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Macroeconomics with Financial Frictions: A Survey

Brunnermeier, Markus K.; Eisenbach, Thomas M.; … - National Bureau of Economic Research (NBER) - 2012

This article surveys the macroeconomic implications of financial frictions. Financial frictions lead to persistence and when combined with illiquidity to non-linear amplification effects. Risk is endogenous and liquidity spirals cause financial instability. Increasing margins further restrict...

Persistent link: https://www.econbiz.de/10011271420

U.S. Trade Policy Since 1934: An Uneven Path Toward Greater Trade Liberalization

Baldwin, Robert E. - National Bureau of Economic Research (NBER) - 2009

This paper presents a comprehensive but relatively brief historical survey of U.S. trade-policy over the last 75 years. It is aimed at individuals who are not already familiar with the concepts and terminology used in discussions of trade policy and the domestic and international institutional...

Persistent link: https://www.econbiz.de/10008627160

A Theory of the Consumption Function, With and Without Liquidity Constraints (Expanded Version)

Carroll, Christopher - National Bureau of Economic Research (NBER) - 2001

This paper argues that the modern stochastic consumption model, in which impatient consumers face uninsurable labor income risk, matches Milton Friedman's (1957) original description of the Permanent Income Hypothesis much better than the perfect foresight or certainty equivalent models did. The...

Persistent link: https://www.econbiz.de/10005829928

Patents and the Global Diffusion of New Drugs

Cockburn, Iain M.; Lanjouw, Jean O.; Schankerman, Mark - National Bureau of Economic Research (NBER) - 2014

This paper studies how patent rights and price regulation affect how fast new drugs are launched in different countries, using newly constructed data on launches of 642 new drugs in 76 countries for the period 1983-2002, and information on the duration and content of patent and price control...

Persistent link: https://www.econbiz.de/10010950846

Minorities and Storable Votes

casella, alessandra; Riezman, Raymond G.; Palfrey, Thomas - National Bureau of Economic Research (NBER) - 2005

The paper studies a simple voting system that has the potential to increase the power of minorities without sacrificing aggregate efficiency. Storable votes grant each voter a stock of votes to spend as desidered over a series of binary decisions. By cumulating votes on issues that it deems most...

Persistent link: https://www.econbiz.de/10005014932

Measuring the Compactness of Political Districting Plans

Fryer, Roland; Holden, Richard - National Bureau of Economic Research (NBER) - 2007

The United States Supreme Court has long recognized compactness as an important principle in assessing the …, respectively. We conclude by estimating seat-vote curves under maximally compact districts for several large states. The fraction …

Persistent link: https://www.econbiz.de/10005778663

A Damage-Revelation Rationale for Coupon Remedies

Polinsky, A. Mitchell; Rubinfeld, Daniel L. - National Bureau of Economic Research (NBER) - 2005

This article studies optimal remedies in a setting in which damages vary among plaintiffs and are difficult to determine. We show that giving plaintiffs a choice between cash and coupons to purchase units of the defendant's product at a discount -- a "coupon-cash remedy" -- is superior to cash...

Persistent link: https://www.econbiz.de/10005029671

Optimal Primaries

Holden, Richard; Hummel, Patrick - National Bureau of Economic Research (NBER) - 2013

higher quality candidate. Voters reside in m different states and receive noisy private information about the identity of the … superior candidate. States vote in some order, and this order is chosen by a social planner. We provide conditions under which … the ordering of the states that maximizes the probability that the higher quality candidate is elected is for states to …

Persistent link: https://www.econbiz.de/10010821672