Annual Conference

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International Macroeconomics, Money & Banking

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May 2022

We propose a household housing portfolio channel of quantitative easing (QE) transmission. QE induces households to rebalance portfolios from bonds to houses, lowering their expected future returns and thus stimulating consumption and output. We document this channel using both regional and househol...
Keywords: Asset Market Segmentation, Buy-to-let, Germany, Housing Returns, Household Portfolio Rebalancing, Qu
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Annual Conference

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Economic Transformation of Asia

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May 2017

Informal-sector employment is pervasive in developing economy cities. The informal sector contributes little to public finance and has low productivity due to the lack of access to trade support and export market, which is available in the formal sector. We study cross-region variations in employmen...
Keywords: Informal sector, Spatial equilibrium, Formalization cost, Export
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Commentaries

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Senior Fellows/Fellows, 2020, Pandemic

With countries engaging in distancing and mobility-restriction measures to contain the spread of COVID-19, a central policy debate lies in the tradeoff between stringent public health interventions and the severe economic ramifications that come with those interventions…...
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Annual Conference

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Investment Finance, Senior Fellows/Fellows

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May 2016

We present a dynamic model that links characteristic-based return predictability to systematic factors that determine the evolution of firm fundamentals. In the model, an economy-wide disruption process reallocates profits from existing businesses to new projects and thus generates a source of syste...
Keywords: characteristic-based return predictability, systematic risk, mispricing
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Specialty Conference

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Specialty Conference

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Jan 2017

The paper assesses the overall consistency and impact on both the financial sector and the real economy, of the numerous banking regulations that have been introduced in the aftermath of the Great Financial Crisis. For this purpose, we develop, within a multi-period asset framework, a large scale DS...
Keywords: Basel III, Solvency ratio, Liquidity ratios, Multi-period assets, Firms' heterogeneity
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