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Author(s)
Year
2015
This paper reviews some of the most prominent asset price bubbles from the past 400 years and documents how central banks (or other institutions) reacted to those bubbles. The historical evidence suggests that the emergence of bubbles is often preceded or ...
Alan Blinder
2015
This article comes in three parts. Part 1 reviews a few pertinent facts about the stunning economic events that have occurred in the United States (and elsewhere) since 2007. The author chose these particular facts from among many for their relevance to ...
2014
This paper proposes a welfare criterion for economies in which agents have heterogeneously distorted beliefs. Instead of taking a stand on whose belief is correct, our criterion asserts that an allocation is belief-neutral efficient (inefficient) if it is ...
2014
We investigate the role of dynamic production inputs and their associated adjustment costs in shaping the dispersion of static measures of capital misallocation within industries (and countries). Across nine data sets spanning 40 countries, we find that ...
2014
In this article, we introduce an empirical framework to analyze how firm performance is affected by increased globalization. Using this framework, we discuss recent work on measuring the impact of various shocks firms face in the global marketplace, such ...
Oleg Itskhoki
2012
We document the behavior of trade prices during the Great Trade Collapse of 2008-09 using transaction-level data from the U.S. Bureau of Labor Statistics. First, we find that differentiated manufactures exhibited marked stability in their trade prices ...
Atif Mian
2012
Debtors bear the brunt of a decline in asset prices associated with financial crises and policies aimed at partial debt relief may be warranted to boost growth in the midst of crises. Drawing on the US experience during the Great Recession of 2008-09 and ...
2010
Uwe Reinhardt June, 2010 Revista de Economía Institucional, Vol. 12, Issue 22 Science Microeconomics Macroeconomics Economics and Finance http://dialnet.unirioja.es/servlet/articulo?codigo=3254082 ...
Esteban Rossi-Hansberg
2009
Economists generally agree that an important feature of any modern macroeconomic theory is an explicit aggregation of the microeconomic behavior of all agents in the economy. In the last century, the profession has gone from the formulation of some ...