In dynamic models of asset markets with asymmetric information and endogenous screening, the anticipation of signaling through delayed sales incentivizes originators to exert greater effort ex ante. A central prediction in those models is a positive relationship between screening effort and the...

"The contemporary global economy is characterized by complex and nonlinear dynamics of interregional and international economic interactions. The complexity is associated with endogenous changes in wealth, human capital, technology, population, economic structures and gender relations. It is...

This paper evaluates the efficacy of the Secondary Market Corporate Credit Facility, a program designed to stabilize the U.S. corporate bond market during the COVID-19 pandemic. The program announcements on March 23 and April 9, 2020, significantly reduced investment-grade credit spreads across...

This study evaluates the effectiveness of Japan's unconventional monetary policies over the past quarter century within a unified term structure framework. It specifically examines the impact of the Bank of Japan's (BOJ) outcome-based forward guidance and yield curve control (YCC) and...

Preface and Acknowledgements -- About the Author -- Chapter 1 Dynamics of Interregional and International Economies -- Chapter 2 Growth, Population, Birth, Mortality, and Gender Time Distribution -- Chapter 3 Wealth, Heterogeneous Households and Gender Division of Labor -- Chapter 4 Growth and...

Forward guidance provides monetary policy communication for an economy at the effective lower bound (ELB). In this paper, we consider both calendar- and outcome-based forward guidance about the timing of liftoff. We develop a novel macro-finance shadow rate term structure model by introducing...

This paper examines racial disparities in mortgage processing time prior to the Global Financial Crisis. We find that Black borrowers are under-represented and experience a longer processing time than white borrowers among the mortgages securitized by government-sponsored enterprises (GSEs). At...

In this paper, we study the interplay between sovereign risk and global financial risk. We show that a substantial portion of the comovement among sovereign spreads is accounted for by changes in global financial risk. We construct bond-level sovereign spreads for dollar-denominated bonds issued...

In dynamic models of asset markets with asymmetric information and endogenous screening, the anticipation of signaling through delayed sales incentivizes originators to exert greater effort ex ante. A central prediction in those models is a positive relationship between screening effort and the...