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Nowcasting the Local Economy: Using Yelp Data to Measure Economic Activity --...

Can new data sources from online platforms help to measure local economic activity? Government datasets from agencies such as the U.S. Census Bureau provide the standard measures of local economic...

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The Development Effects of the Extractive Colonial Economy: The Dutch...

Colonial powers typically organized economic activity in the colonies to maximize their economic returns. While the literature has emphasized long-run negative economic impacts via institutional...

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Older Americans Would Work Longer If Jobs Were Flexible -- by John Ameriks,...

Older Americans, even those who are long retired, have strong willingness to work, especially in jobs with flexible schedules. For many, labor force participation near or after normal retirement age is...

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Productivity and Misallocation in General Equilibrium. -- by David Rezza...

We provide a general non-parametric formula for aggregating microeconomic shocks in general equilibrium economies with distortions such as taxes, markups, frictions to resource reallocation, and...

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Children, Time Allocation and Consumption Insurance -- by Richard Blundell,...

We consider the life cycle choices of a household that in each period decides how much to consume and how to allocate spouses' time to work, leisure, and childcare. In an environment with uncertainty,...

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The Rise, the Fall, and the Resurrection of Iceland -- by Sigridur...

This paper documents how the Icelandic banking system grew from 100 percent of GDP in 1998 to 9 times GDP in 2008 when it failed. We base the analysis on data from the banks that was made public when...

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Measuring Success in Education: The Role of Effort on the Test Itself -- by...

Tests measuring and comparing educational achievement are an important policy tool. We experimentally show that offering students extrinsic incentives to put forth effort on such achievement tests has...

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When Should You Adjust Standard Errors for Clustering? -- by Alberto Abadie,...

In empirical work in economics it is common to report standard errors that account for clustering of units. Typically, the motivation given for the clustering adjustments is that unobserved components...

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CoCo Issuance and Bank Fragility -- by Stefan Avdjiev, Bilyana Bogdanova,...

The promise of contingent convertible capital securities (CoCos) as a "bail-in" solution has been the subject of considerable theoretical analysis and debate, but little is known about their effects in...

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What Rule for the Federal Reserve? Forecast Targeting -- by Lars E.O. Svensson

How would the policy rule of forecast targeting work for the Federal Reserve? To what extent is the Federal Reserve already practicing forecast targeting? Forecast targeting means selecting a policy...

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More on ETFs -- A Little Craziness in High Yield Bond ETFs

I wrote a post a month or so ago on the risks from ETFs, in particular how ETFs on less liquid markets -- with high yield bonds being my poster child -- could cause problems for the market generally....

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Weekly Top 5 Papers – November 13th, 2017

1. Private Benefits in Public Offerings: Tax Receivable Agreements in IPOs by Gladriel Shobe (Brigham Young University – J. Reuben Clark Law School)read more...

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Federal Court Orders Arizona Resident Derek Springfield and His Company,...

The Commodity Futures Trading Commission (CFTC) today announced that Judge David G. Campbell of U.S. District Court for the District of Arizona entered a Consent Order against Defendants Derek...

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Remarks of CFTC Chief of Staff Michael Gill to the Futures Industry...

Remarks of CFTC Chief of Staff Michael Gill to the Futures Industry Association Japan

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November 14, 2017 - East West Bancorp Completes Successful SS&C...

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CFTC Finds Statoil ASA Attempted to Manipulate the Argus Far East Index, a...

The Commodity Futures Trading Commission (CFTC) today issued an Order filing and settling charges against Statoil ASA, an international energy company headquartered in Stavanger, Norway.

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Pension Actuaries: The Joke is On Us

...An Actuary is someone who wanted to be an accountant but didn't have the personality for it....An introverted actuary stares at his own feet, and extroverted one stares at the other person's...

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CFTC Orders INTL FCStone Financial Inc. and FCStone Merchant Services LLC to...

The Commodity Futures Trading Commission (CFTC) today issued an order filing and settling charges against FCStone Merchant Services LLC for entering into multiple noncompetitive trades and against INTL...

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CFTC’s Division of Market Oversight Extends Time-Limited No-Action...

The Commodity Futures Trading Commission’s (CFTC) Division of Market Oversight (Division) today extended time-limited no-action relief to swap execution facilities (SEFs) from certain requirements in...

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Law of Unintended Consequences

Organizations and people within them respond to incentives.  They just don't always respond the way that we would like them to do so.   We might have a policy designed with the best of intentions, but...

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