Featured Faculty Working Papers
Public Employee Pensions and Municipal Insolvency
Sean Myers proposes a new model of government saving and borrowing which accounts for the choice of risk exposure.
Geoeconomic Competition and Capital Reallocation in Global FX Funding
Amy Huber and her co-author Yu An study geoeconomic competition and capital reallocation in global financial markets, using the foreign exchange (FX) funding market.
Gideon Bornstein and his co-author Alessandra Peter study how market power shapes the product design choices of firms and, through this channel, affects consumption inequality.
Payments, Reserves, and Financial Fragility
Itay Goldstein, Yao Zeng, and their co-author Ming Yang argue that the evolution of money and payments depends on whether money is used to make payments or hoarded as reserves.
Breaking the Data Chain: The Ripple Effect of Data Sharing Restrictions on Financial Markets
Huan Tang, with co-authors Simona Abis and Bo Bian, reveals a previously overlooked vulnerability in financial markets related to privacy policy.
Chaojun Wang and his co-authors Tomy Lee and Adam Zawadowski analyze List requests on MarketAxess, the largest corporate bond platform, finding that traders substitute across bonds within Lists to overcome fragmentation in the bond market.
Financial Market Fragility in the Era of AI Planning
Winston Wei Dou, Itay Goldstein, and their co-author Yan Ji explore how advanced AI planning technology can put financial market stability at risk.
Monopsony Power and the Transmission of Monetary Policy
Gideon Bornstein, Sergio Salgado, and their co-author Bence Bardóczy uncover how labor market concentration blunts the power ofmonetary policy. This paper was supported by Pre-Doctoral Research Associates Tanvi Jindal and Paige Stevenson.
The Effect of Fiscal Policy Shocks on Asset Prices
Courtney Wiegand’s measure of fiscal policy shocks shows that deficit news moves asset prices across markets — raising Treasury yields, reshaping term premiums, and boosting equities when monetary policy is constrained.
Firm Heterogeneity and Adverse Selection in External Finance
Thomas Winberry and his co-authors show how private information creates a “lemons problem” in the market for external finance. Read about this paper on Knowledge at Wharton.
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