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    • Faculty Publications  (56)

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    • All HBS Web  (503)
      • Faculty Publications  (56)

      Monetary Economics Remove Monetary Economics →

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      More Amazon Effects: Online Competition and Pricing Behaviors
      An Exploration of Optimal Stabilization Policy
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      • June 2020
      • Article

      U.S. Monetary Policy and Emerging Market Credit Cycles

      By: Falk Bräuning and Victoria Ivashina
      Foreign banks’ lending to firms in emerging market economies (EMEs) is large and denominated predominantly in U.S. dollars. This creates a direct connection between U.S. monetary policy and EME credit cycles. We estimate that over a typical U.S. monetary easing cycle,...  View Details
      Keywords: Global Business Cycle; Monetary Policy; Reaching For Yield; Money; Policy; Credit; Emerging Markets
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      Bräuning, Falk, and Victoria Ivashina. "U.S. Monetary Policy and Emerging Market Credit Cycles." Journal of Monetary Economics 112 (June 2020): 57–76.
      • 2020
      • Working Paper

      HBS COVID-19 Global Policy Tracker

      By: Alberto Cavallo and Tannya Cai
      The HBS COVID-19 Global Policy Tracker is an initiative by the Business, Government and the International Economy (BGIE) unit at Harvard Business School (HBS) to collect and standardize economic policies implemented as a response to the coronavirus pandemic around the...  View Details
      Keywords: Covid-19; Economics; Policy; Health Pandemics; Government and Politics; Global Range
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      Cavallo, Alberto, and Tannya Cai. "HBS COVID-19 Global Policy Tracker." Harvard Business School Working Paper, No. 20-110, April 2020. (Available at www.globalpolicytracker.com.)
      • January 2020
      • Teaching Note

      Chile: Unrest in the Copper Nation

      By: Laura Alfaro and Sarah Jeong
      For decades, Chile enjoyed the stability of being the world’s largest producer of copper. Keynes would have advised that this period of growth would have been the time for the government to save, that “the boom, not the slump, is the right time for austerity at the...  View Details
      Keywords: Copper Production; Protests; Economic Slowdown and Stagnation; Metals and Minerals; Production; Economy; Emerging Markets; Chile
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      Alfaro, Laura, and Sarah Jeong. "Chile: Unrest in the Copper Nation." Harvard Business School Teaching Note 320-054, January 2020.
      • 2019
      • Working Paper

      Regulatory Limits to Risk Management

      By: Ishita Sen
      Using derivative positions and a regulatory change that results in different regulatory risk sensitivities for economically similar products, I show that inconsistencies in regulatory incentives restrict hedging and increase shadow insurance for U.S. life insurers....  View Details
      Keywords: Interest Rate Risk Management; Minmum Return Guarantees; Capital Regulation; Shadow Insurance; Collateral Constraints; Interest Rates; Risk Management; Capital; Governing Rules, Regulations, and Reforms; Insurance
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      Sen, Ishita. "Regulatory Limits to Risk Management." Working Paper, September 2019.
      • 2019
      • Chapter

      Monetary Policy—‘Whatever It Takes within Our (New?) Mandate’

      By: Huw Pill
      This paper discusses whether the UK's monetary policy framework needs to be reviewed in the light of experience during and in the aftermath of the global financial crisis. It concludes that, while the inflation targeting framework has generally proved robust, the Bank...  View Details
      Keywords: Monetary Policy; Money; Policy; United Kingdom
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      Pill, Huw. "Monetary Policy—‘Whatever It Takes within Our (New?) Mandate’." Chap. 3 in Renewing our Monetary Vows: Open Letters to the Governor of the Bank of England, edited by Richard Barwell and Jagjit Chadha, 35–52. London: National Institute of Economic and Social Research (NIESR), 2019.
      • 2019
      • White Paper

