We quantify the effect of foreign investment on productivity of acquired firms using a new firm-level database that tracks foreign ownership changes. To control for endogenous selection on unobserved firm-level characteristics, we study the differential impact of majority and minority foreign...

output volatility at micro and macro levels. Using a very large firm-level dataset (AMADEUS) from 16 European countries, we construct a measure of "deep" financial integration at the regional-level based on observations of foreign ownership at the firm-level. We find a significant positive...

We estimate the effects of deregulation of U.S. banking restrictions on the amount of interstate personal income insurance during the period 1970–2001. Interstate income insurance occurs when personal income reacts less than one-to-one to state-specific shocks to output. We find that income...

We estimate the effects of deregulation of U.S. banking restrictions on interstate personal income insurance for the period 1970 to 2001. Interstate income insurance occurs when personal income reacts less than one-to-one to state-specific output shocks. We find that insurance improved after...

This paper considers estimation based on a set of <italic>T</italic> + 1 discrete observations, <italic>y</italic>(0), <italic>y</italic>(<italic>h</italic>), <italic>y</italic>(2<italic>h</italic>),…, <italic>y</italic>(<italic>Th</italic>) = <italic>y</italic>(<italic>N</italic>), where <italic>h</italic> is the sampling frequency and <italic>N</italic> is the span of the data. In contrast to the standard approach of driving <italic>N</italic> to infinity for a fixed sampling frequency, the current paper...

We show that homeowners are able to maintain a high level of consumption following job loss or disability in periods of rising house values. However, the consumption drop for consumers who simultaneously lose their job and equity in their houses is substantial. Using data from the Panel Study of...