Emi Nakamura
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HERC) Is to Increase the Quality of VA Health Economics Research and Cost-Effectiveness Studies
Center Executive Summary Health Economics Resource Center Director: Todd H. Wagner, PhD The mission of the HSR&D Health Economics Resource Center (HERC) is to increase the quality of VA health economics research and cost-effectiveness studies. HERC provides courses on health economics and econometrics, Cyber Seminars, and consulting services. It estimates the cost of all VA health care encounters, creates databases from DSS cost data, develops and maintains guidebooks to VA financial and health services cost data, issues technical reports with analyses of economic data, issues a bulletin to provide news to customers, and maintains a list of economists interested in collaborating on VA studies. The expertise of HERC economists is developed in their participation in economic studies funded by VA HSR&D, the QUERI program, the Cooperative Studies Program, the National Institutes of Health, and others. Summary of 2014-2018 Strategic Plan This strategic plan addresses challenges facing the VA and U.S. health care system. Among these are the conflict between funding limits, the cost of new technology, and the needs of an aging population. VA will be challenged to compete with alternative sponsors as the Affordable Care Act comes into effect. Other challenges are the increasing number of women Veterans, an increased emphasis on mental health care, specialty needs of returning Veterans, the choice of whether make or buy care, and a constrained federal budget. VA health services research will be conducted by a new Centers of Innovations (COINs) and will need to be conducted in a new information technology system (the CDW-VINCI). In response, five goals are proposed for HERC: train and advise researchers, create and document cost datasets, document other datasets and methods needed by economic researchers, disseminate HERC products, and increase the relevance of economics research to Veteran health care. -
Nber Working Paper Series Accounting for Incomplete
NBER WORKING PAPER SERIES ACCOUNTING FOR INCOMPLETE PASS-THROUGH Emi Nakamura Dawit Zerom Working Paper 15255 http://www.nber.org/papers/w15255 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 August 2009 We would like to thank Ariel Pakes and Kenneth Rogoff for invaluable advice and encouragement. We are grateful to Dan Ackerberg, Hafedh Bouakez, Ariel Burstein, Ulrich Dorazelski, Tim Erickson, Gita Gopinath, Penny Goldberg, Joseph Harrington, Rebecca Hellerstein, Elhanan Helpman, David Laibson, Ephraim Leibtag, Julie Mortimer, Alice Nakamura, Serena Ng, Roberto Rigobon, Julio Rotemberg, Jón Steinsson, Martin Uribe and seminar participants at various institutions for helpful comments and suggestions. This paper draws heavily on Chapter 2 of Nakamura's Harvard University Ph.D. thesis. This research was funded in part by a collaborative research grant from the US Department of Agriculture and the computational methods in this paper also draw on a working paper by Nakamura and Zerom entitled "Price Rigidity, Price Adjustment and Demand in the Coffee Industry.'' Corresponding author: Emi Nakamura at [email protected]. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer- reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications. © 2009 by Emi Nakamura and Dawit Zerom. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source. -
Emi Nakamura Recipient of the 2014 Elaine Bennett Research Prize
Emi Nakamura Recipient of the 2014 Elaine Bennett Research Prize EMI NAKAMURA, Associate Professor of Business and Economics at Columbia University, is the recipient of the 2014 Elaine Bennett Research Prize. Established in 1998 by the American Economic Association’s (AEA) Committee on the Status of Women in the Economics Profession (CSWEP), the Elaine Bennett Research Prize recognizes and honors outstanding research in any field of economics by a woman not more than seven years beyond her Ph.D. Professor Nakamura will formally accept the Bennett Prize at the CSWEP Business Meeting and Luncheon held during the 2015 AEA Meeting in Boston, MA. The event is scheduled for 12:30-2:15PM on January 3, 2015 at the Sheraton Boston. Emi Nakamura’s distinctive approach tackles important research questions with serious and painstaking data work. Her groundbreaking paper “Five Facts about Prices: A Reevaluation of Menu Cost Models” (Steinsson, Jón and Emi Nakamura. 2008. Quarterly Journal of Economics, 123:4, 1415-1464) is based on extensive analysis of individual price data. She finds that, once temporary sales are properly taken into account, prices exhibit a high degree of rigidity consistent with Keynesian theories of business cycles and that prior evidence overstated the degree of price flexibility in the economy. Dr. Nakamura’s work on fiscal stimulus combines a novel cross-section approach to identifying parameters with a careful interpretation of business cycle theory to shed new light on crucial questions in macroeconomics. Her findings imply that government spending can provide a powerful stimulus to the economy at times when monetary policy is unresponsive, e.g. -
