The role of money in the transmission mechanism of monetary policy: evidence from Thailand
Meltzer (2001b) argues that the current trend for downgrading the role of money in standard macro models is erroneous as it masks those monetary...
Does reinsurance need reinsurers?
The reinsurance market is the secondary market for insurance risks. It has a very specific organization. Direct insurers do not trade risks with each...
Tranching
The structure of securitization deals, referred to as "tranching", is standard. In those transactions, claims on cash flows generated by the...
Self-fulfilling liquidity and the coordination premium
Liquidity, defined as the ease with which an asset may be marketed, has a self-fulfilling dimension. If investors in the primary market for a new...
UK annuity rates and pension replacement ratios 1957-2002
This paper constructs a time series of annuity rates in the UK for 1957-2002, and examines the pricing of UK annuities, and the relationship between...
Pensionmetrics 2: stochastic pension plan design during the distribution phase
We consider the choices available to a defined contribution (DC) pension plan member at the time of retirement for conversion of his pension fund into...
UK pension fund management after Myners: the hunt for correlation begins
The Myners Report will have a number of significant consequences for pension fund management and performance measurement in the UK.
It changes the...
Financing constraints, irreversibility, and investment dynamics
We develop a structural model of an industry with many entrepreneurial firms in order to investigate the cyclical behaviour of aggregate fixed...
Coordination, learning, and delay
This paper studies how the introduction of social learning with costs to delay affects coordination games with incomplete information. We present a...
The role of bank capital and the transmission mechanism of monetary policy
This paper is a theoretical study of the transmission mechanism of monetary policy in the presence of an endogenous role of bank capital. The basic...
Economic Policy and Exchange Rate Regimes: What Have we Learned in the 10 Years Since Black Wednesday?
Download not available
Britain, Germany and EMU: What have we learned in the 10 years since Black Wednesday? 3 Selected Papers
Download not available
Hedging housing risk in London
This paper investigates the benefits of allowing households to compensate the portfolio distortion due to their housing consumption through...
The impact of wealth on consumption and retirement behaviour in the UK
Housing and pension wealth are shown to be important determinants of personal sector consumption and retirement behaviour in the UK. Housing and state...
