Senior Fellows/Fellows

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Senior Fellows/Fellows, Pandemic

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May 2020

The Inclusive Cost of Pandemic Influenza Risk

Victoria Y. FAN, Dean T. JAMISON, Lawrence H. SUMMERS
Estimates of the long-term annual cost of global warming lie in the range of 0.2-2% of global income. This high cost has generated widespread political concern and commitment as manifested in the Paris agreements of December, 2015. Analyses in this paper suggest that the expected annual cost of pand...
Keywords: COVID-19, Pandemic, Inclusive cost, risk
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Senior Fellows/Fellows

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Senior Fellows/Fellows

The importance of network recommendations in the director labor market

Angie LOW, Rüdiger FAHLENBRACH, Hyemin KIM
Directors are more likely to obtain additional directorships or be promoted if the CEO and peer directors of their current board are well-connected. The impact of CEO and peer director connections is stronger for additional appointments and promotions at firms in the CEO’s and peer directors’ ne...
Keywords: board of directors, network connections, director labor market, CEO rolodex
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Senior Fellows/Fellows

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Senior Fellows/Fellows, Pandemic

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May 2020

The Impact of the COVID-19 Pandemic on Consumption: Learning from High Frequency Transaction Data

Wenlan QIAN, Haiqiang CHEN, Qiang WEN
We use daily transaction data in 214 cities to study the impact of COVID-19 on consumption after China’s outbreak in late January 2020. Based on difference-in-differences estimation, daily offline consumption—via UnionPay card and QR scanner transactions—fell by 32%, or 18.57 million RMB per c...
Keywords: COVID-19, Coronavirus, Pandemic, Consumption, economic impact, Policy response, fiscal stimulus, transaction data
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Senior Fellows/Fellows

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Senior Fellows/Fellows, 2017

The Impact of Sin Culture: Evidence from Earnings Management and Alcohol Consumption in China

Hong ZHANG, Massimo MASSA
We study how secular culture affects firm behavior when formal institutions fall short. We find that firms more exposed to alcohol-related sin culture exhibit more earnings management and lean their operations more toward local business partners. Tests using latitude and snow/temperature as instrume...
Keywords: Culture, Earnings management, Alcohol, Geographic shocks
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Annual Conference

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International Macroeconomics, Money & Banking, Senior Fellows/Fellows

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May 2016

The I Theory of Money

Markus K. BRUNNERMEIER, Yuliy SANNIKOV
A theory of money needs a proper place for financial intermediaries. Intermediaries diversify risks and create inside money. In downturns, micro-prudent intermediaries shrink their lending activity, fire-sell assets and supply less inside money, exactly when money demand rises. The resulting Fisher ...
Keywords: Monetary Economics, (Inside) Money, Endogenous Risk Dynamics;
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