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Aggregate Implications of Firm Heterogeneity : A Nonparametric Analysis of Monopolistic Competition Trade Models
Adao, Rodrigo; Arkolakis, Costas; Ganapati, Sharat - 2022
We measure the role of firm heterogeneity in counterfactual predictions of monopolistic competition trade models without parametric restrictions on the distribution of firm fundamentals. We show that two bilateral elasticity functions are sufficient to nonparametrically compute the...
Persistent link: https://www.econbiz.de/10014090774
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Effects of Low-Skilled Immigration on U.S. Natives : Evidence from Hurricane Mitch
Kugler, Adriana D. - 2010
In the 1980s the composition of immigrants to the U.S. shifted towards less-skilled workers. Around this time, real wages and employment of younger and less-educated U.S. workers fell. Some blame recent immigration shifts for the misfortunes of unskilled workers in the U.S. OLS estimates using...
Persistent link: https://www.econbiz.de/10012758439
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International Migration Responses to Natural Disasters : Evidence from Modern Europe's Most Destructive Earthquake
Spitzer, Yannay; Tortorici, Gaspare; Zimran, Ariell - 2022
The Messina-Reggio Calabria Earthquake (1908) was the most devastating natural disaster in modern European history. It occurred when overseas mass emigration from southern Italy was at its peak and international borders were open, making emigration a readily available option for relief. We use...
Persistent link: https://www.econbiz.de/10013299202
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Under the Weather : Health, Schooling, and Economic Consequences of Early-Life Rainfall
Maccini, Sharon - 2010
How sensitive is long-run individual well-being to environmental conditions early in life? This paper examines the effect of weather conditions around the time of birth on the health, education, and socioeconomic outcomes of Indonesian adults born between 1953 and 1974. We link historical...
Persistent link: https://www.econbiz.de/10012759306
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Economic Growth with Constraints on Tax Revenues and Public Debt : Implications for Fiscal Policy and Cross-Country Differences
Aizenman, Joshua - 2007
capacities. We study a non stochastic CRS endogenous growth model where public expenditure is an input in the production process … effective tax rate. We show how persistent differences in growth rates across countries could stem from differential public … welfare and the growth rate. With outstanding public debt, the optimal fiscal policy should keep the debt-to-GDP ratio …
Persistent link: https://www.econbiz.de/10012777949
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On the Pricing of Intermediated Risks : Theory and Application to Catastrophe Reinsurance
Froot, Kenneth - 2010
We model the equilibrium price and quantity of risk transfer between firms and financial intermediaries. Value-maximizing firms have downward sloping demands to cede risk, while intermediaries, who assume risk, provide less-than-fully-elastic supply. We show that equilibrium required returns...
Persistent link: https://www.econbiz.de/10013135141
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The Market for Catastrophe Risk : A Clinical Examination
Froot, Kenneth - 2011
This paper examines the market for catastrophe event risk i.e., financial claims that are linked to losses associated with natural hazards, such as hurricanes and earthquakes. Risk management theory suggests protection by insurers and other corporations against the largest cat events is most...
Persistent link: https://www.econbiz.de/10013117926
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Corporate Demand for Insurance : an Empirical Analysis of the U.S. Market for Catastrophe and Non-Catastrophe Risks
Michel-Kerjan, Erwann - 2011
Using a unique dataset of insurance decisions by over 1,800 large U.S. corporations, this study provides the first empirical analysis of firm behavior that compares corporate demand for property and catastrophe insurance (here, terrorism). We combine demand and supply data and apply a...
Persistent link: https://www.econbiz.de/10013120307
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The Market for Catastrophe Risk : A Clinical Examination
Froot, Kenneth - 2011
This paper examines the market for catastrophe event risk i.e., financial claims that are linked to losses associated with natural hazards, such as hurricanes and earthquakes. Risk management theory suggests protection by insurers and other corporations against the largest cat events is most...
Persistent link: https://www.econbiz.de/10013124399
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Rare Disasters, Tail-Hedged Investments, and Risk-Adjusted Discount Rates
Weitzman, Martin - 2012
What is the best way to incorporate a risk premium into the discount rate schedule for a real investment project with uncertain payoffs? The standard CAPM formula suggests a beta-weighted average of the return on a safe investment and the mean return on an economy-wide representative risky...
Persistent link: https://www.econbiz.de/10013098814