Current Working Papers


Getting to the Core:  Inflation Risks Within and Across Asset Classes
Xian Fang, Yang Liu and Nikolai Roussanov

Bad News Bankers:  Underwriter Reputation and Contagion in Pre-1914 Sovereign Debt Markets
Sasha Indarte

Private Renegotiations and Government Interventions in Debt Chains
Vincent Glode and Christian C. Opp

Arbitraging Covered Interest Rate Parity Deviations and Bank Lending
Lorena Keller

A Model of Two Days:  Discrete News and Asset Prices
Jessica A. Wachter and Yicheng Zhu

Social Security and Trends in Wealth Inequality
Sylvain Catherine, MaxMiller and Natasha Sarin

Technical Change and Entrepreneurship
Sergio Salgado

Common Ownership and Innovation Efficiency
Xuelin Li, Tong Liu and Lucian A. Taylor

The Two-Pillar Policy for the RMB
Urban Jermann, Bin Wei and Vivian Z. Yue

The Real Effects of Modern Information Technologies
Itay Goldstein, Shijie Yang and Luo Zuo

Bank Heterogeneity and Financial Stability
Itay Goldstein, Alexandr Kopytov, Lin Shen and Haotian Xiang

Financial Fragility in the COVID-19 Crisis:  The Case of Investment Funds in Corporate Bond Markets
Antonio Falato, Itay Goldstein and Ali Hortacsu

Monetary Transmission through Bank Balance Sheet Synergies
William Diamond, Zhenyang Jiang and Yiming Ma

Conflicts of Interest in Municipal Bond Advising and Underwriting
Daniel G. Garrett

A Horizon-Based Decomposition of Mutual Fund Value Added  Using Transaction
Jules van Binsbergen, Jungsuk Han, Hongxun Ruan and Ran Xing

The Effectiveness of Life-Preserving Investments in Times of COVID-19
Jules H. van Binsbergen and Christian C. Opp