The paper explores empirically the tight links between exchange rates and the global network of equity holdings. Exchange rates can be expressed in terms of “equity net currency supplies”, i.e. local ...

Autocracy 2.0, exemplified by modern China, is economically robust, technologically advanced, globally engaged, and controlled through subtle and sophisticated methods. What defines China’s political ...

In contrast with the APT’s foundational assumption of a low dimensional factor structure in returns, the AIPT conjectures that returns are driven by a large number of factors. We first verify this ...

Generative Artificial Intelligence (AI) is a potentially important new technology, but its impact on the economy depends on the speed and intensity of adoption. This paper reports results from the ...

This history of the Great Depression was prepared for The Cambridge Economic History of the United States. It describes real and imagined causes of the Depression, bank failures and deflation, the Fed ...

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Using a randomized controlled trial we test how retail investors assess and update their priors based on different types of financial advice, which either aligns with their priors or goes against it.

We present new facts on cross-border shopping by Swiss households showing, for example, that prices of identical products are lower in neighboring countries, cross-border shopping shares fall with ...

This paper investigates whether the effects of children on the labor market outcomes of women relative to men — child penalties — are shaped by the work behavior of peers’ parents during adolescence.

We study the volunteer’s dilemma in environments with heterogeneous preferences and private information. We characterize the efficiency properties of equilibrium, which is a departure from all the ...

In addition to working papers, the NBER disseminates affiliates’ latest findings through a range of free periodicals — the NBER Reporter, the NBER Digest, the Bulletin on Retirement and Disability, ...

We study habitual brand loyalty, one of the earliest empirically-studied forms of switching costs and a classic source of structural state-dependence in consumer demand. Auxiliary instruments and ...