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Aureo De Paula, Jose A. Scheinkman, Áureo De Paula, José A. Scheinkman
∗ We thank Rita Almeida and Sandra Brandão for their help with the enforcement data, and Joana Monteiro and Juliano Assuncão for providing us with the ECINF dataset and clarifying its...
Principal Components and the Long Run (2007)
Xiaohong Chen, Lars Peter Hansen, Jose A. Scheinkman
In this paper we suggest a method for extracting nonlinear principal components from the stationary distribution of a multivariate reversible diusion process. These principal components a) maximize...
Speculative Trading and Stock Prices: An Analysis of Chinese A-B Share Premia (2004)
Mei, Jianping, Scheinkman, Jose A., Xiong, Wei
China’s stock markets, with stringent short-sales constraints, dominance of inexperienced individual investors, a small asset float and heavy share turnover (500% per year despite a high...
Speculative Trading and Stock Prices: An Analysis of Chinese A-B Share Premia (2004)
Mei, Jianping, Scheinkman, Jose A., Xiong, Wei
China’s stock markets, with stringent short-sales constraints, dominance of inexperienced individual investors, a small asset float and heavy share turnover (500% per year despite a high...
Speculative Trading and Stock Prices: An Analysis of Chinese A-B Share (2004)
Jianping Mei, Jose A. Scheinkman, Wei Xiong
China's stock markets, with stringent short-sales constraints, dominance of inexperienced individual investors, a small asset float and heavy share turnover (500% per year despite a high...
Quantity Precommitment and Bertrand Competition Yield Cournot Outcomes
David M. Kreps, Jose A. Scheinkman
Bertrand's model of oligopoly, which gives perfectly competitive outcomes assumes that: (1) there is competition over prices and (2) production follows the realization of demand. We show that both of...
Rosen, Sherwin, Murphy, Kevin M, Scheinkman, Jose A
U.S. beef cattle stocks are among the most periodic economic time series. A theory of cattle cycles is constructed on the basis of breeding stock inventory decisions. The low fertility rate of cows...
Glaeser, Edward L, Hedi D. Kallal, Jose A. Scheinkman, Andrei Shleifer
Recent theories of economic growth, including those of P. Romer (1986, 1990), M. Porter (1990), and J. Jacobs (1969, 1984), have stressed the role of technological spillovers in generating growth....
Overconfidence and Speculative Bubbles
Motivated by the behavior of asset prices, trading volume, and price volatility during episodes of asset price bubbles, we present a continuous-time equilibrium model in which overconfidence...
Edward L. Glaeser, Bruce I. Sacerdote, Jose A. Scheinkman
Aggregate data is often used to make inferences about individual level behavior. If there are social interactions in which one person's actions influence his neighbor's incentives or information,...
Edward L. Glaeser, Jose A. Scheinkman
A large body of recent research argues that social, or non-market, interactions can explain a wide range of puzzling phenomena from fashion cycles to stock market crashes. This paper attempts to...
Edward L. Glaeser, Bruce I. Sacerdote, Jose A. Scheinkman
In many cases, aggregate data is used to make inferences about individual level behavior. If there are social interactions in which one person’s actions influence his neighbor’s...
Stability of Regular Equilibria and the Correspondence Principle for Symmetric Variational Problems.
Nonlinearities in Economic Dynamics.
This paper surveys recent literature on the role of nonlinearities in dynamic economic models. Copyright 1990 by Royal Economic Society.
The Informal Sector, Second Version
Aureo De Paula, Jose A. Scheinkman
This paper investigates the determinants of informal economic activity. We present two equilibrium models of informality and test their implications using a survey of 48,000+ small firms in Brazil....
Aureo De Paula, Jose A. Scheinkman
This paper investigates the determinants of informal economic activity. We present two equilibrium models of informality and test their implications using a survey of 48,000+ small firms in Brazil....
Crime and Social Interactions.
