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- Faculty Publications (212)
- 2022
- Working Paper
Overreaction and Diagnostic Expectations in Macroeconomics
By: Pedro Bordalo, Nicola Gennaioli and Andrei Shleifer
We present the case for the centrality of overreaction in expectations for addressing important challenges in finance and macroeconomics. First, non-rational expectations by market participants can be measured and modeled in ways that address some of the key challenges...
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Keywords:
Overreaction;
Rational Expectations;
Macroeconomics;
Market Participation;
Social Psychology
Bordalo, Pedro, Nicola Gennaioli, and Andrei Shleifer. "Overreaction and Diagnostic Expectations in Macroeconomics." NBER Working Paper Series, No. 30356, August 2022.
- March 2022 (Revised February 2024)
- Case
El Salvador: Launching Bitcoin as Legal Tender
By: Laura Alfaro, Carla Larangeira and Ruth Costas
In June 2021, Nayib Bukele, El Salvador’s president, surprised the world with the announcement that the country would adopt bitcoin as legal tender, becoming the first nation to do so. Bitcoin was mostly used for trading and had one of the most volatile track records...
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Keywords:
Bitcoin;
Cryptocurrency;
Currency;
Financial Strategy;
Economic Growth;
Governance;
Macroeconomics;
Assets;
Latin America;
El Salvador
Alfaro, Laura, Carla Larangeira, and Ruth Costas. "El Salvador: Launching Bitcoin as Legal Tender." Harvard Business School Case 322-055, March 2022. (Revised February 2024.)
- March 2022
- Background Note
The Labor Market as COVID Recedes: A Great Resignation or a Great Realization?
By: Joseph B. Fuller, William R. Kerr and Ria Mazumdar
Keywords:
Economic Slowdown and Stagnation;
Macroeconomics;
Economic Sectors;
Economy;
United States
Fuller, Joseph B., William R. Kerr, and Ria Mazumdar. "The Labor Market as COVID Recedes: A Great Resignation or a Great Realization?" Harvard Business School Background Note 822-113, March 2022.
- March 2022
- Module Note
International Macroeconomics with Global Crises
By: Alberto Cavallo
This note introduces a module of cases used at Harvard Business School (HBS) to teach fundamental concepts of international macroeconomics through the discussion of global crises. First, to provide context, it gives a brief overview of the module. Then, it describes...
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Cavallo, Alberto. "International Macroeconomics with Global Crises." Harvard Business School Module Note 722-044, March 2022.
- March 2022
- Teaching Note
The Coronavirus (COVID-19) Pandemic and the Global Economy (A) and (B)
By: Alberto Cavallo
Teaching Note for HBS Case Nos. 720-031 and 721-434.
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- January 2022
- Technical Note
BGIE Macro Data Repository
By: Alberto Cavallo
This technical note describes an up-to-date data repository containing balance of payment, exchange rate, and aggregate macroeconomic data in a standard format used by case studies written by members of the Business, Government & the International Economy (BGIE) group...
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Keywords:
Macroeconomics
Cavallo, Alberto. "BGIE Macro Data Repository." Harvard Business School Technical Note 722-037, January 2022. (Access the Data Repository here: https://sites.harvard.edu/bgie-data/.)
- 2021
- Article
Venture Capital Booms and Startup Financing
By: William Janeway, Ramana Nanda and Matthew Rhodes-Kropf
We review the growing literature on the relationship between venture capital booms and startup financing, focusing on three broad areas: First, we discuss the drivers of large inflows into the venture capital asset class, particularly in recent years—which are related...
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Janeway, William, Ramana Nanda, and Matthew Rhodes-Kropf. "Venture Capital Booms and Startup Financing." Annual Review of Financial Economics 13 (2021): 111–127.
- 2023
- Working Paper
The International Price of Remote Work
By: Agostina Brinatti, Alberto Cavallo, Javier Cravino and Andres Drenik
We study how the price of remote work is determined in a globalized labor market using data from a large web-based job platform, where workers from around the world compete for remote jobs. Despite the global nature of the platform, we find that remote wages are higher...
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Keywords:
Remote Work;
Exchange Rates;
Purchasing Power Parity;
Offshoring And Outsourcing;
Macroeconomics;
Developing Countries and Economies;
Wages;
Trade;
Globalization;
Marketplace Matching;
Currency Exchange Rate;
Service Industry;
Web Services Industry;
Technology Industry
Brinatti, Agostina, Alberto Cavallo, Javier Cravino, and Andres Drenik. "The International Price of Remote Work." NBER Working Paper Series, No. 29437, October 2021. (Revised November 2022.)
- October 2021 (Revised February 2022)
- Case
Green Hydrogen in Chile
By: Tarun Khanna, Jenyfeer Martínez Buitrago and Mariana Cal
In 2020, the Chilean government wants to promote green hydrogen, a technology with high potential to help mitigate climate change. President Sebastián Piñera, aware of the country's advantages to produce green hydrogen competitively, asks Energy Minister Juan Carlos...
