Working Papers
A THEORY OF ECONOMIC COERCION AND FRAGMENTATION
Christopher Clayton, Matteo Maggiori, Jesse Schreger - Working Paper, March 2024
A FRAMEWORK FOR GEOeconomics
Christopher Clayton, Matteo Maggiori, Jesse Schreger - Working Paper, June 2023
A framework for analyzing geopolitical and economic competition around the world. Based on global financing and production networks. Geopolitical power arises from the ability of hegemons to consolidate threats across different economic domains into joint threats to exert pressure and extract surplus from other countries and firms.
THE GEOGRAPHY OF CAPITAL ALLOCATION IN THE EURO AREA
Roland Beck, Antonio Coppola, Angus Lewis, Matteo Maggiori, Martin Schmitz, Jesse Schreger - Working Paper, March 2023
Internationalizing Like China
with Christopher Clayton, Amanda Dos Santos, and Jesse Schreger - Working paper, March 2022
Revise and Resubmit at the American Economic Review
Paper | NBER WP with further results
Selected media coverage: Bloomberg | The Economist | Business Insider
FOUR FACTS ABOUT ESG BELIEFS AND INVESTOR PORTFOLIOS
with Stefano Giglio, Johannes Stroebel, Zhenhao Tan, Stephen Utkus, Xiao Xu - Working Paper, March 2023
Revise & Resubmit at the Journal of Financial Economics
Moskowitz Prize for sustainable finance research (honorable mention)
Media Coverage: The Wall Street Journal
Corporate Debt Structure with Home and International Currency Bias
Matteo Maggiori, Brent Neiman, Jesse Schreger - Prepared for the IMF Economic Review and the IMF Annual Research Conference in honor of Kenneth Rogoff, October 2023
Short paper exploring the consequences of global capital market segmentation by currency for the currency composition of corporate debt.
Publications
GLOBAL CAPITAL ALLOCATION
In preparation for Annual Review of Economics, August 2023
Sergio Florez-Orrego, Matteo Maggiori, Jesse Schreger, Ziwen Sun, Serdil Tinda
China in Tax havens
AEA Papers and Proceedings, May 2023
Christopher Clayton, Antonio Coppola, Amanda Dos Santos, Matteo Maggiori, Jesse Schreger
Media Coverage: Bloomberg | New York Times
International Macroeconomics With Imperfect Financial Markets
Chapter in Handbook of International Economics, 2022
Redrawing the Map of Global Capital FlowS: The Role of Cross-Border Financing and Tax Havens
Quarterly Journal of Economics, 2021
With Antonio Coppola, Brent Neiman, and Jesse Schreger
Paper | Appendix | Data & Code | Slides Pdf \ Slides LaTex
Media Coverage: The Economist | Financial Times | Bloomberg | Financial Times, Alphaville | The Wire China | Il Sole 24 Ore | Il Sole 24 Ore 2 | NBER Digest
Five Facts About Beliefs and Portfolios
AMERICAN ECONOMIC REVIEW, 2021
With Stefano Giglio, Johannes Stroebel, and Stephen Utkus
Non-technical summary: Vox | Suerf
Media Coverage: WSJ | NBER Digest | Systemic Risk & Systematic Value
NYU Yuki Arai Prize for the best research paper in finance (2020)
MFA Outstanding Paper Award (2020)
THE JOINT DYNAMICS OF INVESTOR BELIEFS AND TRADING DURING THE COVID-19 CRASH
PROCEEDINGS OF THE NATIONAL ACADEMY OF SCIENCES, 2021
With Stefano Giglio, Johannes Stroebel, and Stephen Utkus
Media Coverage: Il Sole 24 Ore
Exchange Rate Reconnect
Review of Economics and Statistics, 2022
With Andrew Lilley, Brent Neiman, and Jesse Schreger
Paper | Appendix | Data & Code
Non-technical summary: Vox
Climate Change and Long-Run Discount Rates: Evidence from Real Estate
Review of Financial Studies, 2021 (lead article)
With Stefano Giglio, Krishna Rao, Johannes Stroebel, and Andreas Weber
Non-technical summary: Vox
Media Coverage: Global Risk Institute
International Currencies and Capital Allocation
Journal of Political Economy, 2020 (Lead Article)
With Brent Neiman and Jesse Schreger
Paper | Appendix | Data & Code
Non-technical summary: Vox
Short video: Youtube
Media Coverage: WSJ, Forbes, NBER Digest, PI, Market Watch 1, World Economic Forum, Market Watch 2, Central Banking, The Economist
China vs. U.S.: IMS Meets IPS
AEA Papers and Proceedings, 2019
With Emmanuel Farhi
Paper |
Media Coverage: Yahoo Finance
The Rise of the Dollar and Fall of the Euro as International Currencies
AEA Papers and Proceedings, 2019
With Brent Neiman and Jesse Schreger
A Model of The International Monetary system
Quarterly Journal of Economics, 2018
With Emmanuel Farhi
Video: Youtube
Non-technical Summary: Vox
Financial Intermediation, International Risk Sharing, and Reserve Currencies
American Economic Review, 2017
Finance Theory Group Prize for Best Theory Papers on the Job Market, Second Prize (2012)
NYU Glucksman Institute Faculty Research Prize for the Best Paper in Finance (2013)
No-Bubble Condition: Model-Free Tests in Housing Markets
Econometrica, 2016
With Stefano Giglio and Johannes Stroebel
Non-technical Summary: Vox
International Liquidity and Exchange Rate Dynamics
Quarterly Journal of Economics, 2015
With Xavier Gabaix
Paper | Appendix | Teaching Slides | Slides TeX Files
Media Coverage: Bloomberg
Very Long-Run Discount Rates
Quarterly Journal of Economics, 2015 (Lead Article)
With Stefano Giglio and Johannes Stroebel
Paper | Appendix | Rents Worksheet | Data Summary
NYU Glucksman Institute Faculty Research Prize for the Best Paper in Finance (2015)
Jacob Gold & Associates Best Paper Prize, ASU Sonoram Winter Finance Conference (2014)
Non-technical summary: Vox
Media Coverage: Economist 1 | Economist 2 | Forbes | National Review | CBS | Business Spectator | NBER Digest | Lifefinance
Conditional Risk Premia in Currency Markets and Other Asset Classes
Journal of Financial Economics, 2014
With Martin Lettau and Michael Weber