This paper uses a unique panel dataset of consumer financial transactions to study how consumers respond to an exogenous unanticipated income shock. Consumption rose significantly after the fiscal policy announcement: during the ten subsequent months, for each $1 received, consumers on average...

Limits to arbitrage play a central role in behavioral finance. They are thought to interfere with arbitrage processes so that security prices can deviate from true values for extended periods of time. We describe a recent financial innovation that allows limits to arbitrage to be sidestepped,...

This paper examines the impact of a policy change in Tobin's tax on housing market speculators. The policy intervention effectively raised the transaction cost in the market segment with a high presence of speculators. Relative to the unaffected control sample, we find that the rise in...

This study demonstrates that taking into account heterogeneous investment horizons will improve our understanding of housing price and trading dynamics. Using an OLG (Overlapping Generations) model in which agents have heterogeneous preferences and investment horizons, with transaction costs,...

This paper documents that the dynamics of occupational segregation are highly nonlinear and exhibit tipping patterns. Occupations experience discontinuous declines in net male employment growth at tipping points ranging from 25% to 45% (from 13% to 30%) female in white-collar (blue-collar)...

We show that women in the NLSY79 and NLSY97 are less likely than men to receive competitive compensation. The portion of the gender wage gap explained by compensation schemes is small in the NLSY79 but somewhat larger in the NLSY97.

We examine causes and consequences of relative income within households. We show the distribution of the share of income earned by the wife exhibits a sharp drop to the right of 1/2, where the wife's income exceeds the husbands income. We argue that this pattern is best explained by gender...

In recent years, the US has become increasingly reliant on foreign registered nurses to satisfy health care demands. The Philippines has emerged as the single largest source of nurses educated abroad, representing more than half of foreign nurses entering the US in the last decade. One of the...