JEL Class A (General Economics and Teaching)
CRAIG O’NEIL BROWN, National University of Singapore—
Economist Leadership and Economic Growth
GARRISON SCHLAUCH, University of California-Santa Barbara, and RICHARD STARTZ, University of California-Santa Barbara—The Path to an Economics PhD
JEL Class C (Mathematical and Quantitative Methods)
JORDAN ROSS MARCUSSE, University of Essex—Bargaining in an Ongoing Exchange With Renegotiation
ZAHRA TAYEBI, University of Florida, and GULCAN ONEL, University of Florida—Consumption Patterns Among OECD Countries:
Demand System Estimation for Unbalanced Panel Data With Random Effects
DORON KLUNOVER, Ariel University, and JOHN MORGAN, University of California-Berkeley—Contests With a Non-continuous Strategy Space
HAJIME SHIMAO, Purdue University, and JUNPEI KOMIYAMA, University of Tokyo—Cross-validation Based Model Selection on Generalized Method of Moments
FRANCESCO FURLANETTO, Norges Bank, FRANCESCA LORIA, European University Institute, and KNUT ARE AASTVEIT, Norges Bank—Has the Fed Responded to Stock Prices and House Prices? A Time-varying Analysis
AEA Special Poster Session
Friday–Sunday • January 5–7
30
ANDREW C. CHANG, Federal Reserve Board, and PHILLIP LI, U.S.
Treasury Department—Measurement Error in Macroeconomic Data and Economics Research: Data Revisions, Gross Domestic Product, and Gross Domestic Income
STEFAN PENCZYNSKI, University of Mannheim, and MARIA ISABEL SANTANA, University of Mannheim—Measuring Trust in Institutions: A Lab-in-the-field Study Using Time Preference Elicitation YE HAN, University of Adelaide—Payback Scheme in First-price Sealed-bid Auctions: An Experimental Study
ANTONIO ALONSO ARECHAR, Yale University, ANNA DREBER, Stockholm School of Economics, DREW FUDENBERG, Harvard University, and DAVID G. RAND, Yale University—I’m Just a Soul Whose Intentions are Good: The Role of Communication in Noisy Repeated Games
JEL Class D (Microeconomics)
PAUL S. H. LAU, University of Hong Kong, and QILIN ZHANG, University of Hong Kong—A Darwinian Model of Parental Altruism JIEMAI WU, University of Sydney—Benefits From Non-competing Persuaders
MOIZ BHAI, University of Arkansas—Beyond the Profane: Schooling and the Sacred
FRANZ BUSCHA, University of Westminster, DANIEL MULLER, University of Innsbruck, and LIONEL PAGE, Queensland University of Technology—Can a Common Currency Foster a Shared Social Identity Across Different Nations? The Case of the Euro
HAYATO NAKANISHI, Kanagawa University, and MASAMUNE IWASAWA, University of Tokyo—Can an Economic Structural Model Support Hypothetical and Experimental Evidence? Preference Parameters Before and After the Great East Japan Earthquake
MATTHIAS RODEMEIER, University of Muenster, ANDREAS LÖSCHEL, University of Muenster, and ROLAND KUBE, University of Muenster—Casting Light on Energy Efficiency - Evidence on Consumer Inattention and Imperfect Information
Friday–Sunday • January 5–7
JORGE ANDRES VASQUEZ, Bank of Canada, and LONES SMITH, University of Wisconsin-Madison—Crime and Vigilance
QIYAN ONG, National University of Singapore, and WALTER EDGAR THESEIRA, Singapore University of Social Sciences—Does Improved Cognitive Functioning Reduce Poverty? Evidence From a Field Experiment on Debt Relief
TSZ-NING WONG, Aalto University, and LILY LING YANG, University of Sydney—Dynamic Expert Incentives: Complementarity and Substitutivity in Information Acquisition
STEPHEN LENKEY, Pennsylvania State University, and FENGHUA SONG, Pennsylvania State University—Feedback, Investment, and Social Value of Financial Expertise
JULIO ALBERTO RAMOS PASTRANA, Indiana University—From Common to Private Property: Explaining the Emergence of Property Rights
FLORIAN ARTINGER, Max Planck Institute for Human Development, and GERD GIGERENZER, Max Planck Institute for Human Development—Heuristic Pricing in an Uncertain Market: Ecological and Constructivist Rationality
