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Working Papers

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International Trade

Neoclassical Growth in an Interdependent World

The authors generalize the closed-economy neoclassical growth model (CNGM) to allow for costly goods trade and capital flows with imperfect substitutability between countries.

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Finance

Exchange Rates, Natural Rates, and the Price of Risk

Rohan KekreMoritz Lenel
Asset Pricing

Asset Pricing, Participation Constraints, and Inequality

Goutham GopalakrishnaZhouzhou GuJonathan Payne
Finance

Asset Demand of U.S. Households

Xavier GabaixRalph S. J. KoijenFederico MainardiSangmin OhMotohiro Yogo
Macroeconomics

Micro Risks and Pareto Improving Policies

Mark A. Aguiar Manuel AmadorCristina Arellano
Finance

Can a Machine Correct Option Pricing Models?

Caio AlmeidaJianqing FanGustavo FreireFrancesca Tang
Finance

Platforms, Tokens, and Interoperability

Industrial Organization

The Value of Time: Evidence from Auctioned Cab Rides

Nicholas BuchholzLaura DovalJakub KastlFilip MatejkaTobias Salz
Finance

Nonparametric Option Pricing with Generalized Entropic Estimators

Caio AlmeidaGustavo FreireRafael AzevedoKym Ardison
Finance

Maturity Composition and the Demand for Government Debt

Jason AllenJakub KastlMilena Wittwer
Finance

Who Can Tell Which Banks Will Fail?

Kristian BlickleMarkus BrunnermeierStephan Luck
Finance

Financial Inclusion Across the United States

Self-Fulfilling Debt Crises, Revisited

Mark A. AguiarSatyajit ChatterjeeHarold ColeZachary Stangebye
Monetary Economics

Optimal Fiscal and Monetary Policy with Distorting Taxes

Finance

Falling Rates and Rising Superstars

Thomas KroenErnest LiuAtif MianAmir Sufi
Monetary Economics

Interactions between Monetary and Fiscal Policy: Yesterday, Today, and Tomorrow

Monetary Economics

What explains the decline in r*? Rising income inequality versus demographic shifts

Atif MianLudwig StraubAmir Sufi

Dynamical Structure and Spectral Properties of Input-Output Networks

Ernest LiuAleh Tsyvinski
Finance

Costs of Financing US Federal Debt: 1791-1933

George HallJonathan PayneThomas J. SargentBálint Szőke
Finance

Market Power in Small Business Lending: A Two Dimensional Bunching Approach

Natalie CoxErnest LiuDaniel Morrison
Monetary Economics

Debt as Safe Asset

Markus BrunnermeierSebastian MerkelYuliy Sannikov