Annual Conference

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Accounting, Senior Fellows/Fellows

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May 2019

Deposit Supply and Bank Transparency

Chen LIN, Wensi XIE, Liangliang JIANG
Given the importance of transparency for the governance, efficiency, and stability of banks, we evaluate whether economic shocks that relax a bank’s dependence on external capital markets alter the cost-benefit calculations of bank managers concerning voluntary information disclosure. We measure i...
Keywords: Bank Transparency, Information Production, Deposit Supply
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Annual Conference

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Trade, Growth and Development

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May 2023

Demonetization and Firm Exports

Ritam CHAUREY, Ryan KIM, Pravin KRISHNA
On November 8, 2016, the Government of India announced the “demonetization” of large currency bills that rendered 86 percent of currency in circulation illegal tender. Using unique, high-frequency customs transaction data matched with balance sheet information of exporting firms and both event-s...
Keywords: demonetization, exports, customs-transactions data, monetary policy
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Annual Conference

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Accounting, Senior Fellows/Fellows

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May 2016

Deleting Unreported Innovation

David REEB, Ping-Sheng KOH, Elvira SOJLI, Wing Wah THAM, Wendun WANG
The absence of observable innovation data for a firm often leads us to exclude or classify these firms as non-innovators. We assess the reliability of six methods for dealing with unreported innovation using several different counterfactuals for firms without reported R&D or patents. These tests...
Keywords: bias, Listwise Deletion, innovation, Measuring Innovation, Multiple Imputation, Non-patenting Firms, Unreported R&D, patents
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Annual Conference

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Investment Finance, Senior Fellows/Fellows

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May 2013

Defined Contribution Pension Plans: Sticky or Discerning Money?

Clemens SIALM, Laura STARKS, Hanjiang ZHANG
Participants in defined contribution (DC) retirement plans rarely adjust their portfolio allocations, suggesting that their investment choices and consequent money flows are sticky and not discerning. However, participants’ inertia could be offset by DC plan sponsors, who adjust the plan’s inves...
Keywords: Flow-Performance Sensititivity, Defined Contribution Pension Plans, Retirement Savings
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Annual Conference

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International Macroeconomics, Money & Banking, Senior Fellows/Fellows

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May 2016

Declining Trends in the Real Interest Rate and Inflation: Role of Aging

Shigeru FUJITA, Ippei FUJIWARA
This paper explores a causal link between aging of the labor force and declining trends in the real interest rate and inflation in Japan. We develop a New Keynesian search/matching model that features heterogeneities in age and firm-specific skills. Using the model, we examine the long-run implicati...
Keywords: aging, natural rate, deflation, Japan
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