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Insights / Research BriefJul 13, 2022

Intangible Marketing Capital

Many consumers would not be surprised to learn that US corporations spend significant resources on marketing, including advertising, branding, promoting, selling, and trademarking. The evidence abounds from ads alone, including those on buses and billboards, radio and television, social media and websites, product placement in movies and TV shows, among many other manifestations.
Insights / Research BriefMay 10, 2022

Does Entry Remedy Collusion? Evidence From the Generic Prescription Drug Cartel

In April 2013, Teva Pharmaceuticals, a large generic drug manufacturer, hired a marketing executive with strong connections throughout the industry with the goal of exploring opportunities to increase profits. Or, in that marketing executive’s own words, to enact “price increase implementation.”
Topics:  Health care, Industrial Organization
Insights / Podcast episodeMar 30, 2022

How Does Access to Safe Water Affect Child Mortality?

A new meta-analysis by Michael Kremer and co-authors suggests water treatment could reduce child mortality...
Topics:  Development Economics
Insights / Research BriefMar 02, 2022

Information versus Investment

Stephen J. Terry, Toni M. Whited, Anastasia A. Zakolyukina
When Enron, a Texas-based energy trader and supplier, filed for bankruptcy in December 2001, its stock was trading at $0.26 per share. The prior year its share price peaked at $90.75. This stunning fall was not the result of economic shocks or events out of Enron’s control.
Topics:  Financial Markets
Insights / Research BriefFeb 23, 2022

A Goldilocks Theory of Fiscal Deficits

Atif R. Mian, Ludwig Straub, Amir Sufi
Interest rates among advanced economies have fallen precipitously in recent years, following a decades-long trend, and fueling fears of secular, or long-term, stagnation. What that means is the interest rate that balances desired saving and investment and, thus, leads to full employment and stable inflation, has not only approached zero but in theory could be negative, especially if not for generous government social programs. Likewise, fiscal deficits have grown.
Topics:  Fiscal Studies
Insights / Interactive Chart

Explore the Economic Effects of Global Warming

Insights / Research BriefFeb 01, 2022

Liquidity, Liquidity Everywhere, not a Drop to Use: Why Flooding Banks with Central Bank Reserves May Not Expand Liquidity

Viral V. Acharya, Raghuram Rajan
Despite a significant expansion in central bank balance sheets, some markets like the US money market have experienced increasing interest rate volatility, including significant spikes in the repo rate, notably in September 2019 (see Copeland, Duffie and Yang (2021), Correa, Du, and Liao (2021), D’Avernas and Vanderweyer (2021), and Yang (2021)). This apparent disruption in money markets that depend intimately on the availability of liquidity seems puzzling when the cash and central bank reserves held by the US private sector at the end of 2019 were around 4 times their holdings before the Global Financial Crisis in 2007. Greater liquid holdings do not seem to have made markets for liquidity more immune to liquidity shocks. Indeed, markets were disrupted yet again in March 2020 at the onset of the COVID-19 pandemic and the banking system was found short in its ability to accommodate the demand for liquidity. In response, the Federal Reserve expanded its balance sheet yet more (see, for example, Kovner and Martin (2020)), buying financial assets from the private sector and placing large quantities of liquid reserves with it (or promising to do so). Where had all the prior liquidity gone?
Topics:  Monetary Policy
Interactive Map

Explore the Economic Effects of Global Warming

That unchecked climate change will profoundly affect the world’s economy well into the future is...