Alexander Butler – Jones Graduate School of Business (Rice)

Darden, FOB 194

A Market-based Measure of Climate Risk for Cities Abstract We use information from financial markets to construct a comprehensive measure of cities’ economic exposure to climate-related risks. Studying a large sample of municipal bonds issued by U.S. cities, we document substantial variation in how municipal bond prices respond to innovations Read more…

Brownbag: Marco Cipriani (Federal Reserve Bank of New York)

Darden, FOB 294

Tracing Bank Runs in Real Time Abstract We use high-frequency interbank payments data to trace deposit flows in March 2023 and identify twenty-two banks that suffered a run, significantly more than the two that failed but fewer than the number with large negative stock returns. The runs were driven by Read more…