A Simple Model of an International Lender of Last Resort
This paper develops a simple model of an international lender of last resort (ILOLR). The World economy consists of many open economies, each with its...
Stock Price Patterns Around the Trades of Corporate Insiders on the London Stock Exchange
Previous work examined the long-run profitability of strategies mimicking the trades of company directors in the shares of their own company. However...
Firm Size and Cyclical Variations in Stock Returns
Recent imperfect capital market theories predict the presence of asymmetries in the variation of small and large firms' risk over the economic cycle...
Equity Finance, Adverse Selection and Product Market Competition
This paper analyses the effect of asymmetric information between a firm and its outside investors on the firm's competitive position in a model where...
Stock Price Patterns Around the Trades of Corporate Insiders on the London Stock Exchange
This paper examines the patterns of security returns around the trades of corporate insiders in the shares of their own company. We find patterns in...
Recent Developments in Central Banking: Some Special Features of the Monetary Policy Committee and of the European System of Central Banks
Presented in the Monnet Lecture at University College, Dublin on 14th October 1999.
Insider Trading, Investment and Liquidity: A Welfare Analysis
We compare equilibrium trading outcomes with and without participation by an informed insider, assuming inflexible ex ante aggregate investment...
Time Series of Commodity Futures Prices
This paper examines the pattern of volatility over time of a series of commodity futures prices, and focuses in particular on the futures price...
Managing Government Default Risk in Federal States
Federal governments typically apply fiscal rules to impose fiscal discipline on lower levels of government. Analogously, by trading in government debt...
The Vulnerability of Banks to Government default risk in the EMU
This paper examines the vulnerability of banks in EMU countries to shocks to default risk premiums on public debt. This vulnerability depends on (1)...
Contrasting Different Forms of Price Stickiness: An Analysis of Exchange Rate Overshooting and the Beggar Thy Neighbour Policy
This paper considers a two country economy similar to that in Obstfeld and Rogoff (1995). We build on their model by distinguishing between sticky...
