Swiss Finance Regulator to Treat Some ICO Tokens As Securities
Switzerland's financial regulator has released new guidelines indicating it will treat some initial coin offerings (ICOs) as securities.
View ArticleThe Impact of Big Data on Firm Performance: An Empirical Investigation -- by...
In academic and policy circles, there has been considerable interest in the impact of "big data" on firm performance. We examine the question of how the amount of data impacts the accuracy of Machine...
View ArticleExplaining the Decline in the U.S. Employment-to-Population Ratio: A Review...
This paper first documents trends in employment rates and then reviews what is known about the various factors that have been proposed to explain the decline in the overall employment-to-population...
View ArticleThe Impact of Education on Family Formation: Quasi-Experimental Evidence from...
We examine the impact of educational attainment on fertility and mating market outcomes. Using a regression discontinuity design, we exploit an extension of the compulsory schooling age from 15 to 16...
View ArticleThe Importance of Psychology in Economic Activity: Evidence from Terrorist...
Terrorist attacks influence economic growth and individual psychology. However, identifying the direct effect of terrorism on economics and psychology is difficult because institutions also change in...
View ArticleManaging Financial Globalization: Insights from the Recent Literature -- by...
This paper seeks to draw lessons for developing countries based on a survey of the recent literature on financial globalization. First, while capital account openness holds promises (by potentially...
View ArticleMeasuring the Equilibrium Impacts of Credit: Evidence from the Indian...
In October 2010, the state government of Andhra Pradesh, India issued an emergency ordinance, bringing microfinance activities in the state to a complete halt and causing a nation-wide shock to the...
View ArticleThe Optimal Inflation Target and the Natural Rate of Interest -- by Philippe...
We study how changes in the value of the steady-state real interest rate affect the optimal inflation target, both in the U.S. and the euro area, using an estimated New Keynesian DSGE model that...
View ArticleIntuitive Donating: Testing One-Line Solicitations for $1 Donations in a...
We partnered with a large online auction website to test differing messages' effects on the decision to donate to charity at checkout. Our setting, where impulsive decisions are likely to be driving...
View ArticleNonlinear Household Earnings Dynamics, Self-insurance, and Welfare -- by...
Earnings dynamics are much richer than typically assumed in macro models with heterogenous agents. This holds for individual-pre-tax and household-post-tax earnings and across administrative (Social...
View ArticleUncertainty and Economic Activity: A Multi-Country Perspective -- by Ambrogio...
Measures of economic uncertainty are countercyclical, but economic theory does not provide definite guidance on the direction of causation between uncertainty and the business cycle. This paper...
View ArticleLinking Individuals Across Historical Sources: a Fully Automated Approach --...
Linking individuals across historical datasets relies on information such as name and age that is both non-unique and prone to enumeration and transcription errors. These errors make it impossible to...
View ArticlePolitical Alignment, Attitudes Toward Government and Tax Evasion -- by Julie...
We ask whether attitudes toward government play a causal role in the evasion of U.S. personal income taxes. We first use individual-level survey data to demonstrate a link between sharing the party of...
View ArticleFinance and Business Cycles: The Credit-Driven Household Demand Channel -- by...
Every major financial crisis leaves its unique footprint on economic thought. The early banking crises taught us the importance of financial sector liquidity and the lender of last resort. The Great...
View ArticleModeling Automation -- by Daron Acemoglu, Pascual Restrepo
This paper points out that modeling automation as factor-augmenting technological change has several unappealing implications. Instead, modeling it as the process of machines replacing tasks previously...
View ArticleGlobal Portfolio Rebalancing and Exchange Rates -- by Nelson Camanho, Harald...
We examine international equity allocations at the fund level and show how different returns on the foreign and domestic proportion of portfolios determine rebalancing behavior and trigger capital...
View ArticleOn the Divergence between CPI and PPI as Inflation Gauges: The Role of Supply...
This paper starts by documenting a new fact that consumer price index (CPI) and producer price index (PPI) used to move in tandem within a given country around the world, but start to diverge after...
View ArticlePublic Tax-Return Disclosure -- by Jeffrey L. Hoopes, Leslie Robinson, Joel...
We investigate the consequences of public disclosure of information from company income tax returns filed in Australia. Supporters of more disclosure argue that increased transparency will improve tax...
View ArticleEvidence of Decreasing Internet Entropy: The Lack of Redundancy in DNS...
This paper analyzes the extent to which the Internet's global domain name resolution (DNS) system has preserved its distributed resilience given the rise of cloud-based hosting and infrastructure. We...
View ArticleThe Effect of Organized Breast Cancer Screening on Mammography Use: Evidence...
In 2004, France introduced a national program of organized breast cancer screening. The national program built on pre-existing local programs in some, but not all, departements. Using data from...
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