Annual Conference

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International Macroeconomics, Money & Banking

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May 2015

The Transmission of Monetary Policy through Redistributions and Durables Purchases

Silvana TENREYRO, Vincent STERK
Using a tractable OLG model with government debt, we study a redistribution channel for the transmission of monetary policy. Expansionary open-market operations generate a negative wealth effect, increasing households’ incentives to save and pushing down the real interest rate. This leads to a sub...
Keywords: Open market operations, Durables, Heterogeneous agents
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Annual Conference

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Sustainable and Green Finance

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May 2023

The term structure of carbon premia

Dora XIA, Omar ZULAICA
This paper explores a carbon premium – the extra yield investors demand to buy bonds issued by firms with more greenhouse gas emissions – in the US corporate bond market. We analyse a carbon premium along two channels, via panel regression. One is the preference channel, under which the premium ...
Keywords: climate change, carbon emissions, corporate bond spread, term structure
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Webinar Series

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Innovation, Productivity and Challenges in the Digital Era: Asia and Beyond

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Jan 2023

The Supply and Demand for Data Privacy: Evidence from Mobile Apps

Huan TANG, Bo BIAN, Xinchen MA
This paper investigates how consumers and investors react to the standardized disclosure of data privacy practices. Since December 2020, Apple has required all apps to disclose their data collection practices by filling out privacy “nutrition” labels that are standardized and easy to read. We we...
Keywords: Privacy labels, App Tracking Transparency policy, Data protection, Mobile apps, Product markets, Eve
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Annual Conference

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Real Estate and Urban Economics

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May 2024

The Spillover Effects of Real Estate

Kaiji CHEN, Huancheng DU, Chang MA
We examine the spillover effects of the “Three-Red Lines” policy, a Chinese regulatory measure in 2020 that imposed leverage reduction requirements on the real estate sector. Using a firm-level exposure measure, we find that higher exposure to the real estate sector leads to more pronounced adve...
Keywords: Spillover, Real Estate, Production Network, Trade Credit
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Annual Conference

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Accounting

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May 2024

The Spillover Effects of Environmental Lawsuits on Industry Peers

Xia CHEN, Qiang CHENG, Xuefan PENG, Ziliang ZHAN
We examine the spillover effects of high-profile environmental lawsuits on industry peers. We find that compared to control firms, industry peers experience a decrease in chemical releases after the lawsuits. Industry peers, especially those with a higher decrease in chemical releases, also experien...
Keywords: Environmental lawsuits, peer effects, ESG disclosures, firm performance
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