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Keywords:
COVID-19 Pandemic;
Decision Making;
Alternative Energy;
Renewable Energy;
Climate Change;
Environmental Sustainability;
Green Technology;
Financial Instruments;
Energy Policy;
Government Administration;
Strategy;
Government and Politics;
Social Issues;
Energy Industry;
Latin America;
South America;
Chile
Khanna, Tarun, Jenyfeer Martínez Buitrago, and Mariana Cal. "Green Hydrogen in Chile." Harvard Business School Case 722-361, October 2021. (Revised February 2022.)
- 2021
- Working Paper
Granular Corporate Hedging Under Dominant Currency
By: Laura Alfaro, Mauricio Calani and Liliana Varela
Foreign currency use can be a source of risk associated with currency mismatches, which firms can hedge using FX derivatives. This paper uncovers five novel facts about firms’ use of foreign currency (FX) derivatives employing a unique dataset covering the universe of...
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Alfaro, Laura, Mauricio Calani, and Liliana Varela. "Granular Corporate Hedging Under Dominant Currency." NBER Working Paper Series, No. 28910, June 2021. (Revised July 2022.)
- May 2021
- Case
Colombia: An Economic Premium to Peace?
Colombia, once the fastest growing country in Latin America, continues to struggle with productivity. Both labor productivity and total factor productivity have been low for the past decade, despite economic growth of 4.7% annually. Many factors contribute, which...
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Keywords:
Productivity;
Productivity Growth;
Conflict;
Labor Force Participation;
Labor Market;
Competitiveness;
Dutch Disease;
Security;
Peace;
Informality;
Labor Laws;
Total Factor Productivity;
Labor Productivity;
COVID-19 Pandemic;
Economics;
Development Economics;
Economic Growth;
Economy;
Macroeconomics;
Conflict Management;
Competitive Advantage;
Infrastructure;
Negotiation;
Inflation and Deflation;
Non-Renewable Energy;
National Security;
Government Administration;
Latin America;
Central America;
Colombia;
South America
Vietor, Richard H.K. "Colombia: An Economic Premium to Peace?" Harvard Business School Case 721-053, May 2021.
- May 2021
- Case
André Hoffmann: Beyond Philanthropy
By: Lauren Cohen, Hao Gao, Jiawei Ye and Spencer C.N. Hagist
André Hoffmann is a leader of one of the world's largest pharmaceutical companies. His exceptional tenure in philanthropy over the past several decades, including being president of the WWF and the vice-president of the MAVA Foundation, has allowed him access to a far...
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Keywords:
Strategy;
Philanthropy and Charitable Giving;
Restructuring;
Social Entrepreneurship;
Values and Beliefs;
Corporate Social Responsibility and Impact;
Environmental Sustainability;
Cash Flow;
Macroeconomics;
Ethics;
Business and Stakeholder Relations;
Switzerland;
United States;
Japan
Cohen, Lauren, Hao Gao, Jiawei Ye, and Spencer C.N. Hagist. "André Hoffmann: Beyond Philanthropy." Harvard Business School Case 221-093, May 2021.
- May 2021
- Article
Fifty Shades of QE: Comparing Findings of Central Bankers and Academics
By: Brian Fabo, Marina Jančoková, Elisabeth Kempf and Ľuboš Pástor
We compare the findings of central bank researchers and academic economists regarding the macroeconomic effects of quantitative easing (QE). We find that central bank papers find QE to be more effective than academic papers do. Central bank papers report larger effects...
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Keywords:
Quantitative Easing;
Career Concerns;
Economic Research;
Central Banking;
Macroeconomics;
Economic Growth
Fabo, Brian, Marina Jančoková, Elisabeth Kempf, and Ľuboš Pástor. "Fifty Shades of QE: Comparing Findings of Central Bankers and Academics." Journal of Monetary Economics 120 (May 2021): 1–20.
- March 2021 (Revised May 2021)
- Case
ALDDN: Advancing Local Dairy Development in Nigeria
By: Meg Rithmire and Debora L. Spar
In 2020, Ndidi Nwuneli, founder and CEO of Sahel Consulting in Nigeria, faced a thorny set of problems. Her firm partnered with the Bill and Melinda Gates Foundation in a large project to develop the local dairy industry as a way to facilitate equitable growth and...
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Keywords:
Animal-Based Agribusiness;
Food;
Rural Scope;
Growth and Development;
Nonprofit Organizations;
Globalized Markets and Industries;
Business and Government Relations;
Equality and Inequality;
Food and Beverage Industry;
Consulting Industry;
Nigeria
Rithmire, Meg, and Debora L. Spar. "ALDDN: Advancing Local Dairy Development in Nigeria." Harvard Business School Case 721-026, March 2021. (Revised May 2021.)
- January 2021 (Revised June 2021)
- Case
Hester Pharmaceuticals (A): A Pricing Dilemma
By: Dante Roscini and John Masko
In August 2019, the leadership of Hester Pharmaceuticals (Hester) had a problem. Italy promised to be a key market for their new breakthrough oncology drug Akrozumab, but for almost two years, its single-payer healthcare system had been unable to agree with Hester on a...