The Economists' Quartet - a Game, Not a Theory
A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Gruescu, Sandra; Thomas, Niels Peter Working Paper The Economists' Quartet - A Game, not a Theory Darmstadt Discussion Papers in Economics, No. 109 Provided in Cooperation with: Darmstadt University of Technology, Department of Law and Economics Suggested Citation: Gruescu, Sandra; Thomas, Niels Peter (2002) : The Economists' Quartet - A Game, not a Theory, Darmstadt Discussion Papers in Economics, No. 109, Technische Universität Darmstadt, Department of Law and Economics, Darmstadt This Version is available at: http://hdl.handle.net/10419/84840 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. may exercise further usage rights as specified in the indicated licence. www.econstor.eu Darmstadt Discussion Papers in Economics The Economists' Quartet A Game, not a Theory Sandra Gruescu and Niels Peter Thomas No. -
Aggregation in the Presence of Demand and Supply Shocks
Aggregation in the Presence of Demand and Supply Shocks Emi Nakamura £ Harvard University July 11, 2004 Preliminary and Incomplete Comments welcome Abstract This paper points out that the real GDP statisics respond differently to sector- specific demand and supply shocks for the exactly same changes in physical quantities. The paper illustrates how this property arises from the theoretical quantity aggregates that real GDP is designed to approximate. The paper also presents an application to US data suggesting that these factors have contributed significantly to the behavior of US aggregate investment growth in the post-WWII period. Keywords: macroeconomic growth, index number theory. JEL Classifications: C43, O47, E23. £I would like to thank W. Erwin Diewert for extremely helpful and inspiring comments on this paper. I would also like to thank Susanto Basu, Dan Benjamin, N.G. Mankiw, Robert Parker, Marc Prud'homme, Ricardo Reis, Julio Rotemberg, Michael Woodford, Jesse Shapiro, Assaf Ben Shoham, Martin Weitzman, seminar participants at Harvard University and Statistics Canada, and particularly Alice Nakamura and Jon Steinsson for helpful discussions and comments. I would like to thank the Social Sciences and Humanities Research Council of Canada (SSHRC) for financial support. Contact information: Department of Economics, Harvard University, Littauer Center, Cambridge MA 02138. E-mail: [email protected]. Homepage: http://www.harvard.edu/˜ nakamura. 1 1 Introduction At an abstract level, macroeconomists have often interpreted real GDP as a measure of the physical quantity of output. For example, in a classic paper, Robert Solow (1957) notes that aggregate output is denominated in "physical" units. Yet, actual real GDP statistics have certain features that measures of “physical quantity” typically do not. -
Valuation Risk and Asset Pricing∗
Valuation Risk and Asset Pricing∗ Rui Albuquerque, Martin Eichenbaum, Victor Luo, and Sergio Rebelo December 2015 ABSTRACT Standard representative-agent models fail to account for the weak correlation be- tween stock returns and measurable fundamentals, such as consumption and output growth. This failing, which underlies virtually all modern asset-pricing puzzles, arises because these models load all uncertainty onto the supply side of the economy. We propose a simple theory of asset pricing in which demand shocks play a central role. These shocks give rise to valuation risk that allows the model to account for key asset pricing moments, such as the equity premium, the bond term premium, and the weak correlation between stock returns and fundamentals. J.E.L. Classification: G12. Keywords: Equity premium, bond yields, risk premium. ∗We benefited from the comments and suggestions of Fernando Alvarez, Ravi Bansal, Frederico Belo, Jaroslav Borovicka, John Campbell, John Cochrane, Lars Hansen, Anisha Ghosh, Ravi Jaganathan, Tasos Karantounias, Howard Kung, Junghoon Lee, Dmitry Livdan, Jonathan Parker, Alberto Rossi, Costis Skiadas, Ivan Werning, and Amir Yaron. We thank Robert Barro, Emi Nakamura, Jón Steinsson, and José Ursua for sharing their data with us and Benjamin Johannsen for superb research assistance. Albuquerque gratefully acknowledges financial support from the European Union Seventh Framework Programme (FP7/2007-2013) under grant agreement PCOFUND-GA-2009-246542. A previous version of this paper was presented under the title "Understanding the Equity Premium Puzzle and the Correlation Puzzle," http://tinyurl.com/akfmvxb. The authors declare that they have no relevant or material financial interest that relate to the research described in this paper. -
