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Chahrour, Ryan; Cormun, Vito; De Leo, Pierre; … - National Bureau of Economic Research - 2024

We find that variation in expected U.S. productivity explains over half of U.S. dollar/G7 exchange rate fluctuations. Both correctly-anticipated changes in productivity and expectational noise, which influences the expectation of productivity but not its eventual realization, have large effects....

Persistent link: https://www.econbiz.de/10014576625

Disasters with Unobservable Duration and Frequency : Intensified Responses and Diminished Preparedness

Acharya, Viral V.; Johnson, Tim; Sundaresan, Suresh M.; … - National Bureau of Economic Research - 2023

We study an economy subject to recurrent disasters when agents have imprecise information about the frequency and duration of the disasters. Uncertainty about the persistence of states can lead to seemingly pessimistic behavior in bad times and optimistic behavior in good times. In a disaster,...

Persistent link: https://www.econbiz.de/10014247988

Algorithmic Recommendations and Human Discretion

Angelova, Victoria; Dobbie, Will; Yang, Crystal - National Bureau of Economic Research - 2023

Human decision-makers frequently override the recommendations generated by predictive algorithms, but it is unclear whether these discretionary overrides add valuable private information or reintroduce human biases and mistakes. We develop new quasi-experimental tools to measure the impact of...

Persistent link: https://www.econbiz.de/10014372504

Liquidity and Asset Prices : A Unified Framework

Vayanos, Dimitri - 2009

We examine how liquidity and asset prices are affected by the following market imperfections: asymmetric information …

Persistent link: https://www.econbiz.de/10012463434

Credit Market Freezes

Benmelech, Efraim - 2017

Credit market freezes in which debt issuance declines dramatically and market liquidity evaporates are typically … bonds declined, and secondary credit markets became highly illiquid. In this paper we analyze liquidity in bond markets … during financial crises and compare two main theories of liquidity in markets: (1) asymmetric information and adverse …

Persistent link: https://www.econbiz.de/10012455170

Liquidity as Social Expertise

Kurlat, Pablo - 2015

This paper proposes a theory of liquidity dynamics. Illiquidity results from asymmetric information. Observing the … perpetuates illiquidity. Liquidity falls in response to unexpected events that lead agents to question their valuation models …

Persistent link: https://www.econbiz.de/10012457548

Data and Market Power

Eeckhout, Jan; Veldkamp, Laura - National Bureau of Economic Research - 2022

Might firms' use of data create market power? To explore this hypothesis, we craft a model in which economies of scale in data induce a data-rich firm to invest in producing at a lower marginal cost and larger scale. However, the model uncovers much richer interactions between data, welfare and...

Persistent link: https://www.econbiz.de/10013210050

The Subjective Inflation Expectations of Households and Firms : Measurement, Determinants, and Implications

Weber, Michael; D'Acunto, Francesco; Gorodnichenko, Yuriy; … - National Bureau of Economic Research - 2022

Households' and firms' subjective inflation expectations play a central role in macroeconomic and intertemporal microeconomic models. We discuss how subjective inflation expectations are measured, the patterns they display, their determinants, and how they shape households' and firms' economic...

Persistent link: https://www.econbiz.de/10013210074

The Role of Advertisers and Platforms in Monetizing Misinformation : Descriptive and Experimental Evidence

Ahmad, Wajeeha; Sen, Ananya; Eesley, Charles E.; … - National Bureau of Economic Research - 2024

The financial motivation to earn advertising revenue by spreading misinformation has been widely conjectured to be among the main reasons misinformation continues to be prevalent online. Research aimed at reducing the spread of misinformation has so far focused on user-level interventions with...

Persistent link: https://www.econbiz.de/10014512041

Judging the Judges : Indexing of Complex Information Reduces Injustice

Caplin, Andrew; Gomberg, Andrei; Sadka, Joyce C. - National Bureau of Economic Research - 2024

We demonstrate that cognitive constraints produce injustice in its most paradigmatic form: incorrect verdicts in judicial trials. Responding to a request for help, we conducted a field study in Mexican labor courts in which time pressure on the judges leads to their making mistakes, many of...

Persistent link: https://www.econbiz.de/10014576616

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