Shamena Anwar, Patrick Bayer, Randi Hjalmarsson
There is growing concern and anecdotal and academic evidence that racial minorities in the US are overrepresented amongst criminal defendants and unequally treated throughout the criminal justice system, ranging from interactions with the police (Facchini et al. 2020) to death sentences (La Ferrara and Alesina 2011).
Moreover, this unequal representation is asymmetric, as minorities are underrepresented amongst the decision makers such as police, prosecutors, jurors, and judges. Though much of this concern is focused on race, this could be a symptom of a more general form of unequal community representation.
This begs the question: what are the consequences (and potential policy remedies) of unequal representation of neighbourhoods? This column discusses this question in the context of one agent in the justice system that is explicitly meant to be representative of the community – the jury.
Asset Pricing and Housing Supply in a Production Economy
I. Jaccard
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Do credit supply shocks affect employment in middle-income countries?
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Small and medium-size firms (SMEs) have been a subject of great interest to scholars and policy makers, as these enterprises play a critical role in the provision of employment around the globe (Ayyagari et al. 2011). However, the ability of SMEs to create jobs is hampered by their limited access to adequate finance, particularly in low- and middle-income economies (LMIEs) in which credit constraints are severe et al. 2003; Ayyagari et al. 2011; Stein et al. 2010). Having lower saving rates, weaker investor protection, underdeveloped credit bureaus, and less competitive banking environments, LMIEs have credit markets that are smaller and less efficient in dealing with informational asymmetries (La Porta et al. 1997; Djankov et al. 2007; Calomiris et al. 2017). Thus, SMEs in these countries face higher interest rates, larger credit constraints, and higher costs of switching across banks, implying that they a
Making waves – Fed spillovers are stronger and more encompassing than the ECB’s
This article argues that European Central Bank (ECB) and Federal Reserve System (Fed) monetary policy spill over to other countries asymmetrically. At the bilateral level, the Fed’s impact on the euro area is material to firms’ financial conditions and economic activity. Conversely, the impact of the ECB’s actions on the US economy is minimal. On a global scale, both central banks’ monetary policies matter for other countries, but the Fed’s monetary policy has a more sizeable impact, particularly on foreign financial variables, such as corporate bond spreads.
The International Dimension of Productivity and Demand Shocks in the US Economy
G. Corsetti
Journal of Monetary Economics 60 (2013), 66–85
Global implications of self-oriented national unconventional policies
L. Dedola
Economic Policy 27 (2012), 319-359
Financial frictions, financial integration and the international propagation of shocks
L. Dedola and G. Lombardo
Handbook of Monetary Economics, Vol. III, North-Holland 2010
Optimal monetary policy in open economies
G. Corsetti
Review of Economic Studies 75 (2008), 443-473.
International Risk-Sharing and the Transmission of Productivity Shocks
G. Corsetti
Journal of Monetary Economics 55 (2008), 1113–1128
High Exchange-Rate Volatility and Low Pass-Through
G. Corsetti
Journal of Monetary Economics 54 (2007), 512-49
What Does a Technology Shock Do? A VAR Analysis with Model Based Sign Restrictions