Annual Conference

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International Macroeconomics, Money & Banking, Senior Fellows/Fellows

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May 2015

The Gravity of Experience

Pushan DUTT, Ana Maria SANTACREU, Daniel TRACA
In this paper, we establish the importance of experience in international trade in reducing unmeasured trade costs and facilitating bilateral trade. We find a strong role for experience, measured in years of positive trade, for both aggregate and sectoral bilateral trade. In an augmented gravity fra...
Keywords: Gravity model, Dark Trade Costs, Experience, Extensive and intensive margin
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Annual Conference

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International Macroeconomics, Money & Banking

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May 2019

The Global Financial Cycle and US Monetary Policy in an Interconnected World

Alessandro GALESI, Stéphane DÉES
We assess the international spillovers stemming from identified US conventional and unconventional monetary policy shocks by estimating a global VAR model which exploits panel variation on several macroeconomic and financial indicators for a set of advanced and emerging economies. We find that US mo...
Keywords: trilemma, global financial cycle, monetary policy spillovers
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Annual Conference

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International Macroeconomics, Money & Banking

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May 2017

The Financing of Local Government in China: Stimulus Loan Wanes and Shadow Banking Waxes

Zhiguo HE, Zhuo CHEN, Chun LIU
The upsurge of shadow banking is typically driven by rising financing demand from certain real sectors. In China, the 4 trillion yuan stimulus package in 2009 was behind the rapid growth of shadow banking after 2012, expediting the development of Chinese corporate bond markets in the poststimulus pe...
Keywords: Local Government Financing Vehicles, Municipal Corporate Bonds, Shadow Banking in China
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Senior Fellows/Fellows

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Senior Fellows/Fellows

The FIN and PEAD Factors: Motivation, Construction, and Availability

David HIRSHLEIFER, Kent DANIEL, Lin SUN
This document provides an overview of the FIN and PEAD factors of Daniel, Hirshleifer, and Sun (2020) and describes their motivations, constructions, and availability. Based on investor psychology, Daniel, Hirshleifer, and Sun (2020) propose a theoretically motivated factor model that augments the m...
Keywords: Factor Models, Behavioral Factors
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Senior Fellows/Fellows

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Senior Fellows/Fellows

The Falling Roe and Relocation of Skilled Women: Empirical Evidence from a Large Sample of Auditors

Yupeng LIN, Michael SHEN, Rui SHI, Jean (Jieyin) ZENG
Our study examines the impact of women’s abortion rights protection on female auditors’ mobility. Exploiting the state-level adoption of Targeted Regulation of Abortion Providers (TRAP) laws that restrict women’s access to abortion, we find that female auditors’ propensity to relocate to sta...
Keywords: TRAP Laws, Abortion Policy, Skilled Women, Labor Mobility, Political Ideology, auditors
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