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Becker Friedman Institute for Economics
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        • About the Becker Friedman Institute
          The Becker Friedman Institute for Economics (BFI) serves as a hub for cutting-edge analysis and research across the entire University of Chicago economics community, uniting researchers from the Booth School of Business, the Kenneth C. Griffin Department of Economics, the...
        • Our Legacy
          Inspired by our namesakes, Nobel Laureates Gary Becker and Milton Friedman, who believed that economics research could help improve the world, BFI works with the Chicago Economics community to turn its evidence-based research into real-world impact.
        • Pre-Doctoral Research Professionals
          The Predoctoral Research in Economics Program (PREP) is intended to serve as a bridge between college and graduate school for students interested in empirical economics. The program offers unique research and professional training opportunities at the University of Chicago.
        • Expanding Discovery in Economics+
          Expanding Discovery in Economics+ (EDE+) brings together a diverse group of early undergraduate students to hone their research abilities and technical skills.
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        • Dynamic Competition for Sleepy Deposits
          Mark L. Egan, Ali Hortaçsu, Nathan A. Kaplan, Adi Sunderam, and Vincent Yao

          We examine the implications of sleepy deposits and their impact on competition, bank value, and financial stability in the US banking sector. We first document the shopping behavior of depositors using novel data on account openings and closures. Depositors infrequently...

          Why Is Manufacturing Productivity Growth So Low?
          Enghin Atalay, Ali Hortaçsu, Nicole Kimmel, and Chad Syverson

          We examine the recent slow growth in manufacturing productivity. We show that nearly all measured TFP growth since 1987—and its post-2000s decline—comes from a few computer-related industries. We argue conventional measures understate manufacturing productivity growth by failing to fully capture...

          The Five Shanghai Themes
          Harald Uhlig

          This paper was written for the occasion of the 3rd Great Minds China Forum in Shanghai, May 2017 and presented there. It discusses five important macroeconomic themes. First, the growth in China relative to TFP. Second, house price and financial...

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          Laboratories of Autocracy: Landscape of Central–Local Dynamics in China’s Policy Universe
          Chat2Learn: A Proof-of-Concept Evaluation of a Technology-Based Tool to Enhance Parent-Child Language Interaction
          Religion in Emerging and Developing Regions
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          The Hidden Volatility of American Workers’ Paychecks
          Why Has Regional Income Convergence in the U.S. Declined?
          Building Costs and House Prices​
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          Finding Your Why at Work: The Economics of Purpose
          Stuck: How Housing Regulation Ended America’s Mobility Revolution
          Building Costs vs. Housing Prices: Why Construction Isn’t Driving the Crisis
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          2025 AI in Social Science Conference

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          Fernando Alvarez at 60: Celebrating His Contributions to Economics and his Friendship

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          Fall 2025 Behavioral Economics Seminar Series

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Media Mention·Oct 1, 2021

Does New Cash Make Stocks Go Up?

Bloomberg; Ralph Koijen
Related People
  • Ralph Koijen
Related Research
  • In Search of the Origins of Financial Fluctuations: The Inelastic Markets Hypothesis
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© 2025 Becker Friedman Institute for Economics at the University of Chicago

