We provide the first empirical evidence on how media-driven narratives influence cross-border institutional investment flows. Applying natural language processing techniques to one-and-a-half million ...

This study utilizes the granular Japanese customs data from 2014 to 2020 to examine the exchange rate pass-through (ERPT) to Japanese import prices. It mainly focuses on the impact of the invoicing ...

We assess the efficacy of systemic risk measures that rely on U.S. financial firms’ stock return co-movements with market- or sector-wide returns under stress from 1927 to 2023. We ascertain stress ...

We study the impact of digital banking on the value of the deposit franchise and the stability of the banking sector. Using the classification of digital banking in Koont (2023), we find that when the ...

Using comprehensive administrative data on Chilean firms, we examine whether credit lines and government-backed credit guarantees mitigated the impact of the large sudden stop event during the ...

Financial repression can be used to avoid a government default when fiscal policy is constrained. We present a model showing that optimal financial repression progresses through successive stages with ...

This paper develops a theory of preemptive controls on capital outflows by residents as a second-best tool to mitigate boom-bust cycles in domestic asset markets and prevent wealth transfers from ...

In the aftermath of the 1997-98 Asian crises, many emerging markets self-insured by accumulating international reserves (i.e., non-contingent assets) in excess of what many models predicted, while ...

The Trump Administration's tariffs created a wedge between mutually beneficial trades between China's producers and U.S. consumers. Moving production to nearby Vietnam allows firms to jump the tariff ...

The field of international trade has undergone significant theoretical and empirical advancements over the last twenty-five years. A key breakthrough has been the emergence of firm-level approaches to ...

Using a newly digitized database encompassing the universe of tariff lines across five US trade policy regimes between 1900 and 1940, we show that price dynamics combine with industry reliance on ...

We evaluate the economic and environmental consequences of taxes on imported goods based on their carbon content. The analysis uses the simplest possible partial equilibrium framework, with one small ...