Glaeser, Edward L, Sacerdote, Bruce, Scheinkman, Jose A
The high variance of crime rates across time and space is one of the oldest puzzles in the social sciences; this variance appears too high to be explained by changes in the exogenous costs and...
The Informal Sector, Third Version
Aureo De Paula, Jose A. Scheinkman
This paper investigates the determinants of informal economic activity. We present two equilibrium models of informality and test their implications using a survey of 48,000+ small firms in Brazil....
Edward L. Glaeser, Hedi D. Kallal, Jose A. Scheinkman, Andrei Shleifer
Recent theories of economic growth, including Romer (1986), Porter (1989) and Jacobs (1969), have stressed the role of technological spillovers in generating growth. Because such knowledge spillovers...
Sherwin Rosen, Kevin M. Murphy, Jose A. Scheinkman
U.S. beef cattle stocks are among the most periodic time-series in economics. A theory of cattle cycles is constructed, based upon rational breeding stock inventory decisions in the presence of...
Neither a Borrower nor a Lender Be: An Economic Analysis of Interest Restrictions and Usury Laws
Edward L. Glaeser, Jose A. Scheinkman
Interest rate restrictions are among the most pervasive forms of economic regulations. This paper explains that these restrictions can be explained as a means of primitive social insurance. Interest...
Economic Growth in a Cross-Section of Cities
Edward L. Glaeser, Jose A. Scheinkman, Andrei Shleifer
We examine the relationship between urban characteristics in 1960 and urban growth (income and population) between 1960 and 1990. Our major findings are that income and population growth move...
Edward L. Glaeser, Bruce Sacerdote, Jose A. Scheinkman
The high degree of variance of crime rates across space (and across time) is one of the oldest puzzles in the social sciences (see Quetelet (1835)). Our empirical work strongly suggests that this...
What is Social Capital? The Determinants of Trust and Trustworthiness
Edward L. Glaeser, David Laibson, Jose A. Scheinkman, Christine L. Soutter
Using a sample of Harvard undergraduates, we analyze trust and social capital in two experiments. Trusting behavior and trustworthiness rise with social connection; differences in race and...
Edward L. Glaeser, Bruce I. Sacerdote, Jose A. Scheinkman
In many cases, aggregate data is used to make inferences about individual level behavior. If there are social interactions in which one person's actions influence his neighbor's incentives or...
Advisors and Asset Prices: A Model of the Origins of Bubbles
Harrison Hong, Jose A. Scheinkman, Wei Xiong
We develop a model of asset price bubbles based on the communication process between advisors and investors. Advisors are well-intentioned and want to maximize the welfare of their advisees (like a...
Nonlinear Dynamics and Stock Returns.
Scheinkman, Jose A, LeBaron, Blake
Simple deterministic systems are capable of generating chaotic output that "mimics" the output of stochastic systems. For this reason, algorithms have been developed to distinguish between these two...
Patrick Bolton, Tano Santos, Jose A. Scheinkman
We consider a model of liquidity demand arising from a possible maturity mismatch between asset revenues and consumption. This liquidity demand can be met with either cash reserves (inside liquidity)...
Principal components and the long run
Xiaohong Chen, Lars Peter Hansen, Jose A. Scheinkman
We investigate a method for extracting nonlinear principal components. These principal components maximize variation subject to smoothness and orthogonality constraints; but we allow for a general...
Value Added Taxes, Chain Effects and Informality
Aureo De Paula, Jose A. Scheinkman
This paper investigates determinants of informal economic activity. We present an equilibrium model of informality and test its implications using a survey of 48,000+ small firms in Brazil. We define...
“Value Added Taxes, Chain Effects and Informality”, Second Version
Aureo De Paula, Jose A. Scheinkman
This paper investigates determinants of informal economic activity. We present an equilibrium model of informality and test its implications using a survey of 48,000+ small firms in Brazil. We define...