L
Lawrence H. Summers
Researcher at Harvard University
Publications - 291
Citations - 61147
Lawrence H. Summers is an academic researcher from Harvard University. The author has contributed to research in topics: Investment (macroeconomics) & Unemployment. The author has an hindex of 102, co-authored 285 publications receiving 58555 citations. Previous affiliations of Lawrence H. Summers include The Treasury & National Science Foundation.
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Noise Trader Risk in Financial Markets
TL;DR: In this article, the authors present a simple overlapping generations model of an asset market in which irrational noise traders with erroneous stochastic beliefs both affect prices and earn higher expected returns.
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Positive Feedback Investment Strategies and Destabilizing Rational Speculation
TL;DR: In this paper, the role of rational speculators in financial markets was analyzed and it was shown that an increase in the number of forward-looking rational traders can lead to increased volatility of prices about fundamentals.
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Positive Feedback Investment Strategies and Destabilizing Rational Speculation
TL;DR: In this article, the authors present a possibly empirically important exception to this argument, based on the prevalence of positive feedback investors in financial markets, who buy securities when prices rise and sell when prices fall.
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Efficiency wages and the inter-industry wage structure
TL;DR: The authors empirically tested and rejected classical competitive theories of wage determination by examining differences in wages for equally skilled workers across industries, and found that the dispersion in wages across industries as measured by the standard deviation in industry wage differentials is substantial.
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Hysteresis and the European Unemployment Problem
TL;DR: The authors argue that if wages are largely set by bargaining between insiders and firms, shocks which affect actual unemployment tend also to affect equilibrium unemployment, which implies that shocks have much more persistent effects on unemployment than standard theories can possibly explain.