In the context of the digital economy, digital innovation has become an important driving force for companies to improve firm value. Following the guidelines of the Statistical Classification of Digital Economy and Its Core Industries (2021), this paper uses patent data to construct indicators...

The application of digital technology has reshaped the innovation paradigm. In the given context, this paper reveals the internal influence mechanism of digital innovation on firm ESG based on the data of Chinese Shenzhen A-share listed firms. The results show that digital innovation...

Systemic risk is a key concern for central banks charged with safeguarding overall financial stability. In this paper we investigate how systemic risk is affected by the structure of the financial system. We construct banking systems that are composed of a number of banks that are connected by...

This paper summarizes the literature on the performance of various extended monetary policy tools when conventional policy rates are constrained by the effective lower bound. We highlight issues that may arise when these tools are used by central banks of small open economies. Tools that have...

Recent research suggests that quantitative easing (QE) may affect a broad range of asset prices through a portfolio balance channel. Using novel security-level holding data of individual US mutual funds, we establish evidence that portfolio rebalancing occurred both within and across funds....