The beginning of the end for cryptocurrencies
Cryptocurrencies have enjoyed a remarkable run from obscurity to a trillion dollar valuation in just over a decade. This column argues, however, that...
Cultural Stereotypes of Multinational Banks
Using hand-collected data spanning more than a decade on European banks’ sovereign debt portfolios, we show that the trust of residents of a bank’s...
The illusion of control
Global macroprudential and microprudential regulatory changes since 2008 have been designed to make a repeat of a systemic crisis much less likely...
Epidemic Exposure, Financial Technology, and the Digital Divide
Journal of Money, Credit and Banking, 54 (7), 1913-1940
Liz Truss has an opportunity to fix a critical financial regulation flaw
Effective financial markets provide the foundation for a highly productive and stable economy, but no UK regulator is responsible for the overall...
Algorithmic Trading and Investment-To-Price Sensitivity
Does the increased prevalence of algorithmic trading (AT) produce real economic effects? We find that AT contributes to managerial learning by...
The Illusion of Control Why Financial Crises Happen, and What We Can (and Can't) Do About It
A challenge to the conventional wisdom surrounding financial risk, providing insight into why easy solutions to control the financial system are...
Choosing a numerical programming language for economic research: Julia, MATLAB, Python or R
Economic researchers can choose between four general purpose programming languages – Julia, MATLAB, Python, and R. This column evaluates the four...
Total factor productivity growth: we need a new drug
Creating the innovations that drive total factor productivity (TFP) growth takes both ideas and firms that process those ideas into new products or...
Ideas, Idea Processing, and TFP Growth in the US: 1899 to 2019
Innovativity – an economy's ability to produce the innovations that drive total factor productivity (TFP) growth – requires both ideas and the ability...
Central Bank Swap Lines: Evidence on the Lender of Last Resort
The Review of Economic Studies, 89(4), 1654–1693
Bitcoin isn’t much of a macro hedge
Bitcoin is often sold as protection against adverse macroeconomic outcomes. This column argues that this depiction as a macro hedge does not stand up...
Covid-19 and trust among the young
Mishandled public health and other disasters erode young people’s trust in politicians for years
Financial transaction taxes and the informational efficiency of financial markets: A structural estimation
Journal of Financial Economics (in press)
CBDCs: Potential Impact on Bank Profitability, Asset and Risk Management and Financial Stability
In this paper we discuss whether or not the introduction of CBDCs may impact the profitability of banks and their ability to accumulate capital...
