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Senior Preferred Stock Purchase Agreement: The Fhfa And Treasury, Dan Thompson Oct 2017

Senior Preferred Stock Purchase Agreement: The Fhfa And Treasury, Dan Thompson

Documents

No abstract provided.


Spain : Financial System Stability Assessment, International Monetary Fund (Imf) Oct 2017

Spain : Financial System Stability Assessment, International Monetary Fund (Imf)

Documents

No abstract provided.


Monetary Policy In A New Era, Ben S. Bernanke Oct 2017

Monetary Policy In A New Era, Ben S. Bernanke

Documents

No abstract provided.


Yale Medicine : Alumni Bulletin Of The School Of Medicine, Autumn 2017, Yale University. School Of Medicine Oct 2017

Yale Medicine : Alumni Bulletin Of The School Of Medicine, Autumn 2017, Yale University. School Of Medicine

Yale Medicine Magazine - alumni bulletin and magazine

This is the Autumn 2017 issue of Yale Medicine: alumni bulletin of the School of Medicine, v. 52, no. 1. Prepared in cooperation with the alumni and development offices at the School of Medicine. Earlier volumes are called Yale School of Medicine alumni bulletins, dating from v.1 (1953) through v.13 (1965).


Ten Years On: Lessons From Northern Rock, Jon Cunliffe Sep 2017

Ten Years On: Lessons From Northern Rock, Jon Cunliffe

Documents

No abstract provided.


Inter-Sectoral Terms Of Trade And Investible Surplus, Mohsen Fardmanesh Sep 2017

Inter-Sectoral Terms Of Trade And Investible Surplus, Mohsen Fardmanesh

Discussion Papers

No abstract provided.


Are There Too Many Farms In The World? Labor-Market Transaction Costs, Machine Capacities And Optimal Farm Size, Andrew D. Foster, Mark Rosenzweig Sep 2017

Are There Too Many Farms In The World? Labor-Market Transaction Costs, Machine Capacities And Optimal Farm Size, Andrew D. Foster, Mark Rosenzweig

Discussion Papers

No abstract provided.


Latent Variable Nonparametric Cointegrating Regression, Qiying Wang, Peter C.B. Phillips, Ioannis Kasparis Sep 2017

Latent Variable Nonparametric Cointegrating Regression, Qiying Wang, Peter C.B. Phillips, Ioannis Kasparis

Cowles Foundation Discussion Papers

This paper studies the asymptotic properties of empirical nonparametric regressions that partially misspecify the relationships between nonstationary variables. In particular, we analyze nonparametric kernel regressions in which a potential nonlinear cointegrating regression is misspecified through the use of a proxy regressor in place of the true regressor. Such regressions arise naturally in linear and nonlinear regressions where the regressor suffers from measurement error or where the true regressor is a latent variable. The model considered allows for endogenous regressors as the latent variable and proxy variables that cointegrate asymptotically with the true latent variable. Such a framework includes correctly specified …


Point Optimal Testing With Roots That Are Functionally Local To Unity, Anna Bykhovskaya, Peter C.B. Phillips Sep 2017

Point Optimal Testing With Roots That Are Functionally Local To Unity, Anna Bykhovskaya, Peter C.B. Phillips

Cowles Foundation Discussion Papers

Limit theory for regressions involving local to unit roots (LURs) is now used extensively in time series econometric work, establishing power properties for unit root and cointegration tests, assisting the construction of uniform confidence intervals for autoregressive coefficients, and enabling the development of methods robust to departures from unit roots. The present paper shows how to generalize LUR asymptotics to cases where the localized departure from unity is a time varying function rather than a constant. Such a functional local unit root (FLUR) model has much greater generality and encompasses many cases of additional interest, including structural break formulations that …


Boundary Limit Theory For Functional Local To Unity Regression, Anna Bykhovskaya, Peter C.B. Phillips Sep 2017

