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Shopping Externalities and Self-Fulfilling Unemployment Fluctuations
NBER WORKING PAPER SERIES SHOPPING EXTERNALITIES AND SELF-FULFILLING UNEMPLOYMENT FLUCTUATIONS Greg Kaplan Guido Menzio Working Paper 18777 http://www.nber.org/papers/w18777 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 February 2013 We thank the Kielts-Nielsen Data Center at the University of Chicago Booth School of Business for providing access to the Kielts-Nielsen Consumer Panel Dataset. We thank the editor, Harald Uhlig, and three anonymous referees for insightful and detailed suggestions that helped us revising the paper. We are also grateful to Mark Aguiar, Jim Albrecht, Michele Boldrin, Russ Cooper, Ben Eden, Chris Edmond, Roger Farmer, Veronica Guerrieri, Bob Hall, Erik Hurst, Martin Schneider, Venky Venkateswaran, Susan Vroman, Steve Williamson and Randy Wright for many useful comments. The views expressed herein are those of the authors 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. © 2013 by Greg Kaplan and Guido Menzio. 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. Shopping Externalities and Self-Fulfilling Unemployment Fluctuations Greg Kaplan and Guido Menzio NBER Working Paper No. 18777 February 2013, Revised October 2013 JEL No. D11,D21,D43,E32 ABSTRACT We propose a novel theory of self-fulfilling unemployment fluctuations. According to this theory, a firm hiring an additional worker creates positive external effects on other firms, as a worker has more income to spend and less time to search for low prices when he is employed than when he is unemployed. -
Economics 2009 Contents Highlights
Economics 2009 www.cambridge.org/economics Contents Highlights Economic Thought, Philosophy and Methodology 1 Econometrics 2 Econometric Society Monographs 3 Mathematical Methods and Pro- gramming 3 Microeconomics 4 Macroeconomics and Monetary Economics 5 International Economics 6 ➤ See page 22 World Trade Organization 8 ➤ See page 22 Finance and Financial Economics 10 ➤ See page 02 Public Economics and Political Economy 13 A Wealth of Knowledge and Learning… Institutional Economics 18 Industrial Organisation and Labour Economics 19 ...Economics Journals from Cambridge Business and Management 20 Economic History 22 1744-1374_4-1.qxd.goldlabel 15/1/08 09:46 Page 1 14747472_6-3.qxd.1stproof 26/10/07 11:59 Page 1 Economic Growth and Development 22 02662671_23-3.qxd.goldlabel.qxd 2/11/07 08:41 Page 1 81.7/')&+557''(&&.È+550'&*(#--', Journal of Institutional Economics volume 6 issue 3 november 2007 volume 6 issue 3 november 2007 THE JOURNAL OF THE HISTORY OF ECONOMIC THOUGHT ISSN 1744-1374 THE JOURNAL OF THE Journal of Volume 23 Number 3 November 2007 Economics Economics 22 Journal of HISTORY OF Institutional Journal of Journal of Economics Economics Pension Economics Journal of & Finance Pension Economics & F &Philosophy Environmental and Natural Re- Volume 23 Number 3 November 2007 ECONOMIC THOUGHT vol 4 • no 1 • APRIL 2008 Institutional & Economics ➤ See page 22 Pension Economics Phi 81.7/')&+557'' Articles articles Franz Dietrich and Strategy-Proof Judgment Aggregation 269 los source Economics 24 ➤ PMS 109 233 A model of the French pension reserve fund: what could be the optimal See page 10 Christian List &Philosophy THE JOURNAL OF THE Economics contribution path rate? ophy Igor Douven and The Discursive Dilemma as a Lottery Paradox 301 PMS Yellow 012 Yellow PMS Charlie Berger and Anne Lavigne & Finance Jan-Willem Romeijn Contents PMS 329 251 Behavioral effects of employer-sponsored retirement plans: evidence from Watson ◆ MARSHALL’S METAPHORS ON METHOD PP. -
MY LOSING BATTLE AGAINST the LEVIATHAN (Public Interventions of a Desperate Free-Market Economist)
