Publications

We examine a novel mechanism whereby the US dollar’s global dominance can have a large, unexpected impact on foreign Treasury yields in crisis periods...

The Review of Economic Studies, rdae048

We propose a loglinear present-value identity in which investment ("scale"), profitability ("yield"), and discount rates determine a firm’s market-to...

Artificial intelligence will both be of considerable help to the financial authorities and bring new challenges. This column argues the authorities...

Journal of Financial Economics, 153, 103776

This paper argues that political affiliation plays a central role in shaping household expectations and consumption behavior. Using survey and...

With the deepening of China's reform and opening up, and the sustained development of the Chinese economy, the Chinese bond market has become an...

We consider a setting in which privately informed agents are located in a network and trade a risky asset with other agents with whom they are...

When members of the same household have different risk preferences, whose preference matters more for investment decisions and why? We propose an...

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...

We study exchange rate expectations in surveys of financial professionals and find that they successfully forecast currency appreciation at the two...

In January 2020, the Greek government appointed a Commission to propose a growth plan for the Greek economy. The Pissarides Commission produced a...

The Greek government appointed in January 2020 a Commission chaired by Nobel Prize winner Christopher Pissarides to propose a growth plan. The...

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...

This paper examines how market power affects coverage in a general class of insurance models. We show that market power decreases coverage for...

The existing literature has documented “reaching for yield”—the phenomenon of investing more in risky assets when interest rates are lower—among...