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Schmalz, Martin C. - 2018

When Bayesian risk-averse investors are uncertain about their assets' cash flows' exposure to systematic risk, stock prices react more to news in downturns than in upturns, implying higher volatility in downturns and negatively skewed returns. The reason is that, in good times, less desirable...

Persistent link: https://www.econbiz.de/10012922837

IMF Surveillance and Financial Markets - A Political Economy Analysis

Fratzscher, Marcel - 2014

The International Monetary Fund (IMF) is in the process of re-inventing itself with bilateral and multilateral surveillance emerging as a key function. The paper analyses how IMF surveillance announcements may be influenced by political power that member countries exert at the IMF. First, we...

Persistent link: https://www.econbiz.de/10013069721

Cash Flow Duration and the Term Structure of Equity Returns

Weber, Michael - 2016

The term structure of equity returns is downward-sloping: stocks with high cash flow duration earn 1.10% per month … lower returns than short-duration stocks in the cross section. I create a measure of cash flow duration at the firm level … for short-sale constraints, and find the negative cross-sectional relationship between cash flow duration and returns is …

Persistent link: https://www.econbiz.de/10012981605

Unemployment and Endogenous Reallocation Over the Business Cycle

Carrillo-Tudela, Carlos - 2013

negatively-sloped Beveridge curve. Moreover, the model exhibits unemployment duration dependence, which (when calibrated to long …

Persistent link: https://www.econbiz.de/10013087720

The Economics of Temporary Migrations

Dustmann, Christian - 2015

Many migrations are temporary – a fact that has often been ignored in the economic literature on migration. Such omission may be serious in that expected migration temporariness can impart a distinct dynamic element to immigrants' economic behavior, generating possible consequences for...

Persistent link: https://www.econbiz.de/10013028790

The Economics of Pending Patents

Koenen, Johannes - 2015

We provide a treatment of a number of questions pertaining to pending patents – a subject that has so-far mainly been discussed en-passant in the existing literature. We present the underlying institutional and legal framework that governs pending patents and some basic facts related to them....

Persistent link: https://www.econbiz.de/10013037442

Family-Specific Investments and Divorce : A Theory of Dynamically Inconsistent Household Behavior

Anderberg, Dan - 2016

This paper bridges two distinct areas of inquiry: the economic theory of the family and behavioral research on time …-restoring earnings tax is genderneutral and fairly flat with respect to marriage duration. The optimal divorce tax is an inverted …-U function of marriage duration, reaches its maximum when children are in their teens, and declines thereafter. We use our …

Persistent link: https://www.econbiz.de/10012985414

Transparency, Flexibility and Macroeconomic Stabilization

Geraats, Petra M. - 2014

Many central banks have become more transparent during the last decade, in particular about macroeconomic prospects. This paper shows that such economic transparency could give central banks greater flexibility to respond to macroeconomic shocks. In particular, it allows central banks to...

Persistent link: https://www.econbiz.de/10013057641

Climate Effects of Carbon Taxes, Taking into Account Possible Other Future Climate Measures

Habermacher, Florian - 2013

The increase of fuel extraction costs as well as of temperature will make it likely that in the medium-term future technological or political measures against global warming may be implemented. In assessments of a current climate policy the possibility of medium-term future developments like...

Persistent link: https://www.econbiz.de/10013093629

Monetary Policy Through Production Networks : Evidence from the Stock Market

Ozdagli, Ali - 2017

Monetary policy shocks have a large impact on aggregate stock market returns in narrow event windows around press releases by the Federal Open Market Committee. We use spatial autoregressions to decompose the overall effect of monetary policy shocks into a direct (demand) effect and an indirect...

Persistent link: https://www.econbiz.de/10012953959

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