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Carlos Carrillo-Tudela, Bart Hobijn, Patryk Perkowski, and Ludo Visschers – “Every month, millions of workers search for new jobs although they already have one. About one-tenth of these searchers switch employers in the following month. However, most of the job switchers in the United States never reported having looked for a job. This implies that, …
Jeff Bryant – “Wall Street wants to own your education destiny. To the old saying about “death and taxes,” you can now add another: debt. In fact, in contemporary America, debt is likely becoming at least as all-encompassing as the other two. An increasingly powerful force behind the debt explosion is not what you might …
Prashant Bharadwaj, Giacomo De Giorgi, David Hansen, and Christopher Neilson: “Using a large administrative data set from Chile, we find that, on average, boys perform better than girls in mathematics. In this paper, we document several features of their relative performance. First, we note that the gender gap appears to increase with age (it doubles between fourth grade and …
“Today, the Consumer Financial Protection Bureau (CFPB) announced an enforcement action against a nationwide debt collection operation and its chief executive officer for using deceptive threats of criminal prosecution and jail time in order to intimidate consumers into paying debts for bounced checks. The company also misled consumers into believing that they must enroll in …
“Per the contractual agreement with each of our federal loan servicers, the Department of Education (the Department) will annually measure servicer performance in the areas of customer satisfaction and default prevention. We will then use these results to determine each servicer’s allocation of future loan volume when applicable. This announcement is intended to share the …
Muteba Mwamba, John Weirstrastrass, The Effect of Probability and Uncertainty Models on Hedge Fund Performance Analysis (2014). The Journal of Applied Business Research, September/October 2014 Volume 30, Number 5. Available for download at SSRN: http://ssrn.com/abstract=2586164 “This paper implements two types of framework to investigate the outperformance, selectivity and market timing skills in hedge funds: uncertainty …
Via AmericanBanker.com, John Heltman (free to non-subscribers): “The Office of the Comptroller of the Currency — one of the five regulatory agencies that had to write and implement the Volcker Rule — estimated the cost of compliance at just under $1 billion when it conducted a cost-benefit analysis of the proposal back in 2011. A …
Brookings Papers on Economic Activity – Matthew Rognlie, MIT Department of Economics: “In the postwar era, developed economies have experienced two substantial trends in the net capital share of aggregate income: a rise during the last several decades, which is well-known, and a fall of comparable magnitude that continued until the 1970s, which is less …
News release: “The use of mobile phones to access bank accounts, credit cards, or other financial accounts continued to increase among adults in the United States last year, according to a Federal Reserve Board report, Consumers and Mobile Financial Services 2015. The report is the Board’s fourth looking at how consumers access banking services using …
Pelger, Markus, Large-Dimensional Factor Modeling Based on High-Frequency Observations (March 17, 2015). Available for download at SSRN: http://ssrn.com/abstract=2584172 “This paper develops an inferential theory for factor models of large dimensions based on high-frequency observations. We derive a new estimator for the number of factors and derive consistent and asymptotically normal estimators of the loadings and …
Reducing Poverty in the United States: Results of a Microsimulation Analysis of the Community Advocates Public Policy Institute Policy Package, Kye Lippold, March 2015 “A package of five policies—a transitional jobs (TJ) program, a $10.10 minimum wage, expanded earned income tax credits, a tax credit for senior citizens and people with disabilities, and expanded child …
Sarah J. Dahlgren, executive vice president and member of the Bank’s Management Committee, head of the Financial Institution Supervision Group at the Federal Reserve Bank of New York – Remarks at the OpRisk North America Annual Conference, New York City: I am often asked about my list of “things that keep me awake at night,” …
