We study the relationship between credit expansions, macroeconomic fluctuations, and
financial crises using a novel database on the sectoral distribution of private credit for 117 …

In contrast to traditional research, this study uses the sustainable development index rather
than economic growth to investigate the viability of the natural resource curse theory. It also …

We document that the real effects of monetary shocks last for over a decade. Our approach
relies on (1) identification of exogenous and non-systematic monetary shocks using the …

Free market, competitive capitalism is dead. The separation between politics and economics
can no longer be sustained. In The Corona Crash, leading economics commentator Grace …

We present a model that reproduces two salient facts characterizing the international
monetary system: Fast growing emerging countries i) run current account surpluses, ii) …

The financial sector plays a critical role in society by mediating resources and assets within
the economy between surplus and deficit units. Therefore, they have a great responsibility …

In this paper, we highlight a new channel through which dollar fluctuations can become a
self-fulfilling pro-cyclical force. We call this mechanism Imperial Circle as it makes the dollar …

Observed patterns of international investment are difficult to reconcile with frictionless capital
markets. In this paper, we provide a quantitative theory of international capital allocation: a …

What is the effect of declining interest rates on the efficiency of resource allocation and
overall economic activity? We study this question in a setting in which entrepreneurs with …

The UK economy is one of the most geographically unequal among OECD countries, with
London's lead having increased since the mid-1980s. The UK is also one of the most …