Inflation Expectations and Stock Returns
How do inflation expectations affect stock returns, and what accounts for this relationship? We directly measure investors' expectations using traded...
DP 984
Research highlight
Corporate Bond Multipliers: Substitutes Matter
The Review of Financial Studies, hhag082
Regulator Model-Implied Beliefs
Financial regulations rely on regulator-controlled models to generate probabilistic forecasts which determine firm constraints. I refer to these...
DP 960
Anatomy of the Treasury Market: Who Moves Yields?
Factor regressions provide a model-agnostic way to identify what drives Treasury yields, but not which investors respond. We develop an equilibrium...
DP 959
Corporate Bond Multipliers: Substitutes Matter
Many economic questions require estimating the price effect of demand shifts (multipliers) in the bond market. Corporate bonds have salient...
DP 955