AMPF Papers

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Commissioned Paper

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May 2019

The Dollar Hegemon? Implications for Policy Makers

Pierre-Olivier GOURINCHAS
This paper reviews the central role of the US dollar in the global trade, financial and monetary systems. The dominance of the US dollar as an invoicing, issuance, anchor and reserve currency has increased over time, especially so and somewhat paradoxically since the end of the Bretton Woods system....
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Annual Conference

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Trade, Growth and Development

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May 2022

The Distributional Impacts of Transportation Networks in China

Yang TANG, Lin MA
This paper evaluates the dynamic and distributional impacts of transportation networks in China. We argue that the quality of roads and railroads vary substantially over time and space, and therefore binary measures of connectivity in the literature are inadequate. Instead, we construct a new panel ...
Keywords: regional trade, Migration, welfare, economic geography
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Annual Conference

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Household Finance

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May 2025

The Distribution Side of Insurance Markets

Li AN, Wei HUANG, Dong LOU, Jiaxing TIAN, Yongxiang WANG
This paper provides causal evidence for the impact of sales channels on insurance product adoption. Specifically, we utilize policy-level data provided by one of the largest life insurers in China, where we observe granular information on policy features and investor characteristics. We then exploit...
Keywords: Insurance Market, Household Finance, Life Insurnace, Annuity
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Annual Conference

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Corporate Finance

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May 2018

The Dark Side of Technological Progress? Impact of E-Commerce on Employees at Brick-and-Mortar Retailers

Sudheer CHAVA, Alexander OETTL, Manpreet SINGH, Linghang ZENG
Using an employer-employee payroll dataset for approximately 2.6 million retail workers, we analyze the impact of the staggered rollout of a major e-commerce retailer’s fulfillment centers on the income and employment of workers at geographically proximate brick-and-mortar retail stores. We find t...
Keywords: Technological progress, E-Commerce
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Annual Conference

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Investment Finance

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May 2023

The Cryptocurrency Participation Puzzle

Ran DUCHIN, David H. SOLOMON, Jun TU, Xi WANG
We show that ongoing zero portfolio weights in cryptocurrency are surprisingly difficult to generate in a standard Bayesian portfolio theory framework. With ten years of prior data, equity market investors would need very pessimistic priors on mean returns to justify never having bought cryptocurren...
Keywords: Cryptocurrency, Bitcoin, Bayesian Portfolio Theory, Investments, Market Participation
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