Annual Conference

|

International Macroeconomics, Money & Banking

|

May 2023

Central Bank Swap Lines: Micro-Level Evidence

Gerardo FERRARA, Philippe MUELLER, Ganesh VISWANATH-NATRAJ, Junxuan WANG
In this paper we investigate the price, volatility and micro-level effects of central bank swap lines during the 2020 pandemic. Following swap line auctions, these interventions reduced the level and volatility of covered interest rate parity violations. We combine dealer-level dollar auctions by th...
Keywords: swap lines, monetary policy, foreign exchange swaps, covered interest rate parity, central banking
  • View
  • Download
  • Bookmark
  •    |   

Specialty Conference

|

Specialty Conference

|

Nov 2018

Cellular structure for a digital fiat currency

Robleh ALI
Bitcoin introduced digital money without banks. It showed that functions of the financial system could be reliably executed by decentralized networks and in doing so raised the prospect of a new financial system. Almost a decade later, Bitcoin still works despite frequent predictions of its demise b...
Keywords: Bitcoin, digital currency, financial system
  • View
  • Download
  • Bookmark
  •    |   

Annual Conference

|

Sustainable and Green Finance

|

May 2023

Carbon Stock Devaluation

Darwin CHOI, Gao ZHENYU, Wenxi JIANG, Hulai ZHANG
Using global evidence, we show that high-emission firms tend to have lower price valuation ratios than low-emission firms in the same country, especially in recent years. The price gap coincides with heightened climate awareness following local natural disasters, as well as with the divestment from ...
Keywords: Price Valuation, Divestment, Climate Awareness, Carbon Emissions, Green Innovation
  • View
  • Download
  • Bookmark
  •    |   

Annual Conference

|

Trade, Growth and Development

|

May 2021

Capital-Reallocation Frictions and Trade Shocks

Eugene TAN, Pamela MEDINA, Andrea LANTERI
What are the short- and medium-term effects of an import-competition shock on firm dynamics and aggregate productivity? We address this question by combining detailed data on investment dynamics of Peruvian manufacturing firms, data on trade flows from China, and a quantitative general-equilibrium m...
Keywords: capital reallocation, Firm Dynamics, Investment Irreversibility, Trade Shocks
  • View
  • Download
  • Bookmark
  •    |   

Annual Conference

|

Accounting

|

May 2016

Capital-Market Consequences of Asymmetric Output-Price Rigidities

Jin XIE
Firms adjust output prices to cost decreases with a delay relative to cost increases. I document firms’ operating income becomes less persistent when their input costs decrease than when their costs increase. The stocks of firms slowly cutting output prices due to asymmetric output-price rigiditie...
Keywords: New Keynesian economics, Downward nominal price rigidities, Trend inflation, Earnings persistence, stock market
  • View
  • Download
  • Bookmark
  •    |