Commentaries

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2020, Pandemic

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Senior Fellows/Fellows

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Senior Fellows/Fellows, Pandemic

We study how the differential timing of local lockdowns due to COVID-19 causally affects households’ spending and macroeconomic expectations at the local level using several waves of a customized survey with more than 10,000 respondents. About 50% of survey participants report income and wealth lo...
Keywords: Subjective expectations, consumer spending, Labor market, Employment, COVID -19, Surveys
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Webinar Series

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Pandemic

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May 2020

South Korea publicly disclosed detailed location information of individuals that tested positive for COVID-19. We quantify the effect of public disclosure on the transmission of the virus and economic losses in Seoul. We use detailed foot-traffic data from South Korea’s largest mobile phone compan...
Keywords: COVID-19, Privacy, Welfare effects
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Annual Conference

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Sustainable and Green Finance

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May 2022

Even against increasing interest in socially responsible investing mandates, we find that implementing ESG strategies can cost nothing. Modifying optimal portfolio weights to achieve an ESG-investing tilt negligibly affects portfolio performance across a broad range of ESG measures and thresholds. T...
Keywords: ESG, IPCA, tangency portfolio, portfolio tilt, responsible investing, sustainable investing
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Annual Conference

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International Macroeconomics, Money & Banking

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May 2022

We model the dynamic competition among national fiat currencies, cryptocurrencies, and Central Bank Digital Currencies (CBDCs), whereby a country’s fiscal strength and currency strength are mutually reinforcing. The rise of cryptocurrencies hurts stronger fiat currencies, but can benefit weaker fi...
Keywords: CBDC, Cryptocurrency, Currency Competition, Digitization, Dollarization, Money, Stablecoin, Tokenomics.
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