Exploiting confidential data from the euro area, we show that sound banks pass negative rates onto their corporate depositors and that the pass-through is not impaired when policy rates move deeper into negative territory. We do not observe a contraction in deposits. When their banks charge...

Why are skilled workers more mobile than average? What determines positive migration flows toward relatively poorer regions or states of a country? How can one explain the sharp decrease in the mobility rate observed within European countries notwithstanding the persistent regional disparities?...

In this paper, I identify some stylized facts characterizing regional evolution in Europe during the eighties. In particular, I provide evidence of the existence of convergence clubs based on regional specialization. Afterward, I give an explanation of this empirical evidence based on the...

Using textual analysis of earnings conference calls, we quantify firms' supply chain risk and its sources. Our proxy for supply chain risk exhibits large cross-sectional and time-series variation that aligns with reasonable priors and is unprecedently high during the Covid-19 pandemic. In...

We investigate whether cultural differences between professional decision-makers affect financial contracts in a large dataset of international syndicated bank loans. We find that more culturally distant lead banks offer borrowers smaller loans at a higher interest rate and are more likely to...

This paper offers an explanation for the coexistence of convergence across countries and the lack thereof at the regional level in the European Union. The model shows that, even if it accelerates growth and brings convergence across countries, the intensification of international knowledge...

This paper offers an explanation of the high mobility of skilled workers based on human capital complementarities. If the skill premium is increasing in the average level of human capital of a location, and there exist fixed migration costs, in equilibrium the more skilled the workers are, the...

Why are highly skilled workers more responsive than other workers to productivity differentials when taking migration decisions? Why do low-skilled workers abandon rich regions? This paper aims to answer these questions using skill complementarities and endogenous price differentials between...

Books reviewed: A. Stewart Fotheringham and Michael Wegener (eds.), Spatial Models and GIS: New Potential and New Models Aura Reggiani (ed.), Spatial Economic Science: New Frontiers in Theory and Methodology Jean-Claude Thill (ed.), Geographic Information Systems in Transportation Research...

Using textual analysis of earnings conference calls, we quantify firm level risk arising from the reliability of the supply chain from 2002 to 2020. Our proxy for perceived supply chain risk exhibits cross-sectional and time-series variation that aligns with reasonable priors and is...