Purpose This study examines how the visual cues (i.e. positioning in cobranding advertising) influence the luxury evaluation. Design/methodology/approach Through four experiments in different contexts, this study investigates the effects of the positioning of two brands in cobranding on luxury...

We estimate the macroeconomic effects of import tariffs and trade policy uncertainty in the United States, combining theory-consistent and narrative sign restrictions on Bayesian SVARs. We find mostly adverse consequences of protectionism. Tariff shocks are more important than trade policy...

Policymakers around the world are encouraging the local production of key inputs to reduce risks from excessive dependencies on foreign suppliers. We analyse the macroeconomic effects of supply chain reorientation through localisation policies, using a global dynamic general equilibrium model....

We present an Uncertainty Perception Indicator (UPI) for Germany based on the dynamic topic modelling technique RollingLDA. In contrast to conventional LDA, where all data is processed in one go, the recursive structure of RollingLDA ensures that data is made available for modeling as soon as it...

The COVID-19 pandemic caused severe losses in the world economy, particularly in emerging market economies (EMEs), which had to withstand the challenges of the pandemic and its domestic repercussions while also facing the deterioration of external demand. Using a panel data model, we estimate...

In the United States, 30% of households are coholders who simultaneously borrow on credit cards and hold liquid assets. This generates a rich distribution of gross wealth positions that underpins the distribution of net wealth often used to calibrate macroeconomic models. We show that, beyond...

We study aggregate capital dynamics in an investment model with idiosyncratic productivity shocks, fixed capital adjustment costs, and irreversibility driven by a wedge between capital purchase and resale prices. We derive sufficient statistics capturing the role of investment frictions on...

In financial crises, the premium on liquid assets such as US Treasuries increases alongside credit spreads. This paper explains the link between the liquidity premium and spreads. We present a theory of endogenous bank fragility arising from a coordination friction among bank creditors. The...

Purpose This study aims to unpack the progress of board gender diversity among the 3,000 largest US listed firms by market capitalization (i.e. Russell 3000 Index). This study extrapolates four classifications of firms based on the number of women in the boardroom: zero women, one or two women,...

Abstract A central tension in routine dynamics is the paradox of the [n]ever-changing world: how can we consider each routine performance as unique, when it is simultaneously a recognizable variant of the behavior from the past? Emergent from this paradox is the question of how we can consider...