Annual Conference

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International Macroeconomics, Money & Banking, Senior Fellows/Fellows

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May 2023

Unemployment differentials are greater between countries in the euro area than between U.S. states. In both regions, net migration responds to unemployment differentials, though the response is smaller in the euro area compared to the United States. We use a multi-country DSGE model with cross-borde...
Keywords: international migration, optimal currency areas, international business cycles
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Commentaries

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Senior Fellows/Fellows, 2020, Pandemic

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Annual Conference

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Accounting

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May 2019

China presents a unique opportunity to study public enforcement of mandatory disclosure when private enforcement is largely absent. Using a hand-collected sample of comment letters (CLs) on annual reports issued by the Shanghai Stock Exchange, we first show that the price reaction to CL announcement...
Keywords: public enforcement, private enforcement, institutional environment, comment letters, disclosure, ear
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Specialty Conference

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Specialty Conference

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Jan 2017

We analyze how two types of recently used prudential policies affected the supply of credit in the United States. First, we test whether the U.S. bank stress tests had any impact on the supply of mortgage credit. We find that initiation of the Comprehensive Capital Analysis and Review (CCAR) stress ...
Keywords: Bank stress tests, Jumbo mortgages, Leveraged lending, Macroprudential Policy, Syndicated loan market
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Annual Conference

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Investment Finance

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May 2024

Using mutual fund flows, we evaluate prospect theory with choice outcomes in the market. We provide strong support for prospect theory: under a standard set of parameters, funds whose past returns generate higher prospect theory value attract significantly larger future flows; we also find corrobora...
Keywords: Prospect Theory, Revealed Preference, Investor Demand, Mutual Funds
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