NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

NBER Papers on Economic Fluctuations and Growth

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2016
w22878 Daniel Green
Brian T. Melzer
Jonathan A. Parker
Arcenis Rojas

Accelerator or Brake? Cash for Clunkers, Household Liquidity, and Aggregate Demand
w22882 Paolo Sodini
Stijn Van Nieuwerburgh
Roine Vestman
Ulf von Lilienfeld-Toal

Identifying the Benefits from Home Ownership: A Swedish Experiment
w22883 Andreas Fagereng
Luigi Guiso
Luigi Pistaferri

Portfolio Choices, Firm Shocks and Uninsurable Wage Risk
w22891 Jon Cohen
Kinda Cheryl Hachem
Gary Richardson

Relationship Lending and the Great Depression: Measurement and New Implications
w22897 Germán Gutiérrez
Thomas Philippon

Investment-less Growth: An Empirical Investigation
w22856 Jing Cynthia Wu
Ji Zhang

A Shadow Rate New Keynesian Model
w22866 Martín Uribe
Is The Monetarist Arithmetic Unpleasant?
w22838 Martin Guzman
Joseph E. Stiglitz

Pseudo-wealth and Consumption Fluctuations
w22837 Joseph E. Stiglitz
The Theory of Credit and Macro-economic Stability
w22840 Lorenz Kueng
Nicholas Li
Mu-Jeung Yang

The Impact of Emerging Market Competition on Innovation and Business Strategy
w22847 Mark Aguiar
Manuel Amador
Hugo Hopenhayn
Iván Werning

Take the Short Route: Equilibrium Default and Debt Maturity
w22850 David Card
Ana Rute Cardoso
Jörg Heining
Patrick Kline

Firms and Labor Market Inequality: Evidence and Some Theory
w22851 Peter Diep
Andrea L. Eisfeldt
Scott Richardson

Prepayment Risk and Expected MBS Returns
w22816 David Albouy
Gabriel Ehrlich
Yingyi Liu

Housing Demand, Cost-of-Living Inequality, and the Affordability Crisis
w22822 Andreas Fagereng
Luigi Guiso
Davide Malacrino
Luigi Pistaferri

Heterogeneity and Persistence in Returns to Wealth
w22825 Paul Beaudry
Dana Galizia
Franck Portier

Putting the Cycle Back into Business Cycle Analysis
w22827 Simon Gilchrist
Raphael Schoenle
Jae Sim
Egon Zakrajšek

Inflation Dynamics During the Financial Crisis
w22831 Andreas Neuhierl
Michael Weber

Monetary Policy and the Stock Market: Time-Series Evidence
w22833 Andrés Fernández
Stephanie Schmitt-Grohé
Martín Uribe

World Shocks, World Prices, and Business Cycles: An Empirical Investigation
w22794 George-Marios Angeletos
Fabrice Collard
Harris Dellas

Public Debt as Private Liquidity: Optimal Policy
w22800 Eric M. Leeper
Should Central Banks Care About Fiscal Rules?
w22801 Chong-En Bai
Chang-Tai Hsieh
Zheng Michael Song

The Long Shadow of a Fiscal Expansion
w22809 Pedro Bento
Diego Restuccia

Misallocation, Establishment Size, and Productivity
w22783 Daron Acemoglu
Ufuk Akcigit
William Kerr

Innovation Network
w22785 George-Marios Angeletos
Chen Lian

Forward Guidance without Common Knowledge
w22787 Gary Gorton
Guillermo Ordoñez

Fighting Crises
w22789 Edward Glaeser
Wei Huang
Yueran Ma
Andrei Shleifer

A Real Estate Boom with Chinese Characteristics
w22790 Tarek A. Hassan
Thomas M. Mertens
Tony Zhang

Currency Manipulation
w22762 Brad Hershbein
Lisa B. Kahn

Do Recessions Accelerate Routine-Biased Technological Change? Evidence from Vacancy Postings
w22761 Robert E. Hall
Ricardo Reis

Achieving Price Stability by Manipulating the Central Bank's Payment on Reserves
w22751 Ricardo J. Caballero
Alp Simsek

A Model of Fickle Capital Flows and Retrenchment: Global Liquidity Creation and Reach for Safety and Yield
w22734 Russell Cooper
Huacong Liu

Money or Grit? Determinants of MisMatch by Race and Gender
w22735 Alan S. Blinder
Michael Ehrmann
Jakob de Haan
David-Jan Jansen

Necessity as the Mother of Invention: Monetary Policy after the Crisis
w22740 Steven J. Davis
An Index of Global Economic Policy Uncertainty
w22743 Òscar Jordà
Moritz Schularick
Alan M. Taylor

Macrofinancial History and the New Business Cycle Facts
w22723 Sang Byung Seo
Jessica A. Wachter

Do Rare Events Explain CDX Tranche Spreads?
w22726 John Ameriks
Joseph Briggs
Andrew Caplin
Matthew D. Shapiro
Christopher Tonetti

Late-in-Life Risks and the Under-Insurance Puzzle
w22687 Yoko Niimi
Charles Yuji Horioka

The Impact of Intergenerational Transfers on Household Wealth Inequality in Japan and the United States
w22694 Luigi Bocola
Alessandro Dovis

Self-Fulfilling Debt Crises: A Quantitative Analysis
w22703 Boyan Jovanovic
Julien Prat

Reputation Cycles
w22706 Timothy J. Kehoe
Pau S. Pujolas
Jack Rossbach

Quantitative Trade Models: Developments and Challenges
w22662 Eric M. Leeper
Bing Li

Surplus-Debt Regressions
w22663 Pedro Brinca
V. V. Chari
Patrick J. Kehoe
Ellen McGrattan

Accounting for Business Cycles
w22665 Katharine G. Abraham
John C. Haltiwanger
Kristin Sandusky
James Spletzer

The Consequences of Long Term Unemployment: Evidence from Matched Employer-Employee Data
w22672 Ioana Marinescu
Roland Rathelot

Mismatch Unemployment and the Geography of Job Search
w22674 Francisco J. Buera
Joseph P. Kaboski
Yongseok Shin

Taking Stock of the Evidence on Micro-Financial Interventions
w22676 Pol Antràs
Alonso de Gortari
Oleg Itskhoki

Globalization, Inequality and Welfare
w22677 Alessandro Gavazza
Simon Mongey
Giovanni L. Violante

Aggregate Recruiting Intensity
w22638 Marco Di Maggio
Amir Kermani
Christopher Palmer

How Quantitative Easing Works: Evidence on the Refinancing Channel
w22639 Vladimir Asriyan
Luca Fornaro
Alberto Martin
Jaume Ventura

Monetary Policy for a Bubbly World
w22646 Dominik Sachs
Aleh Tsyvinski
Nicolas Werquin

Nonlinear Tax Incidence and Optimal Taxation in General Equilibrium
w22649 Andrew B. Bernard
Toshihiro Okubo

