In this paper, I estimate a structural panel vector autoregression to study the consequences of changes in U.S. state government fiscal policies for local economic activity in the short-term. My main result is that the state-level spending multiplier is relatively small and the tax multiplier...

Euro coins have a common European side and an individual national side. Thanks to coin migration, coins bearing a panoply of national sides are in circulation throughout the euro area. In this paper, we model the mixing of coins circulating in the euro area countries and in particular the extent...

Absentmindedness is a special case of imperfect recall which according to Piccione and Rubinstein (1997a) leads to time inconsistencies. Aumann, Hart and Perry (1997a) question their argument and show how dynamic inconsistencies can be resolved. The present paper explores this issue from a...

Loewenstein (1996, 2005) identifies an intrapersonal empathy gap. In the respective experiments, subjects make choices with delayed consequences. When entering the state where these consequences would unfold, they get the possibility to revise their initial choice. Revisions are more substantial...

This experiment investigates whether protEgEs judge paternalism by means of its consequences or on principled grounds. Subjects receive a payment for showing up early the next morning. The later they show up the less they get. ProtEgEs can self-commit to a speci?c show-up time or maintain...

This article explains the emergence of an unique equilibrium resolution as the result of a compromise between two selves with different preferences. The stronger this difference is, the more generous the resolution gets. This result is in contrast to predictions of other models in which sinful...

We examine the statistical power of fundamental and behavioral factors with regards to stock returns of the Dow Jones Industrials Index. With a novel sentiment dataset from over 3.6 million Reuters news articles, we find signifcant correlations between Reuters senti- ment and stock returns. We...

With a novel dataset, we test whether sentiment in TV news can be used as a proxy for consumer sentiment in order to explain changes in private consumption growth in the United States. The University of Michigan Index of Consumer Sentiment is taken to compare its explana- tory power with TV...