Research highlight
Heterogeneous Global Booms and Busts
American Economic Review, 112 (7), 2178-2212
Research highlight
Central Bank Swap Lines: Evidence on the Lender of Last Resort
The Review of Economic Studies, 89(4), 1654–1693
Research highlight
Market efficiency in the age of big data
Journal of Financial Economics, 145(1), 154-177
Research highlight
Ripples into waves: Trade networks, economic activity, and asset prices
Journal of Financial Economics, 145(1), 217-238
Research highlight
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...
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
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...
CBDCs: Potential Impact on Bank Profitability, Asset and Risk Management and Financial Stability
In this paper we discuss whether or not the introduction of CBDCs may impact the profitability of banks and their ability to accumulate capital...
Central bank digital currencies, reserve currencies and geopolitics
When it comes to central bank digital currencies (CBDCs), the focus of market participants and regulators – especially in the banking industry – is...
Some Evidence of Regulatory Convergence
We find some evidence of regulatory convergence in four distinct areas of business activity over the 2005-2019 period. This convergence is most...
Delegation Chains
We ask why we observe multiple layers of decision-making in fund management with investors, sponsors, fund managers, and consultants, even if...
Bond Funds and Credit Risk
We show that supply-side effects arising from the bond holdings of open-end mutual funds affect corporate credit risk. In our model, funds exposed to...
