The anticipation of a future bailout of distressed firms worsens ex ante adverse selection, causing a market freeze at present and inviting government intervention ("bailout trap"). When firms of heterogenous qualities raise financing, high-quality firms are willing to bear adverse selection...

Andreas Fuster is an Associate Professor of Finance and SFI Senior Chair at Swiss Finance Institute @ EPFL and a Research Fellow at the CEPR (Centre for Economic Policy Research). His main research interests are in empirical finance (household finance, real estate finance, banking),...

We use comprehensive micro data in the French manufacturing sector between 1995 and 2017 to document the effects of automation technologies on employment, sales, prices, wages, and the labor share. Causal effects are estimated with event studies and a shift-share IV design...

Corporate bond markets proved remarkably resilient against a sharp contraction caused by the 2020 Covid-19 pandemic. We document three important findings: (1) bond issuance increased immediately when the contraction hit, whereas, in contrast, syndicated loan issuance was low; (2) Federal Reserve...

Workshop topics include competition and risk-taking of individual banks, the (e)valuation of climate risks by financial institutions and in financial markets, the stability of the financial sector and its regulation and the role of real estate markets for financial system resilience. The...

The aim of the conference is to improve our understanding of the nature of financial cycles and to discuss the corresponding analytical challenges and implications for macroprudential policy and financial regulation. The conference is also an opportunity for an exchange of views of researchers...

The workshop provides a platform to discuss changes in the regulatory framework of the financial sector, their impact on financial stability, and consequences for the real sector. We invite theoretical and empirical contributions on topics including: - regulation, firms and financial...

The workshop provides a platform to discuss changes in the regulatory framework of the financial sector, their impact on financial stability, and consequences for the real sector.

Focus areas: - past reforms in the services sector in Germany and their effects - the level of services regulation in Germany and their economic impact - business services - construction services and crafts

Industrial Policy and Economic Development - Dr. Adnan Seric, UNIDO The course has three objectives. First, students acquire a thorough knowledge and understanding of key bodies of literature in the field of industrial policy and economic development, including a sense of the leading debates...