Similar Search Results

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/10012461372

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/10012461600

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/10012461648

The Unreasonable Effectiveness of Algorithms

Ludwig, Jens; Mullainathan, Sendhil; Rambachan, Ashesh - National Bureau of Economic Research - 2024

We calculate the social return on algorithmic interventions (specifically their Marginal Value of Public Funds) across multiple domains of interest to economists--regulation, criminal justice, medicine, and education. Though these algorithms are different, the results are similar and striking....

Persistent link: https://www.econbiz.de/10014486217

The Shape of Twentieth Century Economic History

DeLong, J. Bradford - 2000

The history of the twentieth century can be summarized excessively briefly in five propositions: First, that the history of the twentieth century was overwhelmingly economic history. Second, that the twentieth century saw the material wealth of humankind explode beyond all previous imagining....

Persistent link: https://www.econbiz.de/10012471206

Economic Imperialism

Lazear, Edward P. - 1999

Economics is not only a social science, it is a genuine science. Like the physical sciences, economics uses a …, economics stresses three factors that distinguish it from other social sciences. Economists use the construct of rational … theory. Finally, a focus on efficiency leads economists to ask questions that other social sciences ignore. These ingredients …

Persistent link: https://www.econbiz.de/10012471484

Mr. Keynes and the "Classics"; A Suggested Reinterpretation

Eggertsson, Gauti B.; Petracchi, Cosimo - National Bureau of Economic Research - 2021

"classics" (or monetarists). The controversy dates to Keynes's General Theory (1936)--most famously formalized in Hicks's (1937 …

Persistent link: https://www.econbiz.de/10012616606

The Labor Market Impacts of Technological Change : From Unbridled Enthusiasm to Qualified Optimism to Vast Uncertainty

Autor, David H. - National Bureau of Economic Research - 2022

This review considers the evolution of economic thinking on the relationship between digital technology and inequality across four decades, encompassing four related but intellectually distinct paradigms, which I refer to as the education race, the task polarization model, the...

Persistent link: https://www.econbiz.de/10013210102

Who is Neoliberal? Durkheimian Individualism and Support for Market Mechanisms

Landier, Augustin; Thesmar, David - National Bureau of Economic Research - 2022

This paper investigates the drivers of support for market mechanisms (competition and optimizing behavior by agents). We elicit such attitudes using concrete and simplified situations where respondents face a tradeoff between an economically efficient situation and a pro-social objective. We...

Persistent link: https://www.econbiz.de/10013191037

"If you compete with us, we shan't marry you" The (Mary Paley and) Alfred Marshall Lecture

Pande, Rohini; Roy, Helena - National Bureau of Economic Research - 2021

economics, with Marshall's encouragement. But in later life, Marshall opposed granting Cambridge degrees to women and their … participation in academic economics. This paper recounts Alfred Marshall's use of gender norms, born out of a separate spheres … ideology, to promote and ingrain women's exclusion in academic economics and beyond. We demonstrate the persistence of this …

Persistent link: https://www.econbiz.de/10012696390