archive-edu.com » EDU » U » UCHICAGO.EDU

Total: 445

Choose link from "Titles, links and description words view":

Or switch to "Titles and links view".
  • Evolutionary Justifications for Non-Bayesian Beliefs | Becker-Friedman Institute Research Respository
    Bayesian Beliefs This paper suggests that the evolutionarily optimal belief of an agent s intrinsic reproductive ability is systematically different from the posterior belief obtained by the perfect Bayesian updating In particular the optimal belief depends on how risk averse the agent is Although the perfect Bayesian updating remains evolutionarily optimal for a risk neutral agent it is not for any other Specifically the belief is always positively biased for

    Original URL path: http://econresearch.uchicago.edu/content/evolutionary-justifications-non-bayesian-beliefs (2015-06-03)
    Open archived version from archive


  • Maternity Leave and the Responsiveness of Female Labor Supply to a Household Shock | Becker-Friedman Institute Research Respository
    this page again after changing the URL in your browser s location bar to begin with https instead of http Please contact site admin for help if this error continues User login CNetID or Username Password Request new password Log in Maternity Leave and the Responsiveness of Female Labor Supply to a Household Shock Female labor supply can insure households against shocks to paternal employment The paper estimates whether the female labor supply response to a paternal employment shock differs by eligibility to maternity employment protection We exploit time state variation in the implementation of unpaid maternity leave through the Family and Medical Leave Act FMLA in the US which increased employment protection from 0 to 12 weeks We find that mothers eligible for FMLA speed up their return to work in response to a paternal shock with a conditional probability of being in work 53 higher than in households with no paternal shock In contrast there was a negligible insurance response for mothers with no employment protection Authors Emma Tominey University of York Publication Date October 2013 BFI Initiative Human Capital and Economic Opportunity JEL Classification I30 Welfare and Poverty General J13 Fertility Family Planning Child Care Children Youth

    Original URL path: http://econresearch.uchicago.edu/content/maternity-leave-and-responsiveness-female-labor-supply-household-shock (2015-06-03)
    Open archived version from archive

  • Margin Regulation and Volatility | Becker-Friedman Institute Research Respository
    if this error continues User login CNetID or Username Password Request new password Log in Margin Regulation and Volatility In this paper we examine the quantitative effects of margin regulation on volatility in asset markets We consider a general equilibrium infinite horizon economy with heterogeneous agents and collateral constraints There are two assets in the economy which can be used as collateral for short term loans For the first asset the margin requirement is exogenously regulated while the margin requirement for the second asset is determined endogenously In our calibrated economy the presence of collateral constraints leads to strong excess volatility and a regulation of margin requirements potentially has stabilizing effects However in line with the empirical evidence on margin regulation in U S stock markets we show that changes in the regulation of a class of assets may have only small effects on the assets return volatility if investors have access to another unregulated class of collateralizable assets to take up leverage In contrast we show that a countercyclical margin regulation of all asset class in the economy has a very strong dampening effect on asset return volatility Authors Johannes Brumm University of Zurich Michael Grill Deutsche Bundesbank Felix

    Original URL path: http://econresearch.uchicago.edu/content/margin-regulation-and-volatility (2015-06-03)
    Open archived version from archive

  • Booms and Banking Crises | Becker-Friedman Institute Research Respository
    in your browser s location bar to begin with https instead of http Please contact site admin for help if this error continues User login CNetID or Username Password Request new password Log in Booms and Banking Crises Banking crises are rare events that break out in the midst of credit intensive booms and bring about particularly deep and long lasting recessions This paper attempts to explain these phenomena within a textbook DSGE model that features a non trivial banking sector In the model banks are heterogeneous with respect to their intermediation skills which gives rise to an interbank market Moral hazard and asymmetric information in this market may lead to sudden interbank market freezes banking crises credit crunches and ultimately severe recessions The model can potentially generate various types of banking crises But the typical crisis breaks out endogenously during a credit boom generated by a sequence of small positive supply shocks it does not result from a large negative exogenous shock Simulations of a calibrated version of the model indicate that it can mimic the main dynamic patterns of banking crises Authors Frédéric Boissay European Central Bank Fabrice Collard University of Bern Frank Smets European Central Bank Publication

    Original URL path: http://econresearch.uchicago.edu/content/booms-and-banking-crises (2015-06-03)
    Open archived version from archive

  • Educational Inequality and the Returns to Skills | Becker-Friedman Institute Research Respository
    begin with https instead of http Please contact site admin for help if this error continues User login CNetID or Username Password Request new password Log in Educational Inequality and the Returns to Skills Research and policy discussion about the diverging fortunes of children from advantaged and disadvantaged households have focused on the skill disparities between these children how they might arise and how they might be remediated Analysis of data from the National Longitudinal Study of Adolescent Health reveals another important mechanism in the determinants of educational attainment differential returns to skills for children in different circumstances Though the returns to cognitive ability are generally consistent across family background groups personality traits have very different effects on educational attainment for young men and women with access to different levels of parental resources These results are consistent with a model in which the provision of focused effort in school is complementary with parental inputs while openness associated with imagination and exploration is a substitute for information provision by educated parents and thus contributes to resilience in low resource environments In designing interventions to improve outcomes for disadvantaged children we need to be cognizant of interactions between a child s skills

    Original URL path: http://econresearch.uchicago.edu/content/educational-inequality-and-returns-skills (2015-06-03)
    Open archived version from archive

  • Banks' Risk Exposures | Becker-Friedman Institute Research Respository
    instead of http Please contact site admin for help if this error continues User login CNetID or Username Password Request new password Log in Banks Risk Exposures This paper studies US banks exposure to interest rate and default risk We exploit the factor structure in interest rates to represent many bank positions as portfolios in a small number of bonds This approach makes exposures comparable across banks and across the

    Original URL path: http://econresearch.uchicago.edu/content/banks-risk-exposures (2015-06-03)
    Open archived version from archive

  • Structural GARCH: The Volatility-Leverage Connection | Becker-Friedman Institute Research Respository
    The Volatility Leverage Connection We propose a new model of volatility where financial leverage amplifies equity volatility by what we call the leverage multiplier The exact specification is motivated by standard structural models of credit however our parametrization departs from the classic Merton 1974 model and is as we show flexible enough to capture environments where the firm s asset volatility is stochastic and asset shocks are non normal As

    Original URL path: http://econresearch.uchicago.edu/content/structural-garch-volatility-leverage-connection (2015-06-03)
    Open archived version from archive

  • Does Employer Learning Vary by Schooling Attainment? The Answer Depends on How Career Start Dates are Defined | Becker-Friedman Institute Research Respository
    Password Request new password Log in Does Employer Learning Vary by Schooling Attainment The Answer Depends on How Career Start Dates are Defined Because school to work transitions are often messy analysts must determine when the career begins We demonstrate that this determination affects tests of the employer learning model Arcidiacono Bayer and Hizmo 2010 find evidence of learning for high school graduates but not for college graduates and conclude

    Original URL path: http://econresearch.uchicago.edu/content/does-employer-learning-vary-schooling-attainment-answer-depends-how-career-start-dates-are (2015-06-03)
    Open archived version from archive



  •