Should central banks abandon single point forecasts?
Single point forecasts for growth, inflation, interest rates, and so on are easy to comprehend and to check against outcomes, and are what otherwise...
Research highlight
Informational Black Holes in Financial Markets
Journal of Finance, 78 (6), 3099-3140
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...
On the Fragility of DeFi Lending
We develop a dynamic model of DeFi lending that incorporates the following key features: 1) borrowing and lending are decentralized, anonymous...
The spread of COVID-19 in London: Network effects and optimal lockdowns
Journal of Econometrics, 235 (2), 2125-2154
The Gap between Law and Practice in Pakistan’s Gender Reform
In the three-quarters of a century since Pakistan’s independence, parliament has adopted various laws in a bid to improve women’s legal rights. Many...
When artificial intelligence becomes a central banker
Artificial intelligence is expected to be widely used by central banks as it brings considerable cost saving and efficiency benefits. However, as this...
The Supply and Demand for Data Privacy: Evidence from Mobile Apps
This paper investigates how consumers and investors react to the standardized disclosure of data privacy practices. Since December 2020, Apple has...
Granular Corporate Hedging Under Dominant Currency
This paper shows that, in a world dominated by vehicle currencies, firms engaging in international operations retain currency risk and hedge it real...
Feedback Trading and Bubbles
The paper develops a model of bubbles that can be taken to the data and explain the behavior of asset prices and their statistics. We depart from the...
Gender Promotion Gaps: Career Aspirations and Workplace Discrimination
Using a representative survey of U.S. lawyers, we document a sizeable gender gap in early partnership aspirations, which explains half of the later...
The cost of the Kakhovka Dam destruction
The destruction of the Kakhovka Dam in June 2023 has resulted in significant economic and environmental losses. This catastrophe impacts the lives of...
The market quality implications of speed in cross-platform trading: Evidence from Frankfurt-London microwave networks
Journal of Financial Markets, 66, 100853
Volatility and dark trading: Evidence from the Covid-19 pandemic
The British Accounting Review, 55 (4),101171
The role of finance in improving household health
Increased access to financial services after the expansion of banks in India improved household health outcomes.
