We review the literature on multi-horizon currency risk premiums. We show how the multi-horizon implications arise from the classic present-value relationship. We further show how these implications manifest themselves in the interaction between bond and currency risk premiums. This link is...

Korea's real exchange rate has displayed a mild downward trend since the 1980s, with fluctuations of ±20 percent around that trend. This pattern is surprising because the classic Harrod-Balassa-Samuelson framework suggests that countries experiencing rapid growth in the productivity of their...

Global supply chains have come under unprecedented stress as a result of US-China trade tensions, the Covid-19 pandemic, and geopolitical shocks. We document shifts in the pattern of US participation in global value chains over the last four decades, in terms of partner countries, products, and...

In this paper, we assess the recent economics literature on collective bargaining. Despite a declining trend in the OECD in coverage and especially union membership, a large share of formal workers around the world are still covered by collective bargaining agreements. We describe the...

We use high-resolution spatial data to build a novel global annual gridded GDP dataset at 1°, 0.5°, and 0.25° resolutions from 2012 onward. Our random forest model trained on local and national GDP achieves an R2 above 0.92 for GDP levels and above 0.62 for annual changes in regions left out...

This paper uses two large datasets built from quarterly labor force surveys to provide a global perspective on labor market downturns. The distribution of the severity and duration of labor market downturns is strongly right skewed. The longest and most severe downturns are associated with...

One of the most consequential events in any firm's lifetime is a major acquisition. Because of their importance, mergers and acquisitions (M&As) have been an enormous area of research. However, the vast majority of this research and survey papers summarizing this research have focused on...

Data on global trade as well as capital and labor flows indicate a slowdown, but not reversal, of globalization post the 2008-09 financial crisis. Yet profound changes in the policy environment and public sentiment in the largest economies over the past five years suggest the beginning of a new...

This paper investigates the economic and social consequences of sovereign default on external debt. We focus on the crises' impact on real per capita GDP, infant mortality, life expectancy, poverty headcounts, and calorie supply per capita. After methodological exclusions, the sample covers 221...