Jeremy C Stein
Datos Biográficos
| ID | 1454713 |
|---|---|
| NOMBRE | Jeremy C Stein |
| NOMBRES | Jeremy C |
| APELLIDO | Stein |
| FIRMA | STEIN J C |
| AFILIACIONES | Harvard University Press |
| VERIFICADO | No |
| TOTAL DE OBRAS | 18 |
| TOTAL DE CITAS | 225 |
| TOTAL COMO AUTOR | 18 |
| TOTAL COMO EDITOR | 0 |
| PRIMER AÑO DE PUBLICACIÓN | 1987 |
| AÑO MÁS RECIENTE DE PUBLICACIÓN | 2023 |
| ÍNDICE H | 5 |
Monetary Policy When the Central Bank Shapes Financial-Market Sentiment
Recent research has found that monetary policy works in part by influencing the risk premiums on both traded financial-market securities and intermediated loans. Research has also shown that when risk premiums are compressed, there is an increased likelihood of a reversal that damages the credit-supply mechanism and the real economy. Together these effects create an intertemporal tradeoff for monetary policy, as stimulating the economy today can …
Reforming Libor and Other Financial Market Benchmarks
LIBOR is the London Interbank Offered Rate: a measure of the interest rate at which large banks can borrow from one another on an unsecured basis. LIBOR is often used as a benchmark rate- meaning that the interest rates that consumers and businesses pay on trillions of dollars in loans adjust up and down contractually based on movements in LIBOR. Investors also rely on the difference between LIBOR and various risk-free interest rates as a gauge o…
A Macroprudential Approach to Financial Regulation
Many observers have argued that the regulatory framework in place prior to the global financial crisis was deficient because it was largely "microprudential" in nature. A microprudential approach is one in which regulation is partial equilibrium in its conception and aimed at preventing the costly failure of individual financial institutions. By contrast, a "macroprudential" approach recognizes the importance of general equilibrium effects, and s…
The Squam Lake Report
A nonpartisan plan of action for fixing the global economy from fifteen of the world's leading economists In the fall of 2008, fifteen of the world's leading economists—representing the broadest spectrum of economic opinion—gathered at New Hampshire's Squam Lake. Their goal: the mapping of a long-term plan for financial regulation reform. The Squam Lake Report distills the wealth of insights from the ongoing collaboration that began at these meet…
Securitization, shadow banking & financial fragility
Disagreement and the Stock Market
A large catalog of variables with no apparent connection to risk has been shown to forecast stock returns, both in the time series and the cross-section. For instance, we see medium-term momentum and post-earnings drift in returns-the tendency for stocks that have had unusually high past returns or good earnings news to continue to deliver relatively strong returns over the subsequent six to twelve months (and vice-versa for stocks with low past …
Does function follow organizational form? Evidence from the lending practices of large and small banks
Academic Freedom, Private-Sector Focus, and the Process of Innovation
Growth vs. Margins
Evaluating inventive activity
It has long been recognized that counting patents offers a poor gauge of the extent and value of inventive activity, not least because the quality of patented inventions varies enormously. The Schankerman-Pakes model provides a valuable alternative gauge that utilizes the data from renewal fees which are regularly paid to keep a patent in force. This article suggests, however, that the model's application to nineteenth-century UK patents may unde…
Does Function Follow Organizational Form? Evidence from the Lending Practices of Large and Small Banks
Agency, Information and Corporate Investment
Making waves
This paper explores the sources of invention and innovation in steam shipping, the distribution of funding and risk between the state and the private sector, and the Royal Navy's management of innovation, during the experimental period of steam power's adoption at sea. It identifies two intersecting channels through which steam‐related innovations reached the Royal Navy. First, “packages” of innovations were embedded in the marine engines that we…
Migration as a Business
A case is made for treating international migration as a global business which has both legitimate and illegitimate sides. The migration business is conceived as a system of institutionalized networks with complex profit and loss accounts, including a set of institutions, agents and individuals each of which stands to make a commercial gain. The article focuses on migrant trafficking, the core of the illegitimate business. Migrant trafficking, a …
Prices and Trading Volume in the Housing Market
This paper presents a simple model of trade in the housing market. The crucial feature is that a minimum down payment is required for the purchase of a new home. The model has direct implications for the volatility of house prices, as well as for the correlation between prices and trading volume. The model can also be extended to address the correlation between prices and time-to-sale, as well as certain aspects of the cyclical behavior of housin…
