A Quantity-Driven Theory of Term Premia and Exchange Rates

This paper provides a framework for understanding how the detailed structure of financial intermediation affects foreign exchange rates.

How do Private Equity Fees Vary Across Public Pensions?

As state and local defined-benefit pensions increasingly shift capital from traditional asset classes to private-market investment vehicles, this analysis shows that public pensions investing in the same private-market fund can experience very different returns.