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-1-LAURA lblattner@fas.harvard.eduHARVARD UNIVERSITYPlacement Director: John CampbellPlacement Director: Nathan HendrenGraduate Administrator: Brenda PiquetJOHN 95-8927Office Contact InformationDepartment of EconomicsCambridge, MA 02138Cell: 857-417-1830Undergraduate Studies:BA, Philosophy, Politics and Economics (PPE), Oxford University, First Class, 2010Graduate Studies:Harvard University, 2013 to presentPh.D. Candidate in Political Economy and GovernmentThesis Title: “Essays on Empirical Banking and Misallocation”Expected Completion Date: June 2018Oxford University, Nuffield College, 2010-2012M.Phil. Economics, DistinctionReferences:Professor Jeremy SteinDepartment of Economics, Harvard University617-495-6455, jeremy stein@harvard.eduProfessor Gita GopinathDepartment of Economics, Harvard University617-495-8161, gopinath@harvard.eduProfessor Adi SunderamHarvard Business School617-495-6644, asunderam@hbs.eduProfessor Matteo MaggioriDepartment of Economics, Harvard University617-496-2614, maggiori@fas.harvard.eduTeaching and Research Fields:Primary fields: Financial Economics, Corporate FinanceSecondary field: MacroeconomicsTeaching Experience:Spring, 2017Corporate Finance and Banking (2nd year PhD class), Harvard, teaching fellow forProfessors Sam Hanson and Adi Sunderam.Spring, 2016Corporate Finance and Banking (2nd year PhD class), Harvard, teaching fellow forProfessors David Scharfstein and Jeremy Stein.

-2-Spring, 2016Fall, 2016International Finance (2nd year PhD class), Harvard, teaching fellow for ProfessorGita Gopinath.Empirical Macroeconomics (2nd year PhD class), Harvard, teaching fellow forProfessor Gabriel Chodorow-Reich.Research Experience and Other Employment:2015 to present Bank of Portugal, Visiting Researcher2012International Monetary Fund, InternHonors, Scholarships, and Fellowships:2017Lamfalussy Fellowship, European Central Bank2017Research Grant, Institute for Quantitative Social Science2016,’17Harvard University Certificate of Distinction in Teaching2016Macro Financial Modeling Fellowship, Becker Friedman Institute2015Research Grant, Lab for Economic Applications and Policy2015GSAS Summer Predissertation Fellowship, Harvard2015Research Grant, Hirtle Callaghan Fund2014PhD Fellowship, German National Merit Foundation2013ERP Fellowship, German Federal Ministry of Economics and TechnologyResearch Papers:“When Losses Turn into Loans: The Cost of Undercapitalized Banks” (Job Market Paper)(with Luisa Farinha and Francisca Rebelo), 2017We provide evidence that banks hit with a negative shock to capital adequacy inefficiently reallocatecredit and that this credit reallocation contributes to the misallocation of capital. A regulatoryintervention by the European Banking Authority in 2011 provides a natural experiment thatunexpectedly increased capital requirements for a subset of banks. Using administrative data from theBank of Portugal, we show that exposed banks cut back on credit for all but a subset of financiallydistressed firms for which banks had been underreporting incurred loan losses. We argue that the creditallocation to these underreported firms is consistent with two perverse lending incentives. First, banksroll over loans to distressed firms with underreported losses to avoid realizing a large loss in case of firminsolvency. Second, undercapitalized banks gamble for the resurrection of distressed borrowers andunderreport losses to avoid regulatory scrutiny of risky loans. We develop a method to back out theunderreporting of loan losses using detailed loan-level data. We then show that the credit reallocationaffects firm-level investment and employment. A partial equilibrium estimate suggests that the creditreallocation accounts for close to 20% of the decline in productivity in this period.“What Did 1 Trillion Euros Buy Us? Evidence on the Real Effects of Quantitative Easing in Europe”(with Luisa Farinha and Gil Nogueira), 2017This paper studies the transmission channels of the European Central Bank’s (ECB) asset purchaseprograms via the banking sector using proprietary data from the Bank of Portugal. Banks that hold largeramounts of assets eligible for ECB purchase prior to announcement of the programs realize tradingprofits from selling these assets following the announcement. Banks use most of these gains to increase