      Impact-Weighted Financial Accounts: The Missing Piece for an Impact Economy

      By: George Serafeim, T. Robert Zochowski and Jennifer Downing
      Reimagining capitalism is an imperative. We need to create a more inclusive and sustainable form of capitalism that works for every person and the planet. Massive environmental damage, growing income and wealth disparity, stress, and depression within developed...  View Details
      Keywords: Impact-weighted Accounts; Iwai; Background; Economic Systems; Economy; Corporate Social Responsibility and Impact; Measurement and Metrics; Financial Statements
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      Serafeim, George, T. Robert Zochowski, and Jennifer Downing. "Impact-Weighted Financial Accounts: The Missing Piece for an Impact Economy." White Paper, Harvard Business School, Boston, MA, September 2019.
      • 2019
      • Chapter

      Spatial Agglomeration and Superstar Firms: Firm-level Patterns from Europe and U.S.

      By: Laura Alfaro, Maggie X. Chen and Harald Fadinger
      We characterize the agglomeration patterns of industries and plants in Europe, distinguishing Eurozone countries and the United States. Using a micro-level index, we quantify the degree of geographic concentration in industrial activities and explore how firm...  View Details
      Keywords: Agglomeration; Patterns; Industry Clusters; Europe; United States
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      Alfaro, Laura, Maggie X. Chen, and Harald Fadinger. "Spatial Agglomeration and Superstar Firms: Firm-level Patterns from Europe and U.S." In ECB Forum on Central Banking, 17-19 June 2019, Sintra, Portugal: 20 years of European Economic and Monetary Union: Conference Proceedings. Frankfurt: European Central Bank, 2019.
      • April 2019 (Revised April 2020)
      • Case

      Reaganomics: Impact and Legacy

      By: Tom Nicholas, John Masko and Matthew G. Preble
      During the 1980s, President Ronald Reagan and his administration instituted several far-reaching economic policies that had both near- and long-term impacts on such aspects of the U.S. economy as monetary policy, inflation, the tax structure, and the role of...  View Details
      Keywords: Wealth and Poverty; Business and Government Relations; Leadership; Taxation; Government Administration; Government Legislation; Inflation and Deflation; Money; Economy; Economic Slowdown and Stagnation; Economic Growth; Equality and Inequality; United States
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      Nicholas, Tom, John Masko, and Matthew G. Preble. "Reaganomics: Impact and Legacy." Harvard Business School Case 819-007, April 2019. (Revised April 2020.)
      • August 2018
      • Case

      Christine Lagarde

      By: Julie Battilana, Carin-Isabel Knoop, Vanessa Ampelas and Noemie Assenat
      For a modular presentation of the same material, please see “Christine Lagarde (A): A French Prime Minister Calls” (HBS No. 419-017), “Christine Lagarde (B): Being a Public Servant” (HBS No. 419-018), and “Christine Lagarde (C): Managing the IMF” (HBS No. 419-019)....  View Details
      Keywords: Change; Personal Development and Career; Power and Influence; Leadership; Gender; Leading Change
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      Battilana, Julie, Carin-Isabel Knoop, Vanessa Ampelas, and Noemie Assenat. "Christine Lagarde." Harvard Business School Case 419-016, August 2018.
      • August 2018
      • Case

      Christine Lagarde (C): Managing the IMF

      By: Julie Battilana and Carin-Isabel Knoop
      This case covers the career of Christine Lagarde from 2011 to 2018 as she takes the helm of a troubled multilateral organization during a time of deepening economic turmoil. As the first female leader of the International Monetary Fund (IMF), and as a non-economist,...  View Details
      Keywords: Personal Development and Career; Power and Influence; Change Management; Global Range; Gender; Equality and Inequality; Climate Change
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      Battilana, Julie, and Carin-Isabel Knoop. "Christine Lagarde (C): Managing the IMF." Harvard Business School Case 419-019, August 2018.
      • October 22, 2012
      • Article

      Interest Rate Pass-Through: Mortgage Rates, Household Consumption, and Voluntary Deleveraging

