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Discussion Papers

Artificial intelligence and financial crises

The rapid adoption of artificial intelligence (AI) poses new and poorly understood threats to financial stability. We use a game-theoretic model to...

September 2025
DP 935
Jón Danielsson
Andreas Uthemann

Discussion Papers

Shadow Banks on the Rise: Evidence Across Market Segments

This paper uses credit bureau data on 648 million retail loans in India to examine the comparative advantages of shadow banks across market segments...

September 2025
DP 934
Kim Fe Cramer
Pulak Ghosh
Nirupama Kulkarni
Nishant Vats

Discussion Papers

The Structure of Leveraged Buyouts and the Free-Rider Problem

We study the structure of public firm buyouts in a model that features both the Berle-Means problem (lack of incentives) and the Grossman-Hart problem...

September 2025
DP 933
Mike Burkart
Samuel Lee
Henrik Petri

Discussion Papers

Polarization, Purpose and Profit

We present a model in which firms compete for workers who value nonpecuniary job attributes, such as purpose, sustainability, political stances, or...

July 2025
DP 932
Daniel Ferreira
Radoslawa Nikolowa

Academic journals

The Distribution of Investor Beliefs, Stock Ownership, and Stock Returns

Management Science, 0(0)

June 2025
Gikas Hardouvelis
Georgios Karalas
Dimitri Vayanos

Discussion Papers

Marketwide Memory

We propose a novel measure that allows us to study memory associations in financial markets over the course of several decades. Using our measure, we...

June 2025
DP 931
Constantin Charles
Pengfei Sui

Opinion Pieces

The surprising leadership effect accelerators have on startup employees

Entrepreneurship training programs across the world aim at boosting the success of startups. But even when startups fail, these programs bring...

June 2025
Juanita Gonzalez-Uribe

Discussion Papers

Bond Supply, Yield Drifts, and Liquidity Provision Before Macroeconomic Announcements

UK government bond yields tend to rise in a two-day window before labor market data releases and monetary policy news. This effect, particularly...

June 2025
DP 930
Dong Lou
Gábor Pintér
Semih Üslü
Danny Walker

Discussion Papers

Causal Narratives

We study causal narratives – narratives which describe a (potentially incorrect) causal relationship between variables. In a series of experiments...

June 2025
DP 929
Constantin Charles
Chad Kendall

Research highlight

Academic journals

Reaching for Yield: Evidence from Households

Journal of Financial Economics, 168, 104057

June 2025
Francisco Gomes
Cameron Peng
Oksana Smirnova
Ning Zhu

Discussion Papers

Arbitrage Networks

This paper studies the general equilibrium implications of arbitrage trades in segmented financial markets. Arbitrageurs choose a category of trades...

June 2025
DP 928
Rohit Rahi
Jean-Pierre Zigrand

Academic journals

Sustainability in a Risky World

American Economic Review: Insights, 7(2), 196–212

June 2025
John Y. Campbell
Ian Martin

Discussion Papers

When Private Firms Provide Public Goods: The Allocation of CSR Spending

This paper studies how firms allocate their Corporate Social Responsibility (CSR) expenditures to inform the welfare effects of corporate...

May 2025
DP 927
Kim Fe Cramer
Lucie Gadenne
Noémie Pinardon-Touati

Opinion Pieces

How central banks can meet the financial stability challenges arising from artificial intelligence

The growing use of artificial intelligence (AI) poses difficult challenges for the financial authorities. AI allows private-sector firms to optimise...

May 2025
Jón Danielsson
Andreas Uthemann

Opinion Pieces

Five systemic threats and what to do about them

Systemic financial risk has both internal and external drivers. So, when we focus too strongly on preventing internal crises, such as the 2008 Global...

April 2025
Jón Danielsson
Robert Macrae

Discussion Papers

Financial instability transition under heterogeneous investments and portfolio diversification

We analyze the stability of financial investment networks, where financial institutions hold overlapping portfolios of assets. We consider the effect...

March 2025
DP 926
Preben Forer
Barak Budnick
Pierpaolo Vivo
Sabrina Aufiero
Silvia Bartolucci
Fabio Caccioli

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Artificial intelligence and financial crises

Shadow Banks on the Rise: Evidence Across Market Segments

The Structure of Leveraged Buyouts and the Free-Rider Proble ...

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