The price of a safe asset reflects not only the expected discounted future cash flows but also future service flows, since retrading allows partial insurance of idiosyncratic risk in an incomplete ...

The U.S. net foreign asset position has declined sharply since 2007 and is currently negative 65 percent of U.S. GDP. This deterioration primarily reflects a U.S.-specific rise in corporate asset ...

This paper studies external sovereign bonds as an asset class. We compile a new database of 266,000 monthly prices of foreign-currency government bonds traded in London and New York between 1815 (the ...

Conventional empirical models of monetary policy transmission in emerging market economies produce puzzling results: monetary tightening often leads to an increase in prices (the price puzzle) and ...

Current technological developments in a number of industries, such as the rise of artificial intelligence and innovations ...

Much of macroeconomics is concerned with the allocation of physical capital, human capital, and labor over time and across people. The decisions on savings, education, and labor supply that generate ...

This paper describes the available data and research on venture capital investments and performance. We comment on the challenges inherent in those data and research as well as possible opportunities ...

How global are the gains from innovation? When firms operate production plants in multiple countries, technological improvements developed in one location may be shared with foreign sites for ...

We introduce systematic tests exploiting robust statistical and behavioral patterns in trading to detect fake transactions on 29 cryptocurrency exchanges. Regulated exchanges feature patterns ...

The charter school movement encompasses many school models. In Massachusetts in the 2010’s, the site of our study, urban charter schools primarily used “No Excuses” practices, whereas nonurban ...

Fundamental knowledge in the life sciences has consequential implications for medicine and subsequent medical innovations. Using publications in leading life science journals to measure fundamental ...

In this paper we provide new evidence on the health spillover effects of health shocks within couples. Using administrative data from the Netherlands and a matching event-study framework, we estimate ...