This paper approaches the PPP puzzle by using the Bitcoin/US Dollar exchange rate. The use of the virtual currency as macroeconomic laboratory allows us to remove frictions that previously impeded the empirical demonstration of the law of one price. We show that price adjustments are still far...

Abstract Interpersonal mistreatment at work often occurs in the presence of others; however, these “others” are rarely examined in empirical research despite their importance to the context of the negative interaction. We conducted 2 experiments to examine how witnessing incivility affects...

This paper shows that the current market infrastructure systemically prevents investors, both shareholders and bondholders, from exercising their rights against issuers. Equity and debt securities are now normally held through a chain of custodians. These custodians are connected with each other...

This paper evaluates the model risk of models used for forecasting systemic and market risk. Model risk, which is the potential for different models to provide inconsistent outcomes, is shown to be increasing with and caused by market uncertainty. During calm periods, the underlying risk...

Sovereign default is often associated with the downfall of incumbent governments in democratic polities. Existing scholarship directs attention to the relationship between default and domestic politics and institutions rather than the broader international environment wherein repayment and...

In recent years, global imbalances have channeled the excess savings of surplus countries toward the real estate markets of deficit countries. By consequence, the deficit countries that attracted lots of foreign capital experienced large run-ups in house prices while the surplus countries that...

Innovation in European Cities sets out the context for Bloomberg Philanthropies’ European Mayors Challenge. It gives an overview of the key themes facing European cities today and provides an independent analysis of the 155 submissions to the award and a detailed review of the five winning...

According to Pareto, the distribution of income depends on "the nature of the people comprising a society, on the organization of the latter, and, also, in part, on An overlapping generations model of marriage, fertility and nature of the is captured by attitudes toward marriage, divorce,...