We introduce shocks to the availability of US dollar funding for non-US financial intermediaries in a two-country New Keynesian model with financial frictions. Such dollar shortages lead to uncovered interest rate parity deviations and have a significant negative effects on the macroeconomy....

This paper develops a new class of poverty and inequality measures we call common prosperity. This measure complements existing classes of measures and allows decomposition across income sources or components of consumption expenditure. This framework enables us to study the trade-off between...

Thematic Workshops: Workshop 1 – Areas of concern and proposals for less unequal worlds Workshop 2 – Unequal access to “invisible or online” education for those who already suffered from unequal access to “visible or in-person” education Workshop 3 – The Pandemic and the growing...

We present evidence that the rise in inflation in Japan since 2014 is a result of a hidden stagflation: the relative prices of durable consumption and ICT investment goods stopped declining, reflecting technology stagnation and exerting an inflationary pressure on the economy and; the real side...

The paper explains historical quarterly real 3-month US Treasury bill interest rates in the United States economy from 1975Q1-2020Q4. It extends the standard asset pricing model through fundamentals plus a user-cost wedge. The wedge arises from the consumer optimally avoiding the inflation tax...

Co-authors: Domenico Giannone (Amazon.com) and Anna Kovner (Federal Reserve Bank of New York) We study the relationship between bank capital ratios and the distribution of future real GDP growth. Growth in the aggregate bank capital ratio corresponds to a smaller left tail of GDP—smaller...

How important is a relationship with a bank to a firm’s performance and survival? If firms can easily switch among different sources of credit supply, then the loss of any one source may have little implication for the firms that have borrowed from that source. However, to the extent that...

Der geplante Workshop soll empirisch Forschenden in Deutschland und darüber hinaus die Möglichkeit geben sich über die nicht-binäre Erhebungen von Geschlecht auszutauschen. Hierbei sollen unterschiedliche Operationalisierungen und Erhebungsstrategien diskutiert und Erfahrungen ausgetauscht...

The ERSA Bridging the Divide in Economics initiative focuses on representativity and diversity in the South African economics profession. Topics: 1.There are inequalities across space, race and gender that influence university degree choice. 2.These inequalities are present at all levels of...

As the COVID-19 pandemic continues to affect lives around the world, it is becoming clear that the pandemic and its economic fallout are having a regressive effect on gender equality. Sociologist Jutta Allmendinger recently claimed the pandemic will set Germany back 30 years in terms of the...