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  • May 2014
  • Article

Bias in Reduced-form Estimates of Pass-through

By: Alexander MacKay, Nathan H. Miller, Marc Remer and Gloria Sheu
We show that, in general, consistent estimates of cost pass-through are not obtained from reduced-form regressions of price on cost. We derive a formal approximation for the bias that arises even under standard orthogonality conditions. We provide guidance on the... View Details
Keywords: Pass-through; Reduced-form Aggression; Bias
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  • September 1989
  • Article

Exchange Rate Pass-Through When Market Share Matters

By: K. A. Froot and P. Klemperer
Keywords: International Trade; Purchasing Power Parity; International Finance
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  • 31 Aug 2020
  • Working Paper Summaries

The Pass-Through of Uncertainty Shocks to Households

Keywords: by Marco Di Maggio, Amir Kermani, Rodney Ramcharan, Vincent Yao, and Edison Yu
  • July 2022
  • Article

The Pass-Through of Uncertainty Shocks to Households

By: Marco Di Maggio, Amir Kermani, Rodney Ramcharan, Vincent Yao and Edison Yu
Using new employer-employee matched data, this paper investigates the impact of uncertainty, as measured by idiosyncratic stock market volatility, on individual outcomes. We find that firms provide at best partial insurance to their workers. An increase in firm-level... View Details
Keywords: Employment Risk; Consumption; Employment; Risk and Uncertainty; System Shocks; Insurance; Household; Spending
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  • 2024
  • Working Paper

Markups and Cost Pass-through Along the Supply Chain

By: Santiago E. Alvarez, Alberto Cavallo, Alexander MacKay and Paolo Mengano
We study markups and pricing strategies along the supply chain. Our unique dataset combines detailed price and cost information from a large global manufacturer with matched retail prices collected online for the period July 2018 through June 2023. We show that total... View Details
Keywords: Markups; Pricing; Price; Supply Chain; Inflation and Deflation; Cost
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  • 2021
  • Working Paper

Limits to Bank Deposit Market Power

By: Juliane Begenau and Erik Stafford
Claims about the market power of bank deposits in the banking literature are numerous and far reaching. Recently, a causal narrative has emerged in the banking literature: market power in bank deposits, measured as imperfect pass-through of short-term market rates on... View Details
Keywords: Bank Deposits; Market Power; Net Interest Margin (NIM); Banks and Banking; Interest Rates; Risk and Uncertainty
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  • Forthcoming
  • Article

Large Shocks Travel Fast

By: Alberto Cavallo, Francesco Lippi and Ken Miyahara
We document a sizeable increase in the frequency of price adjustments following the large energy shocks of 2022. We use a tractable New Keynesian model, calibrated to the pre-shock data, to interpret such a pattern. The calibration highlights the state-dependence of... View Details
Keywords: System Shocks; Price; Cost; Inflation and Deflation; Financial Institutions
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  • 2019
  • Article

More Amazon Effects: Online Competition and Pricing Behaviors

By: Alberto Cavallo
I study how online competition, with its shrinking margins, algorithmic pricing technologies, and the transparency of the web, can change the pricing behavior of large retailers in the U.S. and affect aggregate inflation dynamics. In particular, I show that in the past... View Details
Keywords: Amazon; Online Prices; Inflation; Uniform Pricing; Price Stickiness; Monetary Economics; Economics; Macroeconomics; Inflation and Deflation; System Shocks; United States
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  • May 2005 (Revised January 2006)
  • Case

Mortgage Backs at Ticonderoga

Ticonderoga is a small hedge fund that trades in mortgage-backed securities--securities created from pooled mortgage loans. They often appear as straightforward so-called "pass-throughs," but can also be pooled again to create collateral for a mortgage security known... View Details
Keywords: Debt Securities; Mortgages; Investment Funds
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  • July 2023
  • Article

Managerial Quality and Productivity Dynamics

By: Achyuta Adhvaryu, Anant Nyshadham and Jorge Tamayo
Do productivity and managerial quality vary within the firm? If so which managerial traits and practices matter most for team productivity? Combining granular garment production data with survey data on managers across 120 production lines in India, we document... View Details
Keywords: Productivity; Non-cognitive Skills; Learning By Doing; Ready-made Garments; Management; Management Practices and Processes; Management Skills; Performance Productivity; Fashion Industry; Manufacturing Industry; India
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  • February 1986 (Revised September 1994)
  • Case

