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Shuo Xia
Financial Times, February 2, 2024
This paper studies how banks compete amid digital disruption and the resulting distributional effect across consumers. Digital disruption increases the geographic coverage of banking services, bringing new entrants to local markets.
Corporate bond markets proved remarkably resilient against a sharp contraction caused by the 2020 Covid-19 pandemic.
We provide evidence for a causal link between the US economy and the global nancial cycle. Using a unique intraday dataset, we show that US macroeconomic news releases have large and signicant eects on global risky asset prices.
We use comprehensive micro data in the French manufacturing sector between 1995 and 2017 to document the effects of a fall in the cost of investments in modern manufacturing capital, including modern automation technologies, on employment, wages, sales, prices, and business stealing.
We analyze jointly optimal emissions taxes and financial regulation in a model with financial frictions and endogenous climate-related transition and physical risks.
We develop a theory of forecast coherence in a firm production setting, which yields a normative ex ante benchmark of first-best coherent forecasts and statistical tests to detect incoherence ex post. Under the null, the forecasts - and the forecast errors - of output and inputs are "close" to one another.
We propose a simple explanation for the long-run decline in the startup rate. It was caused by a slowdown in labor supply growth since the late 1970s, largely pre-determined by demographics.
This paper documents and theoretically explains a nexus between globalization and wage inequality within plants through internal labor market organization.
What is the impact of granular credit risk on banks and on the economy? We provide the first causal identification of single-name counterparty exposure risk in bank portfolios by applying a new empirical approach on an administrative matched bank-firm dataset from Norway.