A Fast Literature Search Engine based on top-quality journals, by Dr. Mingze Gao.
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Results 5,189 resources
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This paper presents a list of the top 20 articles published in the <em>American Economic Review</em> during its first 100 years. This list was assembled in honor of the <em>AER</em>'s one-hundredth anniversary by a group of distinguished economists at the request of <em>AER</em>'s editor. A brief description accompanies the citations of each article.
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Many of the facts about the extensive margin of trade—which firms export, and how many products are sent to how many destinations—are consistent with a surprisingly large class of trade models because of the sparse nature of trade data. We propose a statistical model to account for sparsity, formalizing the assignment of trade shipments to country, product, and firm categories as balls falling into bins. The balls-and-bins model quantitatively reproduces the pattern of zero product- and firm-level trade flows across export destinations, and the frequency of multiproduct, multidestination exporters. In contrast, balls-and-bins overpredicts the fraction of exporting firms.
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We show that the Armenter and Koren model's firm-product-countryresults rely on the assumption that export shipment size is independent of firm size, and this assumption is contradicted by the data.When actual shipment sizes are used in the balls-and-bins model, itcannot reproduce the data on single product/single country exporters.Beyond just showing that the shipment size assumption mattersto balls-and-bins outcomes, our results highlight the important factthat shipment size is an economic decision, co-determined with otherexport choices. For this reason, we argue that a balls-and-bins modelcannot be a purely statistical benchmark model. (JEL F11, F14, O13,O19, Q37)
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Blum, Claro, and Horstmann (2016) make two statements about theballs-and-bins model of Armenter and Koren (2014). First, that usingfirm-level shipment data changes some of our results. Second, thatthe balls-and-bins model is not an appropriate statistical method.We respond to the first statement and argue that the second statementis unfounded and unrelated to the first. Indeed, the work ofBlum, Claro, and Horstmann (2016) is a perfect example of how touse balls-and-bins in a rich dataset to spot interesting data patterns.(JEL F11, F14)
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Traditional real options models demonstrate the importance of the “option to wait” due to uncertainty over future shocks to project cash flows. However, there is often another important source of uncertainty: uncertainty over the permanence of past shocks. Adding Bayesian uncertainty over the permanence of past shocks augments the traditional option to wait with an additional “option to learn.” The implied investment behavior differs significantly from that in standard models. For example, investment may occur at a time of stable or decreasing cash flows, respond sluggishly to cash flow shocks, and depend on the timing of project cash flows.
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We examine the reference-dependent risk preferences of Koszegi and Rabin (2007), focusing on their choice-acclimating personal equilibria. Although their model has only a trivial intersection (expected utility) with other reference-dependent models, it has very strong connections with models that rely on different psychological intuitions. We prove that the intersection of rank-dependent utility and quadratic utility, two well-known generalizations of expected utility, is exactly monotone linear gain-loss choice-acclimating personal equilibria. We use these relationships to identify parameters of the model, discuss loss and risk aversion, and demonstrate new applications.
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We consider a growth model in which intergenerational transfersare made via stocks of private and public capital. Private capital isthe outcome of individuals' private savings while decisions regarding public capital are made collectively. We hypothesize that private saving choices evolve through individual selection while publicsaving decisions are the result of group selection. The main resultof the paper is that the equilibrium rate of return to private capital is at least 2-3% more than the rate of return to public capital.In other words, social choices involving intertemporal trade-offsexhibit much more patience than individual choices do.
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The quantity of human-generated light visible from outer space reflects variation in both population density and income per capita. In this paper we explore the usefulness of the change in visible light as a measure of GDP growth. We discuss the data, and then present a statistical framework that uses lights growth to augment existing income growth measures, assuming that measurement errors in the two series are uncorrelated. For some countries with very poor income measurement, we significantly revise estimates of growth. Our technique also produces growth estimates for cities or regions where no other data are available.
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We study the transmission channels from central banks’ quantitative easing programs via the banking sector when central banks start purchasing corporate bonds. We find evidence consistent with a “capital structure channel” of monetary policy. The announcement of central bank purchases reduces the bond yields of firms whose bonds are eligible for central bank purchases. These firms substitute bank term loans with bond debt, thereby relaxing banks’ lending constraints: banks with low tier-1 ratios and high nonperforming loans increase lending to private (and profitable) firms, which experience a growth in investment. The credit reallocation increases banks’ risk-taking in corporate credit.
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Unregulated US corporations dramatically increased their debt usage over the past century. Aggregate leverage—low and stable before 1945—more than tripled between 1945 and 1970 from 11% to 35%, eventually reaching 47% by the early 1990s. The median firm in 1946 had no debt, but by 1970 had a leverage ratio of 31%. This increase occurred in all unregulated industries and affected firms of all sizes. Changing firm characteristics are unable to account for this increase. Rather, changes in government borrowing, macroeconomic uncertainty, and financial sector development play a more prominent role. Despite this increase among unregulated firms, a combination of stable debt usage among regulated firms and a decrease in the fraction of aggregate assets held by regulated firms over this period resulted in a relatively stable economy-wide leverage ratio during the 20th century.
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Journals
- American Economic Review (2,250)
- Journal of Finance (680)
- Journal of Financial Economics (1,228)
- Review of Financial Studies (1,031)
Topic
- Bond (246)
- CEO (160)
- Director (82)
- Mergers and Acquisitions (80)
- Capital Structure (65)
Resource type
- Journal Article (5,189)