Senior Fellows/Fellows

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Pandemic

Investment and Subjective Uncertainty

Steven J. DAVIS, Nicholas A. BLOOM, Lucia FOSTER, Scott OHLMACHER, Itay SAPORTA-EKSTEN
A longstanding challenge in evaluating the impact of uncertainty on investment is obtaining measures of managers’ subjective uncertainty. We address this challenge by using a detailed new survey measure of subjective uncertainty collected by the U.S. Census Bureau for approximately 25,000 manufact...
Keywords: Subjective expectations, business-level uncertainty
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Senior Fellows/Fellows

Investment and Subjective Uncertainty

Nicholas A. BLOOM, Steven J. DAVIS, Lucia FOSTER, Scott OHLMACHER, Itay SAPORTA-EKSTEN
A longstanding challenge in evaluating the impact of uncertainty on investment is obtaining measures of managers’ subjective uncertainty. We address this challenge by using a detailed survey measure of uncertainty collected by the U.S. Census Bureau for approximately 25,000 manufacturing plants. W...
Keywords: Subjective expectations, business-level uncertainty
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Annual Conference

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International Macroeconomics, Money & Banking, Senior Fellows/Fellows

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May 2014

Investing Like China

Chong-En BAI, Wen YAO, Qing LIU
There are several facts that we document about the Chinese economy during the last decade in this paper: i) The skill premium in wage has been rising till 2008 but falls afterwards; ii) the aggregate investment rate in China increases from 42% in 2008 to 47% in 2013, among which structure investment...
Keywords: Credit Market Imperfections, Economic growth, Transition, Migration, Abundant Unskilled Labor Supply, Wage Premium
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Senior Fellows/Fellows

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Senior Fellows/Fellows, Pandemic

Internet Access and its Implications for Productivity, Inequality, and Resilience

Steven J. DAVIS, Nicholas A. BLOOM, Jose Maria BARRERO
About one-fifth of paid workdays will be supplied from home in the post-pandemic economy, and more than one-fourth on an earnings-weighted basis. In view of this projection, we consider some implications of home internet access quality, exploiting data from the new Survey of Working Arrangements and...
Keywords: Internet access, productivity, COVID-19, working from home, remote work, earnings inequality, subjective well-being, economic resilience
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Annual Conference

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International Macroeconomics, Money & Banking, Senior Fellows/Fellows

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May 2016

International Transmissions of Monetary Shocks: Between a Trilemma and a Dilemma

Shang-Jin WEI, Xuehui HAN
This paper re-examines international transmissions of monetary policy shocks from advanced economies to emerging market economies. In terms of methodologies, it combines three novel features. First, it separates co-movement in monetary policies due to common shocks from spillovers of monetary polici...
Keywords: Interest rate shocks, Fixed exchange rate, Flexible exchange rate, dilemma, trilemma, Capital flow management
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