Green Coins
We propose a novel macrofinance model for the EU area comprising both climate damages and an Emission Trading System that interacts with credit markets with a bias for 'net-zero' brown firms and opaque voluntary carbon credit markets. Our model suggests that the implied allocation is far from the first-best. Relevant welfare gains can be obtained in a setting in which a Green Coin Central Bank (GCCB)...
Mariano (Max) Massimiliano Croce, Bocconi University
Wednesday, April 15, 2026 | 2:00pm-3:30pm | Room 339
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Interim Agreements in Matching with Incomplete Information
We study stability in matching markets with two-sided incomplete information. When a blocking opportunity arises, potential deviators draw inferences about one another’s types and iteratively refine their probabilistic beliefs. We first introduce a notion of stability based only on iterative reasoning about rational blocking behavior in the absence of communication. We then develop a refinement that ...
Ziwei Wang, PKU Guanghua School of Management
Wednesday, April 15, 2026 | 2:00pm-3:30pm | Room 337
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Public Responses to Corporate Social Advocacy: Dynamics, Antecedents, and Practice
As companies increasingly engage in controversial social issues, corporate social advocacy (CSA) has become a prominent yet often contested form of corporate communication. This talk explores how publics respond to CSA across contexts, while also examining how such engagement is understood and managed within organizations. It discusses how support and opposition emerge in social media environments,...
Hyejoon Rim, The Chinese University of Hong Kong
Friday, April 10, 2026 | 10:30am-12:00pm | Room 333
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Should Referral Programs Reward Customers for the Short-Term Performance of Their Referrals?
Referral programs are widely used by firms as a tool for new customer acquisition. In practice, most referral programs reward existing customers for the acquisition of their referrals (i.e., referred customers). Although such acquisition-based referral rewards incentivize existing customers to refer new customers, they can be ineffective in generating high-value referrals. To increase the value created ...
Yupeng Chen, Nanyang Technological University
Wednesday, April 8, 2026 | 2:00pm-3:30pm | Room 333
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Consumer Demand with Price Aggregators and Low-Rank Cross-Price Effects
Estimating consumer demands is a bread-and-butter undertaking in applied economics. In general, demand for each good depends on the prices of all goods and services, but for most applications it is impractical to estimate models of such high dimension. In this paper, we consider consumer demand with a low rank of the matrix of cross-price effects, a property implicitly assumed in most empirical settings....
Thibault Fally, University of California, Berkeley
Wednesday, April 8, 2026 | 2:00pm-3:30pm | Room 337
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Set it and Forget it: Engineering Investment Habits with FinTech
We study how automated investment rules affect saving behavior and investment outcomes using detailed data from a FinTech app designed to help retail investors access mutual funds. Users choose how to design these rules, which vary along dimensions such as frequency, amount, and triggering conditions. Using a randomized encouragement design, we show that automated rules causally increase average savings ...
Alberto Rossi, Georgetown University
Tuesday, April 7, 2026 | 3:30pm-5:30pm | Room 339
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Data as a Networked Asset
Data is non-rival: a firm's customer data informs other firms about their customers. We uncover a network of inter-firm data conduits embedded in mobile applications. Data sharing induces comovement in firms' operational, financial, and stock-market performances, propagates shocks (e.g., cyberattacks), and induces herding in product design. Apple's privacy policy---a shock to inter-firm data flows-...
Bo Bian, The University of British Columbia
Wednesday, April 1, 2026 | 2:00pm-3:30pm | Room 339
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Firm Expectations, Innovation and Growth
Using a large and representative panel survey of German firms, we document sizable forecast errors in employment growth which decline with firm age and which are related to R&D investment and innovation. Motivated by this evidence, we build an endogenous growth model with heterogeneous firms which learn their productivity from noisy signals, decide about innovation activity, employment, and exit. Aggregate ...
Leo Kaas, European University Institute
Thursday, March 26, 2026 | 10:30am-12:00pm | Room 421
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When Is Less Better Than More? Reductions in Firm Scale and Scope During Economic Downturns
Past research has paid little attention to why and how firms choose to reduce their size. Size reductions can come about either by a reduction in the scale of operations or a reduction in the scope of activities undertaken by the firm. We argue and show that firms are more likely to reduce the scale of their operations but less likely to reduce the scope of their activities in the event of an economic ...
Jay Anand, Ohio State University
Wednesday, March 18, 2026 | 10:00am-11:30am | Room 335
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Monetary Policy Without Borrowing: Capacity Constraints and Lumpy Investment
Understanding monetary transmission requires understanding which firms respond to interest-rate changes. We study how limited access to debt shapes firm-level transmission of monetary policy. Using monthly administrative records for all Chilean firms that file VAT returns, matched to a comprehensive credit registry, we combine firm outcomes with monetary policy surprises. We document substantial pass-...
Felipe Saffie, University of Virginia
Wednesday, March 18, 2026 | 9:00am-10:30am | Room 337
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