Time, space and social discipline
The Task Force Report
This paper was prepared for the Symposium on the [October 1987] Stock Market Crash, held February 8, 1988, at Princeton University. The article provides a framework for thinking about the recommendations made by the Presidential Task Force on Market Mechanisms. Three conclusions can be drawn from the Task Force's findings: First, the proper focus of analysis of the events of the October crash should be on "market mechanisms" rather than on fundam…
Informational Externalities and Welfare-Reducing Speculation
Introducing more speculators into the market for a given commodity leads to improved risk sharing but can also change the informational content of prices. This inflicts an externality on those traders already in the market, whose ability to make inferences based on current prices will be aff ected. In some cases, the externality is negative: the entry of new s peculators lowers the informativeness of the price to existing trader s. The net result…
Migration as a Business
A case is made for treating international migration as a global business which has both legitimate and illegitimate sides. The migration business is conceived as a system of institutionalized networks with complex profit and loss accounts, including a set of institutions, agents and individuals each of which stands to make a commercial gain. The article focuses on migrant trafficking, the core of the illegitimate business. Migrant trafficking, a …
Agency, Information and Corporate Investment
Evaluating inventive activity
It has long been recognized that counting patents offers a poor gauge of the extent and value of inventive activity, not least because the quality of patented inventions varies enormously. The Schankerman-Pakes model provides a valuable alternative gauge that utilizes the data from renewal fees which are regularly paid to keep a patent in force. This article suggests, however, that the model's application to nineteenth-century UK patents may unde…
A Macroprudential Approach to Financial Regulation
Many observers have argued that the regulatory framework in place prior to the global financial crisis was deficient because it was largely "microprudential" in nature. A microprudential approach is one in which regulation is partial equilibrium in its conception and aimed at preventing the costly failure of individual financial institutions. By contrast, a "macroprudential" approach recognizes the importance of general equilibrium effects, and s…
Informational Externalities and Welfare-Reducing Speculation
Introducing more speculators into the market for a given commodity leads to improved risk sharing but can also change the informational content of prices. This inflicts an externality on those traders already in the market, whose ability to make inferences based on current prices will be aff ected. In some cases, the externality is negative: the entry of new s peculators lowers the informativeness of the price to existing trader s. The net result…
Disagreement and the Stock Market
A large catalog of variables with no apparent connection to risk has been shown to forecast stock returns, both in the time series and the cross-section. For instance, we see medium-term momentum and post-earnings drift in returns-the tendency for stocks that have had unusually high past returns or good earnings news to continue to deliver relatively strong returns over the subsequent six to twelve months (and vice-versa for stocks with low past …
Time, space and social discipline
Securitization, shadow banking & financial fragility
Reforming Libor and Other Financial Market Benchmarks
LIBOR is the London Interbank Offered Rate: a measure of the interest rate at which large banks can borrow from one another on an unsecured basis. LIBOR is often used as a benchmark rate- meaning that the interest rates that consumers and businesses pay on trillions of dollars in loans adjust up and down contractually based on movements in LIBOR. Investors also rely on the difference between LIBOR and various risk-free interest rates as a gauge o…
Informational Externalities and Welfare-Reducing Speculation
Introducing more speculators into the market for a given commodity leads to improved risk sharing but can also change the informational content of prices. This inflicts an externality on those traders already in the market, whose ability to make inferences based on current prices will be aff ected. In some cases, the externality is negative: the entry of new s peculators lowers the informativeness of the price to existing trader s. The net result…
The Task Force Report
This paper was prepared for the Symposium on the [October 1987] Stock Market Crash, held February 8, 1988, at Princeton University. The article provides a framework for thinking about the recommendations made by the Presidential Task Force on Market Mechanisms. Three conclusions can be drawn from the Task Force's findings: First, the proper focus of analysis of the events of the October crash should be on "market mechanisms" rather than on fundam…
