This paper investigates the empirical validity of the claim that China employed a forward-looking monetary policy rule from 2001 to 2016. Survey expectations are used in conjunction with competing money supply and interest rate rules. The paper contributes to the literature by addressing the...

We examine the performance life cycle of hedge funds. Performance declines with age are pervasive, not just for the average fund, but also for past winners and for funds with characteristics that predict cross-sectional returns. Fund growth and decreasing performance incentives appear to...

This paper investigates the empirical validity of the claim that China employed a forward-looking monetary policy rule from 2001 to 2016. Survey expectations are used in conjunction with competing money supply and interest rate rules. The paper contributes to the literature by addressing the...

This paper employs the recently developed structural stability tests with unknown break point and two median unbiased estimation methods to model China inflation persistence over the most recent quarter of a century. Our empirical results suggest that the persistence of both consumer price...

We show how to study time-varying dynamic causal effects of structural shocks using external instruments in a generalized Factor-Augmented-VAR(FAVAR) model with time-varying parameters and stochastic volatility. Specifically, we employ the Bayesian MCMC estimation methodology and focus on global...

Banks targeted by hedge fund activism reduces racial disparities in mortgage approval rates and interest rates. However, racial differences in mortgage foreclosure rates do not change, suggesting that the effect is not driven by changes in risk or risk preferences. We find that target banks...

The surge in international capital inflows and the remarkable excess liquidity in China between 1997 and 2007 are examined in the present paper. It is shown that China's improved position in terms of foreign exchange purchases, ignited by huge foreign capital inflows, has effectively induced...