Boundary Limit Theory For Functional Local To Unity Regression, Anna Bykhovskaya, Peter C.B. Phillips

Cowles Foundation Discussion Papers

This paper studies functional local unit root models (FLURs) in which the autoregressive coefficient may vary with time in the vicinity of unity. We extend conventional local to unity (LUR) models by allowing the localizing coefficient to be a function which characterizes departures from unity that may occur within the sample in both stationary and explosive directions. Such models enhance the flexibility of the LUR framework by including break point, trending, and multi-directional departures from unit autoregressive coefficients. We study the behavior of this model as the localizing function diverges, thereby determining the impact on the time series and on …


Politics, Hospital Behavior, And Health Care Spending, Zack Cooper, Amanda E. Kowalski, Eleanor Neff Powell, Jennifer Wu Sep 2017

Politics, Hospital Behavior, And Health Care Spending, Zack Cooper, Amanda E. Kowalski, Eleanor Neff Powell, Jennifer Wu

Cowles Foundation Discussion Papers

This paper examines the link between legislative politics, hospital behavior, and health care spending. When trying to pass sweeping legislation, congressional leaders can attract votes by adding targeted provisions that steer money toward the districts of reluctant legislators. This targeted spending provides tangible local benefits that legislators can highlight when fundraising or running for reelection. We study a provision - Section 508 – that was added to the 2003 Medicare Modernization Act (MMA). Section 508 created a pathway for hospitals to apply to get their Medicare payment rates increased. We find that hospitals represented by members of the House of …


Identification-Robust Subvector Inference, Donald W.K. Andrews Sep 2017

Identification-Robust Subvector Inference, Donald W.K. Andrews

Cowles Foundation Discussion Papers

This paper introduces identification-robust subvector tests and confidence sets (CS’s) that have asymptotic size equal to their nominal size and are asymptotically efficient under strong identification. Hence, inference is as good asymptotically as standard methods under standard regularity conditions, but also is identification robust. The results do not require special structure on the models under consideration, or strong identification of the nuisance parameters, as many existing methods do. We provide general results under high-level conditions that can be applied to moment condition, likelihood, and minimum distance models, among others. We verify these conditions under primitive conditions for moment condition models. …


Monetary Policy Report No. 3, Central Bank Of Russia Sep 2017

Monetary Policy Report No. 3, Central Bank Of Russia

Documents

No abstract provided.


Rbi Annual Report 2016-17, Reserve Bank Of India Aug 2017

Rbi Annual Report 2016-17, Reserve Bank Of India

Documents

No abstract provided.


New Financial Stability Governance Structures And Central Banks, Rochelle M. Edge, Nellie Liang Aug 2017

New Financial Stability Governance Structures And Central Banks, Rochelle M. Edge, Nellie Liang

Documents

Part of the Hutchins Center Working Papers Series


Dynamic Mechanism Design: An Introduction, Dirk Bergemann, Juuso Välimäki Aug 2017

Dynamic Mechanism Design: An Introduction, Dirk Bergemann, Juuso Välimäki

Cowles Foundation Discussion Papers

We provide an introduction into the recent developments of dynamic mechanism design with a primary focus on the quasilinear case. First, we describe socially optimal (or efficient) dynamic mechanisms. These mechanisms extend the well known Vickrey-Clark-Groves and D’Aspremont-Gérard-Varet mechanisms to a dynamic environment. Second, we discuss results on revenue optimal mechanism. We cover models of sequential screening and revenue maximizing auctions with dynamically changing bidder types. We also discuss models of information management where the mechanism designer can control (at least partially) the stochastic process governing the agent’s types. Third, we consider models with changing populations of agents over time. …


