The 2000s Housing Cycle With 2020 Hindsight: A Neo-Kindlebergerian View 12 April 2023 Gabriel Chodorow-Reich, Adam M. Guren, and Timothy J. McQuadeWith “2020 hindsight,” the 2000s housing cycle is not a boom-bust but a boom-bust- rebound. Using a spatial equilibrium regression in which house prices are determined by income, amenities, urbanization, and supply, we show that long-run city-level fundamentals predict not only 1997-2019 price and rent growth but also the amplitude of the boom-bust-rebound.
Ruben Enikolopov has been elected Chair of REStudNew Chair of REStud 9 April 2023 Ruben Enikolopov has been elected Chair of REStud
The Value of Data Records 5 April 2023 Simone Galperti, Jacopo Perego, and Aleksandr LevkunMany e-commerce platforms use buyers’ personal data to intermediate their transactions with sellers. How much value do such intermediaries derive from the data record of each single individual?
The Economic Geography of Global Warming 2 April 2023 José-Luis Cruz and Esteban Rossi-HansbergGlobal warming is a worldwide and protracted phenomenon with heterogeneous local economic effects. We propose a dynamic economic assessment model of the world economy with high spatial resolution to assess its consequences.
Equilibrium Analysis in Behavioral One-Sector Growth Models 2 April 2023 Daron Acemoglu and Martin Kaae JensenRich behavioral biases, mistakes and limits on rational decision-making are often thought to make equilibrium analysis much more intractable. We establish that this is not the case in the context of one-sector growth models such as Ramsey-Cass-Koopmans or Bewley-Aiyagari models.
Follow the Money 2 April 2023 Marco GrotteriaI study, both empirically and theoretically, the economic and financial consequences of corporate lobbying. Firms lobby politicians to increase their share of government contracts, but political competition creates firm-level risk, inflating their cost of capital and reducing their incentive to invest in research and development (R&D).
Security Design in Non-Exclusive Markets with Asymmetric Information 29 March 2023 Vladimir Asriyan and Victoria VanascoWe study the problem of a seller (e.g., a bank) who is privately informed about the quality of her asset and wants to exploit gains from trade with uninformed buyers (e.g., investors) by issuing securities backed by her asset cash flows.
Financial Cycles with Heterogeneous Intermediaries 29 March 2023 Nuno Coimbra and Hélène ReyWe develop a dynamic macroeconomic model with heterogeneous financial intermediaries and endogenous entry. Time-varying endogenous macroeconomic risk arises from the risk-shifting behaviour of the cross-section of financial intermediaries.