MY LOSING BATTLE AGAINST THE LEVIATHAN (Public interventions of a desperate free-market economist) LUIGI ZINGALES Robert C. McCormack Professor of Entrepreneurship and Finance Table of Contents Preface…………………………………………………...…………………..………………………………..ii 1) “Why Paulson is Wrong”……………………………………………......……………………………………..1 Luigi Zingales 2) “Let’s Get the Bank Rescue Right” ……...………………………..……………………...……………………3 R. Glenn Hubbard, Hal Scott, and Luigi Zingales 3) Congressional Petition………………………………………………….....................………………………….5 John Cochrane, Paola Sapienza, and Luigi Zingales 4) “Plan B” …………………………………………………………………...……...…………...………………6 Luigi Zingales 5) “Cramdown: How to Fix the Credit Mess without a Government Bailout: Quickie Bankruptcies” …………..10 Luigi Zingales 6) “A Bankruptcy to Save GM” ……………...…………………………….………...…………………………12 Joshua Rauh and Luigi Zingales 7) “Economists Have Abandoned Principle” ………………...…………….…………………………...………15 Oliver Hart and Luigi Zingales 8) “Greenspan Roundtable: The Wrong Prescription;” …………………………………………………………17 Luigi Zingales 9) “Let’s Stimulate Private Risk Taking” ………………...……………………….……………………………...18 Alberto Alesina and Luigi Zingales 10) “Yes, We Can, Mr Geithner”……….……………………………………...……………………….....………19 Luigi Zingales 11) “A Trust Crisis”………………………………………………………...……………………………………22 Paola Sapienza and Luigi Zingales 12) “From Awful to Merely Bad: Reviewing the Bank Rescue Options” …….…………...………………………30 R. Glenn Hubbard, Hal Scott, and Luigi Zingales 13) “How Big Finance Bought the Bailout Plan”…..………………...…………………………...……………….32 -
Michele Boldrin Spring 2017 a Primer on Growth Theory
Michele Boldrin Spring 2017 A Primer on Growth Theory Scope The purpose of this course is to introduce you to some of the basic dynamic general equilibrium concepts and models I believe useful to start understanding economic growth and macroeconomic fluctuations. No representative agent with log utility and a Cobb-Douglas production function will be found in this class, you have already seen them. Apart from discussing extensively the little we know, and the lot we do not know, about the empirics of economic growth and business cycles, we will make an effort to understand how to model heterogeneous agents and a disaggregated (or complicated if you like) production structure. Organizational details We will meet six times, for three hours each (with a break in the middle …). We will dedicate each meeting to a specific topic or issue. The first half of the meeting will be dedicated to “teaching the topic” and the second half to “discussing the topic”. I presume you will do some reading before each meeting and I will assign you specific suggestions as the time comes. There are no assigned textbooks, but a number of reference texts are listed below. I will be mailing you additional reading materials week by week, depending on how fast we proceed. Grading I will give you a take-home exam at the end of the course. Topics 1. Growth and Cycles, data and historical facts. The theory of growth and the theory of cycles. Understanding the aggregate neoclassical growth model and the origin of the so-called “new growth theory”. -
Micro-Modeling of Retirement Behavior in Spain
This PDF is a selection from a published volume from the National Bureau of Economic Research Volume Title: Social Security Programs and Retirement around the World: Micro-Estimation Volume Author/Editor: Jonathan Gruber and David A. Wise, editors Volume Publisher: University of Chicago Press Volume ISBN: 0-226-31018-3 Volume URL: http://www.nber.org/books/grub04-1 Publication Date: January 2004 Title: Micro-Modeling of Retirement Behavior in Spain Author: Michele Boldrin, Sergi Jiménez-Martín, Franco Peracchi URL: http://www.nber.org/chapters/c10707 9 Micro-Modeling of Retirement Behavior in Spain Michele Boldrin, Sergi Jiménez-Martín, and Franco Peracchi 9.1 Introduction For the average Spaniard receiving a pension still means receiving a public pension. Among retired individuals, those drawing more than 10 percent of their annual income from a private pension plan are a negligible fraction (less than one percent). The situation, while slowly evolving, will not change substantially for another two decades or more. In 1990, the to- tal number of participants in all kinds of private pension plans was of 600,000—less than 5 percent of total employment at the time. Since then, participation in pension funds has increased rapidly but not exceptionally, reaching a total of 4 million at the end of 1999. This is slightly less than 30 percent of current total employment and is mostly composed of individu- als that are at relatively early stages of their working life. It is therefore rea- sonable to expect that, at least for the next two to three decades, the public pension system will remain the fundamental provider of old age income for Spanish citizens. -
