Chad Jones on The A.I. Dilemma: Growth versus Existential Risk
On Friday, May 26, John Campbell joined Markus' Academy for a lecture.
With introductions by Markus Brunnermeier
Markus' Academy
Public
May 11, 2023 12:30 pm
Kevin Bryan on A User's Guide to GPT and LLMs for Economics Research
On Thursday, May 11, Kevin Bryan joined Markus' Academy for a lecture.
With introductions by Markus Brunnermeier
Markus' Academy
Public
May 4, 2023 12:30 pm
John Campbell on Mortgage Choice and Monetary Policy
On Thursday, May 4, John Campbell joined Markus' Academy for a lecture.
With introductions by Markus Brunnermeier
Markus' Academy
Public
April 27, 2023 4:30 pm
China, US, Technology, and Globalization—Learnings from Alibaba
Michael Evans, President of Alibaba Group
Bendheim Center for Finance
Princeton Community
April 26, 2023 2:50 pm
Francesca Bastianello
Assistant Professor of Finance and Liew Family Junior Faculty Fellow, Chicago Booth
Civitas Finance Seminar
Princeton Community
April 25, 2023 12:15 pm - 1:15 pm
Narek Alexanian on Outside and Inside Money Revisited and Yinan Qiu on Do international equity funds benefit from managers' foreign education backgrounds
Narek Alexanian Abstract:
Cash (outside money) or credit (inside money) can be used as a medium of exchange to settle transactions. But does their coexistence help or hamper allocative efficiency? I examine this question in a model in which credit is collateralized by cash due to limited commitment. I show that the introduction of credit is welfare improving if and only if limited commitment constraints are sufficiently loose and agents coordinate on choosing credit to mediate exchange. In this environment, credit is optimally chosen to be a nominal contract between borrowers and lenders. Hence, the model delivers a joint characterization of money as (a) store of value; (b) medium of exchange and (c) unit of account.
Yinan Qiu Abstract:
In this paper, we study whether US international equity funds perform better in their managers' education countries. We find that while funds hold 16.7% higher excess shares in the country of their current manager's education, the sub-portfolios in those education countries do not have better performances. We also use the active share measure (I-measure) to infer funds’ subjective information rankings of each equity and sort the equities into different portfolios. The highest I-measure portfolio has the highest market alpha in both education and non-education countries, and the differences in alpha across different I-measure quantiles is more pronounced in education countries.
Yinan Qiu and George Nikolakoudis
Student Research Workshop
Public - Registration Required
April 21, 2023 12:15 pm - 1:15 pm
The Future of Green Finance & ESG Standards
Roger Fergurson, Council on Foreign Relations | Annette Nazareth, Davis Polk | Lin Peng, Baruch College
Julis-Rabinowitz Center for Public Policy & Finance Event
Princeton Community
April 19, 2023 2:50 pm
Benjamin Hébert
Associate Professor of Finance, Stanford: GSB
Civitas Finance Seminar
Princeton Community
April 19, 2023 12:00 pm
Financial Literacy Day
Charles F. Lowrey, Chair & CEO of Prudential Financial, Inc.
Bendheim Center for Finance
Princeton Community
April 18, 2023 12:20 pm - 1:15 pm
Nicolas Hommel on The Origins of the Convenience Yield
Nicolas Hommel
Student Research Workshop
Public
April 14, 2023 6:00 pm
Accepting the Challenge: A Liberalism for Tomorrow
Christian Lindner, German Minister of Finance
Bendheim Center for Finance
Public
April 13, 2023 4:30 pm - 6:00 pm
Can the World Be Governed?
The panel asks how – through which institutions and by means of which arguments - a common global vision might be regenerated.
Deborah Yashar, Oona Hathaway, Pratap Bhanu Mehta, and Jia Qingguo
Princeton Community
April 12, 2023 2:50 pm
Rosen Valchev on Risky Business Cycles
Assistant Professor of Econmics, Boston College
Civitas Finance Seminar
Princeton Community
April 11, 2023 12:20 pm - 1:15 pm
Georgios Nikolakoudis on Prices vs Quantities: A Macroeconomic Analysis
Georgios Nikolakoudis
Student Research Workshop
Princeton Community
April 7, 2023 11:00 am - 12:30 pm
Rethinking the State
Markus Brunnermeier, Mariana Mazzucato, and Andrew Moravcsik
Bendheim Center for Finance
Princeton Community
April 5, 2023 2:50 pm
Jonathan Payne on Deep Learning Solutions to Master Equations for Continuous Time Heterogeneous Agent Macroeconomic Models
Assistant Professor of Economics
Civitas Finance Seminar
Princeton Community
April 5, 2023 2:50 pm
René Garcia
Professor of Economics, Université de Montréal
Cancelled
Civitas Finance Seminar
Princeton Community
April 4, 2023 12:20 pm - 1:15 pm
Seung Lee on A Unified Theory of the Term-Structure and Monetary Stabilization (with Marc Dordal i Carreras)
Seung Lee
Student Research Workshop
Public
March 30, 2023 12:30 pm
Bill Dudley on Lessons From the Banking Crisis
On Thursday, March 30, Bill Dudley joined Markus' Academy for a lecture.
With introductions by Markus Brunnermeier
Markus' Academy
Princeton Community
March 28, 2023 12:20 pm - 1:20 pm
Joseph Abadi on Monetary Policy with Inelastic Asset Markets
I develop a New Keynesian model to study the transmission of both conventional and unconventional monetary policy through financial markets. Aggregate asset demand is inelastic due to the presence of (i) heterogeneous intermediaries whose asset demand curves are downwards-sloping, and (ii) households that face frictions in reallocating their savings across intermediaries. The central bank directly controls the short rate, whereas the price of risk is determined by the distribution of intermediaries’ wealth and the central bank’s asset holdings. Interest rate hikes reduce long-term risky asset values, redistributing wealth away from risk-tolerant intermediaries and increasing the risk premium. Central bank asset purchases can provide stimulus by reducing the risk premium, but asset prices and investment may undershoot when those purchases are unwound. Optimal policy achieves the first-best: interest rate policy closes the output gap, and balance sheet policy neutralizes the resulting fluctuations in the price of risk.