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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Senior Fellows/Fellows

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Senior Fellows/Fellows, Pandemic

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May 2020

In a Project Syndicate column that I wrote on January 27, 2020, I predicted a turning point in the spread of the novel coronavirus in China by the second or third week of February and the end of the epidemic by early May. That projection is based on a combination of the experience in ending the SARS...
Keywords: COVID-19, Pandemic, Key points
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Commentaries

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Senior Fellows/Fellows, 2020, Pandemic

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Senior Fellows/Fellows

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Senior Fellows/Fellows

This paper finds evidence of return predictability across technology-linked firms. Employing a classic measure of technological closeness between firms, we show that the returns of technology-linked firms have strong predictive power for focal firms’ returns.  A long-short strategy based on this ...
Keywords: Technology momentum, Stock Returns, return predictability, patents, technological closeness, limited attention, market efficiency
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Annual Conference

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International Macroeconomics, Money & Banking, Senior Fellows/Fellows

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May 2018

Ant Financial provides automated credit lines to more than a million firms trading on Alibaba’s Taobao e-commerce platform. Monthly credit records show how TechFin mitigates local credit supply frictions in China’s segmented credit market and extends the “frontier” of credit availability to ...
Keywords: TechFin, Credit Constraints, micro credit, Entrepreneurship
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