House Price Dynamics, Optimal LTV Limits and the Liquidity Trap 29 March 2023 Andrea Ferrero, Richard Harrison, and Benjamin NelsonThis paper studies the optimal design of a macro-prudential instrument, a loan-to-value (LTV) limit, and its implications for monetary policy in a model with nominal rigidities and financial frictions.
Using Disasters to Estimate the Impact of Uncertainty 20 March 2023 Scott R Baker, Nicholas Bloom, and Stephen TerryUncertainty rises in recessions and falls in booms. But what is the causal relationship? We construct cross-country panel data on stock market returns to proxy for first- and second-moment shocks and instrument these with natural disasters, terrorist attacks, and political shocks.
Price Discrimination in International Airline Markets 20 March 2023 Gaurab Aryal, Charles Murry, and Jonathan W. WilliamsWe develop a model of inter-temporal and intra-temporal price discrimination by monopoly airlines to study the ability of different discriminatory pricing mechanisms to increase efficiency and the associated distributional implications.
Energy Efficiency and Directed Technical Change: Implications for Climate Change Mitigation 16 March 2023 Gregory CaseyI develop a directed technical change model of economic growth and energy efficiency in order to study the impact of climate change mitigation policies on energy use.
How the Other Half Died: Immigration and Mortality in US Cities 6 March 2023 Philipp Ager, James J. Feigenbaum, Casper Worm Hansen, and Hui Ren TanFears of immigrants as a threat to public health have a long and sordid history. At the turn of the 20th century, when immigrants made up one-third of the population in crowded American cities, contemporaries blamed high urban mortality rates on the newest arrivals.
Misspecified Moment Inequality Models: Inference and Diagnostics 27 February 2023 Donald Andrews and Soonwoo KwonThis paper is concerned with possible model misspecification in moment inequality models. Two issues are addressed.
Monetary Policy and Birth Rates: The Effect of Mortgage Rate Pass-through on Fertility 27 February 2023 Fergus Cumming and Lisa DettlingThis paper examines whether monetary policy pass-through to mortgage interest rates affects household fertility decisions.