Curriculum Vitae Et Studiorum – May 2019 –
Curriculum vitae et studiorum { May 2019 { Pietro Dindo Department of Economics, Ca' Foscari University of Venice Cannaregio 873, 30121 - Venice, Italy E-mail: [email protected] Web-page: http://virgo.unive.it/pietro.dindo/ PERSONAL INFORMATION Date of Birth: 21st December 1976 Place of Birth: Verona (Italy) Nationality: Italian Status: Married Children: Nicola (2007), Tommaso (2009), Federico (2015) ACADEMIC AND RESEARCH POSITIONS February 2016 - Associate Professor, Department of Economics, Ca' Foscari University of Venice. August 2013 - January 2016 Marie Curie International Outgoing Fellow, Department of Economics, Cornell University, Ithaca, NY and Institute of Economics, Sant'Anna School of Advanced Studies, Pisa January 2012 - July 2013 Assistant Professor, Department of Economics and Management, University of Pisa. September 2009 - December 2011 Assistant Professor, Institute of Economics, Sant'Anna School of Advanced Studies, Pisa. December 2006 - August 2009 Post-Doctoral Researcher, Institute of Economics, Sant'Anna School of Advanced Studies, Pisa. EDUCATIONAL QUALIFICATIONS September 2002 - January 2007 PhD in Economics - Tinbergen Institute and University of Amsterdam. Thesis title: Bounded Rationality and Heterogeneity in Economic Dynamic Models (supervised by Cars Hommes and Cees Diks) September 2002 - June 2004 MPhil in Economics - Tinbergen Institute and University of Amsterdam. Thesis title: An Evolutionary Approach to the El Farol Game. October 1995 - October 2000 MSc in Physics - University of Milan. Thesis title: Renormalization Group for a Scalar Field on a Lattice (in Italian). PUBLICATIONS Dindo, P. (2019). \Survival in speculative markets". Journal of Economic Theory, 181, 1{43. Dindo, P., J. Staccioli (2018). \Asset prices and wealth dynamics in a financial market with random demand shocks". -
RAUL SANTAEULALIA-LLOPIS July 30, 2021 Education Current Position(S) Previous Positions Work in Progress
RAUL SANTAEULALIA-LLOPIS July 30, 2021 Department of Economics Place of Birth : Algemes´ı (Valencia), Spain Universitat Autonoma de Barcelona Citizenship : Spanish Plac¸a Civica s/n, Bellaterra, Barcelona 08193, Spain Telephone : 93 581 2708 E-mail : rauls[at]movebarcelona.eu Homepage : http://r-santaeulalia.net Education Ph.D. in Economics, University of Pennsylvania 2008 Thesis Advisor: Prof. Jose-V´ ´ıctor R´ıos-Rull M.Sc. in Economics, University College London 2002 B.A. in Economics, Universitat de Valencia 2000 Current position(s) Beatriz Galindo Senior Researcher, Universitat Autonoma de Barcelona Sep 2019 - Affilated Research Professor, Barcelona Graduate School of Economics Sep 2016 - CEPR Research Fellow Sep 2020 - MOVE Research Fellow Sep 2016 - Previous Positions Associate Professor (with tenure), Universitat Autonoma de Barcelona (UAB) Sep 2018 - 2019 Visiting Scholar OIGI, Minneapolis FED Apr 2018 - 2019 Vice-Director, Markets Organizations and Votes in Economics (MOVE) Jan 2017 - 2019 Assistant Professor, Universitat Autonoma de Barcelona (UAB) Sep 2016 - 2018 Visiting Professor, CEMFI Sep 2015 - 2016 Visiting Professor, Universitat de Valencia Sep 2013 - 2016 Research Fellow, St. Louis FED Sep 2010 - 2016 Research Fellow, Insitute of Public Health, Washington University in St. Louis Sep 2010 - 2016 Assistant Professor, Washington University in St. Louis Sep 2008 - 2016 Work in Progress 5. ‘Progressivity and Development’, with Leandro de Magalhaes and Enric Martorell 4. ‘Resilient Kaldor: Growth Facts with Intellectual Property Products Capital’, with S. Aum and D. Koh First Draft available as Barcelona GSE Working Paper: 1029 3. ‘A Stage-Based Identification of Policy Effects’, with Christian Aleman, Chris Busch and Alex Ludwig First Draft available as Barcelona GSE Working Paper: 1209 2. -
What Happened to the US Stock Market?
