Annual Conference

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International Macroeconomics, Money & Banking

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May 2017

abstract not available
Keywords: Business cycle, financial cycle, spectral analysis
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Annual Conference

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International Macroeconomics, Money & Banking

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May 2024

We study three centuries of U.K., U.S. and Dutch fiscal history. When a country is the dominant safe asset supplier, it can issue more debt than what is justified by its future primary surpluses. This pattern holds for the Dutch Republic in the 17th and 18th, the U.K. in the 18th and 19th, and the U...
Keywords: bond pricing, fiscal policy, term structure, convenience yield, exorbitant privilege
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Webinar Series

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Capital Market Development: China and Asia

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Mar 2024

We study the role of export credit agencies—the predominant tool of industrial policy—on firm behavior by using the effective shutdown of the Export-Import Bank of the United States (EXIM) from 2015-2019 as a natural experiment. We show that firms that previously relied on EXIM support saw a 18%...
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Annual Conference

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Corporate Finance

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May 2024

We study the role of export credit agencies—the predominant tool of industrial policy— on firm behavior by using the effective shutdown of the Export–Import Bank of the United States (EXIM) from 2015–2019 as a natural experiment. We show that firms that previously relied on EXIM support saw ...
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Annual Conference

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Economic Transformation of Asia, Senior Fellows/Fellows

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May 2015

Competing claims about conditions in Chinese housing markets are challenging to evaluate because of data limitations. We bring new data to bear on this issue and examine a wide array of property market risk metrics and fundamentals. On average across 35 large cities, real land and house prices have ...
Keywords: Housing markets, China
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