Discussion Papers

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...

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...

As the financial authorities increase their use of artificial intelligence (AI), micro regulations, such as consumer protection and routine banking...

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

Since 2017, the United Arab Emirates have introduced several gender legal reforms after decades of poor performance on economic and social equality...

We study the role of multinationals (MNCs) in facilitating firm-level and aggregate structural transformation. Using a stylized model of multinational...

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

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...

There is little direct empirical evidence on the investment behavior of wealthy households. Based on a proprietary database of investment portfolios...

In this paper, we explore the consequences of low nominal interest rates for credit supply, macroeconomic outcomes and policy. Using the protracted...

We develop a dynamic model of DeFi lending that incorporates the following key features: 1) borrowing and lending are decentralized, anonymous...

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...

This paper investigates how consumers and investors react to the standardized disclosure of data privacy practices. Since December 2020, Apple has...

This paper shows that, in a world dominated by vehicle currencies, firms engaging in international operations retain currency risk and hedge it real...

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...

Using a representative survey of U.S. lawyers, we document a sizeable gender gap in early partnership aspirations, which explains half of the later...