Determinants of Regulatory Reform
Using panel data for 189 economies from 2004 to 2016, we show that regulatory reform is associated with periods of fiscal imbalances. This association...
Brexit and systemic risk
Brexit is likely to cause considerable disruption for financial markets. Some worry that it may also increase systemic risk. This column revisits the...
The STEM Requirements of "Non-STEM" Jobs: Evidence from UK Online Vacancy Postings and Implications for Skills & Knowledge Shortages
Do employers in "non-STEM" occupations (e.g. Graphic Designers, Economists) seek to hire STEM (Science, Technology, Engineering, and Mathematics)...
Financial Choice and Financial Information
We analyze the implications of increases in the selection of, and information about, derivative financial products in a model in which investors...
Michael John Artis: An extended Memoir 1938-2016
In 2016 Charles Goodhart was commissioned by the British Academy to write the Memoir for Mike Artis, an honour that all deceased Fellows are accorded...
Corporate Tax Cuts: examining the record in advanced economies
This discussion paper examines evidence from 39 economies where cuts in the corporate income tax rate have been implemented since 1986. The paper also...
Pipeline Risk in Leveraged Loan Syndication
Leveraged term loans are typically arranged by banks but distributed to institutional investors. Using novel data, we find that to elicit investors’...
The Optimal Consumption Function in a Brownian Model of Accumulation. Part C: A Dynamical System Formulation
This Paper continues the study of the Optimal Consumption Function in a Brownian Model of Accumulation, see Part A [2001] and Part B [2014]; a...
Don’t Stop Me Now: The Impact of Credit Market Fragmentation on Firms’ Financing Constraints
This paper investigates how the withdrawal of banks from their cross-border business impacted the borrowing costs of European firms since the crisis...
Econometric Modeling of Systemic Risk: Going Beyond Pairwise Comparison and Allowing for Nonlinearity
Financial instability and its destructive effects on the economy can lead to financial crises due to its contagion or spillover effects to other parts...
External Financial Dependence and Firms’ Crisis Performance across Europe
Economic research has often relied on a measure of external financial dependence that is constructed using U.S. data and applied to other countries...
Does it Pay to Buy the Pot in the Canadian 6/49 Lotto: Implications for Lottery Design
The Canadian 6/49 Lotto©, despite its unusual payout structure, is one of the few government sponsored lotteries that has the potential for a...
What Is the Consumption-CAPM Missing? An Information-Theoretic Framework for the Analysis of Asset Pricing Models
The Review of Financial Studies, Volume 30, Issue 2, Pages 442–504.
