Showing results 1 - 10 of 49
| Andrei Shleifer
March 28, 2021, Video: "Introductory remarks by Andrei Shleifer (Harvard) at the Virtual Finance Workshop conference on "Expectation Formation". "
Non-HKS Author Website - Andrei Shleifer
| Edward Glaeser | Andrei Shleifer
September 2020, Paper: "How do the different elements in the standard bundle of property rights – such as the right of possession or the right of transfer – differentially impact outcomes, such as urban development? This paper incorporates insecure property rights into a standard model of urban land prices and density, and makes predictions about investment in land and property, informality, and the efficiency of land use. Our empirical analysis…
| Robin Greenwood | Samuel Hanson | Andrei Shleifer
June 2020, Paper: "Using historical data on post-war financial crises around the world, we show that crises are substantially predictable. The combination of rapid credit and asset price growth over the prior three years, whether in the nonfinancial business or the household sector, is associated with about a 40% probability of entering a financial crisis within the next three years. This compares with a roughly 7% probability in normal times,…
| Edward Glaeser | Andrei Shleifer
May 2020, Paper, "We examine a new data set of laws and practices governing public procurement, as well as procurement outcomes, in 187 countries. We measure regulation as restrictions on discretion of the procuring agents. We find that laws and practices are highly correlated with each other across countries, better practices are correlated with better outcomes, but laws themselves are not correlated with outcomes. To shed light on this…
| Andrei Shleifer | Edward Glaeser
Securing Property Rights. Edward Glaeser, Andrei Shleifer, August 19, 2019, Paper, "A central challenge in securing property rights is the subversion of justice through legal skill, bribery, or physical force by the strong—the state or its powerful citizens—against the weak. We present evidence that undue influence on judges is a common concern in many countries, especially among the poor. We then present a model of a water polluter whose…
| Andrei Shleifer
Real Credit Cycles. Andrei Shleifer, July 2019, Paper, "Recent empirical work has revived the Minsky hypothesis of boom-bust credit cycles driven by fluctuations in investor optimism. To quantitatively assess this hypothesis, we incorporate diagnostic expectations into an otherwise standard business cycle model with heterogeneous firms and risky debt. Diagnostic expectations are a psychologically founded, forward-looking model of belief formation…
| Andrei Shleifer
Brexit is an economic accident waiting to happen, Harvard professor says. Andrei Shleifer, February 26, 2019, Video, "Andrei Shleifer, John L. Loeb professor of economics at Harvard University, warns that people have a tendency to overlook economic risks." Link
| Andrei Shleifer
Diagnostic Bubbles, Andrei Shleifer, December 2018, Paper, "We introduce diagnostic expectations into a standard setting of price formation in which investors learn about the fundamental value of an asset and trade it. We study the interaction of diagnostic expectations with two well-known mechanisms: learning from prices and speculation (buying for resale). With diagnostic (but not with rational) expectations, these mechanisms lead to price…
| Andrei Shleifer
Europe in 'more trouble' than the U.S. 10 years after great recession. Andrei Shleifer, December 4, 2018, Video, "There are signs of fragility in the economy, but Harvard Professor Andrei Shleifer the U.S. is better off today than it was in 2008. He spoke with Yahoo Finance's Alexis Christoforous about his new book, 'A Crisis of Beliefs: Investor Psychology and Financial Fragility'"…
| Andrei Shleifer
Andrei Shleifer at the Ratio Institute. Andrei Shleifer, May 28, 2018, Video, "Andrei Shleifer is a Professor of Economics at Harvard University. On May 28th he gave a lecture in memory of Eli F. Heckscher at Stockholm School of Economics by invitation from EHFF and the Ratio Institute. In this Ratio dialogue with Ratio CEO Nils Karlson he discusses the Heckscher lecture 2018: ‘A Crisis of Beliefs: Investor Psychology and Financial Fragility’"…