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Commodity Trade and the Carry Trade : a Tale of Two Countries
Ready, Robert - 2013
Persistent differences in interest rates across countries account for much of the profitability of currency carry trade strategies. "Commodity currencies'' tend to have high interest rates while low interest rate currencies belong to exporters of finished goods. This pattern arises in a...
Persistent link: https://www.econbiz.de/10012459290
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Was Pandemic Fiscal Relief Effective Fiscal Stimulus? Evidence from Aid to State and Local Governments
Clemens, Jeffrey; Hoxie, Philip G.; Veuger, Stan - National Bureau of Economic Research - 2022
We use an instrumental-variables estimator reliant on variation in congressional representation to analyze the effects of federal aid to state and local governments across all four major pieces of COVID-19 response legislation. Through September 2021, we estimate that the federal government...
Persistent link: https://www.econbiz.de/10013334387
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How Much of Barrier to Entry is Occupational Licensing?
Blair, Peter Q. - 2018
We exploit state variation in licensing laws to study the effect of licensing on occupational choice using a boundary discontinuity design. We find that licensing reduces equilibrium labor supply by an average of 17%-27%. The negative labor supply effects of licensing appear to be strongest for...
Persistent link: https://www.econbiz.de/10012480913
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Measuring The Natural Rate Using Natural Experiments
Bäcker-Peral, Verónica; Hazell, Jonathon; Mian, Atif - National Bureau of Economic Research - 2023
Every month, a fraction of UK property leases are extended for another 90 years or more. We use new data on thousands of these natural experiments from 2003 onwards to estimate the "natural rate of return on capital", \(r_K^\text{*}\), which also represents the long-run dividend-price ratio....
Persistent link: https://www.econbiz.de/10014421185
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Employer Learning and the Signaling Value of Education
Altonji, Joseph G. - 1996
productivity of new workers, the portion of the return to education that could reflect signaling of ability is limited …
Persistent link: https://www.econbiz.de/10012473426
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Self-Signaling and Prosocial Behavior : a Cause Marketing Mobile Field Experiment
Dubé, Jean-Pierre - 2015
We empirically test an information economics based theory of social preferences in which ego utility and self-signaling … a large price discount for the good. The combined evidence supports the self-signaling theory whereby price discounts … theories of motivation crowding are unable to fit the non-monotonic moments in the data. A structural model of self-signaling …
Persistent link: https://www.econbiz.de/10012457193
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A Model of Exchange-Rate Determination with Policy Reaction : Evidence From Monthly Data
Branson, William H. - 1983
During the 1970s an extensive theoretical literature has developed analyzing market determination of freely floating exchange rates. At the same time, there has been extensive and continuous intervention in the market by central banks. Exchange rates have not been floating freely; they have been...
Persistent link: https://www.econbiz.de/10012477921
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A Model of Exchange-Rate Determination with Policy Reaction : Evidence from Monthly Data
Branson, William H. - 1983
During the 1970s an extensive theoretical literature has developed analyzing market determination of freely floating exchange rates. At the same time, there has been extensive and continuous intervention in the market by central banks. Exchange rates have not been floating freely;they have been...
Persistent link: https://www.econbiz.de/10012477966
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Real Exchange Rate Misalignments and Growth
Razin, Ofair - 1997
Real exchange rate (RER) misalignment is now a standard concept in international macroeconomic theory and policy. However, there is neither a consensus indicator of misalignment, nor an agreed upon methodology for constructing such an indicator. This paper constructs an indicator of RER...
Persistent link: https://www.econbiz.de/10012472640
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The Determinants of the Choice between Fixed and Flexible Exchange-Rate Regimes
Edwards, Sebastian - 1996
In recent years, analysts and policy makers alike have been evaluating the nexus between exchange rates and macroeconomic stability. Among the most important questions is why have some countries adopted rigid, including fixed, exchange-rate paper addresses this question from a political economy...
Persistent link: https://www.econbiz.de/10012473078