Categories: In the news., Macroeconomics, Statistics and Time Series.
NBER News
- Climatic Constraints on Aggregate Economic Output -- by Marshall Burke, Vincent TanutamaEfficient responses to climate change require accurate estimates of both aggregate damages and where and to whom they occur. While specific case studies and simulations have suggested that climate change disproportionately affects the poor, large-scale direct evidence of the magnitude and origins of this disparity is lacking. Similarly, evidence on aggregate damages, which is a […]
- Transforming Naturally Occurring Text Data Into Economic Statistics: The Case of Online Job Vacancy Postings -- by Arthur Turrell, Bradley J. Speigner, Jyldyz Djumalieva, David Copple, James ThurgoodUsing a dataset of 15 million UK job adverts from a recruitment website, we construct new economic statistics measuring labour market demand. These data are ‘naturally occurring’, having originally been posted online by firms. They offer information on two dimensions of vacancies—region and occupation—that firm-based surveys do not usually, and cannot easily, collect. These data […]
- Rationalizing Trading Frequency and Returns: Maybe Trading is Good for You -- by Yosef Bonaparte, Russell Cooper, Mengli ShaBarber and Odean study the relationship between trading activity and returns. They find that households who trade more have a lower net return than other households. They argue that these results cannot emerge from a model with rational traders and instead attribute these findings to overconfidence. In contrast, we find that household financial choices generated […]
- Special Deals with Chinese Characteristics -- by Chong-En Bai, Chang-Tai Hsieh, Zheng Michael SongChinese local governments wield their enormous political power and administrative capacity to provide “special deals” for favored private firms. We argue that China’s extraordinary economic growth comes from these special deals. Local political leaders do so because they derive personal benefits, either political or monetary, from providing special deals. Competition between local governments limits the […]
- Equilibrium Trade in Automobile Markets -- by Kenneth Gillingham, Fedor Iskhakov, Anders Munk-Nielsen, John P. Rust, Bertel SchjerningWe introduce a computationally tractable dynamic equilibrium model of the automobile market where new and used cars of multiple types (e.g. makes/models) are traded by heterogeneous consumers. Prices and quantities are determined endogenously to equate supply and demand for all car types and vintages, along with the ages at which cars are scrapped. The model […]