      By: Marco Di Maggio, Amir Kermani, Benjamin Keys, Tomasz Piskorski, Rodney Ramcharan, Amit Seru and Vincent Yao
      Exploiting variation in the timing of resets of adjustable-rate mortgages (ARMs), we find that a sizable decline in mortgage payments (up to 50%) induces a significant increase in car purchases (up to 35%). This effect is attenuated by voluntary deleveraging. Borrowers...  View Details
      Keywords: Monetary Policy; Household Finance; Refinancing; Contract Rigidities; Debt Rigidity; Mpc; Deleveraging; Personal Finance; Household; Policy; Borrowing and Debt; Macroeconomics
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      Di Maggio, Marco, Amir Kermani, Benjamin Keys, Tomasz Piskorski, Rodney Ramcharan, Amit Seru, and Vincent Yao. "Interest Rate Pass-Through: Mortgage Rates, Household Consumption, and Voluntary Deleveraging." American Economic Review 107, no. 11 (November 2017): 3550–3588. (Note: this is a combined version of working papers Monetary Policy Pass-Through: Household Consumption and Voluntary Deleveraging by M. Di Maggio, A. Kermani and R. Ramcharan previously Revise & Resubmit at American Economic Review and Mortgage Rates, Household Balance Sheets, and the Real Economy by B. Keys, T. Piskorski, A. Seru, and V. Yao previously Revise and Resubmit at Journal of Political Economy.)
      • September 2017
      • Case

      Christine Lagarde

      By: Julie Battilana, Carin-Isabel Knoop, Vanessa Ampelas and Noemie Assenat
      The case covers the youth and career trajectory of Christine Lagarde across her time at Baker & McKenzie, as a minister in the government of France and as the head of the International Monetary Fund (IMF). The case highlights the challenges and opportunities she faced...  View Details
      Keywords: Change; Personal Development and Career; Power and Influence; Leadership; Gender; Leading Change
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      Battilana, Julie, Carin-Isabel Knoop, Vanessa Ampelas, and Noemie Assenat. "Christine Lagarde." Harvard Business School Case 418-007, September 2017.
      • August 2017
      • Comment

      Comment on: "Dealer Balance Sheets and Bond Liquidity Provision" by Adrian, Boyarchenko and Shachar

      By: Marco Di Maggio
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      Di Maggio, Marco. Comment on: "Dealer Balance Sheets and Bond Liquidity Provision" by Adrian, Boyarchenko and Shachar. Journal of Monetary Economics 89 (August 2017): 110–112.
      • April 2017 (Revised February 2020)
      • Case

      Restructuring Ukraine

      By: Kristin Mugford, Seema Amble and Tian Feng
      In June 2015, Ukraine found itself struggling with a volatile and devalued currency, dramatically diminished foreign reserves, and a projected financing shortfall of $40 billion. Ukraine’s new government sought to return the nation to stability following political...  View Details
      Keywords: Exchange Rates; Politics; Macroeconomics; Financial Crisis; Insolvency and Bankruptcy; Restructuring; Economy; Currency Exchange Rate; Banks and Banking; Economic Slowdown and Stagnation; Bonds; Sovereign Finance; Capital Markets; Credit; Debt Securities; Financial Liquidity; Financial Markets; Government and Politics; Ukraine
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      Mugford, Kristin, Seema Amble, and Tian Feng. "Restructuring Ukraine." Harvard Business School Case 217-049, April 2017. (Revised February 2020.)
      • Article

      Om det meningslösa och farliga med monetär heroism [On the Futility and Hazards of Monetary Heroics]

      By: Amar Bhide
      The decentralized enterprise that sustains the dynamism of economies makes top-down monetary interventions, such as quantitative easing, that target aggregates such as overall inflation, futile. Moreover, economic stability and dynamism also require prudent,...  View Details
      Keywords: Innovation; Monetary Policy; Decentralization; Quantitative Easing
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      Bhide, Amar. "Om det meningslösa och farliga med monetär heroism [On the Futility and Hazards of Monetary Heroics]." Ekonomisk Debatt 45, no. 4 (2017).
      • February 2016 (Revised July 2017)
      • Case

