Campaign donors in the United States, though a small and unrepresentative segment of the broader electorate, have the financial means to potentially exert an outsized influence in American politics. Understanding the micro-foundation of donor behavior–why do they give? And how do they choose...

The rise of the USD as the main currency for international transactions and investments makes non-us banks hold significant amounts of US dollars. As a result, there is spillover from US monetary policy to these foreign banks. I show that an increase in interest rates in the US dollar increases...