Narrow search
Showing 1 - 10 of 372
Cover Image
Risk Based Explanations of the Equity Premium
Mehra, Rajnish; Donaldson, John - National Bureau of Economic Research (NBER) - 2007
This essay reviews the family of models that seek to provide aggregate risk based explanations for the empirically observed equity premium. Theories based on non-expected utility preference structures, limited financial market participation, model uncertainty and the small probability of...
Persistent link: https://www.econbiz.de/10005589022
Cover Image
Chronic Specie Scarcity and Efficient Barter: The Problem of Maintaining an Outside Money Supply in British Colonial America
Grubb, Farley - National Bureau of Economic Research (NBER) - 2012
. A model of efficient barter and local inside money is developed to show how chronic specie scarcity in colonial America …
Persistent link: https://www.econbiz.de/10011271405
Cover Image
IS-LM and Monetarism
Bordo, Michael David; Schwartz, Anna J. - National Bureau of Economic Research (NBER) - 2003
monetarism: Milton Friedman and the team of Karl Brunner and Allan Meltzer. Friedman did not explicitly state the reasons he … generally chose not to use the IS-LM model in rejecting Keynesian views on the demand function for money, the role of autonomous … three assets: base money, government debt, and real capital. They set up a model with financial institutions and utilized it …
Persistent link: https://www.econbiz.de/10005777940
Cover Image
On Inflation and Output with Costly Price Changes: A Simple Unifying Result
Benabou, Roland; Konieczny, Jerzy D. - National Bureau of Economic Research (NBER) - 1993
We analyze the effect of inflation on the average output of monopolistic firms facing a small fixed cost of changing …
Persistent link: https://www.econbiz.de/10005779063
Cover Image
The Demise of Walk Zones in Boston: Priorities vs. Precedence in School Choice
Dur, Umut M.; Kominers, Scott Duke; Pathak, Parag A.; … - National Bureau of Economic Research (NBER) - 2013
School choice plans in many cities grant students higher priority for some (but not all) seats at their neighborhood schools. This paper demonstrates how the precedence order, i.e. the order in which different types of seats are filled by applicants, has quantitative effects on distributional...
Persistent link: https://www.econbiz.de/10010969267
Cover Image
Education, Birth Order, and Family Size
Bagger, Jesper; Birchenall, Javier A.; Mansour, Hani; … - National Bureau of Economic Research (NBER) - 2013
We introduce a general framework to analyze the trade-off between education and family size. Our framework incorporates parental preferences for birth order and delivers theoretically consistent birth order and family size effects on children's educational attainment. We develop an empirical...
Persistent link: https://www.econbiz.de/10010969380
Cover Image
The Welfare Effects of Coordinated Assignment: Evidence from the NYC HS Match
Abdulkadiroğlu, Atila; Agarwal, Nikhil; Pathak, Parag A. - National Bureau of Economic Research (NBER) - 2015
Centralized and coordinated school assignment systems are a growing part of recent education reforms. This paper estimates school demand using rank order lists submitted in New York City's high school assignment system launched in Fall 2003 to study the effects of coordinating admissions in a...
Persistent link: https://www.econbiz.de/10011213648
Cover Image
Theory, General Equilibrium and Political Economy in Development Economics
Acemoglu, Daron - National Bureau of Economic Research (NBER) - 2010
I discuss the role of economic theory in empirical work in development economics with special emphasis on general equilibrium and political economy considerations. I argue that economic theory plays (should play) a central role in formulating models, estimates of which can be used for...
Persistent link: https://www.econbiz.de/10008627143
Cover Image
Quantitative Asset Pricing Implications of Endogenous Solvency Constraints
Jermann, Urban Joseph; Alvarez, Fernando - National Bureau of Economic Research (NBER) - 1999
We study the asset pricing implications of an economy where solvency constraints are determined to efficiently deter agents from defaulting. We present a simple example for which efficient allocations and all equilibrium elements are characterized analytically. The main model produces large...
Persistent link: https://www.econbiz.de/10005714433
Cover Image
Bubbles and Self-Enforcing Debt
Hellwig, Christian; Lorenzoni, Guido - National Bureau of Economic Research (NBER) - 2006
We characterize equilibria with endogenous debt constraints for a general equilibrium economy with limited commitment in which the only consequence of default is losing the ability to borrow in future periods. First, we show that equilibrium debt limits must satisfy a simple condition that...
Persistent link: https://www.econbiz.de/10005775063