Papers & Opinions


Posted on 1 July 2021

We document that central banks are significantly more likely to report slightly positive profits than slightly negative profits, especially amid greater political pressure, the public’s receptiveness to more extreme political...


Posted on 22 June 2021

We investigate how politicians’ ideologies affect economic outcomes and financial development through firm-level channels. We explore a unique setting of ideological change in China from Mao’s ideology to Deng’s around...


Posted on 21 May 2021

We analyze the political economy causes and consequences of a monetary unification among countries with different institutional quality. Before a common currency countries with stronger institutions have more efficient public...