ALEJANDRA RAMOS, Trinity College Dublin—Household Decision Making with Violence: Implications for Transfer Programs
MARCO FABBRI, Erasmus University Rotterdam—How Institutions Shape Preferences
STUART ANDREW CRAIG BAUMANN, University of Edinburgh, and MARGARYTA KLYMAK, Trinity College Dublin—It’s Good to be Bad: A Model of Low Quality Dominance in a Full Information Consumer Search Market
FLORIAN KERZENMACHER, Frankfurt School of Finance &
Management, and EBERHARD FEESS, Frankfurt School of Finance
& Management—Lying Opportunities and Incentives to Lie: Reference Dependence Versus Reputation
PING WU, Nanjing Agricultural Mechanization Research Institute, and JING ZHAO, Independent Researcher—Machinery Subsidies and Rice Farmers’ Adoption of Mechanized Planting Technology: Evidence From Hunan Province in China
Friday–Sunday • January 5–7
32
DAVID ONG, Peking University, JUNSEN ZHANG, Chinese University of Hong Kong, and YU YANG, University of Wisconsin-Madison—
Marrying Up: Trading Off Spousal Income and Spousal Height
ELENA AFANASYEVA, Federal Reserve Board, and JOCHEN GÜNTNER, Linz University—Noise-ridden Lending Cycles
JOHN K. DAGSVIK, Statistics Norway, and XUEHUI HAN, Asian Development Bank—Operationalizing Amartya Sen’s Capability Approach Through Capability-equivalent Income
FARKHANDA SHAMIM, University of Bahrain, and NOBUYOSHI YAMORI, Kobe University—Private Firms Characteristics and Financial Constraints
JIAJIA CONG, University of Hong Kong, and WEN ZHOU, University of Hong Kong—Product Repositioning and Competition
MARCO PAGANO, University of Naples Federico II, CSEF, EIEF, and LUCA PICARIELLO, Norwegian School of Economics—Talent Discovery, Layoff Risk and Unemployment Insurance
GAIA NARCISO, Trinity College Dublin, and BATTISTA SEVERGNINI, Copenhagen Business School—The Deep Roots of Rebellion: Evidence From the Irish Revolution
MATTHIEU VERSTRAETE, Bank of Canada, and LENA SUCHANEK, Bank of Canada—Understanding Monetary Policy and its Effects: Evidence From Canadian Firms Using the Business Outlook Survey
XIAOGANG CHE, Durham University, HAJIME KATAYAMA, Waseda University, PETER LEE, Deutsche Bank, and NAN SHI, Shanghai Academy of Social Sciences—Warranty, Seller Reputation, and Buyer Experience
GUANGJUN QU, Birmingham-Southern College—What Does the Communist Party of China Care About the Most? Evidence From Its Anticorruption Campaigns
JIANYE YAN, University of International Business and Economics—
When Holmstrom And Milgrom Meet Laibson: Moral Hazard With Time-inconsistency And Naivety
PEDRO GETE, Georgetown University, and GIVI MELKADZE, IE Business School—Self-insurance, Interest Rates and Global Financial Fragility
Friday–Sunday • January 5–7
MICHAEL UNGEHEUER, Aalto University, and MARTIN WEBER, University of Mannheim and CEPR—The Perception of Dependence, Investment Decisions, and Stock Prices
RAN SHORRER, Pennsylvania State University, and SÁNDOR SÓVÁGÓ, Vrije University Amsterdam and Tinbergen Institute—
Obvious Mistakes in a Strategically Simple College-admissions Environment
CHRISTINE LAUDENBACH, Goethe University Frankfurt, JENNY PIRSCHEL, Centre for European Economic Research (ZEW), Mannheim, and STEPHAN SIEGEL, University of Washington—
Personal Reminders and Commitment: Debt Management as a Natural Experiment
FAN WANG, University of Houston, ESTEBAN PUENTES, Universidad de Chile, JERE R. BEHRMAN, University of Pennsylvania, and FLAVIO CUNHA, Rice University and NBER—You are What Your Parents Think: Height and Local Reference Points
JEL Class E (Macroeconomics and Monetary Economics)
CLEMENS STRUCK, University College Dublin—A Conjecture On Asymmetric Technical Change
GUSTAVO A. LEYVA, Bank of Mexico—Against All Odds: Job Search During the Great Recession
LUISA CORRADO, University of Rome Tor Vergata, DONGHOON YOO, University of Lausanne, and ROBERT WALDMANN, University of Rome Tor Vergata—Ambiguous Economic News and Heterogeneity:
What Explains Asymmetric Consumption Responses?
