Discussion Papers

We examine loan insurance when lenders can screen at origination, learn loan quality over time, and can sell loans in secondary markets. Loan...

In the 30 years since the fall of communism, the countries of the former Soviet bloc and Yugoslavia have undergone tremendous change. Income per...

Rank-and-file employees are becoming increasingly critical for many firms, yet we know little about how their employment dynamics matter for stock...

We propose a novel, and simple, Bayesian estimation and model selection procedure for crosssectional asset pricing. Our approach, that allows for both...

Consumption dynamics are hard to measure accurately in the data, yet they are the crucial ingredient of macro-finance asset pricing models. The...

Under the threat of earthquakes, long-term policy makers need tools to optimally decide on the economic trajectories that will maximize the society...

We study the market for a risky asset with heterogeneous valuations. Agents seek to learn about their own valuation by acquiring private information...

Financial crisis can trigger policy reversals, i.e. they can lead to a process of reregulation of financial markets. Using a recent comprehensive...

We propose a new measure of private information in decentralised markets – connections – defined as the number of dealers with whom a client trades in...

We derive the optimal underwriting method and the quantitative IPO pricing rule that this method implies in a market with informational frictions...

We present a dynamic model featuring risk-averse investors with heterogeneous beliefs. Individual investors have stable beliefs and risk aversion, but...

Financial networks are an important source of systemic risk, but often only partial network information is available. In this paper, we use data on...

We develop a new methodology to estimate the impact of a financial transaction tax (FTT) on informational efficiency, liquidity and volatility. In our...

Students around the world are going to school but are not learning – an emerging gap in human capital formation. To understand this gap, we introduce...

We study the efficiency, price formation and segmentation of cryptocurrency markets. We document large, recurrent arbitrage opportunities in...

Why do countries differ in terms of their exposure to fluctuations in the global supply of credit? We argue that frictions in global intermediation...