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It is possible to say that no matter how the Efficient Market Hypothesis has been criticized and/or overhauled, a degree of the relevant data proliferation is crucial to the investor’s decision making...
This article shows that mergers between close competitors in the music radio industry lead toimportant changes in product positioning. Firms that buy competing stations tend to differentiatethem and, ...
To ascertain the prevalence of soft budgets and to find causes of softness, we surveyed Mongolian enterprises, asking whether state aid was expected when financial difficulties arose. One-quarter of t...
Ináation expectations have recently received increased interest because of the uncertainty created by the Federal Reserveís unprecedented reaction to the Great Recession.The effect of this reaction on...
In a two-stage auction women are significantly more likely to go bankrupt than men,bidding more aggressively than the men in both phases of the auction process.
Economists have devoted considerable resources to estimating local average treatment effects of expansions in Medicaid eligibility for children. In this paper we use random coefficients linear probabi...
The project that is the subject of this report was approved by the Governing Board of the National Research Council, whose members are drawn from the councils of the National Academy of Sciences, th...
Recent Changes in Macro Policy and Its Effects: Some Time Series Evidence.
The paper by Freedman, Kumhof, Laxton, Muir, and Mursula makes effective use of simulations of a very large macroeconomic model to estimate the impact of discretionary fiscal policies, including the ...
We present an algorithm to estimate the two-way fixed effect linear model. The algorithm relies on the Frisch-Waugh-Lovell theorem and applies to ordinary least squares (OLS), two-stage least square...
New gastroenterologists participated in a labor market clearinghouse (a "match") from 1986 through the late 1990’s, after which the match was abandoned. This provides an opportunity to study the effec...
This paper develops an arbitrage-free time-series model of yields in continuous time that incorporates central bank policy. Policy-related events, such as FOMC meetings and releases of macroeconomic...
Consumption decisions are crucial determinants of business cycles and growth. As a share of US gross domestic product (GDP) personal consumer expenditure has grown steadily since the early 1970s t...
This paper analyzes of two kinds of Internet interconnection arrangements: peering relationships between core Internet Service Providers (ISPs) and transit sales by core ISPs toother ISPs. Core backbo...
We present a methodology for estimating the distributional e ects of an endogenous treatment that varies at the group level when there are group-level unobservables, a quantile extension of Hausman a...

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