IFDP 2016-1181: Can Learning Explain Boom-Bust Cycles In Asset Prices? An...
Colin Caines | Explaining asset price booms poses a difficult question for researchers in macroeconomics: how can large and persistent price growth be explained in the absence large and persistent...
View ArticleIFDP 2016-1182: Option-Implied Libor Rate Expectations across Currencies
Nick Gebbia | In this paper, I study risk-neutral probability densities regarding future Libor rates denominated in British pounds, euros, and US dollars as implied by option prices. I apply Breeden...
View ArticleSIFMA AMG Statement On Today’s SEC Rulemakings
SIFMA’s Asset Management Group (AMG) issued the following statement on today’s rulemakings by the Securities and Exchange Commission (SEC) from Timothy Cameron, managing director and head of SIFMA AMG:...
View ArticleStatement On Adoption Of Investment Company Reporting Modernization, SEC...
In 2015, the Commission issued two proposals to modernize reporting requirements for registered investment advisers and registered investment funds. We adopted the first of these proposals in August....
View ArticleStatement On Adoption Of Open-End Fund Liquidity Risk Management Programs And...
I want to thank the staff for their hard work on these rules. In particular, I want to thank Zeena Abdul-Rahman, John Foley, Andrea Ottomanelli Magovern, Naseem Nixon, Amanda Hollander Wagner, Thoreau...
View ArticleThe Impact Of SEC Enforcement On Public Finance, Andrew J. Ceresney,...
Introductionread more...
View ArticleStatement At Open Meeting On Investment Company Liquidity Risk Management...
Thank you, Chair White.read more...
View ArticleMoscow Exchange: Risk Parameters Change For The Securities RUAL And RUALR
The following risk parameters will be changed:read more...
View ArticleSEC: Company To Pay Penalty For Stock Picking Game That Was An Unregistered Swap
The Securities and Exchange Commission today announced that a New York-based company has agreed to pay a $50,000 penalty for illegally offering complex derivatives products to retail investors through...
View ArticleRemarks By US Treasury Secretary Jacob J. Lew On A Press Conference Call...
Today, Treasury is announcing our final earnings stripping regulations. Earnings stripping is commonly used to minimize taxes after an inversion, and a contributing factor to the erosion of the U.S....
View ArticleUS Treasury’s Issues Final Earnings Stripping Regulations To Narrowly...
Today, the U.S. Department of Treasury and the Internal Revenue Service (IRS) issued final regulations to address earnings stripping. This action will further reduce the benefits of corporate tax...
View ArticleAn Index of Global Economic Policy Uncertainty -- by Steven J. Davis
Building on Baker, Bloom and Davis (2016), I construct a monthly index of Global Economic Policy Uncertainty (GEPU) from January 1997. The GEPU Index is a GDP-weighted average of national EPU indices...
View ArticleInfluencing Connected Legislators -- by Marco Battaglini, Eleonora Patacchini
This paper studies how interest groups allocate campaign contributions when congressmen are connected by social ties. We establish conditions for the existence of a unique Nash equilibrium in pure...
View ArticleChanges in Marriage and Divorce as Drivers of Employment and Retirement of...
We study associations among women's current marital status, past marital history, and later-life labor force participation. We first document these relationships using data from the 1986 to 2008 waves...
View ArticleBalance Sheet Effects on Monetary and Financial Spillovers: The East Asian...
We study how the financial conditions in the Center Economies [the U.S., Japan, and the Euro area] impact other countries over the period 1986 through 2015. Our methodology relies upon a two-step...
View ArticleMarket Potential and Global Growth over the Long Twentieth Century -- by...
We examine the evolution of market potential over the long twentieth century from 1900 to 2010. Theoretically, we exploit a structural gravity model to derive a closed-form solution for a widely-used...
View ArticleNecessity as the Mother of Invention: Monetary Policy after the Crisis -- by...
We ask whether recent changes in monetary policy due to the financial crisis will be temporary or permanent. We present evidence from two surveys--one of central bank governors, the other of academic...
View ArticleMoney or Grit? Determinants of MisMatch by Race and Gender -- by Russell...
This paper studies mismatch in educational attainment. Mismatch arises when high ability individuals do not obtain a college degree and/or low ability individuals do obtain such a degree. Using data...
View ArticleA Distribution-Neutral Perspective On Tax Expenditure Limitations -- by Louis...
A recent wave of literature, partly motivated by presidential campaign tax reform plans, analyzes tax expenditure limitation proposals. These reforms are often advanced not only, or even primarily,...
View ArticleEstimating the Heterogeneous Welfare Effects of Choice Architecture: An...
We develop a structural model for bounding welfare effects of policies that alter the design of differentiated product markets when some consumers may be misinformed about product characteristics and...
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