This paper identifies and quantifies a housing portfolio channel of quantitative easing (QE) transmission that operates through household portfolio rebalancing toward second homes (as opposed to the …
PublishedClassicJournal of Economic LiteraturePublished Mar 2013
A survey of why international investors hold a disproportionate share of domestic equities, bonds and bank assets ("home bias") despite the diversification gains foreign holdings would offer, …
PublishedClassicJournal of International Money and FinancePublished Jul 2019
When the sovereign yield in an investor's own country falls, that country's private investors hold more U.S. bonds and tilt the mix toward riskier corporate debt rather than Treasuries. Across 31 …
At the end of 1989 Japanese investors held 1.9 percent of their equity abroad, US investors 6.2 percent and British investors 18 percent. Inverting a standard portfolio first-order condition, the …
This 1958 Review of Economic Studies paper by James Tobin asks why investors hold non-interest-bearing cash at all, and derives the inverse relationship between aggregate money demand and the interest …
Online FirstQuarterly Journal of EconomicsOnline 25 Jul 2026
Using tailored surveys of more than 11,000 US and German households, retail investors, financial professionals, and academic experts, the paper documents the "mental models" people use when reasoning …
Online FirstJournal of Political EconomyOnline 10 Aug 2026
Abramson and Van Nieuwerburgh study Rent Guarantee Insurance (RGI), a product in which an insurer pays the landlord on behalf of a tenant who defaults on rent due to a negative income or health …
PublishedClassicReview of Financial StudiesOnline 7 Apr 2020Published Feb 2021
Identifying US monetary policy shocks from daily moves in five-year Treasury futures around FOMC announcements, this paper shows that during the unconventional-policy years those shocks largely …
PublishedClassicJournal of International EconomicsPublished Mar 2005
On a panel of bilateral gross cross-border equity transactions among 14 countries from 1989 to 1996, a gravity specification with market capitalisations, distance and a measure of market …
PublishedClassicThe Review of Economics and StatisticsPublished Aug 1956
This paper works out, with a simple mathematical model, whether the ordinary transactions demand for cash -- the money people hold just to bridge the gap between when they receive income and when they …
PublishedQuarterly Journal of EconomicsOnline 10 Oct 2025Published Jan 2026
Lyons, Shertzer, Gray, and Agorastos construct the first consistent, annual, quality-adjusted market rent and home sales price series for American cities spanning 1890–2006. The paper addresses a …
PublishedClassicJournal of International EconomicsPublished Sep 2017
Brazil's IOF tax on foreign portfolio inflows was announced overnight and without warning, which makes it readable in stock prices. Two-day cumulative abnormal returns for listed Brazilian firms fall …