Embedding Cooperation In General-Equilibrium Models, John E. Roemer Aug 2017

Embedding Cooperation In General-Equilibrium Models, John E. Roemer

Cowles Foundation Discussion Papers

Humans cooperate a great deal in economic activity, but our two major models of equilibrium – Walrasian competitive in markets and Nash in games – portray us as only non-cooperative. In earlier work, I have proposed a model of cooperative decision making (Kantian optimization); here, I embed Kantian optimization in general equilibrium models and show that ‘Walras-Kant’ equilibria exist and often resolve inefficiencies associated with income taxation, public goods and bads, and non-traditional firm ownership, which typically plague models where agents are Nash optimizers. In four examples, introducing Kantian optimization in one market – often the labor market – suffices …


Dynamic Mechanism Design: An Introduction, Dirk Bergemann, Juuso Välimäki Aug 2017

Dynamic Mechanism Design: An Introduction, Dirk Bergemann, Juuso Välimäki

Cowles Foundation Discussion Papers

We provide an introduction to the recent developments in dynamic mechanism design, with a primary focus on the quasilinear case. First, we describe socially optimal (or efficient) dynamic mechanisms. These mechanisms extend the well-known Vickrey-Clark-Groves and D’Aspremont-Gérard-Varet mechanisms to a dynamic environment. Second, we discuss revenue optimal mechanisms. We cover models of sequential screening and revenue maximizing auctions with dynamically changing bidder types. We also discuss models of information management where the mechanism designer can control (at least partially) the stochastic process governing the agents’ types. Third, we consider models with changing populations of agents over time. After discussing related …


Selling 'Money' On Ebay: A Field Study Of Surplus Division, Alia Gizatulina, Olga Gorelkina Aug 2017

Selling 'Money' On Ebay: A Field Study Of Surplus Division, Alia Gizatulina, Olga Gorelkina

Cowles Foundation Discussion Papers

We study the division of trade surplus in a natural field experiment on German eBay. Acting as a seller, we offer Amazon gift cards with face values of up to 500 Euro. A random selection of buyers, the subjects of our experiment, make price offers according to the rules of eBay. Using a novel decomposition method, we infer the offered shares of trade surplus from the data and find that the average share proposed to the seller amounts to about $30 \%$. Additionally, we document: (i) insignificant effects of stake size; (ii) poor use of strategically relevant public information; and …


Estimating Aging Effects In Running Events, Ray C. Fair, Edward H. Kaplan Aug 2017

Estimating Aging Effects In Running Events, Ray C. Fair, Edward H. Kaplan

Cowles Foundation Discussion Papers

This paper uses world running records by age to estimate a biological frontier of decline rates. Two models are compared: a linear/quadratic (LQ) model and a non-parametric model. Two estimation methods are used: 1) minimizing the squared difference between the observed records and the modeled biological frontier and 2) using extreme value theory to estimate the biological frontier that maximizes the probability of observing the existing world records by age. The results support the LQ model and suggest there is linear percentage decline up to the late 70’s and quadratic decline after that. The extreme value estimates suggest that the …


Naiveté About Temptation And Self-Control: Foundations For Naive Quasi-Hyperbolic Discounting, David S. Ahn, Ryota Iijima, Todd Sarver Aug 2017

Naiveté About Temptation And Self-Control: Foundations For Naive Quasi-Hyperbolic Discounting, David S. Ahn, Ryota Iijima, Todd Sarver

Cowles Foundation Discussion Papers

We introduce and characterize a recursive model of dynamic choice that accommodates naivete about present bias. While recursive representations are important for tractable analysis of in nite-horizon problems, the commonly-used Strotz model of time inconsistency presents well-known technical difficulties in extensions to dynamic environments. Our model incorporates costly self-control in the sense of Gul and Pesendorfer (2001) to overcome these hurdles. The important novel condition is an axiom for naivete. We first introduce appropriate definitions of absolute and comparative naivete for a simple two-period model, and explore their implications for the costly self-control model. We then develop suitable extensions of …


Naiveté About Temptation And Self-Control: Foundations For Naive Quasi-Hyperbolic Discounting, David S. Ahn, Ryota Iijima, Todd Sarver Aug 2017

