Why community pharmacies are closing – and what to do if your neighborhood location shutters
Neighborhood pharmacies are rapidly shuttering.
Deporting millions of immigrants would shock the US economy, increasing housing, food and other prices
Immigrant farmworkers pick strawberries in California in April 2024. Visions of America/Joe Sohm/Universal Images Group via Getty Images One of President Donald Trump’s major promises during the 2024 presidential campaign was to launch mass deportations of immigrants living in the U.S.
Foreign Currency Reserves 2025 - Market Notice 18 February 2025
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The secret behind Temu’s rock-bottom prices
Temu has made a remarkable entry in the global e-commerce landscape, quickly becoming the fifth largest online marketplace worlwide. Critics claim Temu’s ultra-competitive pricing relies on unfair practices. Yet its success stems from the powerful—and proven—business model of its parent company, Pinduoduo, which started as an online marketplace for fresh fruit…
Bank transparency and market efficiency
This paper explores the impact of bank transparency on market efficiency by comparing banks that disclose supervisory capital requirements to those that remain opaque. Due to the informational content of supervisory capital requirements for the market this opacity might hinder market efficiency. The paper estimates an average 11.5% reduction in funding costs for transparent versus opaque banks. However, there is some heterogeneity in those effects. Transparency helps the market to sort across safer and riskier banks.
Green and brown returns in a production economy
Does it pay to invest in green companies? In countries where a market for carbon is functioning, such as those within the European Union, our findings suggest that it should be beneficial. Using a sample of green and brown European firms, we initially demonstrate that green companies have outperformed brown ones in recent times. Subsequently, we develop a production economy model in which brown firms acquire permits to emit carbon into the atmosphere. We find that the presence of a well-functioning carbon market could account for the green equity premium observed in our data.
Bank transparency and market efficiency
This paper explores the impact of bank transparency on market efficiency by comparing banks that disclose supervisory capital requirements to those that remain opaque. Due to the informational content of supervisory capital requirements for the market this opacity might hinder market efficiency. The paper estimates an average 11.5% reduction in funding costs for transparent versus opaque banks. However, there is some heterogeneity in those effects. Transparency helps the market to sort across safer and riskier banks.
Green and brown returns in a production economy
Does it pay to invest in green companies? In countries where a market for carbon is functioning, such as those within the European Union, our findings suggest that it should be beneficial. Using a sample of green and brown European firms, we initially demonstrate that green companies have outperformed brown ones in recent times. Subsequently, we develop a production economy model in which brown firms acquire permits to emit carbon into the atmosphere. We find that the presence of a well-functioning carbon market could account for the green equity premium observed in our data.
Charles Kindleberger, the Dollar System, and Financial Crises
A review of Perry Mehrling’s book, Money and Empire: Charles P. Kindleberger and the Dollar System, and an exploration Mehrling’s discussion of the 1982 correspondence between Charles Kindleberger and Ben Bernanke examining their theories concerning financial crises.
Investment funds and euro disaster risk
We document that compared to all other investor groups investment funds exhibit a distinctly procyclical behavior when financial-market beliefs about the probability of a euro-related, institutional rare disaster spike. In response to such euro disaster risk shocks, investment funds shed periphery but do not adjust core sovereign debt holdings. The periphery debt shed by investment funds is picked up by investors domiciled in the issuing country, namely banks in the short term and insurance corporations and households in the medium term.
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