Present academic literature on HFTs considers them as the present-day de-facto market makers. We show that under favorable market conditions, HFT market-making activity grows with their overall participation in trades. But regulatory hurdles, in terms of penalty on high OTR (order-to-trade...

We study the personal loan segment of the consumer credit market using individual loan-level data covering fintech, non-banking financial companies, and traditional banks as lenders. We show that fintech lenders dominate the small-ticket loan and provide stiff competition to non-banking...

This paper documents the liquidity-supplying behavior of High-Frequency Traders (HFT) during the abrupt and sustained market decline led by the COVID-19 outbreak. The findings suggest that these endogenous liquidity providers reduce their supply of liquidity in times of sustained market stress...

High-Frequency Traders (HFTs) are known to facilitate incorporating information into asset prices. Do they utilize aggregate market-wide information or idiosyncratic stock-specific information? In this paper, we exploit novel transaction-level data from the National Stock Exchange (India), a...

This paper documents the liquidity-supplying behavior of High-Frequency Traders (HFT) during the abrupt and sustained market decline led by the Covid-19 outbreak. The findings suggest that these endogenous liquidity providers reduce their supply of liquidity in times of sustained market stress...

Using a Bayesian structural vector autoregression (TVP-SVAR) with time-varying parameters and volatility we investigate monetary policy in the United States, in particular its interaction with the formation of inflation expectations and the linkages between monetary policy, inflation...

Does completing a household survey change the later behavior of those surveyed? In three field studies of health and two of microlending, we randomly assigned subjects to be surveyed about health and/or household finances and then measured subsequent use of a related product with data that does...

The paper discusses the issue of estimating short- and long-run exchange rate pass-through to import prices in euro area countries and reviews some problems with the measures recently proposed in the literature. Theoretical considerations suggest a long-run Engle and Granger cointegrating...

This paper provides estimates of household health production model for the urban areas of Delhi and Kolkata for measuring benefits from reducing urban air pollution. A system of simultaneous equations comprising of health production function, demand for mitigating activities, and the demand for...