Senior Fellows/Fellows

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Pandemic

Investment and Subjective Uncertainty

Steven J. DAVIS, Nicholas A. BLOOM, Lucia FOSTER, Scott OHLMACHER, Itay SAPORTA-EKSTEN
A longstanding challenge in evaluating the impact of uncertainty on investment is obtaining measures of managers’ subjective uncertainty. We address this challenge by using a detailed new survey measure of subjective uncertainty collected by the U.S. Census Bureau for approximately 25,000 manufact...
Keywords: Subjective expectations, business-level uncertainty
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Senior Fellows/Fellows

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Pandemic

Working from Home Around the World

Steven J. DAVIS, Nicholas A. BLOOM, Jose Maria BARRERO, Cevat Giray AKSOY, Mathias DOLLS, Pablo ZARATE
The pandemic triggered a large, lasting shift to work from home (WFH). To study this shift, we survey full-time workers who finished primary school in 27 countries as of mid 2021 and early 2022. Our cross-country comparisons control for age, gender, education, and industry and treat the U.S. mean as...
Keywords: Work from home, preferences over working arrangements, commute times, COVID-19 pandemic, productivit
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Annual Conference

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Accounting, Senior Fellows/Fellows

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May 2019

The Myth about Public versus Private Enforcement of Securities Laws - Evidence from Chinese Comment Letters

Kai LI, Ray ZHANG, Rafael ROGO, Tinghua DUAN
China presents a unique opportunity to study public enforcement of mandatory disclosure when private enforcement is largely absent. Using a hand-collected sample of comment letters (CLs) on annual reports issued by the Shanghai Stock Exchange, we first show that the price reaction to CL announcement...
Keywords: public enforcement, private enforcement, institutional environment, comment letters, disclosure, ear
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Senior Fellows/Fellows

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Senior Fellows/Fellows

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Apr 2022

The Shift to Remote Work Lessens Wage-Growth Pressures

Steven J. DAVIS, Nicholas A. BLOOM, Jose Maria BARRERO, Brent MEYER, Emil MIHAYLOV
The recent shift to remote work raised the amenity value of employment. As compensation adjusts to share the amenity-value gains with employers, wage-growth pressures moderate. We find empirical support for this mechanism in the wage-setting behavior of U.S. employers, and we develop novel survey da...
Keywords: Remote work, amenity value, wage growth, inflation dynamics, recession risk, business expectations,
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AMPF Papers

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Commissioned Paper

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May 2022

Has monetary policy cared too much about a poor measure of r*?

Ricardo REIS
Measures of the decline in r ∗ are (almost) exclusively based on a fall in government bond yields. Yet, measures of the return on private aggregate capital are roughly constant, or slightly increasing, in most advanced economies. This fact is robust across measures of the demand for capital, using...
Keywords: liquidity trap, zero lower bound, unconventional monetary policy.
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