Product Switching and the Business Cycle
w22650 Kaiji Chen
Patrick Higgins
Daniel F. Waggoner
Tao Zha

China Pro-Growth Monetary Policy and Its Asymmetric Transmission
w22651 Barney Hartman-Glaser
Hanno Lustig
Mindy X. Zhang

National Income Accounting When Firms Insure Managers: Understanding Firm Size and Compensation Inequality.
w22653 Filipe Campante
David Yanagizawa-Drott

Long-Range Growth: Economic Development in the Global Network of Air Links
w22657 Eric A. Hanushek
Guido Schwerdt
Simon Wiederhold
Ludger Woessmann

Coping with Change: International Differences in the Returns to Skills
w22618 Pierre-Olivier Gourinchas
Hélène Rey

Real Interest Rates, Imbalances and the Curse of Regional Safe Asset Providers at the Zero Lower Bound
w22614 Patrick Kehoe
Elena Pastorino
Virgiliu Midrigan

Debt Constraints and Employment
w22615 Francis X. Diebold
Frank Schorfheide
Minchul Shin

Real-Time Forecast Evaluation of DSGE Models with Stochastic Volatility
w22619 Gary Gorton
Tyler Muir

Mobile Collateral versus Immobile Collateral
w22625 Marco Di Maggio
Amir Kermani

The Importance of Unemployment Insurance as an Automatic Stabilizer
w22594 Julien Bengui
Javier Bianchi
Louphou Coulibaly

Financial Safety Nets
w22599 Gary Gorton
Ping He

Optimal Monetary Policy in a Collateralized Economy
w22555 Canyon Bosler
Mary C. Daly
John G. Fernald
Bart Hobijn

The Outlook for U.S. Labor-Quality Growth
w22572 Francesco Bianchi
Martin Lettau
Sydney C. Ludvigson

Monetary Policy and Asset Valuation: Evidence From a Markov-Switching cay
w22514 Timothy J. Kehoe
Pau S. Pujolas
Kim J. Ruhl

The Opportunity Costs of Entrepreneurs in International Trade
w22516 Francis X. Diebold
Minchul Shin

Assessing Point Forecast Accuracy by Stochastic Error Distance
w22527 Hengjie Ai
Ravi Bansal

Risk Preferences and The Macro Announcement Premium
w22529 Ravi Bansal
Dana Kiku
Marcelo Ochoa

Price of Long-Run Temperature Shifts in Capital Markets
w22533 Markus K. Brunnermeier
Yuliy Sannikov

The I Theory of Money
w22536 Kyle C. Meng
Estimating Path Dependence in Energy Transitions
w22505 Emi Nakamura
Jón Steinsson
Patrick Sun
Daniel Villar

The Elusive Costs of Inflation: Price Dispersion during the U.S. Great Inflation
w22510 Marc Dordal-i-Carreras
Olivier Coibion
Yuriy Gorodnichenko
Johannes Wieland

Infrequent but Long-Lived Zero-Bound Episodes and the Optimal Rate of Inflation
w22476 Thomas Philippon
The FinTech Opportunity
w22481 Stephanie Schmitt-Grohé
Martín Uribe

Is Optimal Capital-Control Policy Countercyclical In Open-Economy Models With Collateral Constraints?
w22485 John H. Cochrane
Macro-Finance
w22489 Jordi Galí
Tommaso Monacelli

Understanding the Gains from Wage Flexibility: The Exchange Rate Connection
w22490 Cosmin L. Ilut
Rosen Valchev
Nicolas Vincent

Paralyzed by Fear: Rigid and Discrete Pricing under Demand Uncertainty
w22496 Jörn-Steffen Pischke
Wage Flexibility and Employment Fluctuations: Evidence from the Housing Sector
w22475 Luca Benati
Robert E. Lucas
Jr.
Juan Pablo Nicolini
Warren Weber

International Evidence on Long Run Money Demand
w22458 Dirk Krueger
Kurt Mitman
Fabrizio Perri

On the Distribution of the Welfare Losses of Large Recessions
w22460 Kan Chen
Mario Crucini

Trends and Cycles in Small Open Economies: Making The Case For A General Equilibrium Approach
w22461 Nina Boyarchenko
David O. Lucca
Laura Veldkamp

Taking Orders and Taking Notes: Dealer Information Sharing in Treasury Markets
w22473 Wendy C.Y. Li
Bronwyn H. Hall

Depreciation of Business R&D Capital
w22453 Dale W. Jorgenson
Mun S. Ho
Jon D. Samuels

Education, Participation, and the Revival of U.S. Economic Growth
w22432 Erling Barth
James Davis
Richard B. Freeman
Sari Pekkala Kerr

Weathering the Great Recession: Variation in Employment Responses by Establishments and Countries
w22444 Eduardo Dávila
Anton Korinek

Fire-Sale Externalities
w22451 Hie Joo Ahn
James D. Hamilton

Heterogeneity and Unemployment Dynamics
w22452 Nicole Maestas
Kathleen J. Mullen
David Powell

The Effect of Population Aging on Economic Growth, the Labor Force and Productivity
w22411 Andrew C. Johnston
Alexandre Mas

Potential Unemployment Insurance Duration and Labor Supply: The Individual and Market-Level Response to a Benefit Cut
w22412 Charles Yuji Horioka
Akiko Terada-Hagiwara

The Impact of Pre-marital Sex Ratios on Household Saving in Two Asian Countries: The Competitive Saving Motive Revisited
w22416 Rhys Bidder
Ian Dew-Becker

Long-Run Risk is the Worst-Case Scenario
w22422 Edward C. Prescott
RBC Methodology and the Development of Aggregate Economic Theory
w22425 Juan Carlos Suárez Serrato
Philippe Wingender

Estimating Local Fiscal Multipliers
w22384 Nicholas Kozeniauskas
Anna Orlik
Laura Veldkamp

The Common Origin of Uncertainty Shocks
w22402 Patrick Higgins
Tao Zha
Karen Zhong

Forecasting China's Economic Growth and Inflation
w22388 Olivier Blanchard
Currency Wars, Coordination, and Capital Controls
w22392 Emi Nakamura
Jósef Sigurdsson
Jón Steinsson

The Gift of Moving: Intergenerational Consequences of a Mobility Shock
w22396 Xavier Giroud
Holger M. Mueller

Redistribution of Local Labor Market Shocks through Firms' Internal Networks
w22374 Antonio Fatás
Lawrence H. Summers

The Permanent Effects of Fiscal Consolidations
w22364 Jaroslav Borovička
Lars Peter Hansen

Term Structure of Uncertainty in the Macroeconomy
w22368 Antonio Ciccone
Elias Papaioannou

Estimating Cross-Industry Cross-Country Interaction Models Using Benchmark Industry Characteristics
w22370 Pierre-Olivier Gourinchas
Thomas Philippon
Dimitri Vayanos

The Analytics of the Greek Crisis
w22354 Monika Piazzesi
Martin Schneider

Housing and Macroeconomics
w22356 John B. Taylor
The Staying Power of Staggered Wage and Price Setting Models in Macroeconomics
w22357 Giacomo De Giorgi
Anders Frederiksen
Luigi Pistaferri

