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  • Uncertainty, Redistribution, and the Labor Market | 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 Redistribution and the Labor Market Uncertainty and its composition can affect the demand for social insurance and thereby the labor market This paper shows that small to medium sized increases in uncertainty or risk aversion are enough to recommend an expansion of

    Original URL path: http://econresearch.uchicago.edu/content/uncertainty-redistribution-and-labor-market (2015-06-03)
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  • Marriage, Markets, and Money: A Coasian Theory of Household Formation | Becker-Friedman Institute Research Respository
    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 Marriage Markets and Money A Coasian Theory of Household Formation Following Coase s theory of the firm we develop a general equilibrium theory of household formation with marriage as a leading example Individuals in the model consume both market and home produced commodities and home production is facilitated by having a partner Assuming home and market goods are substitutes we show how market frictions including taxation search and bargaining problems increase the propensity to enter into partnerships Inflation as a tax on money holdings encourages household production and hence household formation iff being single is cash intensive We find some support for these predictions in both micro and macro data Authors Randall Wright University of Wisconsin Kenneth Burdett University of Pennsylvania Mei Dong Bank of Canada Ling Sun Brock University Publication Date October 2012 BFI Initiative Economics of the Family JEL Classification J12 Marriage Marital Dissolution Family

    Original URL path: http://econresearch.uchicago.edu/content/marriage-markets-and-money-coasian-theory-household-formation (2015-06-03)
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  • Personality Traits and the Marriage Market | Becker-Friedman Institute Research Respository
    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 Personality Traits and the Marriage Market Which and how many attributes are relevant for the sorting of agents in a matching market This paper addresses these questions by constructing indices of mutual attractiveness that aggregate information about agents attributes The first k indices for agents on each side of the market provide the best approximation of the matching surplus by a k dimensional model The methodology is applied on a unique Dutch households survey containing information about education height BMI health attitude towards risk and personality traits of spouses Three important empirical conclusions are drawn First sorting in the marriage market is not unidimensional individuals face important trade offs between the attributes of their spouses which are not amenable to a singledimensional index Second although education explains a quarter of a couple s observable surplus personality traits explain another 20 Third different personality traits matter differently for men and for women Authors Alfred Galichon Sciences Po Paris Arnaud Dupuy CEPS INSTEAD Publication Date

    Original URL path: http://econresearch.uchicago.edu/content/personality-traits-and-marriage-market (2015-06-03)
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  • Economic Policy Uncertainty and Asset Price Volatility | 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 Economic Policy Uncertainty and Asset Price Volatility We document that fear about misspecified economic and central bank policies explain 45 of variations in bond option implied volatilities and interest rate volatilities We endogenize this empirical pattern with a parsimonious equilibrium asset pricing model In equilibrium volatility is endogenously driven by fear of not knowing the data generating process that drives future economic and future central bank policies An increase in either of these two uncertainties steepens the yield curve and increases the volatility in asset and option markets A structural estimation of the equilibrium model explains the upward sloping term structures of interest rates bond volatility and option volatility with only four in real time observable economic and central bank related risk and uncertainty factors The study ends with highlighting an inverse relationship between interest rates and volatility disparity from fundamentals during the policy hiking period of 2004 2007 and during QE1 Authors Maxim Ulrich

    Original URL path: http://econresearch.uchicago.edu/content/economic-policy-uncertainty-and-asset-price-volatility (2015-06-03)
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  • Early Life Adversity and Children's Competence Development: Evidence from the Mannheim Study of Children at Risk | Becker-Friedman Institute Research Respository
    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 Early Life Adversity and Children s Competence Development Evidence from the Mannheim Study of Children at Risk This paper investigates the role of early life adversity and home resources in terms of competence formation and school achievement based on data from an epidemiological cohort study following 364 children from birth to adolescence Results indicate that organic and psychosocial risks present in early life as well as the socio emotional home environment are significant predictors for the formation of competencies Competencies acquired at preschool age predict achievement at school age A counterfactual analysis is performed to assess trade offs in the timing of interventions in the early life cycle Authors Dorothea Blomeyer Central Institute of Mental Health Katja Coneus SAP Manfred Laucht Central Institute of Mental Health Friedhelm Pfeiffer Centre for European Economic Research ZEW Mannheim Publication Date October 2012 BFI Initiative Human Capital and Economic Opportunity JEL Classification D87 Neuroeconomics I12 Health Production Keywords initial risk matrix

    Original URL path: http://econresearch.uchicago.edu/content/early-life-adversity-and-childrens-competence-development-evidence-mannheim-study-children (2015-06-03)
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  • Cupid's Invisible Hand: Social Surplus and Identification in Matching Models | Becker-Friedman Institute Research Respository
    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 Cupid s Invisible Hand Social Surplus and Identification in Matching Models We investigate a model of one to one matching with transferable utility when some of the characteristics of the players are unobservable to the analyst We allow for a wide class of distributions of unobserved heterogeneity subject only to a separability assumption that generalizes Choo and Siow 2006 We first show that the stable matching maximizes a social gain function that trades off the average surplus due to the observable characteristics and a generalized entropy term that reflects the impact of matching on unobserved characteristics We use this result to derive simple closed form formulae that identify the joint surplus in every possible match and the equilibrium utilities of all participants given any known distribution of unobserved heterogeneity If transfers are observed then the pre transfer utilities of both partners are also identified We also present a very fast algorithm that computes the optimal matching for any specification of the joint surplus We conclude by discussing some

    Original URL path: http://econresearch.uchicago.edu/content/cupids-invisible-hand-social-surplus-and-identification-matching-models (2015-06-03)
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  • Efficiency and Stability of a Financial Architecture with Too Interconnected to Fail Institutions | Becker-Friedman Institute Research Respository
    with Too Interconnected to Fail Institutions I estimate a network based model of OTC markets developed in Gofman 2011 by using federal funds market data to study the trade off between efficiency and stability of different financial architectures The estimated financial architecture with a small number of large interconnected banks is 11 times more efficient than a regulated financial architecture of the same size and density but without these institutions The estimated architecture is more efficient because it requires fewer intermediaries to allocate the same liquidity shocks In addition large interconnected banks have more bargaining power and improve efficiency even more However a failure of the most interconnected bank that triggers a cascade of defaults shows that during extreme shocks the estimated architecture is more fragile than the counterfactual one The number of surviving banks is 30 higher in the regulated architecture when the risk of contagion is high Overall the proposed framework allows us not only to estimate the structure of trading relationships in an OTC market based on a network of observed trades but also it allows us to quantify the efficiency and stability of the current financial architecture and an alternative architecture that arises because of the

    Original URL path: http://econresearch.uchicago.edu/content/efficiency-and-stability-financial-architecture-too-interconnected-fail-institutions-0 (2015-06-03)
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  • RAMSI: a top-down stress-testing model | Becker-Friedman Institute Research Respository
    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 RAMSI a top down stress testing model Top down stress testing is one way of assessing the resilience of the financial system to the risks it might face now or in the future And by considering a range of different risks top down stress testing can also provide an indication of the key vulnerabilities of the system The Bank of England s Risk Assessment Model of Systemic Institutions RAMSI is an example of a top down stress testing model and is one part of the Bank s risk assessment toolkit This paper offers an overview of RAMSI and provides by way of illustration a detailed description of its implementation as part of the comprehensive set of stress tests carried out during the IMF s 2011 UK Financial Sector Assessment Program FSAP Authors Oliver Burrows Bank of England Financial Stability David Learmonth Bank

    Original URL path: http://econresearch.uchicago.edu/content/ramsi-top-down-stress-testing-model (2015-06-03)
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