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Working Papers

September 2023, No. 23-09

Are people adequately informed about their vulnerability to future climate-related risks, and does their willingness to adapt depend on this knowledge?

Laura Bakkensen, Quynh Nguyen, Toan Phan and Paul Schuler

May 2023, No. 23-08

This paper evaluates the welfare effects of unemployment insurance in general equilibrium using a life-cycle model.

May 2023, No. 23-07

New Jersey voters approved legalized gambling for Atlantic City in a 1976 referendum. The state explicitly leveraged the city's regional monopoly on casinos east of the Mississippi River as an economic development strategy to revive the blighted seaside resort town.

March 2023, No. 23-06

We analyze the relationship between climate-related disasters and sovereign debt crises using a model with capital accumulation, sovereign default, and disaster risk.

March 2023, No. 23-05

How do credit default swaps (CDS) affect sovereign debt markets? The answer depends crucially on trading frictions, risk-sharing, arbitrage violations, and spillovers from secondary to primary markets. We propose a sovereign default model where investors trade bonds and CDS over the counter via directed search.

Gaston Chaumont, Grey Gordon, Bruno Sultanum and Elliot Tobin

February 2023, No. 23-04

In this paper, we develop a methodology that delivers an encompassing approach to computing dynamic responses of macroeconomic variables to shocks.

January 2023, No. 23-03

We construct a novel signal of bank expectations utilizing confidential data and a regulatory constraint imposed on bank internal capital markets during the 2008 crisis that made internal equity injections to commercial bank subsidiaries difficult to reverse.

January 2023, No. 23-02

Married men work substantially more hours than men who have never been married, even after controlling for observables. This Working Paper delves into possible explanations for these results.

January 2023, No. 23-01

We theoretically and empirically investigate how climate risks affect collateralized debt markets. Our results highlight the importance of heterogeneous beliefs in understanding the effects of climate change on the financial system.

Laura Bakkensen, Toan Phan and Russell Wong

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