Senior Fellows/Fellows

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Senior Fellows/Fellows, Pandemic

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May 2020

We use daily transaction data in 214 cities to study the impact of COVID-19 on consumption after China’s outbreak in late January 2020. Based on difference-in-differences estimation, daily offline consumption—via UnionPay card and QR scanner transactions—fell by 32%, or 18.57 million RMB per c...
Keywords: COVID-19, Coronavirus, Pandemic, Consumption, economic impact, Policy response, fiscal stimulus, transaction data
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Senior Fellows/Fellows

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Senior Fellows/Fellows, 2017

We study how secular culture affects firm behavior when formal institutions fall short. We find that firms more exposed to alcohol-related sin culture exhibit more earnings management and lean their operations more toward local business partners. Tests using latitude and snow/temperature as instrume...
Keywords: Zhe Li (Renmin University of China), Massimo Massa (INSEAD), Nianhang Xu (Renmin University of China), Hong Zhang (Tsinghua University)
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Commentaries

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2020, Pandemic

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Annual Conference

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International Macroeconomics, Money & Banking, Senior Fellows/Fellows

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May 2016

A theory of money needs a proper place for financial intermediaries. Intermediaries diversify risks and create inside money. In downturns, micro-prudent intermediaries shrink their lending activity, fire-sell assets and supply less inside money, exactly when money demand rises. The resulting Fisher ...
Keywords: Monetary Economics, (Inside) Money, Endogenous Risk Dynamics;
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Annual Conference

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Investment Finance, Senior Fellows/Fellows

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May 2018

Corporate environmental concerns (i.e., weaknesses) are spatially clustered, unlike environmental strengths. Firms headquartered in cities friendlier towards the environment (“green” cities) are less likely to have environmental concerns. Manufacturing facilities operated by such firms pose lowe...
Keywords: Environmental issues, environmental performance, toxic substances, corporate environmental policies, local bias
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