LELAND EDWARD FARMER • American, British, and Canadian
LELAND EDWARD FARMER DEPARTMENT OF ECONOMICS UNIVERSITY OF VIRGINIA CONTACT INFORMATION DEPARTMENT ADDRESS http://www.lelandfarmer.com Department of Economics [email protected] University of Virginia 248 McCormick Rd Charlottesville, VA 22904-4182 CITIZENSHIP • American, British, and Canadian EMPLOYMENT • Assistant Professor of Economics - Department of Economics, University of Virginia, August 2017 - present EDUCATION • Ph.D. Economics - University of California, San Diego, 2017 Dissertation Title: Discrete Methods for the Estimation of Nonlinear Economic Models Dissertation Committee Co-Chairs: James D. Hamilton, Allan Timmermann • B.S. Mathematical and Computational Science, with Honors - Stanford University Minor in Economics, 2011 RESEARCH FIELDS PRIMARY FIELDS: Macroeconomics, Finance SECONDARY FIELDS: Econometrics, Computational Economics REFEREED PUBLICATIONS • "The Discretization Filter: A Simple Way to Estimate Nonlinear State Space Models." Accepted at Quantitative Economics. • "Discretizing Nonlinear, Non-Gaussian Markov Processes with Exact Conditional Moments," with Alexis Akira Toda, Quantitative Economics, July 2017. WORKING PAPERS • “Pockets of Predictability,” with Lawrence Schmidt and Allan Timmermann. Revision requested at the Journal of Finance. LELAND EDWARD FARMER DEPARTMENT OF ECONOMICS UNIVERSITY OF VIRGINIA RESEARCH IN PROGRESS • “Estimating High-Dimensional State Space Models.” • “Learning about the Long Run,” with Emi Nakamura and Jón Steinsson. • “National Debt and Economic Welfare,” with Roger E. A. Farmer • “The Market Speaks: Inferring the Values of Drugs from Stock Reactions to Changes in the R&D Status,” with Gaurab Aryal, Federico Ciliberto, and Katya Khmelnitskaya. • “What Does the Market Think?,” with Daniel Murphy and Kieran Walsh. SEMINAR AND CONFERENCE PRESENTATIONS • 2020 (including scheduled): Cornell University; Federal Reserve Bank of Kansas City; Federal Reserve Bank of Philadelphia; National University of Singapore; Vanderbilt University • 2019: UC Berkeley; University of Warwick; Federal Reserve Bank of St. -
Who Are These Economists, Anyway?
mm-T&A09GalbraithSF.qxp:Layout 1 11/10/09 3:40 PM Page 85 Who Are These Economists, Anyway? by James K. Galbraith Of course, there were exceptions to these trends: a few economists challenged the assumption of rational behavior, questioned the belief that financial markets can be trusted and pointed to the long history of financial crises that had devastating economic consequences. But they were swimming against the tide, unable to make much headway against a pervasive and, in retrospect, foolish complacency. —Paul Krugman, New York Times Magazine , September 6, 2009 Amen. While normal ecclesiastic practice places this word at the end of the prayer, on this occa - sion it seems right to put it up front. In two sentences, Professor Paul Krugman, Nobel Laureate in Economics for 2008 and in some ways the leading economist of our time, has summed up the failure of an entire era in economic thought, practice, and policy discussion. And yet, there is something odd about the role of this short paragraph in an essay of over 6,500 words. It’s a throwaway. It leads nowhere. Apart from one other half-sentence, and three passing mentions of one person, it’s the only discussion—the one mention in the entire essay— of those economists who got it right. They are not named. Their work is not cited. Their story remains untold. Despite having been right on the greatest economic question of a generation—they are unpersons in the tale. Krugman’s entire essay is about two groups, both deeply entrenched at (what they believe to be) the top of academic economics. -
Valuation Risk and Asset Pricing
NBER WORKING PAPER SERIES VALUATION RISK AND ASSET PRICING Rui Albuquerque Martin S. Eichenbaum Sergio Rebelo Working Paper 18617 http://www.nber.org/papers/w18617 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 December 2012 We benefited from the comments and suggestions of Fernando Alvarez, Frederico Belo, Jaroslav Borovika, Lars Hansen, Anisha Ghosh, Ravi Jaganathan, Tasos Karantounias, Junghoon Lee, Jonathan Parker, Costis Skiadas, and Ivan Werning. We thank Robert Barro, Emi Nakamura, Jón Steinsson, and José Ursua for sharing their data with us and Benjamin Johannsen for superb research assistance. Albuquerque gratefully acknowledges financial support from the European Union Seventh Framework Programme (FP7/2007-2013) under grant agreement PCOFUND-GA-2009-246542. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. A previous version of this paper was presented under the title “Understanding the Equity Premium Puzzle and the Correlation Puzzle,” http://tinyurl.com/akfmvxb. At least one co-author has disclosed a financial relationship of potential relevance for this research. Further information is available online at http://www.nber.org/papers/w18617.ack NBER working papers are circulated for discussion and comment purposes. They have not been peer- reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications. © 2012 by Rui Albuquerque, Martin S. Eichenbaum, and Sergio Rebelo. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source. -
