Webinar Series

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Innovation, Productivity and Challenges in the Digital Era: Asia and Beyond

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Mar 2022

Stablecoins are at the center of debate surrounding decentralized finance. We develop a dynamic model to analyze the instability mechanism of stablecoins, the complex incentives of stablecoin issuers, and regulatory proposals. The model rationalizes a variety of stablecoin management strategies comm...
Keywords: Stablecoin, instability, regulation, decentralized finance, cash holdings, q-theory
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Webinar Series

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Capital Market Development: China and Asia

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Mar 2022

We study the impact of government-led incentive systems by examining a staggered reform in the Chinese state-owned enterprise (SOE) performance evaluation policy. To improve capital allocative efficiency, in 2010, regulators switched from using return on equity (ROE) to economic value added (EVA) wh...
Keywords: CEO compensation, Capital budgeting, Cost of Capital, Corporate governance, Economic reform, Transition economy
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Senior Fellows/Fellows, Pandemic

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May 2020

I review the functionality of the secondary market for U.S. Treasuries in March 2020, when the Covid-19 crisis triggered investor flows that overwhelmed intermediaries. Although the Fed was able to largely restore market liquidity through its unprecedented rate of Treasury purchases and other action...
Keywords: COVID-19, Pandemic, US Treasury Market
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Senior Fellows/Fellows, Pandemic

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May 2020

We use a repeated large-scale survey of households in the Nielsen Homescan panel to characterize how labor markets are being affected by the covid-19 pandemic. We document several facts. First, job loss has been significantly larger than implied by new unemployment claims: we estimate 20 million los...
Keywords: Labor market, unemployment, Employment, COVID-19
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Webinar Series

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Pandemic

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May 2020

Sudden, large-scale and diffuse human migration can amplify localized outbreaks of disease into widespread epidemics1,2,3,4. Rapid and accurate tracking of aggregate population flows may therefore be epidemiologically informative. Here we use 11,478,484 counts of mobile phone data from individuals l...
Keywords: COVID-19, Population flow, Spatio-temporal distrubution, China
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