This paper studies how U.S. monetary policy affects global stock prices. We find that global stock prices respond strongly to changes in U.S. interest rate policy, with stock prices increasing (decreasing) following unexpected monetary loosening (tightening). This impact is more pronounced for...

This paper assesses the impact of the geographic diversification of bank holding company (BHC) assets across the United States on their market valuations. Using two novel identification strategies based on the dynamic process of interstate bank deregulation, we find that exogenous increases in...

Raghuram Rajan was one of the few economists who warned of the global financial crisis before it hit. Rajan shows how the individual choices that collectively brought about the economic meltdown--made by bankers, government officials, and ordinary homeowners--were rational responses to a flawed...

Aus der Finanzkrise ist über die Währungskrise längst eine weltweite Bedrohung des Finanzsystems geworden. Die akuten Brandherde der globalen Finanzstruktur scheinen zwar immer wieder unter Kontrolle, doch unter der Oberfläche brodelt es weiter. Genau hier setzt mit Raghuram Rajan einer der...