-3their cash holdings. We find a moderate positive effect on loan approval rates for new corporateborrowers, which is stronger for riskier borrowers. There is no evidence that banks offer lower interestrates or provide additional loans to existing customers. We investigate two additional channels. TheECB’s purchase of covered bonds, a popular funding instrument for banks, does not spur the originationof covered bonds. Similarly, the ECB’s purchase of asset-backed securities (ABS) does not lead bankswith pre-existing issuance technology to issue more ABS nor to originate more loans that are ABSeligible. Our results suggest that the pass-through of asset purchase programs to lending conditions mayoccur through channels other than bank balance sheets.“Debt or Demand: Which Holds Investment Back? Evidence from an Investment Tax Credit”(with Luisa Farinha and Francisca Rebelo), 2017We study how debt frictions and demand affect corporate investment using administrative data from alarge temporary investment tax credit in Portugal. We obtain exogenous variation in demand forexporting firms from product-destination-level changes in foreign demand. We proxy debt frictions byan index of different debt-earnings ratios. We find that debt has a strong, non-linear effect on thelikelihood that a firm invests in response to the tax credit. Firms in the lower two quartiles of the debtearnings index have roughly equal predicted take-up probabilities. For firms in the third quartilepredicted take-up drops by 50% while firms in the worst debt-earnings quartile have a predicted take-uprate close to zero. We also find important interactions between debt and demand. For firms in the lowestdebt-earnings quartile, demand has a highly significant positive effect with a 10% increase in predicteddemand leading to a 9 p.p. higher take-up probability. In contrast, for firms in the worst debt-earningsquartile, demand ceases to have a significant impact on take-up. OLS attenuates the effects of demandby a factor of three. These results highlight the limit of panel regressions that only allow for a lineareffect of debt on investment, do not instrument for demand, and do not allow for an interaction betweendemand and debt.

-1-VITALY vard.eduHARVARD UNIVERSITYPlacement Director: John CampbellPlacement Director: Nathan HendrenGraduate Administrator: Brenda PiquetJOHN 927Office Contact InformationHarvard Business School700 Soldiers Field Road, Wyss HouseBoston, MA 02163646-319-4834Personal Information: Date of birth: April 3, 1987; Citizenship: U.S.A.Undergraduate and Prior Studies:B.A. Economics and Mathematics, Columbia University, summa cum laude, 2009M.A. Statistics, Columbia University, 2012Graduate Studies:Harvard University, 2012 to presentPh.D. Candidate in Business EconomicsThesis Title: Essays in Banking and Corporate FinanceExpected Completion Date: June 2018References:Professor David ScharfsteinHarvard Business School, Baker Library617-496-5067, dscharfstein@hbs.eduProfessor Victoria IvashinaHarvard Business School, Baker Library617-495-8018, vivashina@hbs.eduProfessor Adi SunderamHarvard Business School, Baker Library617-495-6644, asunderam@hbs.eduTeaching and Research Fields:Primary fields: Corporate Finance, Financial IntermediationSecondary fields: Consumer FinanceTeaching Experience:Spring 2015, 2016Other Employment:2009-2012Econ 970, “Economics of Risk and Uncertainty,” Harvard UniversityMain Instructor (designed and taught sophomore tutorial)Federal Reserve Bank of New York, Research Associate, AssistantEconomist, and Economist Level C

