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Journal Article
Information and Communications Technology Spending and City Size
Rubinton, Hannah; Isaacson, Maggie (2021-04-26)
Firms in big cities are spending more on information and communications technology than firms in small cities, a likely cause of the growing economic divide between big and small U.S. cities.
Economic Synopses , Issue 7 , Pages 1-2

Discussion Paper
How Does Information Affect Liquidity in Over-the-Counter Markets?
Lee, Michael Junho; Martin, Antoine (2020-01-13)
A large volume of financial transactions occur in decentralized markets that commonly depend on a network of dealers. Dealers face two impediments to providing liquidity in these markets. First, dealers may face informed traders. Second, they may face costs associated with maintaining large balance sheets, either due to inventory or liquidity costs. In a recent paper, we study a model of over-the-counter (OTC) markets in which liquidity is endogenously determined by dealers who must contend with both asymmetric information and liquidity costs. This post provides an intuitive explanation of ...
Liberty Street Economics , Paper 20200113

Working Paper
Goods-Market Frictions and International Trade
McCallum, Andrew H.; Krolikowski, Pawel (2016-12-23)
We present a tractable framework that embeds goods-market frictions in a general equilibrium dynamic model with heterogeneous exporters and identical importers. These frictions arise because it takes time and expense for exporters and importers to meet. We show that search frictions lead to an endogenous fraction of unmatched exporters, alter the gains from trade, endogenize entry costs, and imply that the competitive equilibrium does not generally result in the socially optimal number of searching firms. Finally, ignoring search frictions results in biased estimates of the effect of tariffs ...
Working Papers (Old Series) , Paper 1635

Working Paper
Expanded GDP for Welfare Measurement in the 21st Century
Nakamura, Leonard I.; Hulten, Charles R. (2020-03-09)
The information revolution currently underway has changed the economy in ways that are hard to measure using conventional GDP procedures. The information available to consumers has increased dramatically as a result of the Internet and its applications, and new mobile communication devices have greatly increased the speed and reach of its accessibility. An individual now has an unprecedented amount of information on which to base consumption choices, and the “free” nature of the information provided means that the resulting benefits largely bypass GDP and accrue directly to consumers. ...
Working Papers , Paper 20-10

Working Paper
The Signaling Effects of Fiscal Announcements
Melosi, Leonardo; Zanetti, Francesco (2022-08-19)
Fiscal announcements may transfer information about the government’s view of the macroeconomic outlook to the private sector, diminishing the effectiveness of fiscal policy as a stabilization tool. We construct a novel dataset that combines daily data on Japanese stock prices with narrative records from press releases about a set of extraordinary fiscal packages introduced by the Japanese government from 2011-2020. We use local projections to show that these fiscal stimuli were often interpreted as negative news by the stock market whereas exogenous fiscal interventions that do not convey ...
Working Paper Series , Paper WP 2022-38

Working Paper
Information in Financial Markets : Who Gets It First?
Swem, Nathan (2017-02)
I compare the timing of information acquisition among institutional investors and sell-side analysts, and I show that hedge fund trades predict the direction of subsequent analyst ratings change reports while other investors' trades do not. In addition, hedge funds reverse trades after analyst reports, while other investors follow the analysts. Finally, I show that hedge funds perform best among stocks with high analyst coverage. These results suggest that hedge funds have superior information acquisition skills, and that analysts assist hedge funds in exploiting information acquisition ...
Finance and Economics Discussion Series , Paper 2017-023

Working Paper
Goods-Market Frictions and International Trade
McCallum, Andrew H.; Krolikowski, Pawel (2017-05-23)
We present a tractable framework that embeds goods-market frictions in a general equilibrium dynamic model with heterogeneous exporters and identical importers. These frictions arise because it is time consuming and expensive for exporters and importers to meet. We show that search frictions lead to an endogenous fraction of unmatched exporters, alter the gains from trade, endogenize entry costs, and imply that the competitive equilibrium does not generally result in the socially optimal number of searching firms. Finally, ignoring search frictions results in biased estimates of the effect of ...
International Finance Discussion Papers , Paper 1207

Report
Information heterogeneity and intended college enrollment
Bleemer, Zachary; Zafar, Basit (2014-08-01)
Despite a robust college premium, college attendance rates in the United States have remained stagnant and exhibit a substantial socioeconomic gradient. We focus on information gaps? specifically, incomplete information about college benefits and costs?as a potential explanation for these patterns. In a nationally representative survey of U.S. household heads, we show that perceptions of college costs and benefits are severely and systematically biased: 74 percent of our respondents underestimate the true benefits of college (average earnings of a college graduate relative to a non-college ...
Staff Reports , Paper 685

Working Paper
Mandatory Disclosure and Financial Contagion
Alvarez, Fernando; Barlevy, Gadi (2014-04-28)
This paper analyzes the welfare implications of mandatory disclosure of losses at financial institutions when it is common knowledge that some banks have incurred losses but not which ones. We develop a model that features contagion, meaning that banks not hit by shocks may still suffer losses because of their exposure to banks that are. In addition, we assume banks can profitably invest funds provided by outsiders, but will divert these funds if their equity is low. Investors thus value knowing which banks were hit by shocks to assess the equity of the banks they invest in. We find that when ...
Working Paper Series , Paper WP-2014-4

Report
Information Spillovers Within Couples: Evidence from a Sequential Survey of Spouses
Delavande, Adeline; Koşar, Gizem; Zafar, Basit (2025-06-01)
Little is known about the extent and drivers of information flow within couples and whether spouses hold aligned expectations about the same outcomes. To provide new evidence, we conduct an online survey of 2,200 middle-aged married couples in the U.S. Our focus is on expectations about Social Security benefits. We first document misalignment in expectations: the correlation between partners’ beliefs about a given spouse’s Social Security benefits is 0.70, well below full agreement. We also show that this imperfect alignment is systematically associated with couple-specific ...
Staff Reports , Paper 1154

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