Matteo Maggiori

TL;DR: This paper showed that the US dollar has a safety premium versus a basket of foreign currencies and that this premium is particularly high in times of global financial stress and that investors are willing to earn negative expected returns as compensation for holding safe dollars.

TL;DR: In this paper, the authors test for the existence of housing bubbles associated with a failure of the transversality condition that requires the present value of payments occurring infinitely far in the future to be zero.

TL;DR: The authors find that portfolio investment from developed countries to firms in large emerging markets is dramatically larger than previously thought, while China's official net creditor position to the rest of the world is overstated by about 50 percent.

TL;DR: In this paper, the authors provide a framework for understanding the global financial architecture as an equilibrium outcome of the risk sharing between countries with different levels of financial development, where the country with the most developed financial sector takes on a larger proportion of global fundamental and financial risk because its financial intermediaries are better able to deal with funding problems following negative shocks.

TL;DR: This paper analyzed how investor expectations about economic growth and stock returns changed during the February-March 2020 stock market crash induced by the COVID-19 pandemic, as well as during the subsequent partial stock market recovery.