Webinar Series

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Pandemic

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May 2020

Internal and External Effects of Social Distancing in a Pandemic

Maryam FARBOODI, Gregor JAROSCH, Robert SHIMER
We use a conventional dynamic economic model to integrate individual optimization, equilibrium interactions, and policy analysis into the canonical epidemiological model. Our tractable framework allows us to represent both equilibrium and optimal allocations as a set of differential equations that c...
Keywords: Social Distancing, 2019-nCoVCOVID-19, Disease Outbreak
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Annual Conference

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Labour Economics

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May 2025

Intergenerational Effects of Debt Relief: Evidence from Bankruptcy Protection

Naser HAMDI, Ankit KALDA, Qianfan WU
Using bankruptcy filing information on parents matched with administrative data on their children, along with judicial leniency as an instrumental variable, we examine the effect of parental bankruptcy protection on children’s income, intergenerational mobility, and homeownership. We find that chi...
Keywords: Debt relief, bankruptcy protection, intergenerational effects, income, intergenerational mobility
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Annual Conference

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Economic Transformation of Asia

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May 2018

Interest-Rate Liberalization and Capital Misallocations

Zheng LIU, Pengfei WANG, Zhiwei XU
We study the consequences of interest rate liberalization in a two-sector general equilibrium model of China. The model captures a key feature of China's distorted financial system: state-owned enterprises (SOEs) have greater incentive to expand production and easier access to credit than private fi...
Keywords: interest-rate liberalization, state-owned enterprises
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Annual Conference

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International Macroeconomics, Money & Banking

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May 2018

Interest Arbitrage under Capital Controls: Evidence from Reported Entrepot Trades

Jiafei HU, Haishan YUAN
Capital controls segment the offshore credit market of Chinese renminbi from the onshore market. Using a novel administrative data set, we provide evidence that firms arbitrage the onshore-offshore interest differentials using bank-intermediated “entrepˆot trades,” which supposedly re-export im...
Keywords: capital controls, RMB Interest Arbitrage, Entrepot Trade, Trade Finance
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Annual Conference

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Investment Finance

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May 2018

Insurers as Asset Managers and Systemic Risk

Andrew ELLUL, Chotibhak JOTIKASTHIRA, Anastasia KARTASHEVA, Christian T. LUNDBLAD, Wolf WAGNER
Financial intermediaries often provide guarantees resembling out-of-the-money put options, exposing them to undiversifiable tail risk. We present a model in the context of the U.S. life insurance industry in which the regulatory framework incentivizes value-maximizing insurers to hedge variable annu...
Keywords: Financial stability, Asset similarity, fire sales, Insurance companies
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