A couple battle floodwaters as they evacuate their Houston apartment complex on April 18, 2016. AP Photo/David J. PhillipTen years ago, the infamous Tax Day storm swamped the Houston area with off-the-charts rainfall. Nearly 2 feet of rain fell in less than 15 hours in parts of the region, starting on April 17, 2016.
Financial analysis is an industry that is seeing job growth even as AI is increasingly used.
We propose a new approach to estimate selection-corrected quantiles of the gender wage gap. Our method employs instrumental variables that explain variation in the latent variable but, conditional on the latent process, do not directly affect selection. We provide semiparametric identification of the quantile parameters without imposing parametric restrictions on the selection probability, derive the asymptotic distribution of the proposed estimator based on constrained selection probability weighting, and demonstrate how the approach applies to the Roy model of labor supply.
The Bank of England chairs the London Foreign Exchange Joint Standing Committee (FXJSC), which is a forum for discussion of the wholesale foreign exchange market. The FXJSC is made up of market participants, infrastructure providers and the UK financial regulators.
The Bank of England chairs the London Foreign Exchange Joint Standing Committee (FXJSC) Operations and Legal Sub-Committees. The FXJSC is made up of market participants, infrastructure providers and the UK financial regulators.
Even after legalization, researchers face significant barriers to studying cannabis. Visoot Uthairam/Moment via Getty ImagesInnovation in health care saves lives. But not all health innovations have enough evidence to actually benefit patients.
The Bank of England has today published new and updated guidance on how the Bank might implement the UK’s resolution regime in the event of a bank failure.
Policymakers often cite the risk that inflation expectations might “de-anchor” as a key reason for responding forcefully to inflationary shocks. We develop a model to analyze this trade-off and to quantify the benefits of stable long-run inflation expectations. In our framework, households and firms are imperfectly informed about the central bank’s objective and learn from its policy choices. Recognizing this interaction, the central bank raises interest rates more aggressively after adverse supply shocks and accepts short-run output costs to secure more stable inflation expectations.
A doctor at the National Cancer Institute talks with a patient. National Cancer Institute on Unsplash, CC BYAs health care costs rise, patients aren’t just shouldering higher bills. They’re bearing more and more responsibility for getting information.
We revisit the credit channel of monetary policy when firms face multiple financing constraints, a common feature of corporate financing we document empirically. Our theory shows that the multiplicity of constraints dampens the transmission of expansionary policy to firm borrowing and investment notably but amplifies the transmission of policy tightening. This asymmetry arises because, when policy tightens (eases), the most (least) responsive constraint binds. Using U.S.