-2Honors, Scholarships, and Fellowships:2012-2018Graduate School of Arts and Sciences Fellowship, Harvard University2015, 2016Certificate of Distinction in TeachingResearch Papers:“Bank Consolidation and Financial Inclusion: The Adverse Effects of Bank Mergers on Depositors” (JobMarket Paper)I document that large banks tend to have higher fees and higher minimum required balances on depositaccounts relative to small banks. As a result, bank consolidation makes it relatively more expensive forlow-income households to maintain bank accounts. Using a difference-in-differences methodology toestimate a causal impact, I show that following acquisitions of small banks by large banks, deposit accountfees and minimum required balances increase, and deposit outflow is almost 2% per year higher, relativeto acquisitions by other small banks. The effect of consolidation on deposit outflow is stronger in areaswith a higher proportion of low-income households. Areas in which large banks acquired small bankssubsequently experience faster growth in non-bank financial services such as check cashing facilities,consistent with some of the outflow corresponding to depositors who leave the banking system altogether.Moreover, households in areas affected by bank consolidation are more likely to experience evictions afterpersonal financial shocks, in line with these households facing difficulty in accumulating emergencysavings without bank accounts.“Large Banks and Small Firm Lending” (with Victoria Ivashina and Ryan D. Taliaferro)We show that following the financial crisis, there was a large and persistent shift in the composition ofsmall firm lenders. In 2007 and 2008, large banks impacted by the real estate shock contracted their creditto small firms, even in unaffected counties. However, healthy banks—those not exposed to the real estateprice shock—expanded their operations and even entered new banking markets, capturing a large part ofthe market share in both loans and deposits. The market share gain of healthy banks relative to exposedbanks was a standard deviation above the long-run historical market share growth, and comparable to theeffects of branch banking deregulation in the US. Despite this offsetting expansion by healthy banks, thenet effect of the contraction in credit was negative, with lower aggregate credit and deposit growth andlower entrepreneurial activity through 2015.Research Papers in Progress:“Competition, Risk, and Organizational Form: Lessons from Credit Unions and Small Banks”Publications:Bord, V.M. and J.A.C. Santos. (2015) Does securitization of corporate loans lead to riskier lending?Journal of Money, Credit, and Banking. 47(2-3), 415-444.Bord, V.M. and J.A.C. Santos. (2014). Bank liquidity and the cost of liquidity to corporations. Journal ofMoney, Credit, and Banking. 46(1), 13-45.Bord, V.M. and J.A.C. Santos. (2012). Banks’ originate to distribute model and the rise of shadowbanking. Federal Reserve Bank of New York Economic Policy Review. July 2012: 1-14.Invited Presentations:20172015Eastern Finance Association Annual MeetingEuropean Finance Association Annual Meeting

KIRILL k@fas.harvard.eduHARVARD UNIVERSITYPlacement Director: John CampbellPlacement Director: Nathan HendrenAssistant Director: Brenda PiquetJOHN 927Office Contact InformationLittauer Center 3151805 Cambridge StreetCambridge, MA 02138Cell phone number: 1 857-253-9374Undergraduate Studies:Diploma in Economics and Mathematics, Financial University, Moscow, Highest Honors, 2009Graduate Studies:Harvard University, 2012 to presentPh.D. Candidate in EconomicsExpected Completion Date: June 2018References:Professor Pol AntràsHarvard 1 617-495-1236Professor Marc MelitzHarvard 1 617-495-8297Professor Edward GlaeserHarvard 1 617-495-0575Professor Oliver HartHarvard 1 617-496-3461Professor Robert GibbonsMIT Sloan School of 1 617-253-0283New Economic School, 2010-2012M.A. in Economics, Summa Cum LaudeTeaching and Research Fields:Primary Field: International TradeSecondary Fields: Organizational Economics, Microeconometrics

Teaching Experience (all teaching fellow unless noted)Spring 20172014-2016Spring 20162015-2016Summer 20152013-20152011-12Intermediate Microeconomics, Harvard University, Prof. Marc MelitzInternational Trade (Ph.D.), Harvard University, Prof. Elhanan HelpmanManaging the Modern Organization (MBA), MIT Sloan School of Management,Prof. Robert GibbonsContracts and Organizations (Ph.D.), Harvard University,Profs. Oliver Hart, Philippe Aghion, and Richard HoldenWhat Causes What in the World (microeconometrics for high school students),Summer School in Contemporary Mathematics, Dubna, Russia, lecturerMicroeconomics (Ph.D.), Harvard University, Prof. Edward GlaeserEconometrics, Topics in Econometrics, Empirical Industrial Organization,Macroeconomics (graduate), New Economic SchoolResearch Experience and Other Employment:2013-2015Harvard University, Research Assistant to Prof. Oliver Hart2014-2015Harvard University, Research Assistant to Prof. Elhanan HelpmanHonors, Scholarships, and Fellowships:2017Pellegrini Summer International Economics Research Grant2016Harvard Distinction in Teaching Award2015Harvard Lab for Economic Applications and Policy Grant2012-2014UniCredit and Universities US PhD Scholarship2012Don Patinkin’s Prize, New Economic SchoolProfessional ActivitiesReferee for the Quarterly Journal of Economics, Journal of Public Economics, Journal ofComparative EconomicsJob Market Paper:“The Distributional Effects of Trade: Theory and Evidence from the United States”(with Xavier Jaravel)Are the gains from trade unequally distributed in society? This paper presents new evidence on the distributionaleffects of trade on education groups in the U.S. through both consumer prices (expenditure channel) and wages(earnings channel). Our analysis, guided by a simple quantitative trade model, leverages linked datasets that coverthe entire U.S. economy and include detailed spending data on consumer packaged goods and automobiles. First,we show that the share of spending on imports is similar across education groups, leading to a neutral expenditurechannel. This finding stems from offsetting forces: college graduates spend more on services, which are largelynon-traded, but their spending on goods is biased towards industries and brands with higher import content.Second, on the earnings side, we find that college graduates work in industries that (1) are less exposed to importcompetition, (2) export more, (3) are more income-elastic, and (4) use fewer imported inputs. The first three forcescause trade liberalizations to favor college graduates; the fourth has the opposite effect. Finally, we combine andquantify the expenditure and earnings channels using the model. A 10% reduction of all import and export barriersgenerates a modest increase in inequality between education groups, primarily due to the earnings channel. Welfaregains are 18% higher for college graduates, whose real income increases by 2.03% compared to 1.69% forindividuals without a college degree. Reductions of import barriers with China have qualitatively similarimplications.Additional Research Papers:“Intra-Firm Linkages in Multi-Segment Firms: Evidence from the Japanese Manufacturing Sector”(with Toshihiro Okubo, RIETI working paper)Are diversified firms mere collections of independent assets, or is there anything that glues different businessestogether? We explore this question by looking at segment-level growth of multi-segment (i.e., producing in several