VENOO KAKAR, San Francisco State University, STEFANO D’ADDONA, University of Rome III, and MARCELLE CHAUVET, University of California-Riverside—Asset Prices and Optimal Monetary Policy Rules
MATHIAS KLEIN, DIW Berlin, and ROLAND WINKLER, Technical University of Dortmund—Austerity, Inequality, and Private Debt Overhang
CHRISTOPHER KRAUSE, Technical University of Dortmund—
Borrowing Constraints, Equilibrium Default, And Redistributive Taxation
Friday–Sunday • January 5–7
34
JAMES BULLARD, Federal Reserve Bank of St. Louis, AARTI SINGH, University of Sydney, and JACEK SUDA, Narodowy Bank Polski—
Debt Overhang and Productivity Growth
YUBING CUI, Brandeis University—Discontinuous Evolution of Housing Shares in Households’ Portfolios
TOMAS HAVRANEK, Czech National Bank and Charles University-Prague, and ANNA SOKOLOVA, University of Nevada-Reno—Do Consumers Really Follow a Rule of Thumb? Three Thousand Estimates From 130 Studies Say “Probably Not”
XU ZHANG, University of California-San Diego—Evaluating the Effects of Forward Guidance and Large-scale Asset Purchases
XIN ZHENG, University of Sydney—Exogenous Shocks, Financial Volatility and Endogenous Growth—Bayesian DSGE-GARCH-VAR Model with Finite Mixtures of Financial Shocks
LENNO UUSKULA, Bank of Estonia and University of Tartu—Firm Turnover and Inflation Dynamics
MARTIN KUNCL, Bank of Canada—Government-backed Mortgage Insurance in a New-Keynesian Model With Moral Hazard
JAN BEHRINGER, Macroeconomic Policy Institute (IMK), and SEBASTIAN GECHERT, Macroeconomic Policy Institute (IMK)— Heterogeneity of the Marginal Propensity to Consume: Evidence From Germany
AARON COOKE, University of Connecticut, HYUN LEE, University of Connecticut, and KAI ZHAO, University of Connecticut—Houses Divided: A Model Of Intergenerational Transfers, Differential Fertility and Wealth Inequality
BEEN-LON CHEN, Academia Sinica—Human Capital and Optimal Income Taxes in a Life-cycle Model With Heterogeneous Agents FRANCESCO FURLANETTO, Norges Bank, ØRJAN ROBSTAD, Norges Bank, and KNUT ARE AASTVEIT, Norges Bank—Immigration and the Macroeconomy: The Role of Non-job Related Immigration CAROLA BINDER, Haverford College—Inflation Expectations and the Price at the Pump
ARJUNAN SUBRAMANIAN, University of Glasgow—Insurgency, Investment and Tillage: Evidence From Two Conflicts in India
Friday–Sunday • January 5–7
SOMA PATRA, California State University-Northridge—Intensive and Extensive Margins of Adjustment
STEPHEN MILLARD, Bank of England, ALEXANDRA VARADI, Bank of England, and ERAN YASHIV, Tel Aviv University—Interactions of Financial Frictions and Labour Market Frictions in Business Cycles MICHAEL CURRAN, Villanova University, and ADNAN VELIC, Dublin Institute of Technology—Interest Rate Volatility And Macroeconomic Dynamics: A Cross-country Analysis
MAARTEN DE RIDDER, University of Cambridge—Investment in Productivity and the Long-run Effect of Financial Crises on Output ANTHONY MURPHY, Federal Reserve Bank of Dallas—Is the United States Phillips Curve Convex? Some Metro Level Evidence
KIM JANETTE BOEVERS, Leibniz University of Hanover, and STEFFEN MEYER, Leibniz University of Hanover—Monetary Policy and Private Investor Trading
LUCA GAMBETTI, Autonomous University of Barcelona and Barcelona GSE, and LAURA MORETTI, Central Bank of Ireland—
News, Noise and Oil Price Swings
SEAN MYERS, Stanford University—Pensions and Sovereign Default FABIO VERONA, Bank of Finland—Q, Investment, and the Financial Cycle
CARLOS ARMANDO DE JESUS CANTU GARCIA, Bank for International Settlements, and ROCIO GONDO MORI, Bank for International Settlements—Reserve Requirements as a Financial Stability Instrument
GENE PAUL GERARD AMBROCIO, Bank of Finland, and ESA JOKIVUOLLE, Bank of Finland—Risk Versus Productivity: Should Bank Capital Requirements Be Flatter?
