1,720,991 research outputs found
Going Beyond Counting First Authors in Author Co-citation Analysis
Get PDFThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Housing market and current account imbalances in the international economy
Get PDFThis paper presents a two-sector, two-country model showing that inflation in the housing market, a low personal savings rate, and a construction investment boom can contribute to a large current account deficit. In the model, demand by a group of households in the domestic country is constrained by the availability of collateral. This implies more procyclical debt capacity because constrained households can borrow against the increase in the value of their houses during an expansion. A higher degree of financial liberalization and development helps constrained households reach higher loan-to-value ratios, thus relaxing their borrowing constraints. The resulting higher net worth and lower need for savings imply a worsening current account.housing market; current account; international economy
Variations on the Author
Get PDF“Variations on the Author” discusses two of Eduardo Coutinho’s recent films (Um Dia na Vida, from 2010, and Últimas Conversas, posthumously released in 2015) and their contribution to the general question of documentary authorship. The director’s filmography is characterized by a consistent yet self-effacing form of authorial self-inscription: Coutinho often features as an interviewer that rather than express opinions propels discourses; an interviewer that is good at listening. This mode of self-inscription characterizes him as an author who is not expressive but who is nonetheless markedly present on the screen. In Um Dia na Vida, however, Coutinho is completely absent form the image, while Últimas Conversas, on the contrary, includes a confessional prologue that moves the director from the margins to the center of his films. This article examines the ways in which these works stand out in the filmography of a director who offers new insights into the notion of cinematic authorship
ESSAYS IN HOUSEHOLD FINANCE AND MACROECONOMICS
No full textPh.D.In the first chapter, we analyze the removal of the credit-risk guarantees provided by the Government Sponsored Enterprises (GSEs) in a model with agents heterogeneous in income and house price risk. We find that wealth inequality increases, driven by higher mortgage spreads and housing rents. Housing holdings become more concentrated. Foreclosures fall. The removal benefits high-income households while hurting low and mid-income households (renters and highly leveraged mortgagors with conforming loans). GSE reform requires compensating transfers, sufficiently high elasticity of rental supply, or linking GSE reform with the elimination of the mortgage interest deduction.In the second chapter, we show that the structure of the mortgage system is a key determinant of the intensity of a liquidity trap. Mortgage recourse systems, by discouraging default and debt-reductions, magnify the impact of nominal rigidities and cause deeper and more persistent recessions in the presence of long-term debt. We study a quantitative model with agents heterogeneous in idiosyncratic income and housing values. Following a collapse of house prices, non-recourse mortgages generate spikes in foreclosures as leveraged low-income households default on their mortgages. This leads to wealth redistribution towards the households with a higher marginal propensity to consume, and to a faster recovery in aggregate consumption which mitigates wage norms and the zero lower bound. Recourse mortgages can account for 25\% of the difference in recovery between the U.S. (mostly non-recourse country) and Spain (recourse country)
Banking, Real Estate Markets and Macroprudential Policy: Quantitative Studies and Empirical Support
No full textPh.D.This dissertation studies frictions in the lending market that generate overlending and lax lending standards. Chapter 2 develops a quantitative model to study two frictions: 1) limited liability and 2) banks failing to internalize that their credit decisions alter the pool of borrowers faced by other banks, which is more pronounced in competitive lending environments. These frictions amplify the effects of economic fluctuations. I show that macroprudential policy tools, including capital requirements and taxes on banks' lending and borrowings, can encourage banks to screen more and should be state-contingent. I then gather panel data from the U.S. mortgage market to study the effect of competition on mortgage lending standards. I find that more competitive lending environments are associated with lower lending standards, which supports the model's conclusions. Moreover, I find that this relationship changes with the supply elasticity of housing.Chapter 3 presents a quantitative model that incorporates two frictions: 1) limited liability, and 2) imperfect information about the persistence of asset price growth, which generates incorrect but rational lender beliefs. I calibrate the model to match recent credit boom-bust episodes and study which patterns of real estate price growth could serve as early warning indicators of a crisis. I then propose a Value-at-Risk rule to implement capital requirements. Capital requirements should be state-contingent and lean against lenders' beliefs by tightening after periods of asset price growth. However, the relationship between asset price growth and financial risk is not monotone, and this should be incorporated in the setting of policy and interpretation of early warning indicators.In Chapter 4, I create a new Metropolitan Statistical Area (MSA) level database to test the role of lender beliefs about housing prices and borrower incomes on mortgage lending standards. I employ a new proxy--banks' local branching decisions--to capture lenders' beliefs. I find that banks opening new branches in an MSA also lower their denial rates on mortgage applications associated with properties in that MSA. Moreover, I find that banks reacting to positive changes in home prices or borrower incomes by more rapidly expanding their branch network also approve more mortgage applications
Appropriate Similarity Measures for Author Cocitation Analysis
Get PDFWe provide a number of new insights into the methodological discussion about author cocitation analysis. We first argue that the use of the Pearson correlation for measuring the similarity between authors’ cocitation profiles is not very satisfactory. We then discuss what kind of similarity measures may be used as an alternative to the Pearson correlation. We consider three similarity measures in particular. One is the well-known cosine. The other two similarity measures have not been used before in the bibliometric literature. Finally, we show by means of an example that our findings have a high practical relevance.information science;Pearson correlation;cosine;similarity measure;author cocitation analysis
Essays on Uncertainty and Credit Market Frictions
No full textPh.D.The dissertation comprises of three chapters. The first chapter studies the role of credit market frictions in transmitting time-varying aggregate uncertainty to economic activity. First, we document that changes in country-specific aggregate volatility are positively correlated with the current account dynamics but negatively correlated with investment, output and credit flows. Then we build an International Real Business Cycle model with credit market frictions that matches these empirical facts. The version of the model with no financial frictions can only account for positive correlation between volatility and current account, but implies counterfactual predictions for the other correlations. In the second chapter we analyze banking crises and lending of last resort (LOLR) in a quantitative model of financial frictions with bank defaults. We find that the LOLR, even if it induces an increase in banks' leverage, is beneficial for small open economies. We show that pools of small economies cannot be successful LOLRs for empirically reasonable levels of liquidity support: They need too many uncorrelated countries or large initial levels of reserves to be sustainable. A country with ample reserves like China can be a sustainable international LOLR. The third chapter analyzes supranational deposit insurance in a quantitative model of financial and sovereign debt crisis. We show that the common deposit insurance fund can bring about sizable economic benefits by weakening an adverse link between domestic banking sector stress and sovereign default risk. The model simulations suggest that the sustainability of such a fund requires a certain number of participating countries with strong fundamentals, while feasibility calls for risk-based insurance premiums. These results can inform the design of the common European deposit insurance fund
Dispelling the Myths Behind First-author Citation Counts
Get PDFWe conducted a full-scale evaluative citation analysis study of scholars in the XML research field to explore just how different from each other author rankings resulting from different citation counting methods actually are, and to demonstrate the capability of emerging data and tools on the Web in supporting more realistic citation counting methods. Our results contest some common arguments for the continued
use of first-author citation counts in the evaluation of scholars, such as high correlations between author rankings by first-author citation counts and other citation
counting methods, and high costs of using more realistic citation counting methods that are not well-supported by the ISI databases. It is argued that increasingly available digital full text research papers make it possible for citation analysis studies to go beyond what the ISI databases have directly supported and to employ more
sophisticated methods
- …
