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作者：Schallheim, Jim
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作者：Schoar, Antoinette
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作者：Chen, Kaiji; Gao, Haoyu; Higgins, Patrick; Waggoner, Daniel F.; Zha, Tao
作者单位：Emory University; Federal Reserve System - USA; Federal Reserve Bank - Atlanta; Renmin University of China; National Bureau of Economic Research
摘要：We study how a fiscal expansion via infrastructure investment influences the dynamic impacts of monetary stimulus on credit allocation. We develop a two-stage approach and apply it to the Chinese economy with a confidential loan-level data set that covers all sectors. We find that infrastructure investment significantly weakened monetary policy's transmission to credit allocated to private firms, while reinforcing the monetary effects on loans to state-owned firms. This fiscal-monetary interac...
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作者：Goldsmith-Pinkham, Paul; Shue, Kelly
作者单位：Yale University; National Bureau of Economic Research; Yale University
摘要：Using detailed transactions data across the United States, we find that single women earn 1.5 percentage points lower annualized returns on housing relative to single men. Forty-five percent of the gap is explained by transaction timing and location. The remaining gap arises from a 2% gender difference in execution prices at purchase and sale. Consistent with a negotiation channel, women list for less and experience worse negotiated discounts. The gender gap shrinks in tight markets, where neg...
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作者：Gargano, Antonio; Giacoletti, Marco; Jarnecic, Elvis
作者单位：University of Houston System; University of Houston; University of Melbourne; University of Southern California; University of Sydney; University of Southern California
摘要：Recent local price growth explains differences in search behavior across prospective homebuyers. Those experiencing higher growth in their postcode of residence search more broadly across locations and house characteristics, without changing attention devoted to individual sales listings, and have shorter search duration. Effects are stronger for homeowners, in particular those living in less wealthy areas and looking for a new primary residence. We use reduced-form analysis and a quantitative...
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作者：Biais, Bruno; Bisiere, Christophe; Bouvard, Matthieu; Casamatta, Catherine; Menkveld, Albert J. J.
作者单位：Hautes Etudes Commerciales (HEC) Paris; Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; Vrije Universiteit Amsterdam
摘要：We offer a general equilibrium analysis of cryptocurrency pricing. The fundamental value of the cryptocurrency is its stream of net transactional benefits, which depend on its future prices. This implies that, in addition to fundamentals, equilibrium prices reflect sunspots. This in turn implies multiple equilibria and extrinsic volatility, that is, cryptocurrency prices fluctuate even when fundamentals are constant. To match our model to the data, we construct indices measuring the net transa...
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作者：Liu, Xuewen
作者单位：University of Hong Kong; University of Hong Kong
摘要：We develop a tractable model of systemic bank runs. The market-based banking system features a two-layer structure: banks with heterogeneous fundamentals face potential runs by their creditors while they trade short-term funding in the asset (interbank) market in response to creditor withdrawals. The possibility of a run on a particular bank depends on its assets' interim liquidation value, and this value depends endogenously in turn on the status of other banks in the asset market. The within...
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作者：[Anonymous]
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作者：Boyer, Brian H.; Nadauld, Taylor D.; Vorkink, Keith P.; Weisbach, Michael S.
作者单位：Brigham Young University; University System of Ohio; Ohio State University; National Bureau of Economic Research
摘要：Measures of private equity (PE) performance based on cash flows do not account for a discount-rate risk premium that is a component of the capital asset pricing model (CAPM) alpha. We create secondary market PE indices and find that PE discount rates vary considerably. Net asset values are too smooth because they fail to reflect variation in discount rates. Although the CAPM alpha for our index is zero, the generalized public market equivalent based on cash flows is large and positive. We obta...
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作者：Aubry, Mathieu; Kraussl, Roman; Manso, Gustavo; Spaenjers, Christophe
作者单位：Universite Gustave-Eiffel; Centre National de la Recherche Scientifique (CNRS); ESIEE Paris; Institut Polytechnique de Paris; Ecole des Ponts ParisTech; University of Luxembourg; Stanford University; University of California System; University of California Berkeley; University of Colorado System; University of Colorado Boulder
摘要：We construct a neural network algorithm that generates price predictions for art at auction, relying on both visual and nonvisual object characteristics. We find that higher automated valuations relative to auction house presale estimates are associated with substantially higher price-to-estimate ratios and lower buy-in rates, pointing to estimates' informational inefficiency. The relative contribution of machine learning is higher for artists with less dispersed and lower average prices. Furt...
