction of the European Systemic Risk Board. This paper studies the welfare implica... Read More about Macroprudential policies and Brexit: A welfare analysis.

Sixty Years of the Voting Rights Act: Progress and Pitfalls (2024)
Journal Article

We review the literature on the effects of the 1965 Voting Rights Act (VRA), which removed formal restrictions to Black political participation. After a brief description of racial discrimination suffered by Black Americans since Reconstruction, we i... Read More about Sixty Years of the Voting Rights Act: Progress and Pitfalls.

The plague, the skill-premium, and the road to modern economic growth (2024)
Journal Article

When bubonic plague arrived in Britain in the mid-14th century, it caused dramatic economic and structural change. Within 50 years, the skill-premium was reduced by half, and another 50 years on, agriculture's share of the labor force had declined by... Read More about The plague, the skill-premium, and the road to modern economic growth.

The role of public external knowledge for firm innovativeness (2024)
Journal Article

Public research organizations (PROs) and universities receive large amounts of public funding for the generation and transmission of knowledge, and companies contract external knowledge from both. An important question for the management of a firm's... Read More about The role of public external knowledge for firm innovativeness.

Dishonesty and public employment (2023)
Journal Article

We exploit a natural experiment to study the causal link between dishonest behavior and public employment. When military conscription was mandatory in Argentina, eligibility was determined by both a lottery and a medical examination. To avoid conscri... Read More about Dishonesty and public employment.

“Notre-taxe de Paris”, tax expenditures with two public goods (2023)
Journal Article

This article presents a new efficiency-equity trade-off when setting up tax rebates in the presence of multiple goods. Although tax rebates can efficiently raise more public funds, they can also alter the mix of public goods. We find the condition fo... Read More about “Notre-taxe de Paris”, tax expenditures with two public goods.

The Macroprudential Toolkit: Effectiveness and Interactions (2023)
Journal Article

We use a DSGE model with financial frictions and with macroprudential limits on both banks and mortgage borrowers, in the form of capital requirements and maximum debt‐service ratios. We then examine: (i) the impact of different combinations of macro... Read More about The Macroprudential Toolkit: Effectiveness and Interactions.

Corporate acquisitions and firm-level uncertainty: Domestic versus cross-border deals (2023)
Journal Article

This paper investigates how the announcement of acquisitions affect the uncertainty that financial markets perceive about acquiring firms. We use data for publicly-listed firms in the UK between 2004 and 2017 and employ a matching estimator combined... Read More about Corporate acquisitions and firm-level uncertainty: Domestic versus cross-border deals.

Dynamic Investigations of an Endogenous Business Cycle Model with Heterogeneous Agents (2023)
Journal Article

We introduce agents'heterogeneity into a model of endogenous business cycles, in which agents can invest either in 'good'projects that contribute to future capital formation, or in 'bad' projects without that property. The resulting map involves thre... Read More about Dynamic Investigations of an Endogenous Business Cycle Model with Heterogeneous Agents.

The economic origins of government (2023)
Journal Article

We test between cooperative and extractive theories of the origins of government. We use river shifts in southern Iraq as a natural experiment, in a new archeological panel dataset. A shift away creates a local demand for a government to coordinate b... Read More about The economic origins of government.

Digital Training Program for Line Managers (Managing Minds at Work): Protocol for A Feasibility Pilot Cluster Randomised Controlled Trial (2023)
Journal Article

Background: Mental health problems affect 1 in 6 workers annually and are one of the leading causes of sickness absence, with stress, anxiety, and depression being responsible for half of all working days lost in the United Kingdom. Primary intervent... Read More about Digital Training Program for Line Managers (Managing Minds at Work): Protocol for A Feasibility Pilot Cluster Randomised Controlled Trial.

(In)efficiency in private value bargaining with naive players: Theory and experiment (2023)
Journal Article

The paper investigates two-player double-auction bargaining with private values in a setting with discrete two-point overlapping distributions of traders' valuations. We characterize parameter settings in which there exists a fully efficient equilibr... Read More about (In)efficiency in private value bargaining with naive players: Theory and experiment.

The behavioral mechanisms of voluntary cooperation across culturally diverse societies: Evidence from the US, the UK, Morocco, and Turkey (2023)
Journal Article

We examine the role of cooperative preferences, beliefs, and punishments to uncover potential cross-societal differences in voluntary cooperation. Using one-shot public goods experiments in four comparable subject pools from the US and the UK (two si... Read More about The behavioral mechanisms of voluntary cooperation across culturally diverse societies: Evidence from the US, the UK, Morocco, and Turkey.