Senior Fellows/Fellows

|

2025

Beyond the Bubble: Structural Drivers of Tokyo’s High Housing Prices New!

Chihiro SHIMIZU
This study develops and empirically tests a unified equilibrium model of the housing market. The model integrates user-cost theory, expectation formation, and urban growth dynamics. Using monthly data for the Tokyo metropolitan area from 1986 to 2025, the model jointly estimates housing prices, rent...
Keywords: Housing prices, User cost, Price-to-rent ratio, Urban redevelopment, Cointegration (Johansen test), VECM, Counterfactual simulation, Structural appreciation, Expectations, Tokyo housing market
  • View
  • Download
  • Bookmark
  •    |   

Senior Fellows/Fellows

|

2025

Managing Financial Crises

Gianluca BENIGNO, Alessandro REBUCCI, Aliaksandr ZARETSKI
In this paper, we revisit the question of how to manage financial crises using the framework proposed by Bianchi and Mendoza (2018). We show that this model economy exhibits a multiplicity of constrained-efficient equilibria, which arises because the private shadow value of collateral influences the...
Keywords: constrained efficiency, financial crises, macroprudential policy, optimal policy, pecuniary externalities, time consistency
  • View
  • Download
  • Bookmark
  •    |   

Senior Fellows/Fellows

|

2025

Banking on Technology: Bank Technology Adoption and Its Effects

Sheila JIANG, Alessandro REBUCCI, Gang ZHANG
We develop and estimate a new model of endogenous growth in bank efficiency and firm productivity in which banks adopt technology embedded in capital goods produced by entrepreneurs, and agents choose whether to become workers or capital-good-producing entrepreneurs. In this framework, bank efficien...
Keywords: Bank efficiency, Cost of Intermediation, Growth, Firm Size Distribution, Technology Adoption, Productivity
  • View
  • Download
  • Bookmark
  •    |   

Senior Fellows/Fellows

|

2025

Tapping Business and Household Surveys to Sharpen Our View of Work from Home

Jose Maria BARRERO, Nicholas A. BLOOM, Kathryn BONNEY, Cory BREAUX, Catherine BUFFINGTON, Steven J. DAVIS, Lucia FOSTER, Brian MCKENZIE, Keith SAVAGE, Cristina TELLO-TRILLO
The Business Trends and Outlook Survey collected detailed data on work from home (WFH) practices at more than 150,000 American firms from November 2024 to January 2025. These data fill a key gap by providing timely business-level measures of WFH for the U.S. economy and complementing parallel data c...
Keywords: Work from home, remote work, working arrangements, productivity, management practices, employee monitoring, business surveys, household surveys
  • View
  • Download
  • Bookmark
  •    |   

Senior Fellows/Fellows

|

2025

Informal Institutions, Corporate Innovation, and Policy Innovation

Jian XIE, Bernard YEUNG, Qinhong YU
Informal institutions can play a crucial role in fostering corporate and policy innovation, espe-cially when formal institutions are weak. However, their intangible nature makes them difficult to quantify. In this paper, we proxy the strength of kinship-based informal institutions using sur-name hom...
Keywords: Informal Institutions, Surname Homogeneity, Corporate Innovation, Policy Innovation, Entrepreneurs, Economic Development, China
  • View
  • Download
  • Bookmark
  •    |