Working Papers

Digitalization and Resilience

We investigate the role of digitalization in mitigating post-recession scarring. Using balance sheet data from 24,000 firms in 75 countries, we find that firms in industries that are one standard deviation more digitalized than average experience 2% …

The Crypto Cycle and US Monetary Policy

This paper studies variation in crypto markets globally, their interaction with equity markets, and their response to US monetary policy. We first identify a single “crypto factor” that explains 80% of variation in crypto prices. Second, we show that …

AI, Firms and Wages: Evidence from India

We examine the impact of artificial intelligence (AI) on hiring and wages in service sector firms, using a novel dataset of vacancy posts from India’s largest jobs website. We first document a rapid rise in demand for machine learning (ML) skills …

The Role of Market Structure and Timing in Determining VAT Pass-Through

We examine the role of market characteristics and timing in explaining observed heterogeneity in VAT pass-through. We first extend existing theory to characterize the roles of imperfect competition and product differentiation, then investigate these …