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  • Uncertainty Shocks, Asset Supply and Pricing over the Business Cycle | 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 Uncertainty Shocks Asset Supply and Pricing over the Business Cycle This paper studies a DSGE model with endogenous financial asset supply and ambiguity averse investors An increase in uncertainty about financial conditions leads firms to substitute away from debt and reduce shareholder payout

    Original URL path: http://econresearch.uchicago.edu/content/uncertainty-shocks-asset-supply-and-pricing-over-business-cycle-0 (2015-06-03)
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  • Origins of Uncertainty Shocks | Becker-Friedman Institute Research Respository
    new password Log in Origins of Uncertainty Shocks For decades macroeconomists have searched for shocks that are plausible drivers of business cycles A recent advance in this quest has been to explore uncertainty shocks Researchers use a variety of forecast and volatility data to justify heteroskedastic shocks in a model which can then generate realistic cyclical fluctuations But the relevant measure of uncertainty in most models is the conditional variance

    Original URL path: http://econresearch.uchicago.edu/content/origins-uncertainty-shocks (2015-06-03)
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  • Catching Up and Falling Behind | Becker-Friedman Institute Research Respository
    by trying to view 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 Catching Up and Falling Behind This paper studies the interaction between technology a publicly available input that flows in from abroad and human capital a private input that is accumulated domestically as the twin engines of growth in a developing economy The model displays two types of long run behavior depending on policies and initial conditions One is sustained growth where the economy keeps pace with the technology frontier The other is stagnation where the economy converges to a minimal technology level that is independent of the world frontier In a calibrated version of the model transition paths after a policy change can display rapid growth as in modern growth miracles In these economies policies that promote technology inflows are much more effective than subsidies to human capital accumulation in accelerating growth A policy reversal produces a lost decade a period of slow growth that permanently reduces the level of income and consumption Authors Nancy

    Original URL path: http://econresearch.uchicago.edu/content/catching-and-falling-behind (2015-06-03)
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  • Experience Matters: Human Capital and Development Accounting | Becker-Friedman Institute Research Respository
    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 Experience Matters Human Capital and Development Accounting Using recently available large sample micro data from 36 countries we document that experience earnings profiles are flatter in poor countries than in rich countries Motivated by this fact we conduct a development accounting exercise that allows the returns to experience to vary across countries but is otherwise standard When the country specific returns to experience are interpreted in such a development accounting framework and are therefore accounted for as part of human capital we find that human and physical capital differences can account for almost two thirds of the variation in cross country income differences as compared to less than half in previous studies Authors David Lagakos University of California San Diego Benjamin Moll Princeton University Tommaso Porzio Yale University Nancy Qian Yale University NBER CEPR BREAD Publication Date December 2012 BFI Initiative Human Capital and Economic Opportunity JEL Classification E24 Employment Unemployment Wages Intergenerational Income Distribution Aggregate Human Capital J24 Human

    Original URL path: http://econresearch.uchicago.edu/content/experience-matters-human-capital-and-development-accounting (2015-06-03)
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  • Network Financial Centrality and the Price of Personalized Debt | Becker-Friedman Institute Research Respository
    or Username Password Request new password Log in Network Financial Centrality and the Price of Personalized Debt We study efficient insurance arrangements where there is complete information but transfers are constrained by a stochastic process directed by an underlying social network We analyze both the full commitment environment as well as the limited commitment environment Under each regime we study the price of personalized debt a bond requiring a given

    Original URL path: http://econresearch.uchicago.edu/content/network-financial-centrality-and-price-personalized-debt-0 (2015-06-03)
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  • Consumption Inequality and Family Labor Supply | Becker-Friedman Institute Research Respository
    supports account logins using a secure protocol such as HTTPS You can switch to HTTPS by trying to view 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 Consumption Inequality and Family Labor Supply In this paper we examine the link between wage inequality and consumption inequality using a life cycle model that incorporates household consumption and family labor supply decisions We derive analytical expressions based on approximations for the dynamics of consumption hours and earnings of two earners in the presence of correlated wage shocks non separability and asset accumulation decisions We show how the model can be estimated and identified using panel data for hours earnings assets and consumption We focus on the importance of family labour supply as an insurance mechanism to wage shocks and find strong evidence of smoothing of male s and female s permanent shocks to wages Once family labor supply assets and taxes are properly accounted for there is little evidence of additional insurance Authors Richard Blundell University College London Luigi

