Bringing Satellite-Based Air Quality Estimates Down to Earth -- by Meredith...
We use state-of-the-art, satellite-based PM2.5 estimates to assess the extent to which the EPA's existing, monitor-based measurements over- or under-estimate true exposure to PM2.5 pollution. Treating...
View ArticleRetirement Implications of a Low Wage Growth, Low Real Interest Rate Economy...
We examine the implications of persistent low real interest rates and wage growth rates on individuals nearing retirement. We begin by reviewing the concept of r star â the long-term real, safe...
View ArticleMarket Expectations About Climate Change -- by Wolfram Schlenker, Charles A...
An emerging literature examines how agents update their beliefs about climate change. Most studies have relied on indirect belief measures or opinion polls. We analyze a direct measure: prices of...
View ArticleJob creation in Colombia vs the U.S.: “up or out dynamics” meets...
There is growing consensus that a key difference between the U.S. and developing economies is that the latter exhibit slower employment growth over the life cycle of the average business. At the same...
View ArticleDe Facto or De Jure? Ethnic Differences in Quit Responses to Legal...
This paper studies the impact of legal medical marijuana markets on the decision to quit marijuana use, distinguishing between de jure legalization, in which dispensaries are legally protected, and de...
View ArticleChinese Bond Market and Interbank Market -- by Marlene Amstad, Zhiguo He
Over the past twenty years, especially the past decade, China has taken enormous strides to develop its bond market as an integral step of financial reform. This paper aims to provide the most...
View ArticleDo Trade Creditors Possess Private Information? Stock Returns Evidence -- by...
Theories of customer supplier relationships hold that the private information of suppliers about buyers explains the use of trade credit even when there is a competitive banking sector. If suppliers...
View ArticlePaying to Program? Engineering Brand and High-Tech Wages -- by Prasanna...
We test the hypothesis that IT workers accept a compensating differential to work with emerging IT systems, and that employers that invest in these systems can, in turn, capture greater value from the...
View ArticleThe Monetary and Fiscal History of Bolivia, 1960–2017 -- by Timothy J....
After the economic reforms that followed the National Revolution of the 1950s, Bolivia seemed positioned for sustained growth. Indeed, it achieved unprecedented growth from 1960 to 1977. The rapid...
View ArticleFactor Momentum and the Momentum Factor -- by Sina Ehsani, Juhani T. Linnainmaa
Momentum in individual stock returns emanates from momentum in factor returns. Most factors are positively autocorrelated: the average factor earns a monthly return of 1 basis point following a year of...
View ArticleVisibility Bias in the Transmission of Consumption Beliefs and Undersaving --...
We study how bias in the social transmission process affects contagion of consumption beliefs and behavior. In the model, consumption is more salient than non-consumption. This visibility bias causes...
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