Annual Conference

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Corporate Finance

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May 2026

The Intangible Gap

Mindy Xiaolan ZHANG, Lei ZHANG, Yiyuan ZHANG
We document a large and rising intangible investment gap between small and large U.S. firms. Smaller firms invest disproportionately in intangible capital, despite facing tighter financing constraints, and this gap has tripled since the 1980s alongside a pronounced increase in intangible investment ...
Keywords: Investment, Intangible, Financial Friction, Size Distribution
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Annual Conference

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International Macroeconomics, Money & Banking

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May 2026

Nighttime Light and the Construction Financing Channel of Monetary Spillovers

Kaiji CHEN, Qichao WANG, Juanyi (Jenny) Xu, Jingbo YAO
We identify a financing-based construction channel for the international transmission of U.S. monetary policy. Our design combines high-frequency monetary policy shocks with nighttime light (NTL) big data, providing both the temporal resolution to isolate causal effects and the spatial granularity t...
Keywords: Monetary Policy Spillover, Nighttime Light, Construction Financing Channel
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Annual Conference

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International Macroeconomics, Money & Banking

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May 2026

Banks and the State-Dependent Effects of Monetary Policy

Martin EICHENBAUM, Federico PUGLISI, Sergio REBELO, Mathias TRABANDT
This paper provides empirical evidence that contractionary monetary policy is less powerful in high interest-rate environments. We argue that this state dependence reflects the interaction between bank’s net interest margins (the return on banks’ assets minus the per-dollar cost of their funds),...
Keywords: Net interest rate margin, banks, social interactions, monetary policy, state dependence
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Annual Conference

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International Macroeconomics, Money & Banking

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May 2026

Central Bank Independence and Risk-Taking at the Zero Lower Bound

Beatrice WEDER DI MAURO, Bernhard BARTELS, Barry EICHENGREEN, Julian SCHUMACHER
Unprecedented balance sheet expansion in recent years has resulted in heightened financial risk for central banks, reflected initially in higher profits and subsequently in significant losses. Combining data on central bank balance sheets with market data on asset prices, we provide evidence on the ...
Keywords: Monetary policy, Central bank profitability, Central bank independence, Monetary-fiscal interactions
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Annual Conference

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International Macroeconomics, Money & Banking

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May 2026

Desirability of Competition in Currency of Invoicing

Sumit AGARWAL, Apoorva JAVADEKAR, Shekhar TOMAR, Gautham UDUPA
Two stylized facts underline the dollar's role in the world, 1) it dominates cross-border as- set/debt markets and international trade transactions, and 2) country- and firm-level dollar invoicing shares are stable. Using transaction-level import data and exploiting an unanticipated US monetary poli...
Keywords: Dollar Invoicing, Dollar Credit Shocks, Importers, Taper Tantrum
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