Sentiment and Speculation in a Market with Heterogeneous Beliefs
American Economic Review, 112 (8), 2465-2517
Measuring Ukraine’s private consumption during the war
As Russia’s invasion continues to ravage many parts of Ukraine, the flow of official statistical data has been erratic. This column outlines an...
Ideas, Idea Processing, and TFP Growth in the US: 1899 to 2019
Innovativity – an economy's ability to produce the innovations that drive total factor productivity (TFP) growth – requires both ideas and the ability...
Central Bank Swap Lines: Evidence on the Lender of Last Resort
The Review of Economic Studies, 89(4), 1654–1693
Ripples into waves: Trade networks, economic activity, and asset prices
Journal of Financial Economics, 145(1), 217-238
Comomentum: Inferring Arbitrage Activity from Return Correlations
The Review of Financial Studies, 35(7), 3272–3302
Doing Business 2.0: A Better Guide for Policy Makers
In its two decades of existence, the annual Doing Business report became a flagship publication of the World Bank and one of the primary data...
Bitcoin isn’t much of a macro hedge
Bitcoin is often sold as protection against adverse macroeconomic outcomes. This column argues that this depiction as a macro hedge does not stand up...
Epidemic Exposure, Financial Technology, and the Digital Divide
Journal of Money, Credit and Banking (forthcoming)
Restarting Ukraine’s agricultural exports
Russia has imposed a naval blockade on Ukraine, suffocating the country’s agricultural exports. The last time that Ukraine experienced an export...
Covid-19 and trust among the young
Mishandled public health and other disasters erode young people’s trust in politicians for years
Financial transaction taxes and the informational efficiency of financial markets: A structural estimation
Journal of Financial Economics (in press)
Ukraine’s recovery challenge
The economic damage in Ukraine in the wake of Russia’s invasion is on a scale not seen in Europe since WWII. This column compares Ukraine’s economic...
