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 investigates how monetary expansion affects household consumption and savings through household debts. Using monetary policy cuts in China in the end of 2008 as an experiment, we find that the resulted increase in indebted households’ disposable income leads to increasing...

We build a tractable two-agent New Keynesian (TANK) model to jointly study four types of policy: conventional monetary policy, quantitative easing (QE), government expenditures, and lump-sum transfers. We find QE, transfers, and government spending can have the same effects on the aggregate...

Do sanctions strengthen the targeted regime? I analyze the 2014 imposition of Western sanctions on Russia and its impact on voting. The United States and the European Union introduced targeted measures against Russian entities and individuals related to President Putin’s regime. Using polling...

Decades of investment decisions by central planners left communist societies with structures of production ill-prepared for competitive markets. Their vulnerability to liberalization, however, varied across space. Similar to the effects identified in the "China shock'' literature, we hypothesize...

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...

Governments around the world have gone on a massive fiscal expansion in response to the Covid crisis, increasing government debt to levels not seen in 75 years. How will this debt be repaid? What role do conventional and unconventional monetary policy play? We investigate debt sustainability in...

Neugierde ist nicht nur in der Wissenschaft eine ganz wesentliche Voraussetzung für Erfolg, sondern auch für erfolgreiche Organisationen und jeden einzelnen von uns. Welche technischen und gesellschaftlichen Entwicklungen bringen uns die kommenden Jahre, welche Chancen ergeben sich daraus für...

28. Juni 2017 | Forum: Auf dem Industrieforum am ersten Tag präsentieren renommierte Unternehmen Strategien und tauschen ihre Erfahrungen aus der Praxis aus. 29. Juni 2017 | Konferenz : International bekannte Wissenschaftlerinnen und Wissenschaftler stellen auf der Konferenz am zweiten Tag ihre...

Beim Zukunftsforum 2017 steht die Neuerfindung der Innovation im Mittelpunkt. Disruptive Geschäftsmodelle, kollaborative und agile Arbeitsformen sowie smarte Technologien eröffnen uns ganz neue Möglichkeiten, die Arbeitswelt der Zukunft zu gestalten und unternehmerische Erfolge zu...