Senior Fellows/Fellows

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Senior Fellows/Fellows, Pandemic

Still the World's Safe Haven? Redesigning the U.S. Treasury Market After the COVID19 Crisis

Darrell DUFFIE
I review the functionality of the secondary market for U.S. Treasuries in March 2020, when the Covid-19 crisis triggered investor flows that overwhelmed intermediaries. Although the Fed was able to largely restore market liquidity through its unprecedented rate of Treasury purchases and other action...
Keywords: COVID-19, Pandemic, market liquidity, Treasury market
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Senior Fellows/Fellows

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Senior Fellows/Fellows

Sticky Wages on the Layoff Margin

Steven J. DAVIS, Pawel KROLIKOWSKI
We design and field an innovative survey of unemployment insurance (UI) recipients that yields new insights about wage stickiness on the layoff margin. Most UI recipients express a willingness to accept wage cuts of 5-10 percent to save their jobs, and one third would accept a 25 percent cut. Yet wo...
Keywords: Wage rigidity, sticky wages, layoffs, unemployment insurance, survey of job losers, worker perceptions
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Annual Conference

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Corporate Finance, Senior Fellows/Fellows

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May 2013

State-Run Banks, Money Growth, and the Real Economy

Randall MORCK, M. Deniz YAVUZ, Bernard YEUNG
We find lending by state controlled banks to be significantly more associated with monetary policy than is lending by private sector banks. At the country-level, we further find monetary policy to be significantly closely linked to aggregate loan growth and aggregate fixed capital investment growth ...
Keywords: ownership structure, loan growth, capital investment, monetary policy, banking
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Senior Fellows/Fellows

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Senior Fellows/Fellows, Pandemic

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May 2020

State-Level Economic Policy Uncertainty

Steven J. DAVIS, Scott R. BAKER, Jeffrey A. LEVY
We quantify and study state-level economic policy uncertainty. Tapping digital archives for nearly 3,500 local newspapers, we construct three monthly indexes for each state: one that captures state and local sources of policy uncertainty (EPU-S), one that captures national and international sources ...
Keywords: Policy uncertainty, elections and uncertainty, COVID-19 pandemic, state-level economic performance, unemployment
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Annual Conference

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Corporate Finance, Senior Fellows/Fellows

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May 2015

State Capitalism vs. Private Enterprise

Alexander LJUNGQVIST, Donghua CHEN, Dequan JIANG, Haitian LU, Mingming ZHOU
We study the efficiency of internal capital markets at state-controlled and privately owned business groups in China. Using highly granular data on within-group capital flows, we document stark differences: while private groups allocate more capital to units with better investment opportunities, sta...
Keywords: State capitalism, business groups, internal capital markets, private enterprise
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