Naiveté About Temptation And Self-Control: Foundations For Naive Quasi-Hyperbolic Discounting, David S. Ahn, Ryota Iijima, Todd Sarver

Cowles Foundation Discussion Papers

We introduce and characterize a recursive model of dynamic choice that accommodates naiveté about present bias. The model incorporates costly self-control in the sense of Gul and Pesendorfer (2001) to overcome the technical hurdles of the Strotz representation. The important novel condition is an axiom for naiveté. We first introduce appropriate definitions of absolute and comparative naiveté for a simple two-period model, and explore their implications for the costly self-control model. We then extend this definition for infinite-horizon environments, and discuss some of the subtleties involved with the extension. Incorporating the definition of absolute naiveté as an axiom, we characterize …


The First Sale Of Shares In Royal Bank Of Scotland, United Kingdom: National Audit Office Jul 2017

The First Sale Of Shares In Royal Bank Of Scotland, United Kingdom: National Audit Office

Documents

No abstract provided.


El Diluvio: The Spanish Banking Crisis, 2008-2012, Tano Santos Jul 2017

El Diluvio: The Spanish Banking Crisis, 2008-2012, Tano Santos

Documents

CitationSantos, Tano. "El Diluvio: The Spanish Banking Crisis, 2008– 2012." Columbia Business School and NBER, July 13, 2017.


Congressional Hearing Of The Governor Of The Banco De Espa±A Before The Commission Investigating The Financial Crisis In Spain And The Financial Assistance Programme, Luis M. Linde Jul 2017

Congressional Hearing Of The Governor Of The Banco De Espa±A Before The Commission Investigating The Financial Crisis In Spain And The Financial Assistance Programme, Luis M. Linde

Documents

No abstract provided.


Human Capital Development And Parental Investment In India, Orazio Attanasio, Costas Meghir, Emily Nix Jul 2017

Human Capital Development And Parental Investment In India, Orazio Attanasio, Costas Meghir, Emily Nix

Discussion Papers

No abstract provided.


Banco Popular Acquisition: Creating Shareholder Value Through In-Market Consolidation, Santander Group Jul 2017

Banco Popular Acquisition: Creating Shareholder Value Through In-Market Consolidation, Santander Group

Documents

No abstract provided.


A Survey Of Global Impacts Of Climate Change: Replication, Survey Methods, And A Statistical Analysis, William D. Nordhaus, Andrew Moffat Jul 2017

A Survey Of Global Impacts Of Climate Change: Replication, Survey Methods, And A Statistical Analysis, William D. Nordhaus, Andrew Moffat

Cowles Foundation Discussion Papers

The present study has two objectives. The first is a review of studies that estimate the global economic impacts of climate change using a systematic research synthesis (SRS). In this review, we attempt to replicate the impact estimates provided by Tol (2009, 2014) and find a large number of errors and estimates that could not be replicated. The study provides revised estimates for a total of 36 usable estimates from 27 studies. A second part of the study performs a statistical analysis. While the different specifications provide alternative estimates of the damage function, there were no large discrepancies among specifications. …


Default, Efficiency And Uniqueness, Cheng-Zhong Qin, Thomas Quint, Martin Shubik Jul 2017

Default, Efficiency And Uniqueness, Cheng-Zhong Qin, Thomas Quint, Martin Shubik

Cowles Foundation Discussion Papers

An adequate description of economic dynamics requires the introduction of a monetary system including default penalties and expectations in a society whose economy utilizes money and credit. This essay notes and discusses several of the factors involved in the use of money and credit in a process oriented economy. It links these observations with the general equilibrium treatment of the same underlying economy and formulates a government guidance game where the government sets several key parameters in a monetary economy sufficient to select a unique equilibrium. Low information and error correction are noted. The links to the first and second …


Precautionary Recapitalisation: Time For A Review?, Nicolas Véron Jul 2017

Precautionary Recapitalisation: Time For A Review?, Nicolas Véron

Documents

No abstract provided.