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Webinar Series

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Capital Market Development: China and Asia

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Sep 2022

Internationalizing Like China

Jesse SCHREGER, Christopher CLAYTON, Amanda DOS SANTOS, Matteo MAGGIORI
We empirically characterize how China is internationalizing the Renminbi by selectively opening up its domestic bond market to foreign investors and propose a dynamic reputation model to explain this internationalization strategy. The Chinese government deliberately controlled the entry of foreign i...
Keywords: International Currency, Reserve Currency Competition, Exorbitant Privilege, Safe Assets, Reputation, Capital Controls, Chinese Financial Markets, Renminbi
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Webinar Series

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Pandemic

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May 2020

Internal and External Effects of Social Distancing in a Pandemic

Maryam FARBOODI, Gregor JAROSCH, Robert SHIMER
We use a conventional dynamic economic model to integrate individual optimization, equilibrium interactions, and policy analysis into the canonical epidemiological model. Our tractable framework allows us to represent both equilibrium and optimal allocations as a set of differential equations that c...
Keywords: Social Distancing, 2019-nCoVCOVID-19, Disease Outbreak
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Webinar Series

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Capital Market Development: China and Asia

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Mar 2023

Indirect Effects of Access to Finance

Jing CAI, Adam SZEIDL
We created experimental variation across local markets in China in the share of firms having access to a new loan product, to measure the direct and indirect effects of access to finance. We find that:(1) Access to finance had a large positive direct effect on the performance of treated firms. (2) A...
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Webinar Series

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Pandemic

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May 2020

Income, Liquidity, and the Consumption Response to the 2020 Economic Stimulus Payments

Scott R. BAKER, Steffen MEYER, R.A. FARROKHNIA, Michaela PAGEL, Constantine YANNELIS
In response to the ongoing COVID-19 pandemic, the US government brought about a collection of fiscal stimulus measures: the 2020 CARES Act. We study direct payments to households starting in April 2020 using high-frequency transaction data. We explore the response of household spending to these stim...
Keywords: Consumption, COVID-19, Stimulus, MPC, Household Finance, transaction data
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Webinar Series

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Senior Fellows/Fellows, Pandemic

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May 2020

Human Mobility Restrictions and the Spread of the Novel Coronavirus (2019-nCoV) in China

Hanming FANG, Long WANG, Yang YANG
We quantify the causal impact of human mobility restrictions, particularly the lockdown of Wuhan on January 23, 2020, on the containment and delay of the spread of the Novel Coronavirus (2019-nCoV). We employ difference-in-differences (DID) estimations to disentangle the lockdown effect on human mob...
Keywords: Human Mobility, Lockdown, Social Distancing, 2019-nCoVCOVID-19, Disease Outbreak
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