ALESSIO TERZI, Harvard University & Hertie School of Governance, and PASQUALE MARCO MARRAZZO, Goethe University Frankfurt—Structural Reforms and Growth: A Cross-country Synthetic Control Approach
GONZALO CASTEX, Central Bank of Chile, and EVGENIA DECHTER, University of New South Wales—Technological Change, Business Cycle and the Wage Structure
Friday–Sunday • January 5–7
36
ELOD TAKATS, Bank for International Settlements, and JUDIT TEMESVARY, Federal Reserve Board—The Currency Dimension of the Bank Lending Channel in International Monetary Transmission DUONG NGOTRAN, State University of New York-Albany—The E-Monetary Theory
SEONYOUNG PARK, University of Delaware, and DONGGYUN SHIN, Victoria University of Wellington—The Extent and Nature of Downward Nominal Wage Flexibility: Analysis of Korean Data at the Establishment Level
YAN XUE, Rutgers University—The Impact of Liquidity and Capital Regulations on the Banking System
XIAOCHUAN XING, Yale University, PATRICK PINTUS, Bank of France, and YI WEN, Federal Reserve Bank of St. Louis—The Inverted Leading Indicator Property and Redistribution Effect of the Interest Rate AZHAR IQBAL, Wells Fargo, and JOHN SILVIA, Wells Fargo—
Trumponomics, Asymmetric Animal Spirits and Income Inequality ANTHONY MURPHY, Federal Reserve Bank of Dallas, JOHN V.
DUCA, Federal Reserve Bank of Dallas, and JOHN MUELLBAUER, University of Oxford and INET—Wealth Effects (Plural) and United States Consumer Spending
SEONYOUNG PARK, University of Delaware, and DONGGYUN SHIN, Victoria University of Wellington—Welfare Consequences of Rising Wage Risk in the United States: Self-selection into Risky Jobs and Family Labor Supply Adjustments
HILDE BJORNLAND, BI Norwegian Business School and Norges Bank, LEIF THORSRUD, Norges Bank and BI Norwegian Business School, and SEPIDEH ZAHIRI, BI Norwegian Business School—Do Central Banks Respond Timely to Developments in the Global Economy?
JULIEN CHAMPAGNE, Bank of Canada, and RODRIGO SEKKEL, Bank of Canada—The Macroeconomic Effects of Monetary Policy in a Small-Open Economy: Narrative Evidence from Canada
PEDRO GETE, Georgetown University and IE Business School, and FRANCO ZECCHETO, Technological Autonomous University of Mexico (ITAM)—Pricing Default in Mortgage Markets: Evidence from the Credit Risk Transfers
Friday–Sunday • January 5–7
THIAGO RT FERREIRA, Federal Reserve Board—Stock Market Cross-Section Skewness and Business Cycle Fluctuations
PHILIPP ENGLER, DIW Berlin, and JUHA TERVALA, University of Helsinki—Hysteresis and Fiscal Policy
SELVA DEMIRALP, Koc University, JENS EISENSCHMIDT, European Central Bank, and THOMAS VLASSOPOULOS, European Central Bank—Negative Interest Rates, Excess Liquidity and Bank Business Models: Banks’ Reaction to Unconventional Monetary Policy in the Euro Area
YUNJONG EO, University of Sydney, and DENNY LIE, University of Sydney—The Role of the Inflation Target Adjustment in Stabilization Policy
DENNIS BONAM, de Nederlandsche Bank, and BART HOBIJN, Arizona State University—Generalized Stability of Monetary Unions under Regime Switching in Monetary and Fiscal Policies
PAO-LIN TIEN, U.S. Bureau of Economic Analysis, TARA M.
SINCLAIR, George Washington University, and EDWARD N.
GAMBER, U.S. Congressional Budget Office—Do Fed Forecast Errors Matter?