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Keywords:
Macroeconomics;
Trade;
Price;
Global Range;
Global Strategy;
Globalized Markets and Industries;
Health Care and Treatment;
Patents;
Monopoly;
Negotiation;
Business and Government Relations;
Risk and Uncertainty;
Human Needs;
Business Strategy;
Commercialization;
Pharmaceutical Industry;
Italy
Roscini, Dante, and John Masko. "Hester Pharmaceuticals (A): A Pricing Dilemma." Harvard Business School Case 721-001, January 2021. (Revised June 2021.)
- December 2020 (Revised April 2021)
- Case
Arcos Dorados: A QSR Recovery Plan
By: Forest Reinhardt, José B. Alvarez, Jenyfeer Martinez Buitrago and Mariana Cal
Arcos Dorados—McDonald’s largest independent franchisee, covering Latin America and the Caribbean (LAC)—faced a pandemic that was disrupting the entire consumer foodservice business in 2020. With the exclusive right to own, operate, and sub-franchise McDonald’s...
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Keywords:
Agribusiness;
Animal-Based Agribusiness;
Plant-Based Agribusiness;
Customer Value and Value Chain;
Income;
Macroeconomics;
Environmental Management;
Environmental Sustainability;
Cross-Cultural and Cross-Border Issues;
Food;
Health Pandemics;
Crisis Management;
Logistics;
Corporate Social Responsibility and Impact;
Strategic Planning;
Food and Beverage Industry;
Agriculture and Agribusiness Industry;
Retail Industry;
Latin America;
Aruba;
Guadeloupe;
Martinique;
Mexico;
Panama;
Costa Rica;
Argentina;
Brazil;
Chile;
Colombia;
Ecuador;
French Guiana;
Peru;
Uruguay;
Venezuela;
Puerto Rico;
Trinidad and Tobago
Reinhardt, Forest, José B. Alvarez, Jenyfeer Martinez Buitrago, and Mariana Cal. "Arcos Dorados: A QSR Recovery Plan." Harvard Business School Case 721-023, December 2020. (Revised April 2021.)
- November 2020 (Revised March 2023)
- Teaching Note
Unrest in Chile
By: Vincent Pons, John Masko, Rafael Di Tella and William Mullins
In 2020, Chileans would head to the ballot box to decide their country’s future. Many international observers credited Chile’s decades of neoliberal governance with turning the country into Latin America’s “Tiger,” a prosperous, diversified economy on its way to...
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- October 2020 (Revised March 2022)
- Case
Automercados Plaza's: Surviving Venezuela's Hyperinflation
By: Alberto Cavallo, Mariana Cal and Carla Larangeira
Under the rule of presidents Hugo Chávez and Nicolas Maduro, Venezuela experienced one of the worst economic and political meltdowns in modern history, culminating with a massive hyperinflation. Remarkably, during this dramatic times Automercados Plaza's had grown to...
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Keywords:
Hyperinflation;
Populism;
Inflation and Deflation;
Macroeconomics;
Management;
Strategy;
Organizational Change and Adaptation;
Business and Government Relations;
Retail Industry;
South America;
Venezuela
Cavallo, Alberto, Mariana Cal, and Carla Larangeira. "Automercados Plaza's: Surviving Venezuela's Hyperinflation." Harvard Business School Case 721-014, October 2020. (Revised March 2022.)
- August 2020
- Article
Financial Market Risk Perceptions and the Macroeconomy
By: Carolin E. Pflueger, Emil Siriwardane and Adi Sunderam
We propose a novel measure of risk perceptions: the price of volatile stocks (PVS), defined as the book-to-market ratio of low-volatility stocks minus the book-to-market ratio of high-volatility stocks. PVS is high when perceived risk directly measured from surveys and...
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Keywords:
Risk-centric Business Cycles;
Cross-section Of Equities;
Real Risk-free Rate;
Real Investment;
Financial Markets;
Risk and Uncertainty;
Perception;
Investment
Pflueger, Carolin E., Emil Siriwardane, and Adi Sunderam. "Financial Market Risk Perceptions and the Macroeconomy." Quarterly Journal of Economics 135, no. 3 (August 2020).
- August 2020
- Article
Macroeconomic Drivers of Bond and Equity Risks
By: John Y. Campbell, Carolin E. Pflueger and Luis M. Viceira
Our new model of consumption-based habit generates time-varying risk premia on bonds and stocks from loglinear, homoskedastic macroeconomic dynamics. Consumers' first-order condition for the real risk-free bond generates an exactly loglinear consumption Euler equation,...
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Keywords:
Consumption-based Habit Formation;
Consumption Euler Equation;
Time-varying Risk Premia;
Inflation Dynamics;
Bond-stock Correlation;
Risk and Uncertainty;
Bonds;
Macroeconomics
Campbell, John Y., Carolin E. Pflueger, and Luis M. Viceira. "Macroeconomic Drivers of Bond and Equity Risks." Journal of Political Economy 128, no. 8 (August 2020): 3148–3185.