Prices and Trading Volume in the Housing Market
This paper presents a simple model of trade in the housing market. The crucial feature is that a minimum down payment is required for the purchase of a new home. The model has direct implications for the volatility of house prices, as well as for the correlation between prices and trading volume. The model can also be extended to address the correlation between prices and time-to-sale, as well as certain aspects of the cyclical behavior of housin…
Time, space and social discipline
Migration as a Business
A case is made for treating international migration as a global business which has both legitimate and illegitimate sides. The migration business is conceived as a system of institutionalized networks with complex profit and loss accounts, including a set of institutions, agents and individuals each of which stands to make a commercial gain. The article focuses on migrant trafficking, the core of the illegitimate business. Migrant trafficking, a …
Making waves
This paper explores the sources of invention and innovation in steam shipping, the distribution of funding and risk between the state and the private sector, and the Royal Navy's management of innovation, during the experimental period of steam power's adoption at sea. It identifies two intersecting channels through which steam‐related innovations reached the Royal Navy. First, “packages” of innovations were embedded in the marine engines that we…
Does Function Follow Organizational Form? Evidence from the Lending Practices of Large and Small Banks
Agency, Information and Corporate Investment
Evaluating inventive activity
It has long been recognized that counting patents offers a poor gauge of the extent and value of inventive activity, not least because the quality of patented inventions varies enormously. The Schankerman-Pakes model provides a valuable alternative gauge that utilizes the data from renewal fees which are regularly paid to keep a patent in force. This article suggests, however, that the model's application to nineteenth-century UK patents may unde…
Growth vs. Margins
Does function follow organizational form? Evidence from the lending practices of large and small banks
Academic Freedom, Private-Sector Focus, and the Process of Innovation
Disagreement and the Stock Market
A large catalog of variables with no apparent connection to risk has been shown to forecast stock returns, both in the time series and the cross-section. For instance, we see medium-term momentum and post-earnings drift in returns-the tendency for stocks that have had unusually high past returns or good earnings news to continue to deliver relatively strong returns over the subsequent six to twelve months (and vice-versa for stocks with low past …
The Squam Lake Report
A nonpartisan plan of action for fixing the global economy from fifteen of the world's leading economists In the fall of 2008, fifteen of the world's leading economists—representing the broadest spectrum of economic opinion—gathered at New Hampshire's Squam Lake. Their goal: the mapping of a long-term plan for financial regulation reform. The Squam Lake Report distills the wealth of insights from the ongoing collaboration that began at these meet…
Securitization, shadow banking & financial fragility
A Macroprudential Approach to Financial Regulation
Many observers have argued that the regulatory framework in place prior to the global financial crisis was deficient because it was largely "microprudential" in nature. A microprudential approach is one in which regulation is partial equilibrium in its conception and aimed at preventing the costly failure of individual financial institutions. By contrast, a "macroprudential" approach recognizes the importance of general equilibrium effects, and s…
Reforming Libor and Other Financial Market Benchmarks
LIBOR is the London Interbank Offered Rate: a measure of the interest rate at which large banks can borrow from one another on an unsecured basis. LIBOR is often used as a benchmark rate- meaning that the interest rates that consumers and businesses pay on trillions of dollars in loans adjust up and down contractually based on movements in LIBOR. Investors also rely on the difference between LIBOR and various risk-free interest rates as a gauge o…
Monetary Policy When the Central Bank Shapes Financial-Market Sentiment
Recent research has found that monetary policy works in part by influencing the risk premiums on both traded financial-market securities and intermediated loans. Research has also shown that when risk premiums are compressed, there is an increased likelihood of a reversal that damages the credit-supply mechanism and the real economy. Together these effects create an intertemporal tradeoff for monetary policy, as stimulating the economy today can …
Economics (15 obras) · Business (9 obras) · Banking stability, regulation, efficiency (7 obras) · Monetary economics (6 obras) · Political science (6 obras) · Finance (5 obras) · Computer Science (4 obras) · Economic theories and models (4 obras) · Financial economics (4 obras) · Financial market (4 obras)