The Securities and Exchange Commission today charged a Wall Street stockbroker with illegally accepting more than $1 million in undisclosed kickbacks for giving certain customers preferential access to lucrative IPOs, enabling them to reap major tradin...
SummaryFocusWe study the reasons for the decline in real (inflation-adjusted) interest rates over the last 30 years. We test the common claim that the decline purely reflects non-monetary factors that drive saving and investment. We also examine the ro...
The European Court of Justice is to decide the fate of Uber, and byextension a raft of gig economy tech companies, as it mulls whether the firm is a startup or a taxi company. Uber has argued that it is a technology platform connecting passengers with independent drivers, and therefore exempt...
SummaryFocusEconomist Robert Triffin held that there is an inherent conflict in a national currency also serving as a global reserve currency, because domestic and international policy goals do not generally match. The paper seeks to set the record str...
The Securities and Exchange Commission today announced that Marc P. Berger has been named Director of the New York Regional Office.  He will join the agency in January 2018. Mr. Berger is presently global co-head of Ropes & Gray LLP’s Securities and F...
Előd Takáts and Judit Temesvary | We study the effect of macroprudential measures on cross-border lending during the taper tantrum, which saw a strong slowdown of cross-border bank lending to some jurisdictions. We use a novel dataset combining ...
Thomas A. Durkin and Gregory Elliehausen | Credit related insurance and other debt protection are products sold in conjunction with credit that extinguish a consumer's debt or suspends its periodic payments if events like death, disability, or involunt...
It is a great pleasure for me to be here today. Before I comment on this panel’s topic, let me express my gratitude and satisfaction with the strategic partnership between the ECB and SEACEN, which got off to a successful start this year. Many cooperation activities, ranging from seminars on macroprudential analysis to central bank…
Mathias S. Kruttli, Phillip J. Monin, and Sumudu W. Watugala | We show that when only a few investors own a substantial portion of a hedge fund's net asset value, flow volatility increases because investors' exogenous, idiosyncratic liquidity shocks ar...
Justin R. Pierce and Peter K. Schott | This paper examines the effect of a change in U.S. trade policy on the domestic investment of U.S. manufacturers. Using a difference-in-differences identification strategy, we find that industries more exposed to ...