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Existing theories of pre-emptive war typically predict that the leading country may choose to launch a war on a … was Japan who launched a war against the West in 1941, not the West that pre-emptively attacked Japan. Similarly, many … have argued that trade makes war less likely, yet World War I erupted at a time of unprecedented globalization. This paper …
Persistent link: https://www.econbiz.de/10011084262
Since the 2008 global financial crisis, and after decades of relative neglect, the importance of the financial system and its episodic crises as drivers of macroeconomic outcomes has attracted fresh scrutiny from academics, policy makers, and practitioners. Theoretical advances are following a...
Persistent link: https://www.econbiz.de/10011213304
to a higher fraction of women working not only for the generation directly affected by the war, but also for the next …
Persistent link: https://www.econbiz.de/10005123851
We argue that one major cause of the U.S. postwar baby boom was the increased demand for female labour during World War … the one experienced by American women during wartime mobilization. For the war generation, the shock leads to a persistent … the war face increased labour-market competition, which impels them to exit the labour market and start having children …
Persistent link: https://www.econbiz.de/10005136554
Conventional wisdom in economic history suggests that conflict between countries can be enormously disruptive of … study the effects of war on bilateral trade for almost all countries with available data extending back to 1870. Using the …" costs of war, such as lost human capital, as illustrated by case studies of World War I and World War II. …
Persistent link: https://www.econbiz.de/10005504411
war starting in June 1940, fully 18 months before Pearl Harbor, in contrast to the widespread assumption in the previous …
Persistent link: https://www.econbiz.de/10008677236
We propose two metrics for asset pricing models and apply them to representative agent models with recursive preferences, habits, and jumps. The metrics describe the pricing kernel’s dispersion (the entropy of the title) and dynamics (time dependence, a measure of how entropy varies over...
Persistent link: https://www.econbiz.de/10009225955
Why were people so unprepared for the global financial crisis, the European debt crisis, and the Fukushima nuclear accident? To address this question, we study a model in which agents make state-contingent plans - think about actions in different contingencies - subject to the constraint that...
Persistent link: https://www.econbiz.de/10009351517
Macroeconomic models with financial frictions typically imply that the excess return on a well-diversified portfolio of corporate bonds is close to zero. In contrast, the empirical finance literature documents large and time-varying risk premia in the corporate bond market (the "credit spread...
Persistent link: https://www.econbiz.de/10008854475
states and growing divergence between European powers. In our model, the impact of war on the European state system depends … on: i) the importance of money for determining the war outcome (which stands for the cost of war), and ii) a country … of war. Initially, this caused more internally cohesive states to invest more in state capacity, while other (more …
Persistent link: https://www.econbiz.de/10009385769