AMPF Papers

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Policy Note

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May 2023

Subjective Inflation Expectations and Monetary Policy Communication: The Role of Medium, Messenger, and Message

Michael WEBER
Inflation expectations of households and firms are central determinants in all dynamic macro models. Yet, empirical evidence suggests these decision makers form expectations in ways that deviate from the assumptions in these models: on average, inflation expectations are biased upwards relative to e...
Keywords: Macroeconomics, Intertemporal Choice, Consumption, Savings, Surveys, Monetary Policy, Fiscal Policy, Experiments, Financial Decision-making, Cognition, Communication.
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Webinar Series

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Capital Market Development: China and Asia

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Jan 2025

Structured Beliefs and Fund Performance: An LLM-Based Approach

Zhenyu GAO, Wei XIONG, Jian YUAN
Leveraging the unprecedented capabilities of Large Language Models (LLMs) to assess sentiment across different topics within the same text, we extract the structured beliefs of all mutual fund managers in China based on their reports spanning 2008 to 2023, regarding the economy, government policies,...
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Senior Fellows/Fellows

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Senior Fellows/Fellows, Pandemic

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May 2020

Stress tests for Banks as Liquidity Insurers in a Time of COVID

Viral V. ACHARYA
Stock prices have declined and credit market conditions have tightened in response to the COVID-19 pandemic. Firms typically respond to such outcomes by exercising their liquidity insurance and drawing down their credit lines. This column uses two ‘stress tests’ to demonstrate that the quantum o...
Keywords: COVID-19, Pandemic, Liquidity insurance, stock prices
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Annual Conference

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Household Finance

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May 2022

Strategically Staying Small: Regulatory Avoidance and the CRA

Jacelly CESPEDES, Jordan NICKERSON, Carlos PARRA
Using the introduction of an asset based two-tiered evaluation scheme in the 1995 CRA reform, we examine the consequences of regulatory avoidance. Banks exploit the attribute-based regulation by strategically slowing asset growth, bunching below the $250M threshold. The regulatory avoidance also pro...
Keywords: CRA, Financial Institutions, Regulatory Avoidance, Attribute-based Regulation
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Annual Conference

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Accounting

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May 2024

Strategic Secrecy or Managerial Shielding: Examining the Motives Behind Confidential Advertising Expenditures

Ofir GEFEN, Po-Hsuan HSU, Hsiao-Hui LEE, Hunghua PAN, David REEB
We examine the common practice of non-disclosure of corporate advertising expenditures. While some firms explicitly disclose these figures, others do not, suggesting that their expenditures are insignificant or that the firm prioritizes strategic secrecy. Theoretical and empirical research suggests ...
Keywords: Reported advertising, Disclosure, Competitive strategy, Managerial job security, and Valuation discounts
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