This paper empirically examines the effects of the Federal Reserve’s Large Scale Asset Purchases (LSAP) on bank profits. We use a new dataset on individual LSAP transactions and bank holding company data from the Fed’s FRY-9C regulatory reports to construct a large panel of banks for 2008Q1 to 2009Q4. Our results suggest that banks that sold Mortgage-backed Securities to the Fed (“treatment ban...

Research finds that parental characteristics of classroom peers, such as education, income, matters for achievement. We use rich survey data provided in the Early Childhood Longitudinal Survey to explore whether mother’s and/or father’s education creates spillover in the classroom and why the parental education of classroom peers matters. We distinguish between several possible channels of effe...

It is our pleasure to present to you the Proceedings of the 33 International Conference on Very Large Data Bases (VLDB), taking place in Vienna, Austria. The annual VLDB Conference is the premier international venue for the dissemination and exchange of ideas in the broad area of data management, both in core database technology and the application of this technology to develop infrastructure f...

Description: Social Interactions in the Labor Market addresses the following questions: How do theoretical economic models and their associated econometric representations change when there are social interactions among households? How do policy implications change as the result of estimated households' social interactions? The authors present a unified theoretical and empirical representation ...

The Policy Research Working Paper Series disseminates the findings of work in progress to encourage the exchange of ideas about development issues. An objective of the series is to get the findings out quickly, even if the presentations are less than fully polished. The papers carry the names of the authors and should be cited accordingly. The findings, interpretations, and conclusions expresse...

The Policy, Planning, and Research Complex distnbutes Pl'R Working Papers to disserninate the fndings of %ork in progress and tn encourage the exchange of ideas among Bank staff and al others interested in development issues. These papers carry the names of the authors, reflect only thcir views, and should he used and cited accordmngly. The findings, interpretations, and conclusions are the aut...

Geography might be expected to affect export performance in several ways. One is that the strength of international demand linkages varies between countries. Countries in South-East Asia have been at the centre of a fast growing region, which has created rising import demand. Given all we know about the importance of distance as a barrier to trade, the export opportunities created by these grow...

We propose the systemic risk beta as a measure for financial companies’ contribution to systemic risk given network interdependence between firms’ tail risk exposures. Conditional on statistically pre-identified network spillover effects and market and balance sheet information, we define the systemic risk beta as the time-varying marginal effect of a firm’s Value-at-risk (VaR) on the system’s ...

This paper studies the strategic interaction between a foreign direct investor and a host country. We analyze how the investor can use his control rights to protect his investment if he faces the risk of “creeping expropriation” once his investment is sunk. It is shown that this hold-up problem may cause underinvestment if the bargaining position of the investor is too weak and overinvestment i...

Many governments offer significant inducements to attract inward investment, motivated by the expectation of spillover benefits. This paper reviews the possible sources of such spillovers and the empirical evidence for their existence in developing, developed and transitional economies. Although theory can identify a range of possible spillover channels, empirical support is hard to find. In th...