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"This study presents evidence that the correlation in brothers' earnings has risen in recent decades. We use two … distinct cohorts of young men from the National Longitudinal Surveys and estimate that the correlation in earnings between … important in determining economic outcomes. We find that neither the correlation in years of schooling nor the rising return to …
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"We investigate the information content of inter- transaction time and find that it varies both across stocks and over time. On average, inter-transaction time is found to be informative whenever stocks are sufficiently traded. The magnitude of the information content is found to be larger for...
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"In his famous 1987 monograph, Robert Lucas argued that further stabilizing the business cycles that persisted in the post-War era was pointless, because these cycles had a negligible effect on societal well- being. In particular, Lucas demonstrated that society should be willing to pay only a...
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