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What is the Domain of the Welfare State?

Snower, Dennis J. - C.E.P.R. Discussion Papers - 1994

The paper examines the appropriate domain of the Welfare State by exploring the areas in which free enterprise fails to provide adequate welfare state services. The paper outlines a simple coherent strategy for formulating government welfare state policy by identifying the relevant market...

Persistent link: https://www.econbiz.de/10005788942

Does the WTO Make Trade More Stable?

Rose, Andrew K - C.E.P.R. Discussion Papers - 2004

I examine the hypothesis that membership in the World Trade Organization (WTO) and its predecessor the General Agreement on Tariffs and Trade (GATT) has increased the stability and predictability of trade flows. I use a large dataset covering annual bilateral trade flows between over 175...

Persistent link: https://www.econbiz.de/10005789132

Hedge Funds: Performance, Risk and Capital Formation

Fung, William; Hsieh, David A; Naik, Narayan; … - C.E.P.R. Discussion Papers - 2006

We use a comprehensive dataset of Funds-of-Hedge-Funds (FoFs) to investigate performance, risk and capital formation in the hedge fund industry over the past ten years. We confirm the finding of high systematic risk exposures in FoF returns. We divide up the past ten years into three distinct...

Persistent link: https://www.econbiz.de/10005792343

Advertising and Mutual Funds: From Families to Individual Funds

Gallaher, Steven; Kaniel, Ron; Starks, Laura T - C.E.P.R. Discussion Papers - 2015

redemptions rather than increasing purchases of fund shares. We further find that advertising can affect the fund’s flow …

Persistent link: https://www.econbiz.de/10011145467

Sources of entropy in representative agent models

Backus, David; Chernov, Mikhail; Zin, Stanley E. - C.E.P.R. Discussion Papers - 2011

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

Inattention to Rare Events

Mackowiak, Bartosz Adam; Wiederholt, Mirko - C.E.P.R. Discussion Papers - 2011

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

Credit Risk and Disaster Risk

Gourio, François - C.E.P.R. Discussion Papers - 2011

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

Income and Health Spending: Evidence from Oil Price Shocks

Acemoglu, Daron; Finkelstein, Amy; Notowidigdo, Matthew J. - C.E.P.R. Discussion Papers - 2009

Health expenditures as a share of GDP have more than tripled over the last half century. A common conjecture is that … an increase in income on health expenditures. Our central estimate is an income elasticity of 0.7, with an elasticity of … unlikely to be substantial national or global general equilibrium effects of rising income on health spending, for example …

Persistent link: https://www.econbiz.de/10005662110

Investment and Usage of New Technologies: Evidence from a Shared ATM Network

Degryse, Hans; Ferrari, Stijn; Verboven, Frank - C.E.P.R. Discussion Papers - 2007

When new technologies become available, it is not only essential that firms have the correct investment incentives, but often also that consumers make the proper usage decisions. This paper studies investment and usage in a shared ATM network. Because all banks coordinate their ATM investment...

Persistent link: https://www.econbiz.de/10005662325

Trade, Technology and UK Wage Inequality

Haskel, Jonathan; Slaughter, Matthew - C.E.P.R. Discussion Papers - 1999

The U.K. skill premium fell from the 1950s to the late 1970s and then rose very sharply. This paper examines the contributions to these relative wage movements of international trade and technical change. We first measure trade as changes in product prices and technical change as TFP growth....

Persistent link: https://www.econbiz.de/10005789090

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