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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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Economics and Reality
Uhlig, Harald - 2010
economics and reality. More precisely, it asks how reality in the form empirical evidence does or does not influence economic … from general to specific. For the general perspective, I examine the following four points of view. First, economics is a … science. Second, economics is an art. Third, economics is a competition. Forth, economics politics. I then examine four …
Persistent link: https://www.econbiz.de/10013137582
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How Does the Market Use Citation Data? The Hirsch Index in Economics
Ellison, Glenn - 2010
A large literature following Hirsch (2005) has proposed citation-based indexes that could be used to rank academics. This paper examines how well several such indexes match labor market outcomes using data on the citation records of young tenured economists at 25 U.S. departments. Variants of...
Persistent link: https://www.econbiz.de/10013137591
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The Economic History of the "American Economic Review" : A Century's Explosion of Economics Research
Margo, Robert A. - 2010
-purpose publication with highly disparate content. Over time the economics profession expanded and more economics research was produced …
Persistent link: https://www.econbiz.de/10013139146
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Economic History or History of Economics? A Review Essay on Sylvia Nasar's Grand Pursuit : The Story of Economic Genius
Ashenfelter, Orley - 2011
In this essay I review Sylvia Nasar's long awaited new history of economics, Grand Pursuit. I describe how the book is … and foibles to show they are human! I contrast the general view of the role of economics in Grand Pursuit with Robert …
Persistent link: https://www.econbiz.de/10013118245
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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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Incentives and the Effects of Publication Lags on Life Cycle Research Productivity in Economics
Conley, John P. - 2011
.D. graduates in economics. We construct a panel dataset of 14,271 individuals who were awarded Ph.D.s between 1986 and 2000 in US … and Canadian economics departments. For this population of scholars, we amass complete records of publications in peer … economics departments and may have important implications for what should constitute a tenurable record. We also find that the …
Persistent link: https://www.econbiz.de/10013125174
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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