Discussion Papers

In this paper, we explore the consequences of low nominal interest rates for credit supply, macroeconomic outcomes and policy. Using the protracted...

We develop a dynamic model of DeFi lending that incorporates the following key features: 1) borrowing and lending are decentralized, anonymous...

In the three-quarters of a century since Pakistan’s independence, parliament has adopted various laws in a bid to improve women’s legal rights. Many...

This paper investigates how consumers and investors react to the standardized disclosure of data privacy practices. Since December 2020, Apple has...

This paper shows that, in a world dominated by vehicle currencies, firms engaging in international operations retain currency risk and hedge it real...

The paper develops a model of bubbles that can be taken to the data and explain the behavior of asset prices and their statistics. We depart from the...

Using a representative survey of U.S. lawyers, we document a sizeable gender gap in early partnership aspirations, which explains half of the later...

Innovation in green technologies is viewed as a crucial driver of the transition to greener modes of production and consumption. However, there is...

Investors have limited and time-varying attention. These constraints are heterogeneous across investors, which can create asymmetric information and...

In the sixty years since its independence Burundi has taken some steps to improve the legal standing of women in the economy and society. These steps...

Zimbabwe has introduced some legal reforms towards women’s rights in the first three dozen years since its independence in 1980, though these changes...

We survey thousands of affluent American investors to examine the relationship between personalities and investment decisions. The Big Five...

This paper demonstrates that increasing bank presence in underserved areas can substantially improve households’ health. I apply a regression...

In 2023, Zambia ranked 17th among African countries on the World Bank’s Women Business and the Law index, a notable decline over a half century. The...

We propose the CoJPoD, a novel framework explicitly linking the cross-sectional and cyclical dimensions of systemic risk. In this framework, banking...

We develop a two-country model in which currency and bond markets are populated by different investor clienteles, and segmentation is partly overcome...