Adjustable-rate mortgages (ARMs) transmit monetary policy less directly than often assumed. We exploit quasi-experimental variation in ARM rate reset timing in Portugal--where over 92% of mortgages are indexed to Euribor--around the ECB's 2022-2023 tightening cycle to estimate responses to...

This paper investigates financial stability risks arising from banks' interest rate exposure and uninsured deposit funding. We develop a model of heterogeneous banks featuring endogenous run risk to jointly analyze portfolio and funding choices. The model replicates key empirical patterns,...

The predictability of monetary policy surprises based on past, public information has been interpreted in two related yet fundamentally different ways. The "Fed information effect" posits that it arises due to markets updating their view of the economy, based on signals implicitly revealed by...

A large body of work has sought to measure the effect of interest rates on equity valuations. The challenge in doing so is that both are endogenous, and their comovement depends on the forces driving interest-rate changes. To address this problem, we develop and estimate a decomposition that...

We study the causal effect of maternal criminal victimization on child health using linked police reports and birth records from Brazil. Focusing on robbery and theft - everyday crimes not involving physical injury - we show that victimization during pregnancy increases low birthweight by 6.9...

This chapter explores how workplace flexibility affects productivity and burnout in Costa Rica's financial and service sectors, with employee engagement as a mediator and generational cohort as a moderator. Drawing on the Job Demands–Resources (JD-R), Conservation of Resources (COR), and...