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Global Natural Rates in the Long Run : Postwar Macro Trends and the Market-Implied r* in 10 Advanced Economies
Davis, Joshua M.; Fuenzalida, Cristian; Huetsch, Leon; … - National Bureau of Economic Research - 2023
theory and previous findings …
Persistent link: https://www.econbiz.de/10014421212
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Asset Pricing with Optimal Under-Diversification
Elenev, Vadim; Landvoigt, Tim - National Bureau of Economic Research - 2023
We study sources and implications of undiversified portfolios in a production-based asset pricing model with financial frictions. Households take concentrated positions in a single firm exposed to idiosyncratic shocks because managerial effort requires equity stakes, and because investors gain...
Persistent link: https://www.econbiz.de/10014250139
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A Luna-tic Stablecoin Crash
Uhlig, Harald - National Bureau of Economic Research - 2022
I provide a novel theory to account for these phenomena and use it to shed light on the data. I break new ground … suspension of convertibility exceeds some agent-specific threshold. The implications of the theory are highlighted in an … analytically tractable example. The theory is then used as a guide to examine and interpret the data, using bi-hourly observations …
Persistent link: https://www.econbiz.de/10013334473
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Are Cryptos Different? Evidence from Retail Trading
Kogan, Shimon; Makarov, Igor; Niessner, Marina; Schoar, … - National Bureau of Economic Research - 2023
Trading in cryptocurrencies has grown rapidly over the last decade, primarily dominated by retail investors. Using a dataset of 200,000 retail traders from eToro, we show that they have a different model of the underlying price dynamics in cryptocurrencies relative to other assets. Retail...
Persistent link: https://www.econbiz.de/10014322705
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On Digital Currencies
Uhlig, Harald - National Bureau of Economic Research - 2024
I discuss private and central-bank-issued digital currencies, summarizing my prior research. I argue that prices of private digital currencies such as bitcoin follow random walks or, more generally, risk-adjusted martingales. For central bank digital currencies, I argue that they enhance the...
Persistent link: https://www.econbiz.de/10014486250
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The Microeconomics of Cryptocurrencies
Halaburda, Hanna - 2020
Since its launch in 2009 much has been written about Bitcoin, cryptocurrencies and blockchains. While the discussions initially took place mostly on blogs and other popular media, we now are witnessing the emergence of a growing body of rigorous academic research on these topics. By the nature...
Persistent link: https://www.econbiz.de/10012481332
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Some Simple Bitcoin Economics
Schilling, Linda - 2018
How do Bitcoin prices evolve? What are the consequences for monetary policy? We answer these questions in a novel, yet simple endowment economy. There are two types of money, both useful for transactions: Bitcoins and Dollars. A central bank keeps the real value of Dollars constant, while...
Persistent link: https://www.econbiz.de/10012453232
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Some Simple Economics of the Blockchain
Catalini, Christian - 2016
We rely on economic theory to discuss how blockchain technology will shape innovation in digital platforms. We identify …
Persistent link: https://www.econbiz.de/10012455728
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Back to the 1980s or Not? : The Drivers of Inflation and Real Risks in Treasury Bonds
Pflueger, Carolin E. - National Bureau of Economic Research - 2023
I use nominal and real bond risks as new moments to discipline a New Keynesian asset pricing model, where supply shocks, demand shocks, and monetary policy are the fundamental drivers of inflation. Endogenously time-varying risk premia imply that nominal bond risks--as measured by their stock...
Persistent link: https://www.econbiz.de/10014226118
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The US, Economic News, and the Global Financial Cycle
Boehm, Christoph E.; Kroner, T. Niklas - National Bureau of Economic Research - 2023
We provide evidence for a causal link between the US economy and the global financial cycle. Using intraday data, we show that US macroeconomic news releases have large and significant effects on global risky asset prices. Stock price indexes of 27 countries, the VIX, and commodity prices all...
Persistent link: https://www.econbiz.de/10014247914