Economics Insights @ CBS

Women are unequally represented in the highest positions in society. Beyond discrimination and bias, women are missing from the top because they are less likely to pursue high-ranking opportunities. We propose that experience is a critical moderator of gender differences in pursuing leadership opportunities, with low-experience women being particularly unlikely to seek higher-level positions. Field analyses of 96 years of U.S. Senator and Governor elections examined male and female politicians’ propensity to run for higher political offices.

In this paper, I estimate the magnitude of an informational friction limiting credit reallocation to firms during the 2007 to 2009 financial crisis. Because lenders rely on private information when deciding which relationship to end, borrowers looking for a new lender are adversely selected. I show how to separately identify private information from information common to all lenders but unobservable to the econometrician by using bank shocks within a discrete choice model of relationships.

We decompose long-term nominal bond yields into real and inflation components in an international context using inflation-linked and nominal bonds. In contrast to extant results, real rate variation dominates the variation in inflation-linked and nominal yields. Cross-country nominal and inflation-linked yield correlations have declined since the Great Recession. Real rates are the main source of the correlation between nominal yields. Our results are robust to various alternative measurements of inflation expectations and the liquidity premium.