Annual Conference

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International Macroeconomics, Money & Banking

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May 2019

Industrial Revolutions and Global Imbalances

Kenichi UEDA, Alexander MONGE-NARANJO
Based on the historical data since 1845, we identify a stylized fact, that is, alternating waves in global imbalances generated by sequential industrial revolutions. We develop a new theory to explain this stylized fact. Our theory proposes a development-stage view for the optimal global imbalances....
Keywords: Global imbalance, external wealth, industrial revolution
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Annual Conference

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Real Estate and Urban Economics

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May 2025

Individual Landlords in the Mortgage Market New!

Joao F. COCCO, S. Lakshmi NAARAAYANAN, Jagdish TRIPATHY
We use administrative data on the universe of mortgage originations to individual landlords in the United Kingdom to study their asset and financing choices around a large unexpected credit tightening event. This event led to an increase in rental yields driven by a decline in property values, despi...
Keywords: Individual landlords, Mortgages, Interest rates, House prices, Rents
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Annual Conference

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Real Estate and Urban Economics

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May 2024

Individual Investors' Housing Income and Interest Rates Fluctuations

Antonio GARGANO, Marco GIACOLETTI
We study the relationship between the level of interest rates and the share of individuals who own rental properties. Using unique tax filing data from Australia, we show that declines in interest rates over the period between 2006 and 2019 have coincided with a substantial increase in the share of ...
Keywords: Household Income, Landlords, Interest Rates, Homeownership
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Webinar Series

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Capital Market Development: China and Asia

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Mar 2023

Indirect Effects of Access to Finance

Jing CAI, Adam SZEIDL
We created experimental variation across local markets in China in the share of firms having access to a new loan product, to measure the direct and indirect effects of access to finance. We find that:(1) Access to finance had a large positive direct effect on the performance of treated firms. (2) A...
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Senior Fellows/Fellows

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Senior Fellows/Fellows

Index Investing and Asset Pricing Under Information Asymmetry and Ambiguity Aversion

David HIRSHLEIFER, Siew Hong TEOH, Chong HUANG
In a setting with information asymmetry and a tradable value-weighted market index, ambiguity averse investors hold undiversified portfolios, and assets have nonzero alphas. But when a passive fund offers the risk-adjusted market portfolio (RAMP), whose weights depend on information precisions as we...
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