Do Credit Card Companies Screen for Behavioral Biases? -- by Hong Ru,...
We look at the supply side of the credit card market to analyze the pricing and marketing strategies of credit card offers. First, we show that card issuers target less-educated customers with more...
View ArticleOptimal Automatic Stabilizers -- by Alisdair McKay, Ricardo Reis
Should the generosity of unemployment benefits and the progressivity of income taxes depend on the presence of business cycles? This paper proposes a tractable model where there is a role for social...
View ArticleNew Innovations in Payments -- by Marc Rysman, Scott Schuh
We discuss prospects for innovation in consumer payment instruments. We discuss recent research into consumer payments and what can be learned about consumer behavior towards new payment options. We...
View ArticleConsumption Network Effects -- by Giacomo De Giorgi, Anders Frederiksen,...
In this paper we study consumption network effects. Does the consumption of our peers affect our own consumption? How large is such effect? What are the economic mechanisms behind it? We use long panel...
View ArticleThe Staying Power of Staggered Wage and Price Setting Models in...
After many years, many critiques, and many variations, the staggered wage and price setting model is still the most common method of incorporating nominal rigidities into empirical macroeconomic models...
View ArticleEquity is Cheap for Large Financial Institutions: The International Evidence...
Equity is a cheap source of funding for a country's largest financial institutions. In a large panel of 31 countries, we find that the stocks of a country's largest financial companies earn returns...
View ArticleHousing and Macroeconomics -- by Monika Piazzesi, Martin Schneider
This paper surveys the literature on housing in macroeconomics. We first collect facts on house prices and quantities in both the time series and the cross section of households and housing markets. We...
View ArticleInsurance and the High Prices of Pharmaceuticals -- by David Besanko, David...
We present a model in which prospective patients are liquidity constrained, and thus health insurance allows patients access to treatments and services that they otherwise would have been unable to...
View ArticleThe Over Time Impacts Of Smoke Free Air Ordinances In Texas -- by Silda...
We examine an untested hypothesis that posits that null results in early studies examining the economic impacts of smoking bans were driven by sample selection. Early adopters could better absorb the...
View ArticleThe Unintended Consequences of the Zero Lower Bound Policy -- by Marco Di...
We study the impact of the zero lower bound interest rate policy on the industrial organization of the U.S. money fund industry. We find that in response to policies that maintain low interest rates,...
View ArticleDoes Emigration Delay Political Change? Evidence from Italy during the Great...
Mobility within the European Union (EU) brings great opportunities and large overall benefits. Economically stagnant areas, however, may be deprived of talent through emigration, which may harm...
View ArticleBias in Official Fiscal Forecasts: Can Private Forecasts Help? -- by Jeffrey...
Government forecasts of GDP growth and budget balances are generally more over-optimistic than private sector forecasts. When official forecasts are especially optimistic relative to private forecasts...
View ArticleThe Impact of Late-Career Job Loss and Genotype on Body Mass Index -- by...
This study examines whether the effect of job loss on body mass index (BMI) at older ages is moderated by genotype using twenty years of socio-demographic and genome-wide data from the Health and...
View ArticleThe Long Run Impacts of Merit Aid: Evidence from California's Cal Grant -- by...
We examine the impacts of being awarded a Cal Grant, among the most generous state merit aid programs. We exploit variation in eligibility rules using GPA and family income cutoffs that are ex ante...
View ArticleAdoption of New Information and Communications Technologies in the Workplace...
The invention of new applications based on information and communications technologies (ICTs) has had two economic effects up to now. These applications have transformed production, creating value for...
View ArticleHigh Frequency Evidence on the Demand for Gasoline -- by Laurence Levin,...
Daily city-level expenditures and prices are used to estimate the price responsiveness of gasoline demand in the U.S. Using a frequency of purchase model that explicitly acknowledges the distinction...
View ArticleA New Approach to an Age-Old Problem: Solving Externalities by Incenting...
Understanding motivations in the workplace remains of utmost import as economies around the world rely on increases in labor productivity to foster sustainable economic growth. This study makes use of...
View ArticleCanadian Securities Regulators Publish List Of Unprotected Marketplaces
Today, the Canadian Securities Administrators (CSA) published CSA Staff Notice 23-316 Order Protection Rule: Implementation of the Market Share Threshold and Amendments to Companion Policy 23-101...
View ArticleIn CFTC Enforcement Action, Federal Court Orders Florida Resident Todd Owen...
The U.S. Commodity Futures Trading Commission (CFTC) today announced that Judge Beth Bloom of the U.S. District Court for the Southern District of Florida granted the CFTC’s motion for entry of final...
View ArticleFinancial Services Regulators Work Together To Strengthen Consumer Protection...
The Investment Industry Regulatory Organization of Canada (IIROC) and the Insurance Council of British Columbia (Council) have signed a Memorandum of Understanding (MOU) that will enable joint...
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