Senior Fellows/Fellows

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Senior Fellows/Fellows

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Feb 2017

Dynamic Trade, Endogenous Institutions And The Colonization Of Hong Kong: A Staged Development Framework

T. Terry CHEUNG, Theodore PALIVOS, Ping WANG, Yin-Chi WANG, Chong Kee YIP
To explore the interplays between trade and institutions, we construct a staged development framework with multi-period discrete choices to study the colonization of Hong Kong, which served to facilitate the trade of several agricultural and manufactured products, including opium, between Britain an...
Keywords: trade, Hong Kong, Staged development framework
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Annual Conference

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Corporate Finance

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May 2017

Drivers of Effort: Evidence from Employee Absenteeism

Margarita TSOUTSOURA, Daniel WOLFENZON, Morten BENNEDSEN
We use detailed information on individual absent spells of all employees in 4140 firms in Denmark to show large differences in average absenteeism across firms. Using employees who switch firms, we decompose days absent into an individual component (e.g., motivation, work ethic) and a firm component...
Keywords: family firms, organizational structure, employee effort
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Annual Conference

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Blockchain and Cryptocurrency

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May 2021

Double-Spend Counterattacks: Threat of Retaliation in Proof-of-Work Systems

David C. PARKES, Daniel J. MOROZ, Daniel J. ARONOFF, Neha NARULA
Proof-of-Work mining is intended to provide blockchains with robustness against double-spend attacks. However, an economic analysis that follows from Budish (2018), which considers free entry conditions together with the ability to rent sufficient hashrate to conduct an attack, suggests that the res...
Keywords: cryptography and security, game theory, cryptoeconomic systems
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Annual Conference

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International Macroeconomics, Money & Banking, Senior Fellows/Fellows

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May 2023

Dollar Reserves and U.S. Yields: Identifying the Price Impact of Official Flows

Rashad AHMED, Alessandro REBUCCI
This paper shows that the price impact of foreign official (FO) purchases or sales of U.S. Treasuries (USTs) is about twice as large as previously reported in the literature once critical sources of endogeneity are addressed. We also show that prevailing estimates of this price impact suffer from om...
Keywords: Foreign official flows, Global savings glut, Identification via heteroskedasticity, Interest rates conundrum, International reserves, U.S. Dollar, VARs
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Annual Conference

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International Macroeconomics, Money & Banking

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May 2022

Dollar beta and stock returns

Ilhyock SHIM, Hyun Song SHIN, Valentina BRUNO
The financial channel of exchange rates operates through changes in risk-taking by investors and is reflected in the response of financial conditions to exchange rate movements. We show that stock returns also reflect the financial channel of exchange rates, with higher local currency stock returns ...
Keywords: global liquidity, pricing factor, emerging market, exchange rate
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