Ideas, Idea Processing, and TFP Growth in the US: 1899 to 2019
Innovativity – an economy's ability to produce the innovations that drive total factor productivity (TFP) growth – requires both ideas and the ability...
Central Bank Swap Lines: Evidence on the Lender of Last Resort
The Review of Economic Studies, 89(4), 1654–1693
Bitcoin isn’t much of a macro hedge
Bitcoin is often sold as protection against adverse macroeconomic outcomes. This column argues that this depiction as a macro hedge does not stand up...
Covid-19 and trust among the young
Mishandled public health and other disasters erode young people’s trust in politicians for years
CBDCs: Potential Impact on Bank Profitability, Asset and Risk Management and Financial Stability
In this paper we discuss whether or not the introduction of CBDCs may impact the profitability of banks and their ability to accumulate capital...
Central bank digital currencies, reserve currencies and geopolitics
When it comes to central bank digital currencies (CBDCs), the focus of market participants and regulators – especially in the banking industry – is...
Some Evidence of Regulatory Convergence
We find some evidence of regulatory convergence in four distinct areas of business activity over the 2005-2019 period. This convergence is most...
SUERF Policy Note - Stylised facts on debt and financial crisis
This policy note summarizes the main empirical findings on the role of debt in financial crisis. Credit booms – on mortgage debt, debt to the non...
Bankers' Pay and the Evolving Structure of US Banking
We study the evolution of pay in US bank holding companies since 1986 using a structural model of the banking firm. The model incorporates a strong...
Discounted Stochastic Games, the 3M Property and Stationary Markov Perfect Equilibria
We show that all discounted stochastic games DSGs satisfying the usual assumptions have Nash payoff selection correspondences having fixed points. Our...
Demand–Supply Imbalance Risk and Long-Term Swap Spreads
We develop a model in which long-term swap spreads are determined by end users’ demand for swaps, constrained dealers’ supply of swaps, and the risk...
Epidemic Exposure, Financial Technology, and the Digital Divide
We ask whether epidemic exposure leads to a shift in financial technology usage and who participates in this shift. We exploit a dataset combining...
Research highlight
Extrapolative Bubbles and Trading Volume
The Review of Financial Studies, 35(4), 1682–1722
Layered Networks, Equilibrium Dynamics, and Stable Coalitions
An important aspect of network dynamics that has been missing from our understanding of network dynamics in various applied settings is the influence...