6-digit industries at the same time) manufacturing firms in Japan. We find substantial co-movement between suchsegments and show that it can be driven by plant-wide but not firm-wide shocks. Our findings suggest that inputsthat are shared firm-wide, such as brand and organizational routines, are not too important for production.“Revisiting Event Study Designs” (with Xavier Jaravel, working paper)A broad empirical literature uses “event study” research designs for treatment effect estimation, a setting in whichall units in the panel receive treatment but at random times. We make four novel points about identification andestimation of causal effects in this setting and show their practical relevance. First, we show that in the presence ofunit and time fixed effects, it is impossible to identify the linear component of the path of pre-trends and dynamictreatment effects. Second, we propose graphical and statistical tests for pre-trends. Third, we consider commonlyused “static” regressions, with a treatment dummy instead of a full set of leads and lags around the treatment event,and we show that OLS does not recover a reasonable weighted average of the treatment effects: long-run effectsare weighted negatively, and we introduce different estimators robust to this issue. Fourth, we show that equivalentproblems of under-identification and negative weighting arise in difference-in-differences settings when the controlgroup is allowed to be on a different time trend or in the presence of unit-specific time trends. We show thepractical relevance of these issues in a series of examples from the existing literature. We focus on the estimationof the marginal propensity to consume out of tax rebates: according to our preferred specification, the marginalpropensity to consume is much lower than the main estimates in the literature.“Consistency and Inference in Bartik Research Designs” (with Xavier Jaravel, working paper)A growing number of empirical studies use identification strategies similar the one proposed by Bartik (1991),where a demand shock in a geographic location is constructed by combining the local composition of industries inthe pre-period with national growth rates of industries. We provide a set of conditions on randomness of industrygrowth rates that ensure consistency of Bartik estimators in the many-location many-industry asymptotic. Wehighlight the importance of clustering standard errors to account for the correlation of residuals in locations withsimilar industrial composition and provide a computationally efficient quasi-maximum likelihood estimator.“Bounding the Population Shares Affected by Treatments” (working paper)The fraction of a population that is affected by a treatment (the “responders”) may be as important to identify asthe average magnitude of the treatment effect. I show that if the distributions of potential outcomes with andwithout treatment are identified, then the total variation distance between them serves as the sharp lower bound onthe share of responders. It can be computed for randomized control trials, instrumental variables, and otherempirical designs. I demonstrate the usefulness of the approach in three examples of economic interest, related tobehavioral biases in retirement savings, electoral fraud, and student cheating.Updated: October 30, 2017

