This paper employs an updated algorithm and database for classifying exchange rate and anchor currency choice, to explore the evolution of the global exchange rate system, including parallel rates, ...

In our book, Global Capital Markets: Integration, Crisis, and Growth, we traced out the evolution of the international monetary system using the framework of the “international monetary trilemma”: ...

Behavioral finance argues that some financial phenomena can plausibly be understood using models in which some agents are not fully rational. The field has two building blocks: limits to arbitrage, ...

Dean Corbae, 40th Annual Conference on Macroeconomics "Credit Scores and Inequality Across the Life Cycle" April 11, 2025. Share ...

Cecilia Rouse, president of the Brookings Institution and a professor at Princeton University, who chaired the Council... 2024 Methods Lecture, Susan Athey, "Analysis and Design of Multi-Armed Bandit ...

Kristin Forbes, 40th Annual Conference on Macroeconomics "Tradeoffs and Sacrifice over Rate Cycles: Activity, Inflation and the Price Level" ...

2025, Panel Discussion, 40th Annual Conference on Macroeconomics "The Steep Decline in Global Fertility: Causes and Consequences" ...

How good is AI at persuading humans to perform costly actions? We study calls made to get delinquent consumer borrowers to repay. Regression discontinuity and a randomized experiment reveal that AI is ...

The period after the Global Financial Crisis (GFC) was characterized by a considerable risk migration within global liquidity flows, away from cross-border bank lending towards international bond ...

We conduct a long-run evaluation of one of the oldest professional mentoring programs for underrepresented groups in economics, the American Economic Association Mentoring Program (AEAMP). The AEAMP ...

This paper develops a complete-market production economy with heterogeneous beliefs about TFP growth. Hiring occurs before TFP is known and is, therefore, risky (operational leverage). The firm's ...

We introduce the concept of racial capital, defined as the collective material and non- material assets of the racial groups to which a child is exposed while growing up, and examine its potential to ...