We use new monthly security-level data on portfolio holdings, flows, and returns of U.S. households to understand asset demand across multiple asset classes. Our data cover a wide range of households across the wealth distribution – including ultra-high-net-worth (UHNW) households – and...

Hedging bond portfolios using futures is often utilized in developed countries where the bond market is liquid and futures are considered quick and inexpensive way of eliminating risk. The EM bond market is underdeveloped. Asset managers lack instruments that allow them to efficiently hedge...

Estimates of the elasticity of substitution between domestic and foreign varieties are small in macroeconomic data, but substantially larger in disaggregated microeconomic studies. This may be an artifact of heterogeneity. We use disaggregated multilateral trade data to structurally identify...