Big Bad Banks? The Winners and Losers from Bank Deregulation in the United States

We assess the impact of bank deregulation on the distribution of income in the United States. From the 1970s through the 1990s, most states removed restrictions on intrastate branching, which intensified bank competition and improved bank performance. Exploiting the cross‐state, cross‐time variation in the timing of branch deregulation, we find that deregulation materially tightened the distribution of income by boosting incomes in the lower part of the income distribution while having little impact on incomes above the median. Bank deregulation tightened the distribution of income by increasing the relative wage rates and working hours of unskilled workers.     

The Great Capitol Hill Baby Sitting Co‐op: Anecdote or Evidence for the Optimum Quantity of Money?

This paper studies a centralized market with idiosyncratic uncertainty and money as a medium of exchange from a theoretical as well as an experimental perspective. In our model, prices are fixed and markets are cleared by rationing. We prove the existence of stationary monetary equilibria and of an optimum quantity of money. The rational solution of our model, which is based on the assumption of individual rationality and rational expectations, is compared with actual behavior in a laboratory experiment. The theoretical results are strongly supported by this experiment.     

Why Do Firms Evade Taxes? The Role of Information Sharing and Financial Sector Outreach

Tax evasion is a widespread phenomenon across the globe and even an important factor in the ongoing sovereign debt crisis. We show that firms in countries with better credit information–sharing systems and higher branch penetration evade taxes to a lesser degree. This effect is stronger for smaller firms, firms in smaller cities and towns, firms in industries relying more on external financing, and firms in industries and countries with greater growth potential. This effect is robust to instrumental variable analysis, controlling for firm fixed effects in a smaller panel data set of countries, and many other robustness tests.     

Works Councils and Separations: Voice,Monopoly, and Insurance Effects

Using a large linked employer–employee data set for Germany, we find that the existence of a works council is associated with a lower separation rate to employment, in particular for workers with low tenure. While works council monopoly effects show up in all specifications, clear voice effects are only visible for low tenured workers. Works councils also reduce separations to nonemployment, and this impact is more pronounced for men. Insurance effects only show up for workers with tenure of more than 2 years. Our results indicate that works councils to some extent represent the interests of a specific clientele.     

A Conference on Postcrisis Banking

This article provides an introduction to the special issue. We focus on four themes that are important for policymakers and researchers alike in view of the experiences of the global financial crisis of 2007–09 and the ensuing sovereign debt crisis in the euro area: the relevance of the banking sector for the real economy, the future structure and regulation of the banking sector, the efficacy of past and current regulatory reforms, and the impact of cross‐border banking on economic stability and financial development.     

岸电电源技术及标准化实例

港口区域的环境影响备受关注．目前．政府、港务管理局和船东已经开发出不同的解决方案．实现船舶在港口作业的节能减排。其中一套解决方案已经得到确认，即停靠在港口的船舶与岸上供电相连接．使用岸上电网的电力驱动船舶的基础设施运转．该基础设施包括船员和乘客所使用的设施，也包括用于货物装卸的设施．     

Migrants' Unemployment: The Determinants of Employment Success*

This paper examines the influence of individual characteristics on the chance of being unemployed. Most of the attention is focused on the characteristics specific to migrants; birthplace, period of residence, and proficiency in the English language. The analysis is based on data from the 1981 Census. The results indicate that a migrant is less likely to be unemployed the longer he has been in Australia. The likelihood of being unemployed falls most during the first two years after arrival for all birthplace groups. Most of the higher unemployment rate for migrants relative to Australian-born is due to the high chance of recently arrived migrants being unemployed. It is argued that immigration policy should not be determined without regard to the labour market situation     

Conference on Housing,Stability, and the Macroeconomy: International Perspectives

This article provides an introduction to the JMCB special issue on housing bubbles, the global financial crisis, and the ensuing recessions in countries that experienced housing busts. We focus on five themes that are important for policymakers and researchers alike: the domestic and international factors driving housing booms and busts, the relevance of the housing sector for the real economy, how monetary policy should react to housing booms and busts, how housing and mortgage finance reform could affect financial stability, and the broad lessons learned for macroeconomics and macroprudential policy.     

Relevance of Academic Research and Researchers' Role in the IASB's Financial Reporting Standard Setting

The International Accounting Standards Board (IASB) faces a vast number of standard‐setting issues at all levels of financial reporting. The purpose of this article is to explore the relevance of academic research for financial reporting standard setting and the role of academic researchers in the standard‐setting process. We contribute to the current debate surrounding International Financial Reporting Standards (IFRS) by drawing inferences from prior findings regarding the role of research in the IASB's standard‐setting efforts. After defining three broad categories of standard‐setting questions, we explore how the international heterogeneity of its constituency imposes constraints on the IASB's work. Then, whether and how academic research can inform policy makers is investigated from an epistemological perspective. Based on a review of extant literature, the general criteria which a piece of research should fulfil in order to be perceived as relevant and useful by standard setters are discussed. This discussion is followed by more detailed considerations regarding the suitability of different research approaches for each of the three categories of standard‐setting questions. We also touch on the subject of inferential problems inherent in most academic accounting research. Since the main objective is to contribute insights relevant to the IASB's efforts, we analyse academics' career systems and their incentives to engage in research intermediation, before discussing possible ways in which interested researchers can channel their insights into the IASB's standard‐setting process. Overall, the international dimension of IASB standard setting and its implications for relevant research are emphasized.