DANIEL VILLAR, Federal Reserve Board, and SHAOWEN LUO, Virginia Tech—The Skewness of the Price Change Distribution: A New Touchstone for Sticky Price Models.
DANIELA HAUSER, Bank of Canada, and MARTIN SENECA, Bank of England—Labor Mobility and Monetary Policy
WOLFGANG LEMKE, European Central Bank, and ANDREEA LILIANA VLADU, Deutsche Bundesbank—Below the Zero Lower Bound: A Shadow-rate Term Structure Model for the Euro Area
JEL Class F (International Economics)
JIN QIN, North Carolina State University—A Test of the Relationship Between Air Pollution and Exports: The Case of China
CLEMENS STRUCK, University College Dublin—Automation, Growth, Trade and International Macroeconomics
Friday–Sunday • January 5–7
38
MARINA GLUSHENKOVA, Nottingham University Business School China, ANDROS KOURTELLOS, University of Cyprus, and MARIOS ZACHARIADIS, University of Cyprus—Barriers to Price Convergence ROBERT KOLLMANN, Free University of Brussels—Exchange Rate Dynamics and International Business Cycles with Trade Shocks
ROBERT KOLLMANN, Free University of Brussels—Explaining International Business Cycle Synchronization
SVETLANA LEDYAEVA, Aalto University—Export Incentives and Global Value Chains
ROBERT GRUNDKE, OECD and IOS Regensburg, MARIAGRAZIA SQUICCIARINI, OECD, MARGARITA KALAMOVA, OECD, and STEPHANIE JAMET, OECD—Having the Right Mix: The Role of Skill Bundles for Comparative Advantage and Industry Performance in Global Value Chains
ROBERT GRUNDKE, OECD and IOS Regensburg, and CHRISTOPH MOSER, University of Salzburg, CESIfo, ETH Zurich, and SCEUS—
Hidden Protectionism? Evidence From Non-tariff Barriers to Trade in the United States
CIAN ALLEN, Trinity College Dublin—Household Wealth and the Net International Investment Position
MATTHEW WYNTER, University of Illinois-Chicago—How Do Foreign Firms Manage Their Exposure to United States Portfolio Flows?
TAKESHI YAGIHASHI, Old Dominion University, and ULUC AYSUN, University of Central Florida—The Common Sources of Business Cycles in Trans-Pacific Countries and the United States? A Comparison with NAFTA
AHMED TARIQ AZIZ, Iowa State University—Identifying Direct and Indirect Effects of Information Channels Across Skill and Product Quality Groups: Evidence From North-South Trade-migration Nexus RONALD DAVIES, University College Dublin, BENJAMIN H.
LIEBMAN, St. Joseph’s University, and KASAUNDRA TOMIN, Oakland University—Investor Responses to NAFTA’s Cross-border Trucking Provisions
Friday–Sunday • January 5–7
ROBERT KOLLMANN, Free University of Brussels, and WERNER ROEGER, European Commission—Macroeconomic Effects of United States Border Tax Adjustment (BTA): Quantitative Analysis Using an Estimated DSGE Model
ZHI WANG, University of International Business and Economics and George Mason University, SHANG-JIN WEI, Columbia University and NBER, XINDING YU, University of International Business and Economics, and KUNFU ZHU, University of International Business and Economics—Measures of Participation in Global Value Chains and Global Business Cycles
YUWAN DUAN, Central University of Finance and Economics, and TING JI, Central University of Finance and Economics—Measuring Tariff Costs Embodied in Product Prices
WALTER STEINGRESS, Bank of Canada, and JULIA SCHMIDT, Bank of France—Non-tariff Barriers to Trade: Measuring the Gains From Standard Harmonization
JAMES V. MARRONE, University of Chicago, and FIONA GREENLAND, University of Chicago—Quantifying the Size and Composition of Black Markets: A Case Study in Syrian Antiquities SIHAO CHEN, Hong Kong University of Science and Technology, KANG SHI, Chinese University of Hong Kong, and JUANYI XU, Hong Kong University of Science and Technology—Real Interest Rate and Real Exchange Rate in Emerging Markets
DAWID ZOCHOWSKI, European Central Bank—Securitization and Cross-border Spillovers From Macroprudential Policy
MISHITA MEHRA, University of Washington—Skilled Immigration, Firms, and Policy
MARGARYTA KLYMAK, Trinity College Dublin—The Effects of Foreign Competition on Network Hiring
SUPRABHA BANIYA, Purdue University, and ZEYNEP AKGUL, Purdue University—The Effects of Transportation Infrastructure on Export Participation and Composition
ZHE CHEN, University of International Business and Economics, ZHONGZHONG HU, University of International Business and Economics, and LI KAI, Xiamen University—The Impact of China’s Rare Earth Policy on Downstream Industries
Friday–Sunday • January 5–7
40
KATHARINA BERGANT, Trinity College Dublin—The Role of Valuation Effects in the Post-crisis Period
DAVID GOMTSYAN, University of Turin—The Roman Origins of Modern Migration
AKIRA SASAHARA, University of California-Davis, TAMON ASONUMA, International Monetary Fund, and MARCOS CHAMON, International Monetary Fund—Trade Costs of Sovereign Debt Restructuring: Does a Market Friendly Approach Improve the Outcome?
