The infrequent nature of crises means that pure time-series methods struggle to distinguish the effects of capital flight on asset prices from a wide range of alternative drivers. We present a new cross-sectional approach, which is motivated by the insight that investors may have different...

We construct measures of firms' beliefs about climate regulation, plans for future abatement, and current actions on emissions mitigation, using Carbon Disclosure Project data. These measures vary significantly around the Paris climate change agreement announcement. A dynamic model of a...

"This paper explores the history of inflation-indexed bond markets in the US and the UK. It documents a massive decline in long-term real interest rates from the 1990's until 2008, followed by a sudden spike in these rates during the financial crisis of 2008. Breakeven inflation rates,...