Consumption Network Effects
w22359 Alisdair McKay
Ricardo Reis

Optimal Automatic Stabilizers
w22319 Dirk Krueger
Kurt Mitman
Fabrizio Perri

Macroeconomics and Household Heterogeneity
w22324 Adriano A. Rampini
Financing Durable Assets
w22327 Nicholas Bloom
Raffaella Sadun
John Van Reenen

Management as a Technology?
w22330 Harold Cole
Daniel Neuhann
Guillermo Ordoñez

Debt Crises: For Whom the Bell Tolls
w22331 Greg Kaplan
Sam Schulhofer-Wohl

Inflation at the Household Level
w22341 Mark Gertler
Christopher Huckfeldt
Antonella Trigari

Unemployment Fluctuations, Match Quality, and the Wage Cyclicality of New Hires
w22299 Gauti B. Eggertsson
Neil R. Mehrotra
Sanjay R. Singh
Lawrence H. Summers

A Contagious Malady? Open Economy Dimensions of Secular Stagnation
w22298 Manuel Amador
Javier Bianchi
Luigi Bocola
Fabrizio Perri

Reverse Speculative Attacks
w22297 George-Marios Angeletos
Chen Lian

Incomplete Information in Macroeconomics: Accommodating Frictions in Coordination
w22311 Julio Garín
Robert Lester
Eric Sims

Are Supply Shocks Contractionary at the ZLB? Evidence from Utilization-Adjusted TFP Data
w22289 Jeffrey R. Campbell
Thomas Hubbard

The Economics of "Radiator Springs:" Industry Dynamics, Sunk Costs, and Spatial Demand Shifts
w22293 Adriano A. Rampini
S. Viswanathan

Household Risk Management
w22294 Hashmat Khan
Christopher R. Knittel
Konstantinos Metaxoglou
Maya Papineau

Carbon Emissions and Business Cycles
w22295 Emmanuel Farhi
Matteo Maggiori

A Model of the International Monetary System
w22280 Marcus Hagedorn
Iourii Manovskii
Kurt Mitman

Interpreting Recent Quasi-Experimental Evidence on the Effects of Unemployment Benefit Extensions
w22256 Atif Mian
Amir Sufi

Who Bears the Cost of Recessions? The Role of House Prices and Household Debt
w22258 Michael Bailey
Ruiqing Cao
Theresa Kuchler
Johannes Stroebel

Social Networks and Housing Markets
w22259 Marco Del Negro
Gauti Eggertsson
Andrea Ferrero
Nobuhiro Kiyotaki

The Great Escape? A Quantitative Evaluation of the Fed's Liquidity Facilities
w22266 Pedro Bordalo
Nicola Gennaioli
Andrei Shleifer

Diagnostic Expectations and Credit Cycles
w22270 Benjamin Hébert
Jesse Schreger

The Costs of Sovereign Default: Evidence from Argentina
w22271 Zhiguo He
Arvind Krishnamurthy
Konstantin Milbradt

A Model of Safe Asset Determination
w22275 Paul Beaudry
Dana Galizia
Franck Portier

Is the Macroeconomy Locally Unstable and Why Should We Care?
w22279 Susanto Basu
Christopher L. House

Allocative and Remitted Wages: New Facts and Challenges for Keynesian Models
w22252 Daron Acemoglu
Pascual Restrepo

The Race Between Machine and Man: Implications of Technology for Growth, Factor Shares and Employment
w22215 Timo Boppart
Per Krusell

Labor Supply in the Past, Present, and Future: a Balanced-Growth Perspective
w22216 Maxim Pinkovskiy
Xavier Sala-i-Martin

Newer Need Not be Better: Evaluating the Penn World Tables and the World Development Indicators Using Nighttime Lights
w22224 Gianluca Benigno
Huigang Chen
Christopher Otrok
Alessandro Rebucci
Eric R. Young

Optimal Capital Controls and Real Exchange Rate Policies: A Pecuniary Externality Perspective
w22225 Anmol Bhandari
Jaroslav Borovička
Paul Ho

Identifying Ambiguity Shocks in Business Cycle Models Using Survey Data
w22228 Roger E.A. Farmer
Pricing Assets in an Economy with Two Types of People
w22230 Robert E. Hall
Macroeconomics of Persistent Slumps
w22232 Greg Kaplan
Kurt Mitman
Giovanni L. Violante

Non-durable Consumption and Housing Net Worth in the Great Recession: Evidence from Easily Accessible Data
w22239 Lee E. Ohanian
The Great Recession in the Shadow of the Great Depression: A Review Essay on "Hall of Mirrors: The Great Depression, The Great Recession and the Uses and Misuses Of History"
w22196 Robert E. Hall
Understanding the Decline in the Safe Real Interest Rate
w22211 John Komlos
Growth of income and welfare in the U.S, 1979-2011
w22212 Saki Bigio
Jennifer La’O

Financial Frictions in Production Networks
w22181 Solomon M. Hsiang
Climate Econometrics
w22183 Drew D. Creal
Jing Cynthia Wu

Bond Risk Premia in Consumption-based Models
w22188 Fernando E. Alvarez
Katarína Borovičková
Robert Shimer

Decomposing Duration Dependence in a Stopping Time Model
w22172 Gauti B. Eggertsson
Neil R. Mehrotra
Lawrence H. Summers

Secular Stagnation in the Open Economy
w22176 Nancy L. Stokey
Technology, Skill and the Wage Structure
w22177 Julio Garín
Robert Lester
Eric Sims

Raise Rates to Raise Inflation? Neo-Fisherianism in the New Keynesian Model
w22145 J. Vernon Henderson
Adam Storeygard
Tim L. Squires
David N. Weil

The Global Spatial Distribution of Economic Activity: Nature, History, and the Role of Trade
w22147 Michael E. Waugh
B. Ravikumar

Measuring Openness to Trade
w22148 Efraim Benmelech
Ralf R. Meisenzahl
Rodney Ramcharan

The Real Effects of Liquidity During the Financial Crisis: Evidence from Automobiles
w22151 Santiago Caicedo
Robert E. Lucas
Jr.
Esteban Rossi-Hansberg

Learning, Career Paths, and the Distribution of Wages
w22153 Ross Levine
Chen Lin
Wensi Xie

Corporate Resilience to Banking Crises: The Roles of Trust and Trade Credit
w22154 Eric R. Sims
Differences in Quarterly Utilization-Adjusted TFP by Vintage, with an Application to News Shocks
w22157 Jesús Fernández-Villaverde
Daniel Sanches

Can Currency Competition Work?
w22163 Gabriel Chodorow-Reich
Loukas Karabarbounis

The Limited Macroeconomic Effects of Unemployment Benefit Extensions
w22125 Mark Aguiar
Satyajit Chatterjee
Harold Cole
Zachary Stangebye

