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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Annual Conference

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Investment Finance, Senior Fellows/Fellows

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May 2018

The Green Geography: Corporate Environmental Policies and Local Institutional Investors

Johan SULAEMAN, Abhishek VARMA
Corporate environmental concerns (i.e., weaknesses) are spatially clustered, unlike environmental strengths. Firms headquartered in cities friendlier towards the environment (“green” cities) are less likely to have environmental concerns. Manufacturing facilities operated by such firms pose lowe...
Keywords: Environmental issues, environmental performance, toxic substances, corporate environmental policies, local bias
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Annual Conference

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International Macroeconomics, Money & Banking, Senior Fellows/Fellows

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May 2015

The Gravity of Experience

Pushan DUTT, Ana Maria SANTACREU, Daniel TRACA
In this paper, we establish the importance of experience in international trade in reducing unmeasured trade costs and facilitating bilateral trade. We find a strong role for experience, measured in years of positive trade, for both aggregate and sectoral bilateral trade. In an augmented gravity fra...
Keywords: Gravity model, Dark Trade Costs, Experience, Extensive and intensive margin
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