What Happened to the U.S. Stock Market? Accounting for the Past 50 Years Michele Boldrin and Adrian Peralta-Alva The extreme volatility of stock market values has been the subject of a large body of literature. Previous research focused on the short run because of a widespread belief that in the long run the market reverts to well-established fundamentals. The authors’ research suggests this belief should be questioned. First, they show actual dividends cannot account for the secular trends of stock market values. They then consider a more comprehensive measure of capital income, which displays large secular fluctuations that roughly coincide with changes in stock market trends. Under perfect foresight, however, this measure fails to proper ly account for stock market movements. The authors thus abandon the perfect foresight assumption and instead assume that forecasts of future capital income are performed using a distributed lag equation and information available up to the forecasting period only. They find that standard asset-pricing theory can be reconciled with the secular trends in the stock market. This study, nevertheless, leaves open an important puzzle for asset-pricing theory: The market value of U.S. corporations was much lower than the replacement cost of corporate tangible assets from the mid-1970s to the mid-1980s. (JEL E25, G12) Federal Reserve Bank of St. Louis Review, November/December 2009, 91(6), pp. 627-46. tandard (consumption-based) asset- gyrations by appropriately filtering the quarterly pricing models have a hard time explain- movements of aggregate consumption is unlikely ing high-frequency fluctuations in stock to be realized. -
Michele Boldrin David K Levine [20110408] What's Intellectual
What’s Intellectual Property Good for? Michele Boldrin and David K. Levine First version: November 8, 2010 This version: MarchΑπρίλιος 8, 2011 1. Introduction Intellectual property may turn out to be among a handful of themes that will accompany us for most of the XXI century, shaping our economic future and maybe not just that. In spite of having been around – with ups and downs – since the times of James Watt, the controversy over intellectual property started anew in the second half of the 1990s and is likely to grow, in both intensity and relevance, during the decades to come. Behind this renewal of interest we see three main reasons: (i) the emergence of a global economy in which, thanks to the mechanization of a growing number of physical production processes and the growth in average human capital, the role played by creativity and innovation in the production of value added increases at a fast rate; (ii) the increase in the level and the extension in the scope of intellectual property protection that started, in the USA, during the Reagan administration, continued worldwide with the establishment of the WIPO and shows no signs of relenting, yet; (iii) the emergence, after almost a century of apparently unanimous consensus within the legal and economic professions, of a dissenting and heterogeneous set of opinions questioning the legal foundations, the practical usefulness and the internal economic coherence of the existing system of intellectual property. Our contribution to this debate has been threefold. We pointed out, first, that the standard (so called “Schumpeterian”) theory of innovation is grossly at odds both with history and with statistical facts. -
In Search of New Foundations
NBER WORKING PAPER SERIES IN SEARCH OF NEW FOUNDATIONS Luigi Zingales Working Paper 7706 http://www.nber.org/papers/w7706 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 May 2000 The views expressed herein are those of the author and not necessarily those of the National Bureau of Economic Research. © 2000 by Luigi Zingales. 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. In Search of New Foundations Luigi Zingales NBER Working Paper No. 7706 May 2000 JEL No. G30 ABSTRACT In this paper I argue that corporate finance theory, empirical research, practical applications, and policy recommendations are deeply rooted in an underlying theory of the firm. I also argue that while the existing theories have delivered very important and useful insights, they seem to be quite ineffective in helping us cope with the new type of firms that are emerging. I outline the characteristics that a new theory of the firm should satisfy and how such a theory could change the way we do corporate finance, both theoretically and empirically. Luigi Zingales Graduate School of