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
Facing the refugee challenge: a view from Moldova
The European Union and the International Monetary Fund have been deploying resources to help Moldova cope with an influx of refugees that represents...
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...
Parameterized State-Contingent Games, 3M Minimal Nash Correspondences, and Connectedness
Under mild assumptions on primitives, we show that all parameterized state-contingent games (PSGs) have upper Caratheodory (uC) Nash (equilibrium)...
A Fixed Point Theorem for Measurable Selection Valued Correspondences Induced by Upper Caratheodory Correspondences
We show that any measurable selection valued correspondence induced by the composition of an m-tuple of real-valued Caratheodory functions with an...
Corporate legacy debt, inflation, and the efficacy of monetary policy
The COVID-19 pandemic has coincided with a further rapid increase in corporate indebtedness. This column argues that high levels of corporate debt may...
Cryptocurrencies and Decentralized Finance (DeFi)
Brookings Papers on Economic Activity 2022 (1) 141-215
Cryptocurrencies and the war in Ukraine
The cryptocurrency exchanges have only done what is legally required of them when sanctioning Russia for its invasion of Ukraine, unlike the...
Sanctions, war, and systemic risk in 1914 and 2022
The Western countries have sanctioned Russia in a way not applied to any globally integrated major power in over a century, ever since 1914. This...
Technology as Deregulation
We present suggestive evidence that new technology has reduced business regulation globally over the 2005-2019 period, in the areas of paying...
Research highlight
Clients' Connections Measuring the Role of Private Information in Decentralized Markets
Journal of Finance, 77(1), 505-544
High-frequency Trading in the Stock Market and the Costs of Option Market Making
Using a comprehensive panel of 2,969,829 stock-day data provided by the Securities and Exchange Commission (MIDAS), we find that HFT activity in the...
