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Insights / Research BriefMar 25, 2024

Banks in Space

Ezra Oberfield, Esteban Rossi-Hansberg, Nicholas Trachter, Derek Wenning
The banking deregulation of the 1980s and 90s provides unique evidence of the way in which banks set up their branches across locations. Two forms of sorting explain observed location patterns well. Sorting on size, whereby top banks locate in the largest markets and smaller banks in marginal ones, and sorting according to funding needs whereby banks locate in regions that allow them to balance their loans and deposits.
Topics:  Financial Markets
Insights / Research BriefMar 07, 2024

What Drives Inflation? Lessons from Disaggregated Price Data

Elisa Rubbo
US inflation in the early phases of the COVID pandemic was entirely driven by disruptions in supply and demand across industries, whereas most of the subsequent increase in consumer prices is driven by aggregate demand.
Topics:  COVID-19, Monetary Policy
Insights / Research BriefFeb 27, 2024

A Commitment Rule for Insolvency Forum

Anthony J. Casey, Aurelio Gurrea-Martínez, Robert K. Rasmussen
A new commitment rule regarding forums for international insolvency would not only benefit debtors and creditors, but also society at large by supporting the development of financial markets, entrepreneurial innovation, and economic growth.
Topics:  Financial Markets
Insights / Research BriefFeb 01, 2024

Quantifying the Social Value of a Universal COVID-19 Vaccine and Incentivizing Its Development

Rachel Glennerster, Thomas Kelly, Claire T. McMahon, Christopher M. Snyder
A universal COVID-19 vaccine that is effective against existing and future variants could provide the United States population with $1.5–$2.6 trillion more in social value than variant-specific boosters. The social value of a universal vaccine eclipses the cost of incentivizing manufacturers to develop it.
Topics:  COVID-19
Insights / Research BriefJan 18, 2024

Refinancing Frictions, Mortgage Pricing and Redistribution

Joseph S. Vavra, David W. Berger, Konstantin Milbradt, Fabrice Tourre
Homebuyers who refinance their mortgages more often end up paying less in the long run than those who rarely refinance. Mortgage reforms can potentially reduce these disparities, but they can also have unintended consequences for the mortgage market.
Topics:  Financial Markets
Insights / Research BriefJan 17, 2024

Asset Demand of U.S. Households

Xavier Gabaix, Ralph S. J. Koijen, Federico Mainardi, Sangmin Oh, Motohiro Yogo
New data on households’ portfolios, including ultra-high-net-worth (UHNW) households, indicate that households play a limited role in stabilizing fluctuations in financial markets.
Topics:  Financial Markets
Insights / Research BriefNov 15, 2023

Greater Than the Sum of Its Parts: Aggregate vs. Aggregated Inflation Expectations

Alexander Dietrich, Edward S. Knotek II, Kristian O. Myrseth, Robert W. Rich, Raphael Schoenle, Michael Weber
A novel measure of consumer inflation expectations that is constructed by combining forecasts from across different categories of consumption is consistently lower than conventional measures. It is also less volatile and a stronger predictor of consumers’ spending plans.
Topics:  COVID-19
Insights / Research BriefJul 26, 2023

Exporting, Global Sourcing, and Multinational Activity: Theory and Evidence from the United States

Pol Antràs, Teresa C. Fort, Evgenii Fadeev, Felix Tintelnot
Multinational firms (MNEs) are more likely to trade not only with countries in which they have affiliates, but also with other countries within their affiliates’ region. These patterns point to firm-level scale economies that arise when the fixed costs to source from, or sell in, a market are shared across all the MNE’s plants.
Topics:  Financial Markets