Going to college is a risky investment in human capital. However, we highlight two options inherently embedded in college education that mitigate this risk: (i) college students can quit without completing four-year degrees after learning about their post-graduation wages and (ii) college...

We study human capital investment decisions in the face of risk. Human capital is an important source of uninsurable idiosyncratic risk. However, the few studies that focus on the effect of risk on human capital investment typically treat human capital like any other risky asset, without taking...

The gender differentials in schooling and labor market outcomes have narrowed significantly in the last few decades. At the same time, it is well documented that idiosyncratic income risk has risen over the same period. We define idiosyncratic risk as the variance of the unobserved wage...

This paper finds that reforms introduced by the IMF to promote transparency have created more informed markets and reduced borrowing costs for those emerging market countries that volunteered for them. Using a quarterly panel estimation with fixed country effects, we find that sovereign spreads...

The financial industry's leading independent research firm's forward-looking assessment into high frequency trading. Once regarded as a United States-focused trend, today, high frequency trading is gaining momentum around the world. Yet, while high frequency trading continues to be one of the...

In this paper, we introduce the FRBNY Consumer Credit Panel, a new longitudinal database with detailed information on consumer debt and credit. The panel uses a unique sample design and information derived from consumer credit reports to track individuals' and households' access to and use of...