Members' Digest

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2018

Sexy or Safe: Why do Predicted Stock Issuers Earn Low Returns?

Charles M. C. LEE
Predicted stock issuers (PSIs) are firms with expected “high-investment and low-profit” (HILP) profiles that earn unusually low returns. We carefully document important features of PSI firms to provide new insights on the economic mechanism behind the HILP phenomenon. Our results show top-PSI fi...
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AMPF Papers

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Commissioned Paper

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May 2019

The Dollar Hegemon? Implications for Policy Makers

Pierre-Olivier GOURINCHAS
This paper reviews the central role of the US dollar in the global trade, financial and monetary systems. The dominance of the US dollar as an invoicing, issuance, anchor and reserve currency has increased over time, especially so and somewhat paradoxically since the end of the Bretton Woods system....
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Members' Digest

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2018

Post-Crisis Banking Regulations and Financial Market Liquidity

Darrell DUFFIE
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AMPF Papers

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Commissioned Paper

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May 2017

Systematic Managed Floating

Jeffrey FRANKEL
A majority of countries neither freely float their currencies nor firmly peg. But most of the remainder in practice also don’t obey such well-defined intermediate exchange rate regimes as target zones. This paper proposes to define an intermediate regime, to be called “systematic managed floatin...
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Annual Conference

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Economic Transformation of Asia

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May 2017

A General Equilibrium Model of Formalization in a Dualistic Economy with Evidence from Indonesia

Yuming FU, Wen-Chi LIAO, Yuwei LIU
Informal-sector employment is pervasive in developing economy cities. The informal sector contributes little to public finance and has low productivity due to the lack of access to trade support and export market, which is available in the formal sector. We study cross-region variations in employmen...
Keywords: Informal sector, Spatial equilibrium, Formalization cost, Export
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