Market Power and Insurance Coverage
This paper examines how market power affects coverage in a general class of insurance models. We show that market power decreases coverage for...
Artificial intelligence and financial stability
The use of artificial intelligence in the private sector is accelerating, and the financial authorities have no choice but to follow if they are to...
The gap between perceptions and outcomes of women’s rights in the United Arab Emirates
The United Arab Emirates have taken steps to alleviate gender inequalities in its legal system, amending their labour, personal status and criminal...
The Sudden Surge in Gender Legal Reform in the UAE
Since 2017, the United Arab Emirates have introduced several gender legal reforms after decades of poor performance on economic and social equality...
Multinationals and Structural Transformation
We study the role of multinationals (MNCs) in facilitating firm-level and aggregate structural transformation. Using a stylized model of multinational...
Reaching for Yield: Evidence from Households
The existing literature has documented “reaching for yield” - the phenomenon of investing more in risky assets when interest rates drop - among...
Let the Market Speak: Using Interest Rates to Identify the Fed Information Effect
I propose a novel method to identify the exogenous monetary shock from the signaling effect of a Fed announcements in real time. The method relies on...
Research highlight
Cleansing by tight credit: Rational cycles and endogenous lending standards
Journal of Financial Economics, 150(1), 46-67
Stress-testing the banking system: what lies ahead?
Pedro Duarte Neves says stress tests must evolve to capture systemic, liquidity and cyber risks.
Stylised facts on the effectiveness of macroprudential policy
This policy note summarises the main empirical findings on the effectiveness of macroprudential policy: macroprudential policy contributes to a...
Should central banks abandon single point forecasts?
Single point forecasts for growth, inflation, interest rates, and so on are easy to comprehend and to check against outcomes, and are what otherwise...
Research highlight
Informational Black Holes in Financial Markets
Journal of Finance, 78 (6), 3099-3140
Asset Allocation and Returns in the Portfolios of the Wealthy
There is little direct empirical evidence on the investment behavior of wealthy households. Based on a proprietary database of investment portfolios...
Low Rates and Bank Loan Supply: Theory and Evidence from Japan
In this paper, we explore the consequences of low nominal interest rates for credit supply, macroeconomic outcomes and policy. Using the protracted...
