How forward guidance influences expectations is not yet fully understood. To study this issue, I construct central bank data that includes forward guidance and its attributes, central bank projections, and quantitative easing, which I combine with survey data. I find that, in response to a...

Interconnectedness is an inherent feature of the modern financial system. While it contributes to efficiency of financial services, it also creates structural vulnerabilities: pernicious shock transmission and amplification impacting banks' capitalization. This has recently been seen during the...

After establishing that exporters obtain higher margins than non-exporters, the paper takes a new look at export premia by comparing multi-product exporters' costs, prices and markups on the domestic and foreign markets. This firm-product-market analysis is made possible thanks to a unique...