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This paper examines the evolution of labour earnings distribution across 25 countries, comparing two reference years: 1995 and 2023. The study seeks to understand how labour earnings distribution has shifted over time in each country, highlighting...
Organizations and governments that develop, deploy, use, and govern AI must coordinate on effective risk mitigation. However, the landscape of AI risk mitigation frameworks is fragmented, uses inconsistent terminology, and has gaps in coverage. ...
We provide evidence that banks use loan covenants to prepare for future monetary policy tightening, thereby facilitating the bank lending channel of monetary policy transmission. Specifically, banks with greater monetary policy exposure—those whos...
Programmability is at the heart of ongoing work on the future of money and payments by central banks around the world. Despite its potential, there is growing concern that programmability conflicts with the provision of “good” money. This paper ov...
The predictability of monetary policy surprises based on past, public information has been interpreted in two related yet fundamentally different ways. The “Fed information effect” posits that it arises due to markets updating their view of the ec...
We study how the type of money used in blockchain-based trade affects interest rates, investment, and welfare. Stablecoins in our model are backed by safe assets, while banks issue deposits (both traditional and tokenized) to fund a portfolio of s...
This paper uses a large-scale experiment in rural Nigeria to study the role of survey mode—in-person versus over the phone—in survey measurement and data quality. The experimental design isolates mode effects from other common sources of errors in...
Increasing water scarcity will affect hundreds of millions of smallholder farmers in coming decades, but little is known about the likely forms of adaptation. This study exploits a natural experiment in which heterogeneous geological f...