Travelers Mortgage Securities CMO

Describes a series of collateralized mortgage obligations offered by Travelers Insurance. Provides a general description of the life insurance business and the role of life insurance in the capital markets. Also describes a variety of mortgage related instruments,... View Details
Keywords: Insurance; Capital Markets; Mortgages; Insurance Industry; United States
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  • June 2023
  • Article

Why Is Dollar Debt Cheaper? Evidence from Peru

By: Bryan Gutiérrez, Victoria Ivashina and Juliana Salomao
In emerging markets, a significant share of corporate loans are denominated in dollars. Using novel data that enables us to see currency and the cost of credit, in addition to several other transaction-level characteristics, we re-examine the reasons behind dollar... View Details
Keywords: Emerging Market Corporate Debt; Currency Mismatch; Liability Dollarization; Carry Trade; Currency; Emerging Markets; Borrowing and Debt; Interest Rates; Peru
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  • 2018
  • Working Paper

Patent Trolls: Evidence from Targeted Firms

By: Lauren Cohen, Umit G. Gurun and Scott Duke Kominers
We provide the first large-sample evidence on the behavior and impact of non-practicing entities (NPEs) in the intellectual property space. We find that on average, NPEs appear to behave as opportunistic “patent trolls.” NPEs sue cash-rich firms—and target cash in... View Details
Keywords: Patent Trolls; NPEs; PAEs; Innovation; Patents; Ethics; Lawsuits and Litigation; Innovation and Invention; Corporate Finance
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  • December 2019
  • Article

Patent Trolls: Evidence from Targeted Firms

By: Lauren Cohen, Umit Gurun and Scott Duke Kominers
We provide the first large-sample evidence on the behavior and impact of nonpracticing entities (NPEs) in the intellectual-property space. We find that, on average, NPEs appear to behave as opportunistic “patent trolls.” NPEs sue cash-rich firms and target cash in... View Details
Keywords: Patent Trolls; Innovation; Patents; Lawsuits and Litigation; Ethics; Innovation and Invention
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  • May 2024
  • Background Note

Pricing Strategy and Channels of Distribution: Where Value Delivery and Value Capture Intersect

By: Elie Ofek
Channels of distribution are a critical component of a firm’s go-to-market strategy. A company may elect to sell its products directly to customers (DTC) without the assistance of any intermediaries or, alternatively, it may seek several channel partners to help it... View Details
Keywords: Price; Distribution Channels; Business Strategy; Markets
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  • 12 Dec 2005
  • Research & Ideas

Using the Law to Strategic Advantage

to police its trademark by preventing others from using it to refer to something other than the Real Thing. Shareholder value is enhanced when a firm chooses an appropriate form of business organization, ranging from a limited liability company with View Details
Keywords: by Sean Silverthorne; Legal Services
  • 26 Jun 2019
  • Research & Ideas

Why the US-China Tariff Standoff Hurts American Companies More

significantly cut their prices, while Chinese exporters have not reduced the prices of the goods they sell to US importers. "This nearly complete pass-through of tariffs to the total price paid by importers suggests the tariff... View Details
Keywords: by Danielle Kost; Retail; Manufacturing; Steel
  • 10 May 2016
  • First Look

May 10, 2016

losing to them in court). Moreover, we neither find any markers of significant NPE pass-through to end innovators, nor of a positive impact of NPEs on innovation in the industries in which they are most prevalent. Download working paper:... View Details
Keywords: Carmen Nobel
  • 13 Sep 2016
  • First Look

September 13, 2016

real negative impact on innovation at targeted firms: firms substantially reduce their innovative activity after settling with NPEs (or losing to them in court). Moreover, we neither find any markers of significant NPE pass-through to end... View Details
  • 21 Feb 2017
  • First Look

First Look at New Research: February 21

significant NPE pass-through to end innovators, nor of a positive impact of NPEs on innovation in the industries in which they are most prevalent. Download working paper: https://www.hbs.edu/faculty/Pages/item.aspx?num=47648... View Details
Keywords: Carmen Nobel

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