Annual Conference

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Accounting, Senior Fellows/Fellows

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May 2015

We investigate whether a sentiment effect arising from poor air quality impacts stock prices. We find little evidence suggesting that local air quality directly affects stock prices. However, we show that the local air quality index (which is increasing in air pollution) relative to that of Beijing ...
Keywords: China, Pollution, Stock Return, Behavioral bias
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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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