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An Exploration of Optimal Stabilization Policy

Mankiw, N. Gregory - 2011

This paper examines the optimal response of monetary and fiscal policy to a decline in aggregate demand. The theoretical framework is a two-period general equilibrium model in which prices are sticky in the short run and flexible in the long run. Policy is evaluated by how well it raises the...

Persistent link: https://www.econbiz.de/10012461600

Legal Investor Protection and Takeovers

Burkart, Mike - 2011

We study the role of legal investor protection for the efficiency of the market for corporate control. Stronger legal investor protection limits the ease with which an acquirer, once in control, can extract private benefits at the expense of non-controlling investors. This, in turn, increases...

Persistent link: https://www.econbiz.de/10012461648

Understanding Booms and Busts in Housing Markets

Burnside, Craig - 2011

Some booms in housing prices are followed by busts. Others are not. It is generally difficult to find observable fundamentals that are useful for predicting whether a boom will turn into a bust or not. We develop a model consistent with these observations. Agents have heterogeneous expectations...

Persistent link: https://www.econbiz.de/10012461924

Economics, History, and Causation

Morck, Randall - 2011

Economics and history both strive to understand causation: economics using instrumental variables econometrics and …

Persistent link: https://www.econbiz.de/10012461979

Incomplete Contracts and the Internal Organization of Firms

Aghion, Philippe - 2013

of factors highlighted in the theory are shown to be important in accounting for delegation, such as heterogeneity and …

Persistent link: https://www.econbiz.de/10012459819

The Integration of Economic History into Economics

Margo, Robert A. - 2017

In the United States today the academic field of economic history is much closer to economics than it is to history in … terms of professional behavior, a stylized fact that I call the "integration of economic history into economics". I document … history and economics; and publication histories of successive cohorts of PhDs in the first decade since receiving the …

Persistent link: https://www.econbiz.de/10012455144

Open Access as a Crude Solution to a Hold-up Problem in the Two-Sided Market for Academic Journals

McCabe, Mark J. - 2016

The move from traditional to open-access journals--which charge no subscription fees, only submission fees--is gaining support in academia. We analyze a two-sided-market model in which journals cannot commit to subscription fees when authors (who prefer low subscription fees because this boosts...

Persistent link: https://www.econbiz.de/10012456455

The Unreasonable Effectiveness of Algorithms

Ludwig, Jens; Mullainathan, Sendhil; Rambachan, Ashesh - National Bureau of Economic Research - 2024

We calculate the social return on algorithmic interventions (specifically their Marginal Value of Public Funds) across multiple domains of interest to economists--regulation, criminal justice, medicine, and education. Though these algorithms are different, the results are similar and striking....

Persistent link: https://www.econbiz.de/10014486217

The Shape of Twentieth Century Economic History

DeLong, J. Bradford - 2000

The history of the twentieth century can be summarized excessively briefly in five propositions: First, that the history of the twentieth century was overwhelmingly economic history. Second, that the twentieth century saw the material wealth of humankind explode beyond all previous imagining....

Persistent link: https://www.econbiz.de/10012471206

Economic Imperialism

Lazear, Edward P. - 1999

Economics is not only a social science, it is a genuine science. Like the physical sciences, economics uses a …, economics stresses three factors that distinguish it from other social sciences. Economists use the construct of rational … theory. Finally, a focus on efficiency leads economists to ask questions that other social sciences ignore. These ingredients …

Persistent link: https://www.econbiz.de/10012471484