Research | Clausen Center

Research

The Clausen Center has a regular cycle of grants to promote research exhibiting great promise of appearing in top disciplinary journals, shaping scholarship, informing policy debates, and attracting outside funding. Below are descriptions of projects that have been granted support from the Clausen Center in the past two years. 

 

 

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Financial Intermediation in International Macroeconomics

by Emily Eisner

This project aims to understand the role of value-at-risk (VaR) constraints and bank risk-taking behavior in determining entry and exit into global asset markets. The model informs the aggregate risk of the global financial markets and informs macroeconomic dynamics that depend...

Firm Sorting, Endogenous Competition and Productivity in Developing Countries

by Roman Zarate

The goal of this project is to study how competition and firm market power shape the productivity distribution and the way that firms locate into space. In particular, low productive firms sort into places in which they exert more market power,...

Topics
Development
Initiatives
International Trade and Development
Investment and Capital Flows

by Nick Sander and Ganesh Natrij

This project seeks to understand the macroeconomic effects on a country receiving capital flows from abroad, in particular equity and debt (portfolio) inflows. 

 

Topics
Capital flows
Initiatives
Financial Globalization
Local Shocks and Prices Pass-Through

by Mathieu Pedemonte

This project seeks to estimate how prices are affected after local tax shocks in order to gain knowledge about the effects of local-area fiscal policies in a monetary union. In particular, we estimate the effects of sales taxes on local price indexes. 
 

Topics
Development
Initiatives
International Trade and Development
The Productivity Effects of Joining Multinational Supply Chains

by Isabela Manelici and Jose-P. Vasquez

" Can local firms boost their productivity by supplying to multinational firms (MNCs)? The answer to this question has, so far, proven elusive. We make progress by using an administrative dataset that records all firm-to-firm transactions within Costa Rica. 
 

Topics
Development
Initiatives
International Trade and Development
The Welfare Implications of Urban Gentrification

by Cecile Gaubert with Victor Couture, Jessie Handbury and Erik Hurst

This paper develops and quantifies a theoretical model that allows to evaluate the welfare impliocations of urban gentrification and gentrification-related policies.

A New Engel on the Gains from Trade: Theory and Evidence Within and Across Countries

by Ben Faber, with David Atkin, Thibault Fally & Marco Gonzalez-Navarro
 
In this paper, we propose and implement a new approach that uses rich, but widely available, expenditure survey microdata to estimate a theory-consistent and exact metric of changes in income-group specific price indices and welfare.

 

 

Topics
Development
Initiatives
International Trade and Development
How Islamic are Islamic Banks

by James Wilcox

More than a dozen countries have both sizable conventional banks and Islamic banks. Instead of paying fixed deposit interest rates, which are prohibited by sharia law, Islamic banks offer profit and loss sharing (PLS) accounts. Payments to PLS accounts should vary with banks’ earnings. To the...

Topics
Capital flows
Initiatives
Financial Globalization
The Origins of Financial Development: The African Slave Trade and Modern Finance

by Ross Levine

This research will evaluate the impact of the 1400-1900 African slave trade on household and firm financing constraints today. The study of the historical determinants of finance is important both for understanding the evolution...

Topics
Capital flows
Initiatives
Financial Globalization
Brexit, the City of London, and the British Financial Account

by Barry Eichengreen

Although multiple studies have attempted to estimate the impact of Brexit on FDI flows into and out of the UK, no previous study appears to have undertaken a similar analysis of portfolio capital flows and financial intermediation services.  This project will take three approaches to addressing...

Topics
Capital flows
Initiatives
Financial Globalization