Quantitative Models of Sovereign Debt Crises
w22128 Matteo Cacciatore
Romain Duval
Giuseppe Fiori
Fabio Ghironi

Market Reforms in the Time of Imbalance
w22129 Alisdair McKay
Emi Nakamura
Jón Steinsson

The Discounted Euler Equation: A Note
w22131 David de la Croix
Matthias Doepke
Joel Mokyr

Clans, Guilds, and Markets: Apprenticeship Institutions and Growth in the Pre-Industrial Economy
w22133 Markus K. Brunnermeier
Yuliy Sannikov

On the Optimal Inflation Rate
w22135 Roger Farmer
Pawel Zabczyk

The Theory of Unconventional Monetary Policy
w22136 Roger E.A. Farmer
Konstantin Platonov

Animal Spirits in a Monetary Model
w22140 Jérémie Cohen-Setton
Joshua K. Hausman
Johannes F. Wieland

Supply-Side Policies in the Depression: Evidence from France
w22141 Johannes F. Wieland
Mu-Jeung Yang

Financial Dampening
w22122 Gary D. Hansen
Lee E. Ohanian

Neoclassical Models in Macroeconomics
w22095 Jorge Guzman
Scott Stern

The State of American Entrepreneurship: New Estimates of the Quantity and Quality of Entrepreneurship for 15 US States, 1988-2014
w22076 Florian Scheuer
Iván Werning

Mirrlees meets Diamond-Mirrlees
w22068 Matthias Doepke
Michèle Tertilt

Families in Macroeconomics
w22069 Chang-Tai Hsieh
Nicholas Li
Ralph Ossa
Mu-Jeung Yang

Accounting for the New Gains from Trade Liberalization
w22072 Matthias Doepke
Fabian Kindermann

Bargaining over Babies: Theory, Evidence, and Policy Implications
w22058 Dario Caldara
Cristina Fuentes-Albero
Simon Gilchrist
Egon Zakrajšek

The Macroeconomic Impact of Financial and Uncertainty Shocks
w22064 Gary Gorton
Ellis W. Tallman

Too-Big-To-Fail Before the Fed
w22012 Mikhail Golosov
Aleh Tsyvinski
Nicolas Werquin

Recursive Contracts and Endogenously Incomplete Markets
w22023 Hanno Lustig
Adrien Verdelhan

Does Incomplete Spanning in International Financial Markets Help to Explain Exchange Rates?
w22027 Maxim Boycko
Robert J. Shiller

Popular Attitudes towards Markets and Democracy: Russia and United States Compared 25 Years Later
w22036 Gary Gorton
Ellis W. Tallman

How Did Pre-Fed Banking Panics End?
w22044 Ricardo J. Caballero
Emmanuel Farhi
Pierre-Olivier Gourinchas

Safe Asset Scarcity and Aggregate Demand
w22046 Gino Gancia
Giacomo A.M. Ponzetto
Jaume Ventura

Globalization and Political Structure
w22047 Pablo Kurlat
The Social Value of Financial Expertise
w22007 Dan Cao
Iván Werning

Dynamic Savings Choices with Disagreements
w22008 Gary Gorton
Guillermo Ordoñez

Good Booms, Bad Booms
w22009 Narayana R. Kocherlakota
Sluggish Inflation Expectations: A Markov Chain Analysis
w22010 Russell Cooper
Huacong Liu

MisMatch in Human Capital Accumulation
w21978 Valerie A. Ramey
Macroeconomic Shocks and Their Propagation
w21984 Paolo Bertoletti
Federico Etro
Ina Simonovska

International Trade with Indirect Additivity
w21997 Jesús Fernández-Villaverde
Oren Levintal

Solution Methods for Models with Rare Disasters
w21956 Martin Beraja
Erik Hurst
Juan Ospina

The Aggregate Implications of Regional Business Cycles
w21967 Grey Gordon
Aaron Hedlund

Accounting for the Rise in College Tuition
w21974 Chad Syverson
Challenges to Mismeasurement Explanations for the U.S. Productivity Slowdown
w21928 Philippe Aghion
Ufuk Akcigit
Julia Cagé
William R. Kerr

Taxation, Corruption, and Growth
w21931 Greg Kaplan
Guido Menzio
Leena Rudanko
Nicholas Trachter

Relative Price Dispersion: Evidence and Theory
w21935 Doireann Fitzgerald
Stefanie Haller
Yaniv Yedid-Levi

How Exporters Grow
w21942 Alejandro Justiniano
Giorgio E. Primiceri
Andrea Tambalotti

A Simple Model of Subprime Borrowers and Credit Growth
w21948 Alessandro Dovis
Mikhail Golosov
Ali Shourideh

Political Economy of Sovereign Debt: A Theory of Cycles of Populism and Austerity
w21905 Ufuk Akcigit
Harun Alp
Michael Peters

Lack of Selection and Limits to Delegation: Firm Dynamics in Developing Countries
w21907 Stelios Michalopoulos
Louis Putterman
David N. Weil

The Influence of Ancestral Lifeways on Individual Economic Outcomes in Sub-Saharan Africa
w21914 David Lagakos
Benjamin Moll
Tommaso Porzio
Nancy Qian
Todd Schoellman

Life-Cycle Human Capital Accumulation Across Countries: Lessons From U.S. Immigrants
w21920 Zhiguo He
Bryan Kelly
Asaf Manela

Intermediary Asset Pricing: New Evidence from Many Asset Classes
w21924 Jess Benhabib
Alberto Bisin

Skewed Wealth Distributions: Theory and Empirics
w21871 Robert J. Barro
Tao Jin

Rare Events and Long-Run Risks
w21872 Robert J. Barro
Economic Growth and Convergence, Applied Especially to China
w21874 Alexander Bick
Nicola Fuchs-Schündeln
David Lagakos

How do Average Hours Worked Vary with Development? Cross-Country Evidence and Implications
w21880 Kinda Cheryl Hachem
Zheng Michael Song

Liquidity Regulation and Unintended Financial Transformation in China
w21887 Claudia Olivetti
Barbara Petrongolo

The Evolution of Gender Gaps in Industrialized Countries
w21888 Robert J. Barro
Gordon Y. Liao

Options-Pricing Formula with Disaster Risk
w21890 Kaiji Chen
Jue Ren
Tao Zha

What We Learn from China's Rising Shadow Banking: Exploring the Nexus of Monetary Tightening and Banks' Role in Entrusted Lending
w21892 Mark Gertler
Nobuhiro Kiyotaki
Andrea Prestipino

Wholesale Banking and Bank Runs in Macroeconomic Modelling of Financial Crises
w21896 Simon H. Boserup
Wojciech Kopczuk
Claus T. Kreiner

The Role of Bequests in Shaping Wealth Inequality: Evidence from Danish Wealth Records
w21897 Greg Kaplan
Benjamin Moll
Giovanni L. Violante

