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Understanding Booms and Busts in Housing Markets
Burnside, A. 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/10013130972
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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/10013131513
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Covariances Versus Characteristics in General Equilibrium
Lin, Xiaoji - 2011
We question a deep-ingrained doctrine in asset pricing: If an empirical characteristic-return relation is consistent with investor "rationality," the relation must be "explained" by a risk factor model. The investment approach changes the big picture of asset pricing. Factors formed on...
Persistent link: https://www.econbiz.de/10013121598
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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/10013124860
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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/10013125583
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Incomplete Contracts and the Internal Organization of Firms
Aghion, Philippe - 2014
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/10013064452
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The Macroeconomist as Scientist and Engineer
Mankiw, N. Gregory - 2006
This essay offers a brief history of macroeconomics, together with an evaluation of what has been learned over the past several decades. It is based on the premise that the field has evolved through the efforts of two types of macroeconomist%u2014 those who understand the field as a type of...
Persistent link: https://www.econbiz.de/10012779829
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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/10012953510
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Open Access as a Crude Solution to a Hold-Up Problem in the Two-Sided Market for Academic Journals
McCabe, Mark J. - 2019
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...
Persistent link: https://www.econbiz.de/10012903350
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What Can Economics Say About Alzheimer's Disease?
Chandra, Amitabh - 2020
States. We describe the central economic questions raised by AD. While there is overlap with the economics of aging, the … defining features of the ‘economics of Alzheimer's Disease' is an emphasis on cognitive decline, choice by cognitively impaired … public programs for AD. These topics overlap with many areas of economics -- labor economics, health economics, public …
Persistent link: https://www.econbiz.de/10012824275