BRIAN S. harvard.eduHARVARD UNIVERSITYPlacement Director: John CampbellPlacement Director: Nathan HendrenAssistant Director: Brenda PiquetJOHN 927Office Contact InformationLittauer Center1805 Cambridge StreetCambridge, MA 02138Mobile: 857-205-1658Personal Information: US and Canadian citizenUndergraduate Studies:A.B., Economics and Mathematics, Harvard University, summa cum laude, 2010Graduate Studies:Harvard University, 2012 to presentPh.D. Candidate in EconomicsThesis Title: “Essays on Financial Economics”Expected Completion Date: May 2018References:Professor Jeremy C. SteinHarvard University, Economics Department(617) 496-3960, jeremy stein@harvard.eduProfessor Andrei ShleiferHarvard University, Economics Department(617) 496-2606, ashleifer@harvard.eduProfessor Samuel G. HansonHarvard Business School(617) 495-6137, shanson@hbs.eduProfessor David S. ScharfsteinHarvard Business School(617) 496-5067, dscharfstein@hbs.eduTeaching and Research Fields:Primary fields: Financial Economics, Corporate Finance, Entrepreneurship and InnovationSecondary fields: MacroeconomicsResearch Papers:“Seeing is Believing: The Impact of Local Economic Conditions on Firm Expectations, Employmentand Investment” (Job Market Paper)I show that managers overweight observations of local economic conditions at firm headquarters (HQ)when forming their macroeconomic expectations. This implies that HQ local economic conditions havean excessive impact on firm investment and employment growth. Using an empirical strategy identifyingthe impact of local economic conditions at HQ on employment outside the HQ, I find that a 1 percentagepoint (p.p.) higher local unemployment rate at HQ leads to 2 p.p. lower employment growth at non-HQestablishments. I consider a number of alternative explanations such as internal capital marketsreallocation or local financing, and rule these out using placebo tests and by testing the key implications

of the explanations. Then, I present evidence that HQ local conditions are overweighted in managers’expectations. Worse HQ local conditions lead to more pessimistic sales forecasts and more negativemacroeconomic sentiment. These findings, along with results from tests comparing firms with differentsensitivities to the macroeconomic cycle, support the notion that local economic conditions biasmanagers’ macroeconomic expectations. Finally, I show that this bias can explain differences in countyeconomic outcomes and may lead to significant investment misallocation.“The Decline of Big-Bank Lending to Small Business: Dynamic Impacts on Local Credit and LaborMarkets” (with Samuel Hanson and Jeremy Stein)Small business lending by the four largest U.S. banks fell sharply relative to other banks beginning in2008 and remained depressed through 2014. We explore the consequences of this credit supply shock,with a particular focus on the resulting dynamic adjustment process. Using a difference-in-differenceapproach that compares counties where the Top 4 banks had a higher initial market share to countieswhere they had a smaller share, we find that the aggregate flow of small business credit fell and interestrates rose from 2006 to 2010 in high Top 4 counties. Economic activity also contracted in these affectedcounties: fewer businesses expanded employment, the unemployment rate rose, and wages fell.Moreover, the employment effects were concentrated in industries that are most reliant on externalfinance, such as manufacturing. Next, we explore how high Top 4 counties adjusted to this shock from2010 to 2014. While the flow of small business credit has slowly recovered in affected counties—assmaller banks, non-bank finance companies, and online lenders have filled the void left by the Top 4banks—loan interest rates remain elevated, suggesting that credit conditions are still tighter in theseareas. Moreover, although the unemployment rate returns to normal by 2014 in high Top 4 counties, theeffects on wages persist, suggesting that more expensive credit may have led small businesses to becomeless capital intensive.“Management Ownership and Investment in the Business Cycle”Does risk aversion amplify business cycle downturns? I study the risk exposure of CEOs and its effecton firm investment in times of high macroeconomic uncertainty. Exploiting exogenous variation in CEOequity ownership, I show that firms with larger CEO stakes decrease investment significantly more inperiods of high uncertainty. I consider whether better shareholder alignment explains this finding, but donot find evidence supporting this explanation. Firms with high institutional ownership do not cutinvestment more in times of high uncertainty. In addition, firms with high CEO stakes decrease risktaking in times of high uncertainty, and experience lower stock returns subsequent to periods of highuncertainty. These results are consistent with the management risk aversion explanation, and suggestthat large inside ownership stakes can pose costs to outside shareholders in times of high uncertainty.Research Papers in Progress:“Local Economic Conditions Overweighting Among Households and in U.S. Monetary Policy”“The Impact of Expectations on Long-Run Innovation: Evidence from Stock Market Dislocations” (withJosh Feng)Teaching Experience:Fall 2014, Fall Capital Markets (Economics 1723), Harvard University, Teaching Fellow for2015Professor John Y. Campbell, Derek C. Bok Certificate of DistinctionHonors, Scholarships, and Fellowships:2017Best Finance Ph.D. Award, 14th Annual Corporate Finance Conference at OlinBusiness School2016American Finance Association (AFA) Travel Grant2015Hirtle Callaghan Prize2012-2015National Science Foundation Graduate Research Fellowship2009Phi Beta Kappa (Junior 24)

