Annual Conference

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Real Estate and Urban Economics

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May 2023

The Unintended Consequences of Coal Fired Power Plant Closures: Evidence from China

Yi FAN, Qiuxia GAO, Cheng Keat TANG
This paper examines the impact of power plant closures on air quality and health outcomes in China by exploiting quasi-experimental variation from the closures. We collected information associated with more than 1,700 power plants across China, and combined with high resolution satellite data measur...
Keywords: Externalities, Air Pollution, Coal-fired power plants, Displacement, Infant mortality
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Senior Fellows/Fellows

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Senior Fellows/Fellows

The UMO (Undervalued Minus Overvalued) Factor

David HIRSHLEIFER, Danling JIANG
This document provides an overview of the UMO factor. It describes its motivation, construction, and how to obtain it and use it. Behavioral theories suggest that investor misperceptions and market mispricing will be correlated across firms. The UMO factor uses equity and debt financing to identify ...
Keywords: Misvaluation Factor, New Issues, Repurchases, External Financing, Return Predictability
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AMPF Papers

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Policy Note

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May 2018

The Trilemma Then and Now

Alan M. TAYLOR
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Annual Conference

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International Macroeconomics, Money & Banking

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May 2016

The Transmission of Monetary Policy Within Banks:Evidence from India

Abhihman DAS, Prachi MISHRA, Nagpurnanand PRABHALA
Between 1996 and 2013, India’s central bank injected or drained liquidity from banks through changes in cash reserve requirements. We analyze the lending responses to these quantitative tools of monetary policy using branch level lending data. We focus on the withinbank variation across different ...
Keywords: monetary policy, Banks, India
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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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