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作者：Carre, Sylvain; Klossner, Damien
作者单位：Universite PSL; Universite Paris-Dauphine; Swiss National Bank (SNB)
摘要：We characterize the interaction between banks' liquid assets purchases and deposit issuance decisions. Using global games, we derive a liquidity multiplier: the amount of deposits a bank can create when endowed with one additional unit of liquid asset to maintain a given level of liquidity risk. In our central theorem, we prove it is larger than unity. This entails that banks have a special role in enhancing liquidity provision, multiplying liquid assets into a larger quantity of deposits. Our...
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作者：Jeffers, Jessica S.
作者单位：Hautes Etudes Commerciales (HEC) Paris
摘要：This paper examines how labor mobility restrictions like noncompete agreements affect firms' investment decisions. Using matched employee-employer data from LinkedIn, I show that increases in the enforceability of noncompete agreements lead to widespread declines in employee departures, specifically in knowledge-intensive occupations. Established firms that rely more on these knowledge-intensive occupations increase their investment rate in physical capital. However, new firm entry in correspo...
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作者：Kirti, Divya; Sarin, Natasha
作者单位：International Monetary Fund; Yale University; Yale University
摘要：This paper studies how private equity creates value and its consequences for consumer welfare in the insurance industry, where PE investments grew tenfold following the financial crisis. PE firms add value through regulatory and tax arbitrage that increases profits relative to their non-PE counterparts. Crucially, the impact on consumer welfare is nuanced: in the short run, consumers benefit from more favorably priced products. But the arbitrage strategy also exposes them to more risk, as annu...
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作者：Gomes, Francisco; Jansson, Thomas; Karabulut, Yigitcan
作者单位：University of London; London Business School; Centre for Economic Policy Research - UK; Sveriges Riksbank; Frankfurt School Finance & Management
摘要：We document significant negative effects of exposure to increased automation at work on household wealth accumulation. Beyond the income and savings channels, we uncover a novel mechanism contributing to the negative wealth effects of automation that arises through the endogenous optimal portfolio decisions of households. We show that households rebalance their financial wealth away from the stock market in response to increased human capital risk induced by pervasive automation, thereby attai...