Research Experience and Other Employment:2010 to 2012The Boston Consulting Group, AssociateProfessional Activities:Referee for the Quarterly Journal of Economics, Review of Financial Studies

-1-DAVID harvard.eduHARVARD UNIVERSITYJOHN CAMPBELL@HARVARD.EDUPlacement Director: John CampbellPlacement Director: Nathan HendrenGraduate Administrator: Brenda EDUOffice Contact InformationLittauer Center1805 Cambridge StreetCambridge, MA 02138Mobile: me Contact Information10 Akron St., Unit 616Cambridge, MA 02138Personal Information:Date of Birth: April 5, 1991; Citizenship: United StatesUndergraduate Studies:B.S. Economics, Massachusetts Institute of Technology, Phi Beta Kappa, 2009-2012Graduate Studies:Harvard University, 2012 to presentPh.D. Candidate in Business EconomicsThesis Title: “Essays on Monetary Policy with Informational Frictions”Expected Completion Date: June 2018References:Professor N. Gregory MankiwHarvard UniversityLittauer Center 223ngmankiw@harvard.edu617-495-4301Professor Emmanuel FarhiHarvard UniversityLittauer Center 208efarhi@fas.harvard.edu617-496-1835Professor Benjamin FriedmanHarvard UniversityLittauer Center 127bfriedman@harvard.edu617-495-4246Professor Xavier GabaixHarvard UniversityLittauer Center 209xgabaix@fas.harvard.edu617-496-5197Teaching and Research Fields:Primary fields: Macroeconomics, Monetary EconomicsSecondary fields: Macro-finance, Information EconomicsResearch Papers:“Perceptions of Competence: Monetary Policy and the Reputational Accelerator” (Job Market Paper)Central banks are often concerned about their reputation for competence. This paper addresses why, developing anew macroeconomic model in which perceptions of a central bank's competence affect monetary policy's ability tostabilize aggregate outcomes. The central bank receives imperfect signals on the state of the economy, with the

-2precision of its signals private information to the central bank. A reputation for competence is formed rationally byagents in equilibrium through the observation of aggregate outcomes. High reputation improves equilibriumoutcomes for the central bank, through a coordination and confidence channel that alleviates informationalexternalities generated by the dispersion of information in the economy. The endogenous formation of perceptionsamplifies the effects of monetary errors; favorable monetary outcomes endogenously lead to more favorableoutcomes in the future, and vice-versa, an effect I call the reputational accelerator. The model also exhibits excessoutput volatility, and endogenously generates large downside tail events, particularly after long periods of stability.Such central bank ‘Minsky moments’ arise from the decoupling of equilibrium responses to signals from their trueinformative content. Breaking this sharp link also generates a time-varying inefficiency wedge between theequilibrium and efficient responses to public signals, adding to the theory of dispersed information. Usingindividual level private forecast, I find empirical support for the model, showing that FOMC announcements act asfocal points for expectations, with this effect stronger when public forecasts by the FOMC were more accurate inthe recent past.“Monetary Policy Reversal Aversion”Many central banks appear to avoid interest rate reversals, but there are few theories formally explaining why. Onepotential reason is that reversals affect a central bank’s reputation; reversing course may lead to the publiclowering its assessment of the central bank’s competence. I develop a model in which a central bank cares about itsreputation for competence, and attempts to strategically develop this reputation. The resulting reversal aversionleads to two potential welfare costs and policy distortions, relative to a world without reputational concerns. Acentral bank may not correct an interest rate movement even if it realizes ex-post that the previous decision waslikely the wrong one, and additionally the fear of a reversal itself may cause the central bank to proceed withcaution in order to avoid a potential reversal, thus causing the central bank to move too late. I provide crosscountry empirical evidence showing that reversal aversion may have additional explanatory power for thewidespread interest-rate inertia observed by central banks around the world, in addition to the well-studiedexplanation of gradualism (the desire to smooth interest rates over a long period of time).Research in Progress:“Sovereign Risk and Bank Runs: A Macroeconomic Analysis”“So

Harvard Business School Department of Economics, Harvard University 617-495-6644, 617-496-2614, Teaching and Research Fields: Primary fields: Financial Economics, Corporate Finance . -1- _@HARVARD.EDU Placement Director: .

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