Monetary Policy According to HANK
w21898 Jonathan Heathcote
Fabrizio Perri

On the Desirability of Capital Controls
w21840 Jose Asturias
Sewon Hur
Timothy J. Kehoe
Kim J. Ruhl

The Interaction and Sequencing of Policy Reforms
w21843 Emmanuel Farhi
Jean Tirole

Deadly Embrace: Sovereign and Financial Balance Sheets Doom Loops
w21844 Francisco J. Buera
Ezra Oberfield

The Global Diffusion of Ideas
w21848 Xavier Gabaix
Behavioral Macroeconomics Via Sparse Dynamic Programming
w21856 Joseph Davis
Marc D. Weidenmier

America's First Great Moderation
w21861 Gene M. Grossman
Elhanan Helpman
Ezra Oberfield
Thomas Sampson

Balanced Growth Despite Uzawa
w21862 Jesús Fernández-Villaverde
Juan F. Rubio Ramírez
Frank Schorfheide

Solution and Estimation Methods for DSGE Models
w21863 James D. Hamilton
Macroeconomic Regimes and Regime Shifts
w21864 Gabriel Chodorow-Reich
Johannes Wieland

Secular Labor Reallocation and Business Cycles
w21866 Narayana Kocherlakota
Fragility of Purely Real Macroeconomic Models
w21867 Eric M. Leeper
Campbell Leith

Understanding Inflation as a Joint Monetary-Fiscal Phenomenon
2015
w21838 Susanto Basu
Brent Bundick

Endogenous Volatility at the Zero Lower Bound: Implications for Stabilization Policy
w21830 Jeffrey Clemens
The Minimum Wage and the Great Recession: Evidence from the Current Population Survey
w21822 Eric M. Leeper
Fiscal Analysis is Darned Hard
w21814 Saten Kumar
Hassan Afrouzi
Olivier Coibion
Yuriy Gorodnichenko

Inflation Targeting Does Not Anchor Inflation Expectations: Evidence from Firms in New Zealand
w21816 Eric T. Swanson
Measuring the Effects of Unconventional Monetary Policy on Asset Prices
w21820 Vasco Cúrdia
Michael Woodford

Credit Frictions and Optimal Monetary Policy
w21784 Matteo Cacciatore
Romain Duval
Giuseppe Fiori
Fabio Ghironi

Short-Term Pain for Long-Term Gain: Market Deregulation and Monetary Policy in Small Open Economies
w21794 Edward L. Glaeser
Giacomo A. M. Ponzetto
Yimei Zou

Urban Networks: Connecting Markets, People, and Ideas
w21795 Carola Frydman
Dimitris Papanikolaou

In Search of Ideas: Technological Innovation and Executive Pay Inequality
w21799 George J. Hall
Thomas J. Sargent

A History of U.S. Debt Limits
w21803 Sydney C. Ludvigson
Sai Ma
Serena Ng

Uncertainty and Business Cycles: Exogenous Impulse or Endogenous Response?
w21804 Andrea Eisfeldt
Andrew Demers

Rental Yields and HPA: The Returns to Single Family Rentals
w21770 Eric A. Hanushek
Jens Ruhose
Ludger Woessmann

Economic Gains for U.S. States from Educational Reform
w21772 Lorenz Kueng
Explaining Consumption Excess Sensitivity with Near-Rationality: Evidence from Large Predetermined Payments
w21774 Jonathan Eaton
Samuel S. Kortum
Brent Neiman

Obstfeld and Rogoff's International Macro Puzzles: A Quantitative Assessment
w21776 Ryan A. Decker
John Haltiwanger
Ron S. Jarmin
Javier Miranda

Where Has All The Skewness Gone? The Decline In High-Growth (Young) Firms In The U.S.
w21779 Guillaume Rocheteau
Pierre-Olivier Weill
Tsz-Nga Wong

Working through the Distribution: Money in the Short and Long Run
w21760 Pablo D. Fajgelbaum
Eduardo Morales
Juan Carlos Suárez Serrato
Owen M. Zidar

State Taxes and Spatial Misallocation
w21764 Robert E. Hall
Andreas I. Mueller

Wage Dispersion and Search Behavior
w21767 Stefano Giglio
Matteo Maggiori
Johannes Stroebel
Andreas Weber

Climate Change and Long-Run Discount Rates: Evidence from Real Estate
w21734 Charles Yuji Horioka
Akiko Terada-Hagiwara
Takaaki Nomoto

Explaining Foreign Holdings of Asia's Debt Securities: The Feldstein-Horioka Paradox Revisited
w21738 Pooyan Amir Ahmadi
Harald Uhlig

Sign Restrictions in Bayesian FaVARs with an Application to Monetary Policy Shocks
w21743 Mikhail Golosov
Guido Menzio

Agency Business Cycles
w21744 Lee E. Ohanian
Paulina Restrepo-Echavarria
Mark L. J. Wright

Bad Investments and Missed Opportunities? Postwar Capital Flows to Asia and Latin America
w21717 Ingvild Almås
Alex Armand
Orazio Attanasio
Pedro Carneiro

Measuring and Changing Control: Women's Empowerment and Targeted Transfers
w21719 Julian Kozlowski
Laura Veldkamp
Venky Venkateswaran

The Tail that Wags the Economy: Belief-Driven Business Cycles and Persistent Stagnation
w21721 Jess Benhabib
Alberto Bisin
Mi Luo

Wealth Distribution and Social Mobility in the US: A Quantitative Approach
w21724 Sang Yoon Lee
Yongseok Shin
Donghoon Lee

The Option Value of Human Capital: Higher Education and Wage Inequality
w21732 David Berger
Joseph Vavra

Dynamics of the U.S. Price Distribution
w21699 Isaac Ehrlich
Jinyoung Kim

Immigration, Human Capital Formation and Endogenous Economic Growth
w21702 Rasmus Lentz
Nicolas Roys

Training and Search On the Job
w21686 Felipe S. Iachan
Plamen T. Nenov
Alp Simsek

The Choice Channel of Financial Innovation
w21667 David Berger
Veronica Guerrieri
Guido Lorenzoni
Joseph Vavra

House Prices and Consumer Spending
w21670 Ricardo J. Caballero
Emmanuel Farhi
Pierre-Olivier Gourinchas

Global Imbalances and Currency Wars at the ZLB.
w21672 Yaguang Zhang
Guo Fan
John Whalley

Economic Cycles in Ancient China
w21644 Erik G. Hurst
Benjamin W. Pugsley

Wealth, Tastes, and Entrepreneurial Choice
w21646 Gita Gopinath
The International Price System
w21624 James Feyrer
Erin T. Mansur
Bruce Sacerdote

Geographic Dispersion of Economic Shocks: Evidence from the Fracking Revolution
w21626 Vadim Elenev
Tim Landvoigt
Stijn Van Nieuwerburgh

Phasing Out the GSEs
w21630 Kristopher Gerardi
Kyle F. Herkenhoff
Lee E. Ohanian
Paul S. Willen

