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作者：Jorda, Oscar; Richter, Bjorn; Schularick, Moritz; Taylor, Alan M.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - San Francisco; University of California System; University of California Davis; Pompeu Fabra University; University of Bonn; University of California System; University of California Davis; National Bureau of Economic Research
摘要：What is the relationship between bank capital, the risk of a financial crisis, and its severity? This article introduces the first comprehensive analysis of the long-run evolution of the capital structure of modern banking using newly constructed data for banks' balance sheets in 17 countries since 1870. In addition to establishing stylized facts on the changing funding mix of banks, we study the nexus between capital structure and financial instability. We find no association between higher c...
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作者：Levitt, Steven D.
作者单位：University of Chicago; National Bureau of Economic Research
摘要：Little is known about whether people make good choices when facing important decisions. This article reports on a large-scale randomized field experiment in which research subjects having difficulty making a decision flipped a coin to help determine their choice. For important decisions (e.g. quitting a job or ending a relationship), individuals who are told by the coin toss to make a change are more likely to make a change, more satisfied with their decisions, and happier six months later tha...
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作者：Bodoh-Creed, Aaron L.; Boehnke, Jorn; Hickman, Brent
作者单位：University of California System; University of California Berkeley; University of California System; University of California Davis; Washington University (WUSTL)
摘要：We model a decentralized, dynamic auction market platform in which a continuum of buyers and sellers participate in simultaneous, single-unit auctions each period. Our model accounts for the endogenous entry of agents and the impact of intertemporal optimization on bids. We estimate the structural primitives of our model using Kindle sales on eBay. We find that just over one-third of Kindle auctions on eBay result in an inefficient allocation with deadweight loss amounting to 14% of total poss...
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作者：Eichenbaum, M. S.; Johannsen, B. K.; Rebelo, S. T.
作者单位：Northwestern University; Federal Reserve System - USA; Federal Reserve System Board of Governors; Northwestern University
摘要：This article studies how the monetary policy regime affects the relative importance of nominal exchange rates and inflation rates in shaping the response of real exchange rates to shocks. We document two facts about inflation-targeting countries. First, the current real exchange rate predicts future changes in the nominal exchange rate. Second, the real exchange rate is a poor predictor of future inflation rates. We estimate a medium-size, open-economy DSGE model that accounts quantitatively f...
