We study how banks manage their liquidity among the various assets at their disposal. We exploit the introduction of the ECB's two-tier system which heterogeneously reduced the cost of additional reserves holdings. We find that the treated banks increase reserve holdings by borrowing on the...

Public spaces are considered a vital ingredient of prosperous cities as they support their sense of community, identity and culture. Understanding their relevance, the Mexican government has developed new regulatory frameworks. In 2016, the first federal legislation in Mexico was created and...

We use a New Keynesian model that features rational and non-rational households. Assuming that both the fraction of rational households and the expectations formation process are uncertain from the perspective of the central bank, we derive robust optimal discretionary monetary policy in a...

This book provides a systematic analysis of the political processes shaping the distribution of social transfers in six countries in sub-Saharan Africa and South Asia. In doing so, the book addresses a notable gap in recent research on social protection concerning the politics of implementation....

We propose a macroeconomic model with a nonlinear Phillips curve that has a flat slope when inflationary pressures are subdued and steepens when inflationary pressures are elevated. The nonlinear Phillips curve in our model arises due to a quasi-kinked demand schedule for goods produced by...

Although parents in almost all rich democracies are entitled to some form of paid parenting leave, fathers in particular often do not take all the leave available to them. As employers play an important role in the implementation of parenting leave policies, this article investigates what...