Senior Fellows/Fellows

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Pandemic

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Sep 2022

The pandemic triggered a large, lasting shift to work from home (WFH). To study this shift, we survey full-time workers who finished primary school in 27 countries as of mid 2021 and early 2022. Our cross-country comparisons control for age, gender, education, and industry and treat the U.S. mean as...
Keywords: Work from home, preferences over working arrangements, commute times, COVID-19 pandemic, productivit
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Annual Conference

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Accounting, Senior Fellows/Fellows

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May 2019

China presents a unique opportunity to study public enforcement of mandatory disclosure when private enforcement is largely absent. Using a hand-collected sample of comment letters (CLs) on annual reports issued by the Shanghai Stock Exchange, we first show that the price reaction to CL announcement...
Keywords: public enforcement, private enforcement, institutional environment, comment letters, disclosure, ear
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Senior Fellows/Fellows

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Senior Fellows/Fellows

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Apr 2022

The recent shift to remote work raised the amenity value of employment. As compensation adjusts to share the amenity-value gains with employers, wage-growth pressures moderate. We find empirical support for this mechanism in the wage-setting behavior of U.S. employers, and we develop novel survey da...
Keywords: Remote work, amenity value, wage growth, inflation dynamics, recession risk, business expectations,
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AMPF Papers

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Commissioned Paper

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May 2022

Measures of the decline in r ∗ are (almost) exclusively based on a fall in government bond yields. Yet, measures of the return on private aggregate capital are roughly constant, or slightly increasing, in most advanced economies. This fact is robust across measures of the demand for capital, using...
Keywords: liquidity trap, zero lower bound, unconventional monetary policy.
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AMPF Papers

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Policy Note

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May 2022

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