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McLaughlin, Patrick A. - 2020

Despite evidence to the contrary, three common myths persist about federal regulations. The first myth is that many regulations concern the environment, but in fact only a small minority of regulations are environmental. The second myth is that most regulations contain quantitative estimates of...

Persistent link: https://www.econbiz.de/10012481816

Regulation and Distrust

Aghion, Philippe - 2009

In a cross-section of countries, government regulation is strongly negatively correlated with social capital. We … document this correlation, and present a model explaining it. In the model, distrust creates public demand for regulation …, while regulation in turn discourages social capital accumulation, leading to multiple equilibria. A key implication of the …

Persistent link: https://www.econbiz.de/10012464001

A Delegation Approach to Regulating Hiring Discrimination

Martellini, Paolo; Menzio, Guido - National Bureau of Economic Research - 2024

We approach the design of anti-discriminatory labor market regulation as a delegation problem. A private firm (the … their match with firm. A benevolent and unbiased labor market authority (the principal) enacts a hiring regulation (a direct …-revelation mechanism without transfers) in order to reduce the impact of the firm's bias on its hiring behavior. The hiring regulation is …

Persistent link: https://www.econbiz.de/10014468218

The Fundamentals of Commodity Futures Returns

Gorton, Gary B. - 2007

Commodity futures risk premiums vary across commodities and over time depending on the level of physical inventories, as predicted by the Theory of Storage. Using a comprehensive dataset on 31 commodity futures and physical inventories between 1969 and 2006, we show that the convenience yield is...

Persistent link: https://www.econbiz.de/10012465403

The Present Value Model of Rational Commodity Pricing

Pindyck, Robert S. - 1992

The present value model relates an asset's price to the sum of its discounted expected future payoffs. I explore the limits of the model by testing its ability to explain the pricing of storable commodities. For commodities the payoff stream is the convenience yield that accrues from holding...

Persistent link: https://www.econbiz.de/10012474896

Long-Term Contracting and Multiple-Price Systems

Hubbard, R. Glenn - 1991

This paper examines product markets in which long-term contracts and spot transactions coexist. Such markets are characterized by "multiple-price systems," wherein adjustment to supply and demand shocks occurs through spot prices, while contract prices are fixed, or adjust slowly. We derive the...

Persistent link: https://www.econbiz.de/10012475218

On The Behavior of Commodity Prices

Deaton, Angus - 1990

matching the stylized facts, particularity the asymmetries and the sharp upward flares that characterize many commodity prices …

Persistent link: https://www.econbiz.de/10012475591

Inventories and the Short-Run Dynamics of Commodity Prices

Pindyck, Robert S. - 1990

The idea that wages rise relative to alternatives as job seniority accumulates is the foundation of the theory of specific human capital, as well as other widely accepted theories of compensation. The fact that persons with longer job tenures typically earn higher wages tends to support these...

Persistent link: https://www.econbiz.de/10012475740

The Excess Co-Movement of Commodity Prices

Pindyck, Robert S. - 1988

This paper tests and confirms the existence of a puzzling phenomenon - the prices of largely unrelated raw commodities have a persistent tendency to move together. We show that this comovement of prices is well in excess of anything that can be explained by the common effects of past, current,...

Persistent link: https://www.econbiz.de/10012476393

Can Futures Market Data Be Used to Understand the Behavior of Real Interest Rates?

Mishkin, Frederic S. - 1987

Understanding the behavior of real interest rates is a central issue in monetary/macro economics. Recently researchers have begun to use futures market data to examine real interest rate behavior. Futures market data can be used to directly construct own-commodity real interest rates ? i.e., the...

Persistent link: https://www.econbiz.de/10012476668

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