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Christian Bontemps, Jean-Pierre Florens, and Nour Meddahi
vol. 248, March 2025
In this paper, we consider the problem of ecological inference when one observes the conditional distributions of Y|W and Z|W from aggregate data and attempts to infer the conditional distribution of Y|Z without observing Y and Z in the same sample. First, we show that this problem can be...
Luc Attia, Lyuben Lichev, Dieter Mitsche, Raimundo Saona, and Bruno Ziliotto
March 2025
Wei Lu, and Daniel L. Chen
vol. 20(3), n. e0318790., March 2025
This study explores politically motivated reasoning among U.S. Circuit Court judges over the past 120 years, examining their writing style and use of previous case citations in judicial opinions. Employing natural language processing and supervised machine learn- ing, we scrutinize how judges’...
Veronika Czellar, René Garcia, and François Le Grand
vol. 248, n. 105867, March 2025
We propose an asset pricing model featuring time-varying limited participation in both bond and stock markets and household heterogeneity. Households participate in financial markets with a certain probability that depends on their individual income and on asset market conditions. We use indirect...
Laurent Miclo
vol. 2363, March 2025, p. 263–292Catherine Donati-Martin, Antoine Lejay, and Alain Rouault (eds.), Springer Cham, vol. 2363, March 2025, p. 263–292
Helmholtz decompositions break down any vector field into a sum of a gradient field and a divergence-free vector field. Such a result is extended to finite irreducible and reversible Markov processes, where vector fields correspond to anti-symmetric functions on the oriented edges of the underlying...
Pascal Bégout, and Jésus Ildefonso Diaz
vol. 472, February 2025
Claude Crampes, and Antonio Estache
February 2025, pp. 1–26
The paper makes the case for a systematic ex-ante assessment of the distributional impact of efficiency enhancing innovations regulatory sandboxes are expected to test. It shows how their prior formal modeling can inform on the possible need to control in the sandbox design for otherwise...
Marine Spiteri, Lola Pedrini, Agathe Thierry, Valérie Orozco, Olivier de Mouzon, and Zohra Bouamra-Mechemache
vol. 58, n. 111222, February 2025
Measuring the consumption of processed foods made from a common raw agricultural ingredient requires to make quantities comparable, by converting them in raw product equivalent. This conversion also allows to compute total quantities. In the case of legumes, the challenge is to take into account a...
Jean-Sébastien Fontaine, René Garcia, and Sermin Gungor
vol. 80, n. 1, February 2025, pp. 57–99
The aggregate leverage of broker-dealers responds to demand and supply disturbances that have opposite effects on financial markets. Leverage supply shocks that relax broker-dealers' funding constraints raise leverage, improve liquidity, increase returns and carry a positive price of risk. Leverage...
Emmanuelle Auriol, and Anaïs Dahmani-Scuitti
vol. 172, n. 104930, February 2025
In a model featuring two regions—one affluent and the other impoverished—the allocation of public spending is examined under an initially centralized and autocratic political process. In a stable autocracy, the decision to implement decentralization reforms hinges on a tradeoff: while...
