Sustainability in a Risky World
This paper studies the restrictions on consumption, portfolio choice, and social discounting implied by a sustainability constraint, that utility...
Measuring human capital: Learning matters more than schooling
Human capital is a critical component of economic development. But the links between growth and human capital – when measured by years of schooling –...
SUERF Policy Brief – The way forward for EU-wide stress tests
EU-wide stress tests have constituted a very useful supervisory tool for increasing the resilience of the EU banking sector. This policy brief claims...
Property Rights and Urban Form
How do the different elements in the standard bundle of property rights, including those of possession and transfer, influence the shape of cities...
Lending Cycles and Real Outcomes: Costs of Political Misalignment
The Economic Journal, 131(693), 2763–2796
Factor Demand and Factor Returns
A mutual fund’s demand for a pricing factor, measured by the loading of the fund’s returns on the factor’s returns, is persistent over time. When...
Extrapolative Bubbles and Trading Volume
We propose an extrapolative model of bubbles to explain the sharp rise in prices and volume observed in historical financial bubbles. The model...
US business dynamism rises
Steep falls in entrepreneurial activity were recorded in early 2020 across G7 economies. In the US, however, the creation of US startups shot up by 24...
The Role of Sentiment in the Economy: 1920 to 1934
This paper investigates the role of sentiment in the US macro economy from 1920 to 1934. We use 2.4 million digitized articles from the Wall St...
Shaping Africa’s Post-Covid Recovery
With the exception of some flashpoints in Northern and Southern Africa, the continent has been largely spared from the direct health effect of Covid...
Stake-holder Firms and the Reform of Local Public Finance in China
Since 1978 China has developed strongly using a particular form of capitalism which has relied upon close relations between private enterprise and the...
Welfare Costs of Catastrophes: Lost Consumption and Lost Lives
The Economic Journal, 131 (634), 946–969
Managerial Response to Shareholder Empowerment: Evidence from Majority- voting Legislation Changes
This paper studies how managers react to shareholder empowerment that makes the votes on shareholder proposals regarding majority-voting director...
The Systemic Governance Influence of Universal Owners: Evidence From an Expectation Document
Universal owners - large institutional investors with highly diversified and long-term portfolios spanning the entire global capital market - have...
Lending Cycles and Real Outcomes: Costs of Political Misalignment
We use data on the universe of credit in Turkey to document a strong political lending cycle. State-owned banks systematically adjust their lending...