  • About
        • About the Becker Friedman Institute
          The Becker Friedman Institute for Economics (BFI) serves as a hub for cutting-edge analysis and research across the entire University of Chicago economics community, uniting researchers from the Booth School of Business, the Kenneth C. Griffin Department of Economics, the...
        • Our Legacy
          Inspired by our namesakes, Nobel Laureates Gary Becker and Milton Friedman, who believed that economics research could help improve the world, BFI works with the Chicago Economics community to turn its evidence-based research into real-world impact.
        • Pre-Doctoral Research Professionals
          The Predoctoral Research in Economics Program (PREP) is intended to serve as a bridge between college and graduate school for students interested in empirical economics. The program offers unique research and professional training opportunities at the University of Chicago.
        • Expanding Discovery in Economics+
          Expanding Discovery in Economics+ (EDE+) brings together a diverse group of early undergraduate students to hone their research abilities and technical skills.
        • Visitors & Fellows
        • Our Team
        • BFI Employment Opportunities
        • Contact
  • Network
        • Research Initiatives
          • Big Data Initiative
          • Chicago Experiments Initiative
          • Health Economics Initiative
          • Industrial Organization Initiative
          • International Economics and Economic Geography Initiative
          • Macroeconomic Research Initiative
          • Political Economics Initiative
          • Price Theory Initiative
          • Public Economics Initiative
          • Ronzetti Initiative for the Study of Labor Markets
          • Socioeconomic Inequalities Initiative
        • View All caret-right
        • Regional Initiatives
          • BFI-China
          • BFI-Latin America
          • Tata Centre for Development
        • View All caret-right
        • Programs & Centers
          • Expanding Discovery in Economics+ (EDE+)
          • Development Economics Center
          • Global Center for Economic Growth - Growth Academy
          • Macro Finance Research Program
          • Program in Behavioral Economics Research
          • TMW Center for Early Learning + Public Health
        • View All caret-right
  • Scholars
    • UChicago Scholars
    • Visiting Scholars
    • Saieh Family Fellows
    • Predoctoral Research Professionals
  • Research
        • Dynamic Competition for Sleepy Deposits
          Mark L. Egan, Ali Hortaçsu, Nathan A. Kaplan, Adi Sunderam, and Vincent Yao

          We examine the implications of sleepy deposits and their impact on competition, bank value, and financial stability in the US banking sector. We first document the shopping behavior of depositors using novel data on account openings and closures. Depositors infrequently...

          Why Is Manufacturing Productivity Growth So Low?
          Enghin Atalay, Ali Hortaçsu, Nicole Kimmel, and Chad Syverson

          We examine the recent slow growth in manufacturing productivity. We show that nearly all measured TFP growth since 1987—and its post-2000s decline—comes from a few computer-related industries. We argue conventional measures understate manufacturing productivity growth by failing to fully capture...

          The Five Shanghai Themes
          Harald Uhlig

          This paper was written for the occasion of the 3rd Great Minds China Forum in Shanghai, May 2017 and presented there. It discusses five important macroeconomic themes. First, the growth in China relative to TFP. Second, house price and financial...

        • View All caret-right
  • Insights
        • Research Briefs

          Laboratories of Autocracy: Landscape of Central–Local Dynamics in China’s Policy Universe
          Chat2Learn: A Proof-of-Concept Evaluation of a Technology-Based Tool to Enhance Parent-Child Language Interaction
          Religion in Emerging and Developing Regions
        • View All caret-right
        • BFI Data Studio

          The Hidden Volatility of American Workers’ Paychecks
          Why Has Regional Income Convergence in the U.S. Declined?
          Building Costs and House Prices​
        • View All caret-right
        • Podcasts

          Finding Your Why at Work: The Economics of Purpose
          Stuck: How Housing Regulation Ended America’s Mobility Revolution
          Building Costs vs. Housing Prices: Why Construction Isn’t Driving the Crisis
        • View All caret-right
        • Videos

          BFI Youtube Channel external
          Captivating and informative videos on the latest insights and trends as well as the tested stock of knowledge in economics from leaders in academia, policy, business, and the media.
  • Events
        • Upcoming Events

          Sep 25

          2025 AI in Social Science Conference

          Sep 26

          Fernando Alvarez at 60: Celebrating His Contributions to Economics and his Friendship

          Sep 29

          Fall 2025 Behavioral Economics Seminar Series

        • View All caret-right
  • News
    • BFI News
    • Media Mentions
    • Press Releases
  • Info For
    • Scholars
    • Students
    • Media
    • Pre-Doctoral Research Professionals
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