Can't Pay or Won't Pay? Unemployment, Negative Equity, and Strategic Default
w21633 Scott R. Baker
Nicholas Bloom
Steven J. Davis

Measuring Economic Policy Uncertainty
w21634 Ross Levine
Chen Lin
Lai Wei

Insider Trading and Innovation
w21604 Christopher J. Ruhm
Health Effects of Economic Crises
w21614 Mariana García-Schmidt
Michael Woodford

Are Low Interest Rates Deflationary? A Paradox of Perfect-Foresight Analysis
w21581 Atif R. Mian
Amir Sufi
Emil Verner

Household Debt and Business Cycles Worldwide
w21599 Louis Phaneuf
Eric R. Sims
Jean Gardy Victor

Inflation, Output, and Markup Dynamics with Forward-Looking Wage and Price Setters
w21595 Diego A. Comin
Danial Lashkari
Martí Mestieri

Structural Change with Long-run Income and Price Effects
w21566 Steven N. Durlauf
Salvador Navarro
David A. Rivers

Model Uncertainty and the Effect of Shall-Issue Right-to-Carry Laws on Crime
w21567 Sumit Agarwal
Souphala Chomsisengphet
Neale Mahoney
Johannes Stroebel

Do Banks Pass Through Credit Expansions to Consumers Who Want to Borrow?
w21569 Jeremy C. Stein
Adi Sunderam

Gradualism in Monetary Policy: A Time-Consistency Problem?
w21575 Mete Kilic
Jessica A. Wachter

Risk, Unemployment, and the Stock Market: A Rare-Event-Based Explanation of Labor Market Volatility
w21558 Sebnem Kalemli-Ozcan
Bent Sorensen
Carolina Villegas-Sanchez
Vadym Volosovych
Sevcan Yesiltas

How to Construct Nationally Representative Firm Level data from the ORBIS Global Database
w21547 William D. Nordhaus
Are We Approaching an Economic Singularity? Information Technology and the Future of Economic Growth
w21549 Andrew B. Abel
The Analytics of Investment, q, and Cash Flow
w21550 Andrew B. Abel
Crowding Out in Ricardian Economies
w21524 Emmanuel Farhi
Xavier Gabaix

Optimal Taxation with Behavioral Agents
w21532 Kyle F. Herkenhoff
Lee E. Ohanian

The Impact of Foreclosure Delay on U.S. Employment
w21538 Dirk Krueger
Alexander Ludwig

On the Optimal Provision of Social Insurance: Progressive Taxation versus Education Subsidies in General Equilibrium
w21539 Nir Jaimovich
Sergio Rebelo
Arlene Wong

Trading Down and the Business Cycle
w21498 Francesco Caselli
Miklós Koren
Milan Lisicky
Silvana Tenreyro

Diversification through Trade
w21506 Stelios Michalopoulos
Alireza Naghavi
Giovanni Prarolo

Islam, Inequality and Pre-Industrial Comparative Development
w21508 Björn Brügemann
Pieter Gautier
Guido Menzio

Intra Firm Bargaining and Shapley Values
w21512 Sumit Agarwal
Gene Amromin
Souphala Chomsisengphet
Tomasz Piskorski
Amit Seru
Vincent Yao

Mortgage Refinancing, Consumer Spending, and Competition: Evidence from the Home Affordable Refinancing Program
w21476 James D. Hamilton
Ethan S. Harris
Jan Hatzius
Kenneth D. West

The Equilibrium Real Funds Rate: Past, Present and Future
w21480 Joel M. David
Ina Simonovska

Correlated Beliefs, Returns, and Stock Market Volatility
w21486 Òscar Jordà
Moritz Schularick
Alan M. Taylor

Leveraged Bubbles
w21492 Marina Halac
Pierre Yared

Fiscal Rules and Discretion in a World Economy
w21493 Guido Menzio
Nicholas Trachter

Equilibrium Price Dispersion Across and Within Stores
w21495 Robert Shimer
Iván Werning

Efficiency and Information Transmission in Bilateral Trading
w21446 Jean-Pierre Dubé
Günter J. Hitsch
Peter E. Rossi

Income and Wealth Effects on Private-Label Demand: Evidence From the Great Recession
w21444 Joseph E. Stiglitz
Towards a General Theory of Deep Downturns
w21445 Tarek Alexander Hassan
Thomas Mertens
Tony Zhang

Not so Disconnected: Exchange Rates and the Capital Stock
w21448 Iván Werning
Incomplete Markets and Aggregate Demand
w21449 Mila Getmansky
Peter A. Lee
Andrew W. Lo

Hedge Funds: A Dynamic Industry In Transition
w21453 Gita Gopinath
Sebnem Kalemli-Ozcan
Loukas Karabarbounis
Carolina Villegas-Sanchez

Capital Allocation and Productivity in South Europe
w21456 Cristina Arellano
Andrew Atkeson
Mark Wright

External and Public Debt Crises
w21458 Sari Kerr
William R. Kerr
Ramana Nanda

House Money and Entrepreneurship
w21466 Paul Beaudry
Patrick Fève
Alain Guay
Franck Portier

When is Nonfundamentalness in VARs a Real Problem? An Application to News Shocks
w21420 Julio Garín
Robert Lester
Eric Sims

On the Desirability of Nominal GDP Targeting
w21426 Olivier Blanchard
Christopher J. Erceg
Jesper Lindé

Jump Starting the Euro Area Recovery: Would a Rise in Core Fiscal Spending Help the Periphery?
w21427 Olivier Blanchard
Gustavo Adler
Irineu de Carvalho Filho

Can Foreign Exchange Intervention Stem Exchange Rate Pressures from Global Capital Flow Shocks?
w21430 Jordi Galí
Hysteresis and the European Unemployment Problem Revisited
w21433 Eric M. Leeper
Nora Traum
Todd B. Walker

Clearing Up the Fiscal Multiplier Morass: Prior and Posterior Analysis
w21390 Orazio Attanasio
Arlen Guarín
Carlos Medina
Costas Meghir

Long Term Impacts of Vouchers for Vocational Training: Experimental Evidence for Colombia
w21392 Guido Ascari
Louis Phaneuf
Eric Sims

On the Welfare and Cyclical Implications of Moderate Trend Inflation
w21397 Anton Cheremukhin
Mikhail Golosov
Sergei Guriev
Aleh Tsyvinski

The Economy of People's Republic of China from 1953
w21363 Xavier Gabaix
Jean-Michel Lasry
Pierre-Louis Lions
Benjamin Moll

The Dynamics of Inequality
w21369 Jonathan Parker
Why Don't Households Smooth Consumption? Evidence from a 25 Million Dollar Experiment
w21376 Fatih Guvenen
Burhanettin Kuruscu
Satoshi Tanaka
David Wiczer

Multidimensional Skill Mismatch
w21377 James E. Anderson
Mario Larch
Yoto V. Yotov

Growth and Trade with Frictions: A Structural Estimation Framework
w21320 Manuel Adelino
Antoinette Schoar
Felipe Severino

