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Empirical Asset Pricing and Statistical Power in the Presence of Weak Risk Factors
Burnside, A. Craig - National Bureau of Economic Research (NBER) - 2007
The risk factors in many consumption-based asset pricing models display statistically weak correlation with the returns being priced. Some GMM-based procedures used to test these models have very low power to reject proposed stochastic discount factors (SDFs) when they are misspecified and the...
Persistent link: https://www.econbiz.de/10005720102
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Food Price Spikes, Price Insulation and Poverty
Anderson, Kym; Martin, Will J; Ivanic, Maros - National Bureau of Economic Research (NBER) - 2013
This paper first considers the impact on world food prices of the changes in restrictions on trade in staple foods during the 2008 world food price crisis. Those changes--reductions in import protection or increases in export restraints--were meant to partially insulate domestic markets from the...
Persistent link: https://www.econbiz.de/10010969350
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Biofuels, Binding Constraints and Agricultural Commodity Price Volatility
Abbott, Philip - National Bureau of Economic Research (NBER) - 2013
, the role of biofuels in determining recent high corn and other agricultural commodity prices, as well as their volatility … industrial demand for corn, contributing to both higher prices and greater price volatility. But turbulence in recent economic … vary over time in ways that are observable in data. Price volatility and "subsidy incidence" also depend on which regime is …
Persistent link: https://www.econbiz.de/10010969426
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The Financialization of Commodity Markets
Xiong, Wei; Cheng, Ing-Haw - National Bureau of Economic Research (NBER) - 2013
The large inflow of investment capital to commodity futures markets in the last decade has generated a heated debate about whether financialization distorts commodity prices. Rather than focusing on the opposing views concerning whether investment flows either did or did not cause a price...
Persistent link: https://www.econbiz.de/10010796590
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Convective Risk Flows in Commodity Futures Markets
Xiong, Wei; Cheng, Ing-Haw; Kirilenko, Andrei - National Bureau of Economic Research (NBER) - 2012
This paper analyzes the joint responses of commodity futures prices and traders' futures positions to changes in the VIX before and after the recent financial crisis. We find that while financial traders accommodate the needs of commercial hedgers in normal times, in times of distress, financial...
Persistent link: https://www.econbiz.de/10011188540
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Institutional Comparative Statics
Robinson, James Alan; Torvik, Ragnar - National Bureau of Economic Research (NBER) - 2011
Why was the Black Death followed by the decline of serfdom in Western Europe but its' intensification in Eastern Europe? What explains why involvement in Atlantic trade in the Early Modern period was positively correlated with economic growth in Britain but negatively correlated in Spain? Why...
Persistent link: https://www.econbiz.de/10009652874
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The "Out of Africa" Hypothesis, Human Genetic Diversity, and Comparative Economic Development
Galor, Oded; Ashraf, Quamrul - National Bureau of Economic Research (NBER) - 2011
This research argues that deep-rooted factors, determined tens of thousands of years ago, had a significant effect on the course of economic development from the dawn of human civilization to the contemporary era. It advances and empirically establishes the hypothesis that, in the course of the...
Persistent link: https://www.econbiz.de/10009226940
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The Economics of Climate Change
Pizer, William A.; Goulder, Lawrence H. - National Bureau of Economic Research (NBER) - 2006
Global climate change poses a threat to the well-being of humans and other living things through impacts on ecosystem functioning, biodiversity, capital productivity, and human health. This paper briefly surveys recent research on the economics of climate change, including theoretical insights...
Persistent link: https://www.econbiz.de/10005004701
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De Facto and De Jure Property Rights: Land Settlement and Land Conflict on the Australian, Brazilian and U.S. Frontiers
Alston, Lee J.; Mueller, Bernardo; Harris, Edwyna - National Bureau of Economic Research (NBER) - 2009
We present a conceptual framework to better understand the interaction between settlement and the emergence of de facto property rights on frontiers prior to governments establishing and enforcing de jure property rights. In this framework, potential rents associated with more exclusivity drives...
Persistent link: https://www.econbiz.de/10005109526
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This Time is Different Chartbook: Country Histories on Debt, Default, and Financial Crises
Reinhart, Carmen - National Bureau of Economic Research (NBER) - 2010
This Chartbook provides a pictorial history, on a country-by-country basis, of public debt and economic crises of various forms. It is a timeline of a country's creditworthiness and financial turmoil. The analysis, narrative, and illustrations in Reinhart and Rogoff (2009), This Time is...
Persistent link: https://www.econbiz.de/10008615769