ESMA Issues Opinion On MiFID II Standards On Ancillary Activities
The European Securities and Markets Authority (ESMA) has issued today an Opinion in response to a letter sent by the European Commission (Commission) asking to amend its draft RTS 20 under the Markets...
View ArticleA Model of the International Monetary System -- by Emmanuel Farhi, Matteo...
We propose a simple model of the international monetary system. We study the world supply and demand for reserve assets denominated in different currencies under a variety of scenarios: a Hegemon vs. a...
View ArticleCarbon Emissions and Business Cycles -- by Hashmat Khan, Christopher R....
U.S. carbon dioxide emissions are highly procyclical--they increase during expansions and fall during recessions. Given this empirical fact, we estimate the response of emissions to four prominent...
View ArticleHousehold Risk Management -- by Adriano A. Rampini, S. Viswanathan
Households' insurance against shocks to income, health and other non-discretionary expenditures, and asset values (that is, household risk management) is limited, especially for poor households. We...
View ArticleExperimental Evidence on the Demand for and Costs of Rural Electrification --...
We present results from an experiment that randomized the expansion of electric grid infrastructure in rural Kenya. Electricity distribution is the canonical example of a natural monopoly. Randomized...
View ArticleReturns to Education: The Causal Effects of Education on Earnings, Health and...
This paper estimates returns to education using a dynamic model of educational choice that synthesizes approaches in the structural dynamic discrete choice literature with approaches used in the...
View ArticleHeight and Cognition at Work: Labor Market Productivity in a Low Income...
Taller workers earn more, particularly in lower income settings. It has been argued that adult height is a marker of strength which is rewarded in the labor market, a proxy for cognitive performance or...
View ArticleThe Economics of "Radiator Springs:" Industry Dynamics, Sunk Costs,...
Interstate Highway openings were permanent, anticipated demand shocks that increased gasoline demand and sometimes shifted it spatially. We investigate supply responses to these demand shocks, using...
View ArticleThe Economic Consequences of Hospital Admissions -- by Carlos Dobkin, Amy...
We examine some economic impacts of hospital admissions using an event study approach in two datasets: survey data from the Health and Retirement Study, and hospital admissions data linked to consumer...
View ArticleGainfully Employed? Assessing the Employment and Earnings of For-Profit...
We draw on population-level administrative data from the U.S. Department of Education and the Internal Revenue Service to quantify the impact of for-profit college attendance on the employment and...
View ArticleCurbing Shocks to Corporate Liquidity: The Role of Trade Credit -- by Niklas...
Using data on exogenous liquidity losses generated by the fraud and failure of a cash-in-transit firm, we demonstrate a causal impact on firms' trade credit usage. We find that firms manage liquidity...
View ArticleQuantitative Easing and Financial Stability -- by Michael Woodford
The massive expansion of central-bank balance sheets in response to recent crises raises important questions about the effects of such "quantitative easing" policies, both their effects on financial...
View ArticleDurability, Deadline, and Election Effects in Bargaining -- by Alp Simsek,...
We propose a tractable model of bargaining with optimism. The distinguishing feature of our model is that the bargaining power is durable and changes only due to important events such as elections....
View ArticleDoes Easing Monetary Policy Increase Financial Instability? -- by Ambrogio...
This paper develops a model featuring both a macroeconomic and a financial friction that speaks to the interaction between monetary and macro-prudential policy and to the role of U.S. monetary and...
View ArticleMultiple Equilibria in Open Economy Models with Collateral Constraints:...
This paper establishes the existence of multiple equilibria in infinite-horizon open- economy models in which the value of tradable and nontradable endowments serves as collateral. In this environment,...
View ArticleEgyptian Exchange: Trading Hours During Ramadan Holy Month
The Egyptian Exchange (EGX) decided that the trading session dates during the month of Ramadan to be as follows:read more...
View ArticleWorking Hours Of The Amman Stock Exchange And Trading Hours During The Holy...
On the occasion of the holy month of Ramadan, the ASE has decided to change the official working and trading hours during the holy month of Ramadan, the working hours will be from 09:30 to 15:30, as...
View ArticleRe-Appointments To The MAS Board Of Directors
The Monetary Authority of Singapore (MAS) announced the re-appointment of four members of the MAS Board of Directors, with effect from 1 June 2016.read more...
View ArticleSGX Launches SGX Sustainability Indices
Singapore Exchange (SGX) today announced the launch of SGX Sustainability Indices, another suite of equity indices composed of SGX-listed stocks introduced by SGX Index Edge. SGX’s partner,...
View ArticleOffice Of The Comptroller Of The Currency Issues Third Quarter 2016 CRA...
The Office of the Comptroller of the Currency (OCC) today released its schedule of Community Reinvestment Act (CRA) evaluations to be conducted in the third quarter of 2016.read more...
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