      Leadership and Independence at the Federal Reserve

      By: David Moss and Marc Campasano
      “From the Great Depression, to the stagflation of the seventies, to the current economic crisis caused by the housing bubble, every economic downturn suffered by this country over the past century can be traced to Federal Reserve policy.” Ron Paul, a Republican from...  View Details
      Keywords: Government Legislation; Central Banking; Policy; Financial Crisis; Business and Government Relations; Banking Industry; Public Administration Industry; United States
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      Moss, David, and Marc Campasano. "Leadership and Independence at the Federal Reserve." Harvard Business School Case 716-040, February 2016. (Revised July 2017.)
      • February 2016
      • Article

      Positive and Normative Judgments Implicit in U.S. Tax Policy, and the Costs of Unequal Growth and Recessions

      By: Benjamin B. Lockwood and Matthew Weinzierl
      Calculating the welfare implications of changes to economic policy or shocks to the economy requires economists to decide on a normative criterion. One way to make that decision is to elicit the relevant moral criteria from real-world policy choices, converting a...  View Details
      Keywords: Judgments; Taxation
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      Lockwood, Benjamin B., and Matthew Weinzierl. "Positive and Normative Judgments Implicit in U.S. Tax Policy, and the Costs of Unequal Growth and Recessions." Journal of Monetary Economics 77 (February 2016): 30–47. (Also Harvard Business School Working Paper, No. 14-119, June 2014.)
      • June 2015 (Revised January 2017)
      • Case

      Greece's Debt: Sustainable?

      By: George Serafeim
      The case "Greece's Debt: Sustainable?" describes the Greek economic crisis, bailout from the European Union and the International Monetary Fund (IMF), and the debt restructuring that followed. Because of a lack of trust in Greece's ability to repay its debt, two...  View Details
      Keywords: Debt Crisis; Accounting; Debt Sustainability; Austerity; Solvency Opinions; Borrowing and Debt; Restructuring; Valuation; Accrual Accounting; Fair Value Accounting; Economy; Greece
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      Serafeim, George. "Greece's Debt: Sustainable?" Harvard Business School Case 115-063, June 2015. (Revised January 2017.)
      • May–June 2015
      • Article

      Dead Weight: How Greece Wound up Trapped in the European Union

      By: Debora L. Spar
      In the early 1990s, Greece fell far afield of the economic criteria laid out by the Maastricht Treaty, the EU's founding document. In 1999, when the European monetary union was launched, Greece failed to meet the criteria again, but managed to squeeze into the body two...  View Details
      Keywords: Eu; Geopolitics; Economic Conditions; Economy; Financial Crisis; Greece; European Union
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      Spar, Debora L. "Dead Weight: How Greece Wound up Trapped in the European Union." Foreign Policy 212 (May–June 2015).
      • April 2015 (Revised January 2020)
      • Case

      Japan's Missing Arrow?

      By: Laura Alfaro and Hilary White
      In late December 2014, Shinzo Abe was elected to another term as the prime minister of Japan. His re-election was largely interpreted as a vote of confidence for his economics policies, collectively referred to as "Abenomics." Comprised of three "arrows," including...  View Details
      Keywords: Currency; Bonds; Government Bonds; Government Debt; Public Finance; Quantitative Easing; Stimulus; Fiscal Policy; Fiscal Deficits; Debt Management; Debt Reduction; Abenomics; Exchange Rate; Exports; Reform; Economics; Macroeconomics; Policy; Government Legislation; Government and Politics; Asia; Japan
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      Alfaro, Laura, and Hilary White. "Japan's Missing Arrow?" Harvard Business School Case 715-050, April 2015. (Revised January 2020.)
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