Annual Conference

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International Macroeconomics, Money & Banking

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May 2021

The rise of digital currencies may result in domestic parallel currencies. Their exchange rate shocks will present a new challenge for monetary policy. We analyze these issues in a New Keynesian framework, where  rms can set prices in one of the available currencies. Price rigidity translates a on...
Keywords: private money, cryptocurrency, digital currency, currency choice, mon- etary policy
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Senior Fellows/Fellows

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Senior Fellows/Fellows, Pandemic

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Apr 2022

We examine several measures of uncertainty to make five points. First, equity market traders and executives at nonfinancial firms have shared similar assessments about one-year-ahead uncertainty since the pandemic struck. Both the one-year VIX and our survey-based measure of firm-level uncertainty a...
Keywords: Business Expectations, Uncertainty, Subjective Forecast Distributions, Capital Investments
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Senior Fellows/Fellows

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Senior Fellows/Fellows, Pandemic

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May 2020

Keywords: COVID-19, Pandemic, Governance
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Commentaries

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2020, Pandemic

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Annual Conference

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Corporate Finance

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May 2018

We show that firms strategically alter their disclosure behaviors when the channel to transmit information is severed. We conduct textual analysis and exploit an exogenous event—Google’s 2010 surprising withdrawal from mainland China, which significantly hampers domestic investors’ ability to ...
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