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Chahrour, Ryan; Cormun, Vito; De Leo, Pierre; … - National Bureau of Economic Research - 2024

We find that variation in expected U.S. productivity explains over half of U.S. dollar/G7 exchange rate fluctuations. Both correctly-anticipated changes in productivity and expectational noise, which influences the expectation of productivity but not its eventual realization, have large effects....

Persistent link: https://www.econbiz.de/10014576625

Algorithmic Recommendations and Human Discretion

Angelova, Victoria; Dobbie, Will; Yang, Crystal - National Bureau of Economic Research - 2023

Human decision-makers frequently override the recommendations generated by predictive algorithms, but it is unclear whether these discretionary overrides add valuable private information or reintroduce human biases and mistakes. We develop new quasi-experimental tools to measure the impact of...

Persistent link: https://www.econbiz.de/10014372504

Disasters with Unobservable Duration and Frequency : Intensified Responses and Diminished Preparedness

Acharya, Viral V.; Johnson, Tim; Sundaresan, Suresh M.; … - National Bureau of Economic Research - 2023

We study an economy subject to recurrent disasters when agents have imprecise information about the frequency and duration of the disasters. Uncertainty about the persistence of states can lead to seemingly pessimistic behavior in bad times and optimistic behavior in good times. In a disaster,...

Persistent link: https://www.econbiz.de/10014247988

Government Intervention in the Financial Market

Wang, Jiang - National Bureau of Economic Research - 2025

addition, popular policy goals such as informational efficiency, price stability and market liquidity can have different …

Persistent link: https://www.econbiz.de/10015409859

Liquidity as Social Expertise

Kurlat, Pablo - 2015

This paper proposes a theory of liquidity dynamics. Illiquidity results from asymmetric information. Observing the … perpetuates illiquidity. Liquidity falls in response to unexpected events that lead agents to question their valuation models …

Persistent link: https://www.econbiz.de/10012457548

Liquidity and Asset Prices : A Unified Framework

Vayanos, Dimitri - 2009

We examine how liquidity and asset prices are affected by the following market imperfections: asymmetric information …

Persistent link: https://www.econbiz.de/10012463434

Trade Creditors’ Information Advantage

Ivashina, Victoria - 2018

Using information on the sales of debt claims for 132 U.S. Chapter 11 bankruptcy cases, we show that large trade creditors' decisions to sell receivables of a distressed company in bankruptcy are predictive of lower recovery rates, and that in such cases these creditors sell ahead of less...

Persistent link: https://www.econbiz.de/10012453445

Credit Market Freezes

Benmelech, Efraim - 2017

Credit market freezes in which debt issuance declines dramatically and market liquidity evaporates are typically … bonds declined, and secondary credit markets became highly illiquid. In this paper we analyze liquidity in bond markets … during financial crises and compare two main theories of liquidity in markets: (1) asymmetric information and adverse …

Persistent link: https://www.econbiz.de/10012455170

How Does Privacy Regulation Affect Transatlantic Venture Investment? Evidence from GDPR

Jia, Jian; Jin, Ginger Zhe; Leccese, Mario; Wagman, Liad - National Bureau of Economic Research - 2025

We examine how the GDPR affected transatlantic venture investment. Using investment data from 2014 to 2019, we find that the GDPR's rollout in May 2018 led to a significant decline in US investor activity in the EU, evidenced by fewer deals and investment, especially for newer and data-related...

Persistent link: https://www.econbiz.de/10015421859

News Selection and Household Inflation Expectations

Chahrour, Ryan; Shapiro, Adam Hale; Wilson, Daniel J. - National Bureau of Economic Research - 2025

We examine how the media's systematic selection of reporting topics influences household responses to inflation news. In a model where households learn about inflation from news coverage, households account for news selection when forming their expectations. Because media are more likely to...

Persistent link: https://www.econbiz.de/10015409869