Webinar Series

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Capital Market Development: China and Asia

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Oct 2022

By comparing uncollateralized business loans made by a big tech lending program with conventional bank loans, we find that big tech loans tend to be smaller and have higher interest rates and that borrowers of big tech loans tend to repay far before maturity and borrow more frequently. This lending ...
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Annual Conference

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International Macroeconomics, Money & Banking

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May 2018

Cyclical unemployment rates differ substantially more between countries in the euro area than between states in the United States. We find that net migration is responsive to unemployment differentials, but the response is smaller in Europe relative to the U.S. This paper explores to what extent the...
Keywords: international migration, optimal currency areas, international business cycles
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Annual Conference

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International Macroeconomics, Money & Banking

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May 2024

China's current account transactions use an offshore international currency, the CNH, that co-exists as a parallel currency with the mainland domestic currency, the CNY. The CNH is freely used, but by restricting its exchange for CNY, the authorities can enforce capital controls. Sustaining these co...
Keywords: Chinese monetary policy, Gresham’s law, Goodhart’s law, Money markets, RMB
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Senior Fellows/Fellows

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Senior Fellows/Fellows

We examine thousands of U.S. private equity (PE) buyouts from 1980 to 2013, a period that saw huge swings in credit market tightness and GDP growth. Our results show striking, systematic differences in the real-side effects of PE buyouts, depending on buyout type and external conditions. Employment ...
Keywords: private equity, buyouts
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Annual Conference

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International Macroeconomics, Money & Banking

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May 2019

This paper utilizes disaggregated prices at the micro level to examine the patterns of price adjustment in Thailand. Among the key stylized facts, we found that the frequency of price changes are generally low, prices decreases are common, the size of price changes are large relative to the inflatio...
Keywords: Factor model, inflation, price rigidity, price setting, relative prices, Phillips curve
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