With the euro's appearance in the world market, the competition between euro and dollar has become a hot-button issue. The author focuses on the movements of the euro/dollar exchange rate and probes into the determinants of its exchange rate. Their competition regarding invoicing and reserves...

We have documented a regime change in the U.S. Treasury market post-Global Financial Crisis (GFC). We first derived bounds on Treasury yields that account for dealer balance sheet costs, which we call the net short and net long curves. We show that actual Treasury yields moved from the net short...

As the world developing rapidly, worldwide educational system needs an urgent breakthrough on establishing a rational and feasible innovative talents training system. The paper takes as the case study training path within Student Science and Technology Association of Shijiazhuang University of...

With the euro's appearance in the world market, the competition between euro and dollar has become a hot-button issue. The author focuses on the movements of the euro/dollar exchange rate and probes into the determinants of its exchange rate. Their competition regarding invoicing and reserves...

We build a theory of short-term risk premia dynamics based on funding costs. The theory builds on a framework of intermediary asset pricing in a market microstructure setting. Financial intermediaries facilitate trading by market making. To fund these trading activities, intermediaries earn a...

Bank-created money, shadow-bank money, and Treasury bonds all satisfy investor's demand for a liquid transaction medium and safe store of value. We measure the quantity of these three forms of liquidity and their corresponding liquidity premium over a sample from 1926 to 2016. We empirically...

This paper quantifies the substitution between money (bank deposits) and Treasuries. The estimation is significantly different from either zero or perfect substitution. Thus, fixing monetary policy, Treasury supply still affects the liquidity premium. Furthermore, the substitution increases over...

We study a setting in which a platform mediates the interactions between firms and consumers. The platform has detailed information on consumers’ preferences and jointly controls the (possibly many-to-many) matching between firms and consumers and the information firms receive about consumer...

Commercial AI solutions provide analysts and managers with data-driven business intelligence for a wide range of decisions, such as demand forecasting and pricing. However, human analysts may have their own insights and experiences about the decision-making that is at odds with the algorithmic...

We construct a novel dataset of sector-level U.S. Treasury holdings, covering the majority of the market. Using this dataset, we estimate maturity-specific demand functions and elasticities of different investors and the Fed, and integrate them into a dynamic equilibrium model of the Treasury...