We propose that general purpose technologies (GPTs) — a class of technologies that have pervasive impacts on the economy and spill over across countries — are a source of non-diversifiable technology risk in international stock markets. We construct an empirical GPT factor from patent data...

The consumption growth data strongly favor a two-regime specification. The high volatility, low growth regime is associated with deep recessions: the Great Depression, the recession of 1937-1938, the post-war recession of 1945, and the most recent financial crisis. I develop parsimonious models...

Using the US-China trade war as a quasi-natural experiment, we investigate how downstream firm shrinkage affects upstream firm employment from the perspective of supply chain transmission effects with a difference-in-differences (DID) design. We reveal a significant negative impact of downstream...