Annual Conference

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Investment Finance, Senior Fellows/Fellows

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May 2022

This paper exploits a natural experiment in India – Inflation Targeting to study how changes in inflation expectations influence households’ consumption, savings, and investments in risky assets. Using regional heterogeneity in inflation expectations by city and city-age-gender bins due to the I...
Keywords: Expectations, Inflation Targeting, Household Finance, Household Balance Sheet, Consumption, Savings,
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Members' Digest

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2020

Keywords: Sumit Agarwal, Bernard YEUNG
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Annual Conference

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International Macroeconomics, Money & Banking

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May 2025

Using proprietary data from the predominant cryptocurrency exchange in India together with the country’s Household Inflation Expectations Survey, we document a significantly positive association between inflation expectations and individual cryptocurrency purchases. Higher inflation expectations a...
Keywords: Bitcoin, Crytocurrency, Household Finance, Inflation, Stablecoin
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Annual Conference

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Household Finance

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May 2022

We analyze how individual investors respond to inflation. We introduce a unique dataset containing information on local inflation and security portfolios of more than 2,000 clients of a German bank between 1920 and 1924, covering the German hyperinflation. We find that individual investors buy less ...
Keywords: inflation, investor behavior, individual investors, behavioral biases, money illusion
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Annual Conference

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Trade, Growth and Development

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May 2022

We examine how industry-university collaboration (IUC) enhances Chinese firms’ commercialization of their technologies using a comprehensive dataset of mediumsized and large industrial firms and research universities in China. Measuring IUC with the occurrence and frequency of patents co-assigned ...
Keywords: Industry-University Collaboration, Corporate Innovation, Technology Commercialization, Technology Transfers, Knowledge Acquisition, Talent Recruiting
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