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Motivated Beliefs and the Elderly's Compliance with COVID-19 Measures
(2021-01-26)
Although the elderly are more vulnerable to COVID-19, the empirical evidence suggests that they do not behave more cautiously in the pandemic than younger individuals. This theoretical model argues that some individuals ...
Financing Costs and the Efficiency of Public-Private Partnerships
(2020-11-18)
The paper compares provision of public infrastructure via public-private partnerships (PPPs) with provision under government management. Due to soft budget constraints of government management, PPPs exert more effort and ...
Supranational Rules, National Discretion: Increasing Versus Inflating Regulatory Bank Capital?
(2021-02-16)
We study how higher capital requirements introduced at the supranational and implemented at the national level affect the regulatory capital of banks across countries. Using the 2011 EBA capital exercise as a quasi-natural ...
Biases in Information Selection and Processing: Survey Evidence from the Pandemic
(2021-02-10)
How people form beliefs is crucial for understanding decision-making un- der uncertainty. This is particularly true in a situation such as a pandemic, where beliefs will affect behaviors that impact public health as well ...
Smart (Phone) Investing? A Within Investor-Time Analysis of New Technologies and Trading Behavior
(2021-02-02)
Using transaction-level data from two German banks, we study the effects of smartphones on investor behavior. Comparing trades by the same investor in the same month across different platforms, we find that smartphones ...
The FOMC Risk Shift
(2021-01-27)
We identify a component of monetary policy news that is extracted from high-frequency changes in risky asset prices. These surprises, which we call “risk shifts”, are uncorrelated, and therefore complementary, to risk-free ...
The Impact of Temporal Framing on the Marginal Propensity to Consume
(2021-02-23)
We conducted a large-scale household survey in November 2020 to study how altering the time frame of a message (temporal framing) regarding an imminent positive income shock affects consumption plans. The income shock ...
Obfuscation and Rational Inattention in Digitalized Markets
(2021-02-05)
This paper studies the behavior of competing firms in a duopoly with rational inattentive consumers. Firms play a sequential game in which they decide to obfuscate their individual prices before competing on price. ...
Global Realignment in Financial Market Dynamics: Evidence from ETF Networks
(2021-02-04)
The centrality of the United States in the global financial system is taken for granted, but its response to recent political and epidemiological events has suggested that China now holds a comparable position. Using ...
Risk Taking, Preferences, and Beliefs: Evidence from Wuhan
(2020-03-24)
We study risk taking in a panel of subjects in Wuhan, China - before, during the COVID-19 crisis, and after the country reopened. Subjects in our sample traveled for semester break in January, generating variation in ...