The importance of sticky prices in business cycle fluctuations has been debated for many years. But we argue, based on a large empirical literature from the 1950's and 60's, that it is necessary to distinguish the response of price to an increase in factor prices from its response to an increase...

Output gaps that are estimated in real time can differ substantially from those estimated after the fact. We aim to understand the real-time instability of output gap estimates by comparing a suite of reduced-form models. We propose a new statistical decomposition and find that including a...

Research to date has shown that companies can accumulate resources over those strictly needed in order to overcome the uncertainty associated to a crisis. But the usage, redeployment, or consumption of this excess of resources when facing an adverse environment is yet underexplored. As suggested...

Increases in investor exposure to prominent systematic trading strategies such as momentum correlate with lower returns to these strategies. A 1 percentage point increase in gross momentum exposure as a percentage of market capitalization corresponds with a permanent 1.1 percentage point decline...