Loan Originations and Defaults in the Mortgage Crisis: Further Evidence
w21322 Pascal Michaillat
Emmanuel Saez

The Optimal Use of Government Purchases for Stabilization
w21327 Joseph E. Stiglitz
The Measurement of Wealth: Recessions, Sustainability and Inequality
w21328 Fernando Alvarez
Gadi Barlevy

Mandatory Disclosure and Financial Contagion
w21334 Juliane Begenau
Monika Piazzesi
Martin Schneider

Banks' Risk Exposures
w21344 Daron Acemoglu
Ufuk Akcigit
William Kerr

Networks and the Macroeconomy: An Empirical Exploration
w21349 Wolfgang Keller
Carol H. Shiue
Xin Wang

Capital Markets in China and Britain, 18th and 19th Century: Evidence from Grain Prices
w21358 Casey B. Mulligan
Fiscal Policies and the Prices of Labor: A Comparison of the U.K. and U.S.
w21316 Atif Mian
Amir Sufi
Nasim Khoshkhou

Government Economic Policy, Sentiments, and Consumption
w21315 Orazio Attanasio
Peter Levell
Hamish Low
Virginia Sánchez-Marcos

Aggregating Elasticities: Intensive and Extensive Margins of Female Labour Supply
w21318 Aviv Nevo
Arlene Wong

The Elasticity of Substitution Between Time and Market Goods: Evidence from the Great Recession
w21280 Jaume Ventura
Hans-Joachim Voth

Debt into Growth: How Sovereign Debt Accelerated the First Industrial Revolution
w21282 James H. Stock
Mark W. Watson

Core Inflation and Trend Inflation
w21284 Barbara M. Fraumeni
Michael S. Christian
Jon D. Samuels

The Accumulation of Human and Nonhuman Capital, Revisited
w21294 Jess Benhabib
Xuewen Liu
Pengfei Wang

Sentiments, Financial Markets, and Macroeconomic Fluctuations
w21295 Eric A. Hanushek
Jens Ruhose
Ludger Woessmann

Human Capital Quality and Aggregate Income Differences: Development Accounting for U.S. States
w21258 Robert C. Merton
Richard T. Thakor

Customers and Investors: A Framework for Understanding Financial Institutions
w21260 Nicola Gennaioli
Yueran Ma
Andrei Shleifer

Expectations and Investment
w21261 Fernando Ferreira
Joseph Gyourko

A New Look at the U.S. Foreclosure Crisis: Panel Data Evidence of Prime and Subprime Borrowers from 1997 to 2012
w21273 Marina Azzimonti
Partisan Conflict and Private Investment
w21228 Nicola Fuchs-Schuendeln
Tarek Alexander Hassan

Natural Experiments in Macroeconomics
w21235 John Haltiwanger
Henry Hyatt
Erika McEntarfer

Cyclical Reallocation of Workers Across Employers by Firm Size and Firm Wage
w21238 Mark Huggett
Greg Kaplan

How Large is the Stock Component of Human Capital?
w21241 Paul Beaudry
Dana Galizia
Franck Portier

Reviving the Limit Cycle View of Macroeconomic Fluctuations
w21244 Chun Chang
Kaiji Chen
Daniel F. Waggoner
Tao Zha

Trends and Cycles in China's Macroeconomy
w21247 Philippe Aghion
Ufuk Akcigit
Antonin Bergeaud
Richard Blundell
David Hémous

Innovation and Top Income Inequality
w21251 Dominick Bartelme
Yuriy Gorodnichenko

Linkages and Economic Development
w21252 Regis Barnichon
Andrew Figura

Declining Desire to Work and Downward Trends in Unemployment and Participation
w21220 Claudia R. Sahm
Matthew D. Shapiro
Joel Slemrod

Balance-Sheet Households and Fiscal Stimulus: Lessons from the Payroll Tax Cut and Its Expiration
w21199 Jae Song
David J. Price
Fatih Guvenen
Nicholas Bloom
Till von Wachter

Firming Up Inequality
w21201 Miguel Faria-e-Castro
Joseba Martinez
Thomas Philippon

Runs versus Lemons: Information Disclosure and Fiscal Capacity
w21203 Atif Mian
Amir Sufi

Household Debt and Defaults from 2000 to 2010: Facts from Credit Bureau Data
w21165 Francisco J. Buera
Joseph P. Kaboski
Richard Rogerson

Skill Biased Structural Change
w21173 Robert E. Hall
Ricardo Reis

Maintaining Central-Bank Financial Stability under New-Style Central Banking
w21179 Guillaume Rocheteau
Pierre-Olivier Weill
Tsz-Nga Wong

A Tractable Model of Monetary Exchange with Ex-post Heterogeneity
w21182 Ian Dew-Becker
Stefano Giglio
Anh Le
Marius Rodriguez

The Price of Variance Risk
w21142 Charles I. Jones
The Facts of Economic Growth
w21151 S. Borağan Aruoba
Allan Drazen
Razvan Vlaicu

A Structural Model of Electoral Accountability
w21154 Chang-Tai Hsieh
Enrico Moretti

Why Do Cities Matter? Local Growth and Aggregate Growth
w21155 Lilia Maliar
Serguei Maliar
John Taylor
Inna Tsener

A Tractable Framework for Analyzing a Class of Nonstationary Markov Models
w21112 Hanming Fang
Quanlin Gu
Wei Xiong
Li-An Zhou

Demystifying the Chinese Housing Boom
w21118 Pablo Kurlat
Liquidity as Social Expertise
w21100 Alan J. Auerbach
Yuriy Gorodnichenko

Effects of Fiscal Shocks in a Globalized World
w21105 Roland Bénabou
Davide Ticchi
Andrea Vindigni

Forbidden Fruits: The Political Economy of Science, Religion, and Growth
w21107 Francisco J. Buera
Joseph P. Kaboski
Yongseok Shin

Entrepreneurship and Financial Frictions: A Macro-Development Perspective
w21110 Fernando Alvarez
Francesco Lippi

Cash burns: An inventory model with a cash-credit choice
w21074 David M. Byrne
Stephen D. Oliner
Daniel E. Sichel

How Fast are Semiconductor Prices Falling?
w21076 Xavier Giroud
Holger M. Mueller

Firm Leverage and Unemployment during the Great Recession
w21079 Cemal Eren Arbatli
Quamrul H. Ashraf
Oded Galor

The Nature of Conflict
w21086 Nittai K. Bergman
Rajkamal Iyer
Richard T. Thakor

Financial Accelerator at Work: Evidence from Corn Fields
w21087 Klaus Desmet
Dávid Krisztián Nagy
Esteban Rossi-Hansberg

The Geography of Development: Evaluating Migration Restrictions and Coastal Flooding
w21091 Jeffrey D. Sachs
Seth G. Benzell
Guillermo LaGarda

Robots: Curse or Blessing? A Basic Framework
w21092 Olivier Coibion
Yuriy Gorodnichenko
Saten Kumar

