Annual Conference

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International Macroeconomics, Money & Banking, Senior Fellows/Fellows

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May 2019

Active Monetary or Fiscal Policy and Stock-Bond Correlation

Hao ZHOU, Ji ZHANG , Tao ZHA, Erica X.N. LI
We explore an important role of monetary-fiscal policy interactions in explaining three stylized facts: (1) a positive correlation of stock and bond returns in 1971-2001 and a negative one after 2001, (2) a negative correlation of consumption and inflation in 1971-2001 and a positive one after 2001,...
Keywords: Stock-bond return correlation, consumption-inflation correlation, fiscal-monetary policy regime, bond risk premium, technology shock, investment shock
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Webinar Series

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Pandemic

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Aug 2020

The Effects of the Coronavirus Pandemic in Emerging Markets and Developing Economies: An Optimistic Preliminary Account

Pinelopi Koujianou GOLDBERG, Tristan REED
Early in 2020, the general expectation was that the coronavirus pandemic’s effects would be more severe in developing countries than in advanced economies, both on the public health and economic fronts. Preliminary evidence as of June 2020 supports a more optimistic assessment. To date, most low- ...
Keywords: Coronavirus, Pandemic, emerging markets, Developing Countries
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Webinar Series

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Pandemic

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Jul 2020

Healthcare Crowd-out and Resource Allocation: Evidence from COVID-19 Pandemic

Manuel HERMOSILLA, Jian NI, Haizhong WANG, Jin ZHANG
Efficient resource allocation, during a possible new wave of the COVID-19 pandemic and similar public health crisis, requires understanding whether (and to which extent) COVID-related healthcare demand may displace or crowd-out non-COVID care. We study this crowd-out hypothesis using a large sample ...
Keywords: COVID-19, Healthcare Crowd-Out, Differences-In-Differences-In-Differences, Online Drug Retailing, Healthcare Capacity, Rx/OTC
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Webinar Series

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Pandemic

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Jun 2020

Food Security and Human Mobility During the COVID-19 Lockdown

Prithwiraj (Raj) CHOUDHURY, Tarun KHANNA, Wesley W. KOO, Xina LI, Nishant KISHORE, Satchit BALSARI
During the COVID-19 crisis, millions of migrants around the world face food insecurity. This could force migrants to travel during the pandemic, exposing them to health risks and accelerating the spread of the virus. Anecdotal evidence demonstrates the importance of enforcing food security policies ...
Keywords: COVID-19, Migrants, Food Security, Mobility, Health Pandemics, Food, Distribution, policy, Global Range
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Webinar Series

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Pandemic

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Jul 2020

Stimulating Consumption at Low Budget: Evidence from a Large-scale Policy Experiment amid the COVID-19 Pandemic

Shu CHEN, Qiao LIU, Qiaowei SHEN, Zhenghua LI
We use a novel panel with detailed transaction records of more than one million de-identified individuals to study the effect of a large-scale Chinese government-issued digital coupon program on consumer spending. At the core of this stimulus program are a set of salient features that drive the marg...
Keywords: COVID-19, fiscal stimulus program, MPC, policy experiment, Chinese digital coupon, behavioral economics
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