Senior Fellows/Fellows

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Senior Fellows/Fellows, Pandemic

Drawing on firm-level forecasts at a one-year horizon in the Survey of Business Uncertainty (SBU), we construct novel, forward-looking reallocation measures for jobs and sales. These measures rise sharply after February 2020, reaching rates in April that are 2.4 (3.9) times the pre-COVID average for...
Keywords: COVID-19, Coronavirus, reallocation shock, Survey of Business Uncertainty, CARES Act
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Senior Fellows/Fellows

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Senior Fellows/Fellows, Pandemic

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May 2020

We analyze the externalities that arise when social and economic interactions transmit infectious diseases such as COVID-19. Individually rational agents do not internalize that they impose infection externalities upon. In an SIR model calibrated to capture the main features of COVID-19 in the US ec...
Keywords: cost of disease, COVID-19, infection externalities, Social Distancing
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Commentaries

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2020, Pandemic

Not only do firms around the world rely on many Asian companies for crucial supplies, Asian countries also represent a substantial component of global demand. An October 2019 report by the International Monetary Fund shows Asia represented 70.9% of global economic growth in 2019, with China alone co...
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Annual Conference

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Household Finance

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May 2023

Using Swedish administrative panel data, we document that workers facing higher left-tail income risk when equity markets perform poorly are less likely to participate in the stock market and, conditional on participation, have lower equity shares. In line with theory, the relationship between cycli...
Keywords: Household finance, Asset pricing, Disaster risk, Labor income risk, Portfolio choices
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Annual Conference

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Investment Finance, Senior Fellows/Fellows

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May 2016

This study examines whether bereavement, a common life experience, affect the performance and behaviors of mutual fund managers. We find that mutual fund return declines by around 3 percentage points around the parental deaths of fund managers. This underperformance persists for about one year, sugg...
Keywords: Life Experience, Bereavement, Emotions, Mutual fund, Fund Performance, Risk Taking
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