Business The University of Chicago 1101 East 58th Street Chicago, IL 60637 and NBER [email protected] Introduction For a relatively young researcher like myself, there is a very strong tendency to look at the history of corporate finance and be overwhelmed by the giants of the recent past. A field that 40 years ago was little more than a collection of cookbook recipes that reflected practitioners’ common sense is today a bona fide discipline, taught not only to future practitioners but also to doctoral students, both in business schools and in economic departments -- a discipline whose ideas are now influencing other areas of economics, such as industrial organization, monetary policy, and asset pricing. -
Classical Liberalism in Italian Economic Thought, from the Time of Unification · Econ Journal Watch : Italy,Classical Liberalis
Discuss this article at Journaltalk: http://journaltalk.net/articles/5933 ECON JOURNAL WATCH 14(1) January 2017: 22–54 Classical Liberalism in Italian Economic Thought, from the Time of Unification Alberto Mingardi1 LINK TO ABSTRACT This paper offers an account of Italians who have advanced liberal ideas and sensibilities, with an emphasis on individual freedom in the marketplace, since the time of Italy’s unification. We should be mindful that Italy has always had a vein of liberal thought. But this gold mine of liberalism was seldom accessed by political actors, and since 1860 liberalism has been but one thin trace in Italy’s mostly illiberal political thought and culture. The leading representatives of Italian liberalism since 1860 are little known internationally, with the exception of Vilfredo Pareto (1848–1923). And yet their work influenced the late James M. Buchanan and the development of public choice economics.2 Scholars such as Bruno Leoni (1913–1967) joined—and influenced— liberals around the world, and they continue to have an impact on Italy today. Besides their scholarship, all the liberal authors mentioned here share a constant willingness to enter the public debate.3 Viewed retrospectively they appear a pugnacious lot, even if not highly successful in influencing public policy. The standout is Luigi Einaudi (1874–1961), at once a scholar and journalist who also became a leading political figure in the period after World War II. 1. Istituto Bruno Leoni, 10123 Turin, Italy. I am grateful to Jane Shaw Stroup for valuable editorial feed- back. I also wish to thank Enrico Colombatto and three anonymous referees for their helpful comments. -
Good Economics for Hard Times Notes Explore Book Giveaways, Sneak Peeks, Deals, and More
Copyright Copyright © 2019 by Abhijit V. Banerjee and Esther Duflo Cover design by Pete Garceau Cover copyright © 2019 Hachette Book Group, Inc. Hachette Book Group supports the right to free expression and the value of copyright. The purpose of copyright is to encourage writers and artists to produce the creative works that enrich our culture. The scanning, uploading, and distribution of this book without permission is a theft of the author’s intellectual property. If you would like permission to use material from the book (other than for review purposes), please contact [email protected]. Thank you for your support of the author’s rights. PublicAffairs Hachette Book Group 1290 Avenue of the Americas, New York, NY 10104 www.publicaffairsbooks.com @Public_Affairs First Edition: November 2019 Published by PublicAffairs, an imprint of Perseus Books, LLC, a subsidiary of Hachette Book Group, Inc. The PublicAffairs name and logo is a trademark of the Hachette Book Group. The Hachette Speakers Bureau provides a wide range of authors for speaking events. To find out more, go to www.hachettespeakersbureau.com or call (866) 376-6591. The publisher is not responsible for websites (or their content) that are not owned by the publisher. Editorial production by Christine Marra, Marrathon Production Services. www.marrathoneditorial.org Library of Congress Cataloging-in-Publication Data has been applied for. ISBN 978-1-61039-950-0 (hardcover), ISBN 978-1-5417-6287-9 (ebook) E3-20191019-JV-NF-ORI CONTENTS Cover Title Page Copyright Dedication Preface 1 MEGA: Make Economics Great Again 2 From the Mouth of the Shark 3 The Pains from Trade 4 Likes, Wants, and Needs 5 The End of Growth? 6 In Hot Water 7 Player Piano 8 Legit.gov 9 Cash and Care Conclusion: Good and Bad Economics Acknowledgments Discover More About the Authors Praise for Good Economics for Hard Times Notes Explore book giveaways, sneak peeks, deals, and more.