The Gender Gap in Household Bargaining Power: A Revealed-Preference Approach
When members of the same household have different risk preferences, whose preference matters more for investment decisions and why? We propose an...
The Market Cost of Business Cycle Fluctuations
We propose a novel approach to measure the costs of aggregate economic fluctuations, that does not require specification of preferences or the data...
Putting the Price in Asset Pricing
We propose a novel way to estimate a portfolio’s abnormal price, the percentage gap between price and the present value of dividends computed with a...
Long-Horizon Exchange Rate Expectations
We study exchange rate expectations in surveys of financial professionals and find that they successfully forecast currency appreciation at the two...
All The President’s Money: Market Concentration, Oligarchs and Sanctions in Hybrid Regimes
Hybrid regimes feature combinations of democratic and autocratic attributes. Their common element is a leader who cultivates a clientele of favored...
The calming of short-term market fear and its long-term consequences: The central banks’ dilemma
An Unconventional FX Tail Risk Story
We examine how the tail risk of currency returns over the past 20 years were impacted by central bank (monetary and liquidity) measures across the...
The Uneven Path Towards Women’s Rights in Argentina
Argentina’s progress towards legal equality for women has been slower than in most other Latin American countries. In 1971 Argentina’s score of 31 on...
On the use of artificial intelligence in financial regulations and the impact on financial stability
As the financial authorities increase their use of artificial intelligence (AI), micro regulations, such as consumer protection and routine banking...
Market Power and Insurance Coverage
This paper examines how market power affects coverage in a general class of insurance models. We show that market power decreases coverage for...
The Sudden Surge in Gender Legal Reform in the UAE
Since 2017, the United Arab Emirates have introduced several gender legal reforms after decades of poor performance on economic and social equality...
Multinationals and Structural Transformation
We study the role of multinationals (MNCs) in facilitating firm-level and aggregate structural transformation. Using a stylized model of multinational...
Reaching for Yield: Evidence from Households
The existing literature has documented “reaching for yield” - the phenomenon of investing more in risky assets when interest rates drop - among...
Let the Market Speak: Using Interest Rates to Identify the Fed Information Effect
I propose a novel method to identify the exogenous monetary shock from the signaling effect of a Fed announcements in real time. The method relies on...
Asset Allocation and Returns in the Portfolios of the Wealthy
There is little direct empirical evidence on the investment behavior of wealthy households. Based on a proprietary database of investment portfolios...
Low Rates and Bank Loan Supply: Theory and Evidence from Japan
In this paper, we explore the consequences of low nominal interest rates for credit supply, macroeconomic outcomes and policy. Using the protracted...
