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Dmitriy Sergeyev (Bocconi University)
TSE, October 4, 2022, 14:00–15:00, room Auditorium 4
We study the psychological costs of financial constraints and their economic consequences. Using a US-based representative survey, we document the prevalence of financial stress among US households and that financial stress strongly correlates with measures of financial constraints. We incorporate...
Oscar Jorda (University of California;Federal Reserve Bank of San Francisco)
October 4, 2022
The fiscal “multiplier” seeks to measure how many additional dollars of output are gained or lost for each dollar of fiscal expansion or contraction. In practice, the multiplier at any point in time depends on the monetary policy response and existing conditions in the economy. Using the IMF fiscal...
Frank Verboven (KU Leuven)
TSE, October 3, 2022, 14:15–15:30, room Auditorium 4
We study entry restrictions in a private monopoly: the Latin notary system. Under this widespread system, the state appoints notaries and grants them exclusive rights to certify various important economic transactions, including real estate, business registrations, and marriage and inheritance...
Ana Varela Varela (University of Amsterdam)
Toulouse: TSE, October 3, 2022, 11:00–12:15, room auditorium 4
Recovery scenarios after flooding vary by locality, from permanent declines in economic activity to capital gains. This paper shows that divergent post-flood trajectories at the neighborhood level increased preexisting spatial polarization along property value, racial, and income lines. Using...
Olivier Guersent (European Commission)
Toulouse: TSE, September 30, 2022, 15:30–17:30, room Auditorium 4
Robert Czech
Toulouse: TSE, September 30, 2022, 14:00–15:30, room Auditorium 4
We provide evidence on the special status of the US dollar in the international monetary and financial system by studying the disruption in corporate debt markets during the Covid-19 outbreak. Within-firm variation of corporate bond spreads from a new multi-country data set shows that US dollar-...
Michael Benzaquen (Ecole Polytechnique - LadHyX)
Toulouse: TSE, September 29, 2022, 11:00–12:15, room Auditorium 5
Empirical data reveals that the liquidity flow into the order book is influenced by past price changes. In particular, liquidity tends to decrease with the amplitude of past volatility and price trends. Such a feedback mechanism in turn increases the volatility, possibly leading to a liquidity...
Alison Andrew (Oxford University)
September 29, 2022, 11:00–12:30, room Auditorium 4
This paper explores how parents in Rajasthan, India decide how long to keep a daughter in school and when, and to who, to get her married. We develop a dynamic model of parental decision making in which parents take schooling and marriage decisions under uncertainty about the future marriage offers...
September 29, 2022, room Auditorium 3 Jean-Jacques Laffont
Carlo Galli (University of Carlos III)
TSE, September 27, 2022, 14:00–15:30, room Auditorium 4
This paper studies how central banks' asset purchases (APs) of nominal public debt affect perceived default-inflation risks when investors learn from market prices. We design a stylised model of monetary-fiscal interactions where taxes are distortionary and risk-neutral investors trade bonds...
