Annual Conference

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Economic Transformation of Asia, Senior Fellows/Fellows

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May 2017

From Imitation to Innovation: Where Is all that Chinese R&D Going?

Kjetil STORESLETTEN, Zheng Michael SONG, Michael KONIG, Fabrizio ZILIBOTTI
We construct an endogenous growth model with random interactions where firms are subject to distortions. The productivity distribution evolves endogenously as firms seek to upgrade their technology over time either by innovating or by imitating other firms. We use the model to quantify the effects o...
Keywords: China, Imitation, innovation, Misallocation, productivity, R&D, subsidies, Taiwan, TFP Growth, Traveling Wave
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Specialty Conference

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Specialty Conference

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Nov 2018

From Commodity to Fiat and Now to Crypto: What Does History Tell Us?

Barry EICHENGREEN
Over time, there has been a tendency for political jurisdictions and residents to converge on a single currency. Monopoly over seigniorage is a source of political power and a valuable lifeline when sovereignty is threatened. Moreover a uniform currency, insofar as it is free of counterparty and liq...
Keywords: Monopoly, seigniorage, sovereignty, digital currencies
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Senior Fellows/Fellows

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Senior Fellows/Fellows

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Jun 2025

Friends with Benefits: Social Capital and Household Financial Behavior

Brad CANNON, David HIRSHLEIFER, Joshua THORNTON
Using friendship data from Facebook, we study the relationship between three aspects of social capital with household financial behavior. We find that the most important measure of social capital in explaining stock market and saving participation is Economic Connectedness, defined as the fraction o...
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Annual Conference

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Real Estate and Urban Economics

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May 2023

Frictional and Speculative Vacancies: The Effects of an Empty Homes Tax

Derek STACEY, Lu HAN, Hong CHENG
In this paper, we study the implications of a vacant home tax for housing availability and affordability. We develop a model with owner-occupied homes, tenanted rental units, and empty houses. Housing units are constructed by competitive developers and supplied to local households, but can also be s...
Keywords: empty houses, taxation of vacant homes, housing affordability
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Annual Conference

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Corporate Finance

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May 2019

Free-riders and Underdogs: Participation in Corporate Voting

Moqi GROEN-XU, Konstantinos E. ZACHARIADIS, Dragana CVIJANOVIC
Voting outcomes can differ from underlying preferences due to selection into voting. One source of such selection is lower participation of shareholders with popular preferences (free-rider effect) relative to that of those with unpopular preferences (underdog effect). We illustrate these strategic ...
Keywords: voting participation, Corporate governance, Shareholder Proposals, shareholder democracy, structural estimation
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