How Do Firms Form Their Expectations? New Survey Evidence
w21064 Gian Luca Clementi
Berardino Palazzo

Investment and The Cross-Section of Equity Returns
w21065 John Kennan
Spatial Variation in Higher Education Financing and the Supply of College Graduates
w21069 Philippe Aghion
Ufuk Akcigit
Angus Deaton
Alexandra Roulet

Creative Destruction and Subjective Wellbeing
w21056 Francesco Bianchi
Rare Events, Financial Crises, and the Cross-Section of Asset Returns
w21052 Roland Bénabou
Davide Ticchi
Andrea Vindigni

Religion and Innovation
w21030 Christopher L. Foote
Richard W. Ryan

Labor Market Polarization Over the Business Cycle
w21035 Owen M. Zidar
Tax Cuts For Whom? Heterogeneous Effects of Income Tax Changes on Growth and Employment
w21037 Edward L. Glaeser
Charles G. Nathanson

An Extrapolative Model of House Price Dynamics
w21039 Alan M. Taylor
Credit, Financial Stability, and the Macroeconomy
w21016 Hang Bai
Kewei Hou
Howard Kung
Lu Zhang

The CAPM Strikes Back? An Investment Model with Disasters
w21018 Xinshen Diao
Margaret McMillan

Toward an Understanding of Economic Growth in Africa: A Re-Interpretation of the Lewis Model
w21021 Christina D. Romer
David H. Romer

New Evidence on the Impact of Financial Crises in Advanced Countries
w21025 Michael Gelman
Shachar Kariv
Matthew D. Shapiro
Dan Silverman
Steven Tadelis

How Individuals Smooth Spending: Evidence from the 2013 Government Shutdown Using Account Data
w21026 Juan Carlos Conesa
Timothy J. Kehoe

Gambling for Redemption and Self-Fulfilling Debt Crises
w21001 Andrew Caplin
John Leahy
Filip Matějka

Social Learning and Selective Attention
w21006 Chang-Tai Hsieh
Zheng (Michael) Song

Grasp the Large, Let Go of the Small: The Transformation of the State Sector in China
w21007 Erik Hurst
Benjamin J. Keys
Amit Seru
Joseph S. Vavra

Regional Redistribution Through the U.S. Mortgage Market
w21010 Andrei A. Levchenko
Nitya Pandalai-Nayar

TFP, News, and "Sentiments:'" The International Transmission of Business Cycles
w20972 John Ameriks
Andrew Caplin
Minjoon Lee
Matthew D. Shapiro
Christopher Tonetti

The Wealth of Wealthholders
w20973 John Ameriks
Joseph S. Briggs
Andrew Caplin
Matthew D. Shapiro
Christopher Tonetti

Long-Term Care Utility and Late in Life Saving
w20994 Jonathan Heathcote
Fabrizio Perri

Wealth and Volatility
w20957 Jennifer N. Carpenter
Fangzhou Lu
Robert F. Whitelaw

The Real Value of China's Stock Market
w20963 Stefano Giglio
Bryan T. Kelly
Seth Pruitt

Systemic Risk and the Macroeconomy: An Empirical Evaluation
w20926 Jerry Tsai
Jessica A. Wachter

Disaster Risk and its Implications for Asset Pricing
w20931 Daron Acemoglu
Asuman Ozdaglar
Alireza Tahbaz-Salehi

Networks, Shocks, and Systemic Risk
w20933 Jaume Ventura
Alberto Martin

The International Transmission of Credit Bubbles: Theory and Policy
w20935 Dani Rodrik
Premature Deindustrialization
w20941 Seth G. Benzell
Laurence J. Kotlikoff
Guillermo LaGarda
Jeffrey D. Sachs

Robots Are Us: Some Economics of Human Replacement
w20939 Robert E. Hall
Sam Schulhofer-Wohl

Measuring Job-Finding Rates and Matching Efficiency with Heterogeneous Jobseekers
w20947 Atif R. Mian
Amir Sufi

Fraudulent Income Overstatement on Mortgage Applications during the Credit Expansion of 2002 to 2005
w20898 Pranjul Bhandari
Jeffrey A. Frankel

Nominal GDP Targeting for Developing Countries
w20913 Fatih Guvenen
Fatih Karahan
Serdar Ozkan
Jae Song

What Do Data on Millions of U.S. Workers Reveal about Life-Cycle Earnings Risk?
w20919 David N. Weil
Capital and Wealth in the 21st Century
w20872 Alessandra Fogli
Fabrizio Perri

Macroeconomic Volatility and External Imbalances
w20874 Alejandro Justiniano
Giorgio E. Primiceri
Andrea Tambalotti

Credit Supply and the Housing Boom
w20881 Jesse Perla
Christopher Tonetti
Michael E. Waugh

Equilibrium Technology Diffusion, Trade, and Growth
w20882 Alisdair McKay
Emi Nakamura
Jón Steinsson

The Power of Forward Guidance Revisited
w20883 Christopher Phelan
Aldo Rustichini

Pareto Efficiency and Identity
w20884 Marcus Hagedorn
Iourii Manovskii
Kurt Mitman

The Impact of Unemployment Benefit Extensions on Employment: The 2014 Employment Miracle?
w20885 Sara Lowes
Nathan Nunn
James A. Robinson
Jonathan Weigel

Understanding Ethnic Identity in Africa: Evidence from the Implicit Association Test (IAT)
w20845 Bryan Hong
Lorenz Kueng
Mu-Jeung Yang

Estimating Management Practice Complementarity between Decentralization and Performance Pay
w20855 Ariel Burstein
Eduardo Morales
Jonathan Vogel

Accounting for Changes in Between-Group Inequality
w20856 Harold L. Cole
Jeremy Greenwood
Juan M. Sanchez

Why Doesn't Technology Flow from Rich to Poor Countries?
w20857 Rabah Arezki
Valerie A. Ramey
Liugang Sheng

News Shocks in Open Economies: Evidence from Giant Oil Discoveries
w20858 Rui Albuquerque
Martin Eichenbaum
Dimitris Papanikolaou
Sergio Rebelo

Long-run Bulls and Bears
w20862 Martin S. Feldstein
Ending the Euro Crisis?
w20863 Ross Levine
Chen Lin
Wensi Xie

Spare Tire? Stock Markets, Banking Crises, and Economic Recoveries
w20865 Daron Acemoglu
Asuman Ozdaglar
Alireza Tahbaz-Salehi

Microeconomic Origins of Macroeconomic Tail Risks
w20848 Manuel Adelino
Antoinette Schoar
Felipe Severino

Loan Originations and Defaults in the Mortgage Crisis: The Role of the Middle Class
w20823 Monika Piazzesi
Martin Schneider
Johannes Stroebel

Segmented Housing Search
w20831 Roger E.A. Farmer
Global Sunspots and Asset Prices in a Monetary Economy
w20838 Patrick Kline
Melissa Tartari

Bounding the Labor Supply Responses to a Randomized Welfare Experiment: A Revealed Preference Approach

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