作者：Kirkeboen, Lars; Leuven, Edwin; Mogstad, Magne
作者：Dustmann, Christian; Schoenberg, Uta; Stuhler, Jan
作者单位：University of London; University College London; University of London; University College London; Universidad Carlos III de Madrid
摘要：By exploiting a commuting policy that led to a sharp and unexpected inflow of Czech workers to areas along the German-Czech border, we examine the impact of an exogenous immigration-induced labor supply shock on local wages and employment of natives. On average, the supply shock leads to a moderate decline in local native wages and a sharp decline in local native employment. These average effects mask considerable heterogeneity across groups: while younger natives experience larger wage effect...
作者：Martin, Ian
作者单位：University of London; London School Economics & Political Science
摘要：I derive a lower bound on the equity premium in terms of a volatility index, SVIX, that can be calculated from index option prices. The bound implies that the equity premium is extremely volatile and that it rose above 20% at the height of the crisis in 2008. The time-series average of the lower bound is about 5%, suggesting that the bound may be approximately tight. I run predictive regressions and find that this hypothesis is not rejected by the data, so I use the SVIX index as a proxy for t...