How the Supreme Court Contributes to Economic Inequality Michele E
University of Baltimore Law ScholarWorks@University of Baltimore School of Law All Faculty Scholarship Faculty Scholarship 2014 A Court for the One Percent: How the Supreme Court Contributes to Economic Inequality Michele E. Gilman University of Baltimore School of Law, [email protected] Follow this and additional works at: http://scholarworks.law.ubalt.edu/all_fac Part of the Business Organizations Law Commons, Election Law Commons, and the Supreme Court of the United States Commons Recommended Citation A Court for the One Percent: How the Supreme Court Contributes to Economic Inequality, 2 Utah L. Rev. (forthcoming 2014) This Article is brought to you for free and open access by the Faculty Scholarship at ScholarWorks@University of Baltimore School of Law. It has been accepted for inclusion in All Faculty Scholarship by an authorized administrator of ScholarWorks@University of Baltimore School of Law. For more information, please contact [email protected]. A COURT FOR THE ONE PERCENT: How THE SUPREME COURT CONTRIBUTES TO ECONOMIC INEQUALITY Michele Gilman * This Article explores the United States Supreme Court's role in furthering economic inequality. The Occupy Wall Street movement in 2011 not only highlighted growing income and wealth inequality in the United States, but also pointed the blame at governmental policies that favor business interests and the wealthy due to their outsized influence on politicians. Numerous economists and political scientists agree with this thesis. However, in focusing ire on the political branches and big business, these critiques have largely overlooked the role of the judiciary in fostering economic inequality. The Court's doctrine touches each of the major causes of economic inequality, which includes systemic failures of our educational system, a frayed social safety net, probusiness policies at the expense of consumers and employees, and the growing influence of money in politics. -
Cultural and Institutional Barriers in Migration Between OECD Countries
Cultural and institutional barriers in migration between OECD countries Michèle Belot1 Department of Economics University of Essex Sjef Ederveen2 CPB Netherlands Bureau for Economic Policy Analysis One of the basic principles of the European Union and the European Economic Area is the freedom of movement of workers. In practice, migration between EU countries is extremely low. One attractive explanation for the low mobility pattern in Europe is the existence of cultural and institutional barriers to migration. Even if in principle workers are free to move, they are in practice confronted with a series of obstacles hampering their movement. Linguistic and cultural differences, housing transaction costs and a lack of portability of pension rights across countries are all potential obstacles to migration. Our study uses a unique set of new indicators enabling us to test the effects of cultural and institutional barriers on migration between OECD countries. We use data for 22 OECD countries, covering the period 1990-2003. Our results provide strong evidence for the negative effect of cultural differences and institutional obstacles on migration flows between countries. Theme: Migration Keywords: International migration, Culture, Institutions, European Union JEL classifications: J61, F22, O15, Z1 1 University of Essex, Wivenhoe Park, Colchester CO4 3SQ, United Kingdom, e-mail: [email protected] 2 CPB Netherlands Bureau for Economic Policy Analysis, Postbus 80510, 2508 GM The Hague, The Netherlands, e-mail: [email protected] 1 1 Introduction One of the basic principles of the European Union and the European Economic Area is the freedom of movement of factors of production and, in particular, of workers. -
Zbwleibniz-Informationszentrum
A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Blesse, Sebastian; Havlik, Annika; Heinemann, Friedrich Research Report Searching for a Euro reform consensus: The perspective from Central and Eastern Europe ZEW-Gutachten und Forschungsberichte Provided in Cooperation with: ZEW - Leibniz Centre for European Economic Research Suggested Citation: Blesse, Sebastian; Havlik, Annika; Heinemann, Friedrich (2019) : Searching for a Euro reform consensus: The perspective from Central and Eastern Europe, ZEW-Gutachten und Forschungsberichte, ZEW - Leibniz-Zentrum für Europäische Wirtschaftsforschung, Mannheim This Version is available at: http://hdl.handle.net/10419/201191 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been