QING LIU, University of International Business and Economics, LARRY D. QIU, University of Hong Kong, and CHAOQUN ZHAN, University of Hong Kong—Trade Liberalization and Domestic Vertical Integration: Evidence From China
SYED AL-HELAL UDDIN, Florida International University—Value-added Trade, Exchange Rate Pass-through and Trade Elasticity:
Revisiting the Trade Competitiveness
ROBERT MCCAULEY, Bank for International Settlements, AGUSTIN BENETRIX, Trinity College Dublin, PATRICK MCGUIRE, Bank for International Settlements, and GOETZ VON PETER, Bank for International Settlements—Financial Deglobalisation in Banking?
ROBERTO ALVAREZ, University of Chile, ALVARO GARCÌA-MARIN, University of Chile, and SEBASTIAN ILABACA, University of Chile—Commodity Prices Shocks and Poverty Reduction in Chile
JEL Class G (Financial Economics)
DANXIA XIE, University of Chicago, Peterson Institute for International Economics, Tsinghua University—A Rational Rush Theory of Financing Innovations
GEORGIOS KOIMISIS, City University of New York-Graduate Center, and CHRISTOS GIANNIKOS, City University of New York-Baruch College—Asset Prices, Wealth Inequality and Background Risk with Durability and Habit Formation
ZHIYUAN CHEN, Pennsylvania State University, FU XIN, Hohai University, JIE ZHANG, Renmin University of China, and MENGBO ZHANG, University of California-Los Angeles—Bank Competition, Firm Ownership, and Innovation
Friday–Sunday • January 5–7
YUQI GU, Western New England University, CONNIE MAO, Temple University, and XUAN TIAN, Tsinghua University—Bank Interventions and Firm Innovation: Evidence From Debt Covenant Violations
DIEMO DIETRICH, Newcastle University, MICH TVEDE, University of East Anglia, and MONIKA BUCHER, Deutsche Bundesbank—Bank Stability, Liquidity, and Asset Prices: The Role of Coordination Failures for Determinancy and Welfare
YANIV BEN-AMI, Yale University—Banking Crises as Self-defeating Prophecies
MUNENORI NAKASATO, Aoyama Gakuin University, TOMOKI KITAMURA, NLI Research Institute, and HIROTAKA FUSHIYA, Aoyama Gakuin University—Bayesian Belief Update and Mispricing:
Theory and Experiment
FABIAN REGELE, Goethe University Frankfurt, and CHRISTIAN KUBITZA, Goethe University Frankfurt—Business Activities of Insurance Companies and Financial Stability
MANTHOS DELIS, University of Surrey, IFTEKHAR HASAN, Fordham University and Bank of Finland, and STEVEN ONGENA, University of Zurich, Swiss Finance Institute, KU Leuven, CEPR—
Democracy and Credit “Democracy Doesn’t Come Cheap” But At Least Credit to Its Corporations Will Be
ALBERTO MANCONI, Bocconi University, ANTONINO EMANUELE RIZZO, Tilburg University, and OLIVER SPALT, Tilburg University—
Diversity Investing
JINFEI SHENG, University of British Columbia, and XI DONG, Baruch College—Does the Fed Exacerbate Asset Bubbles?
JINFEI SHENG, University of British Columbia, and XI DONG, Baruch College—Does the Fed Exacerbate Asset Bubbles?