    Original URL path: http://econresearch.uchicago.edu/content/consumption-inequality-and-family-labor-supply (2015-06-03)
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  • Search The Research Repository | Becker-Friedman Institute Research Respository
    Economics General G01 Financial Crises G10 General Financial Markets General includes Measurement and Data G11 Portfolio Choice Investment Decisions G12 Asset Pricing Trading volume Bond Interest Rates G13 Contingent Pricing Futures Pricing option pricing G14 Information and Market Efficiency Event Studies G15 International Financial Markets G17 Financial Forecasting and Simulation G18 General Financial Markets Government Policy and Regulation G20 Financial Institutions and Services General G21 Banks Depository Institutions Micro Finance Institutions Mortgages G22 Insurance Insurance Companies G24 Investment Banking Venture Capital Brokerage Ratings and Ratings Agencies G28 Financial Institutions and Services Government Policy and Regulation G30 Corporate Finance and Governance General G31 Capital Budgeting Fixed Investment and Inventory Studies Capacity G32 Financing Policy Financial Risk and Risk Management Capital and Ownership Structure Value of Firms Goodwill G33 Bankruptcy Liquidation G38 Corporate Finance and Governance Government Policy and Regulation H00 Public Economics General H11 Structure Scope and Performance of Government H20 Taxation Subsidies and Revenue General H21 Taxation and Subsidies Efficiency Optimal Taxation H23 Taxation and Subsidies Externalities Redistributive Effects Environmental Taxes and Subsidies H30 Fiscal Policies and Behavior of Economic Agents General H31 Fiscal Policies and Behavior of Economic Agents Household H32 Fiscal Policies and Behavior of Economic Agents Firm H40 Publicly Provided Goods General H52 National Government Expenditures and Education H55 Social Security and Public Pensions H56 National Security and War H60 National Budget Deficit and Debt General H62 National Deficit Surplus H63 National Debt Debt Management Sovereign Debt H70 State and Local Government Intergovernmental Relations General H75 State and Local Government Health Education Welfare Public Pensions H77 Intergovernmental Relations Federalism Secession I00 Health Education and Welfare General I10 Health General I11 Analysis of Health Care Markets I12 Health Production I14 Health and Inequality I15 Health and Economic Development I18 Health Government Policy Regulation Public Health I20 Education and Research Institutions General I21 Analysis of Education I22 Educational Finance I23 Higher Education and Research Institutions I24 Education and Inequality I28 Education Government Policy I29 Education Other I30 Welfare and Poverty General I31 General Welfare I38 Welfare and Poverty Government Programs Provision and Effects of Welfare Programs J00 Labor and Demographic Economics General J10 Demographic Economics General J11 Demographic Trends Macroeconomic Effects and Forecasts J12 Marriage Marital Dissolution Family Structure Domestic Abuse J13 Fertility Family Planning Child Care Children Youth J14 Economics of the Elderly Economics of the Handicapped Non labor Market Discrimination J15 Economics of Minorities Races and Immigrants Non labor Discrimination J16 Economics of Gender Non labor Discrimination J20 Demand and Supply of Labor General J21 Labor Force and Employment Size and Structure J22 Time Allocation and Labor Supply J23 Labor Demand J24 Human Capital Skills Occupational Choice Labor Productivity J26 Retirement Retirement Policies J30 Wages Compensation and Labor Costs General J31 Wage Level and Structure Wage Differentials J33 Compensation Packages Payment Methods J41 Labor Contracts J45 Public Sector Labor Markets J60 Mobility Unemployment and Vacancies General J61 Geographic Labor Mobility Immigrant Workers J62 Job Occupational and Intergenerational Mobility Promotion J63 Labor Turnover Vacancies Layoffs J64 Unemployment Models

    Original URL path: http://econresearch.uchicago.edu/search?title=&field_research_initiative_tid_selective=All&field_research_jel_class_tid_selective=All&field_author_last_name_value=&page=11 (2015-06-03)
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  • The Effect of Uncertainty on Investment, Hiring, and R&D: Causal Evidence from Equity Options | Becker-Friedman Institute Research Respository
    login CNetID or Username Password Request new password Log in The Effect of Uncertainty on Investment Hiring and R D Causal Evidence from Equity Options There is wide debate over the impact of uncertainty on firm behavior due to the difficulty both of measuring uncertainty and of identifying causality This paper takes three steps that attempt to address these challenges First we develop an instrumental variables strategy that exploits firms differential exposure to energy and currency prices and volatility For example airlines are negatively affected by high oil prices while oil refiners benefit from them but both are sensitive to oil price volatility retailers in comparison are not particularly sensitive to either the level or volatility of oil prices Second we use the expected volatility of stock prices as implied by equity options to obtain forward looking measures of uncertainty over firms business conditions Finally we examine how uncertainty affects a range of outcomes capital investment hiring research and development and advertising We find that uncertainty depresses capital investment hiring and advertising but encourages R D spending This perhaps surprising result for R D is consistent with a theoretical literature emphasizing that long investment lags create valuable real put options

    Original URL path: http://econresearch.uchicago.edu/content/effect-uncertainty-investment-hiring-and-rd-causal-evidence-equity-options (2015-06-03)
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