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作者：Brown, Jeffrey R.; Dimmock, Stephen G.; Kang, Jun-Koo; Weisbenner, Scott J.
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; National Bureau of Economic Research; Nanyang Technological University
摘要：Endowment payouts have become an increasingly important component of universities' revenues in recent decades. We study how universities respond to financial shocks to endowments and thus shed light on a number of existing models of endowment behavior. Endowments actively reduce payouts relative to their stated payout policies following negative, but not positive, shocks. This asymmetric behavior is consistent with endowment hoarding,especially among endowments whose current value is close to ...
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作者：Nakamura, Emi; Steinsson, Jon
作者单位：Columbia University; Columbia University
摘要：We use rich historical data on military procurement to estimate the effects of government spending. We exploit regional variation in military buildups to estimate an open economy relative multiplier of approximately 1.5. We develop a framework for interpreting this estimate and relating it to estimates of the standard closed economy aggregate multiplier. The latter is highly sensitive to how strongly aggregate monetary and tax policy leans against the wind. Our open economy relative multiplier...
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作者：Hornbeck, Richard; Naidu, Suresh
作者单位：Harvard University
摘要：In the American South, postbellum economic development may have been restricted in part by white landowners' access to low-wage black labor. This paper examines the impact of the Great Mississippi Flood of 1927 on black out-migration and subsequent agricultural development. Flooded counties experienced an immediate and persistent out-migration of black population. Over time, landowners in flooded counties modernized agricultural production and increased its capital intensity relative to landow...
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作者：Gali, Jordi
作者单位：Centre de Recerca en Economia Internacional (CREI); Pompeu Fabra University; Barcelona School of Economics
摘要：examine the impact of alternative monetary policy rules on a rational asset price bubble, through the lens of an overlapping generations model with nominal rigidities. A systematic increase in interest rates in response to a growing bubble is shown to enhance the fluctuations in the latter, through its positive effect on bubble growth. The optimal monetary policy seeks to strike a balance between stabilization of the bubble and stabilization of aggregate demand. The paper's main findings call ...
