Financial market microstructure is changing rapidly, and the emergence of new technologies is becoming of intense interest to market participants and regulators. Digital financial technologies are rapidly reshaping businesses and the financial services industry. This edition will focus on...

We document the presence of significant liquidity costs in Spanish sovereign debt auctions: the larger the auctioned amounts, the lower the issuance price relative to secondary market prices. Motivated by this evidence, we characterize the optimal debt-maturity management problem of a government...

This essay studies China’s bond market development by reviewing the main characteristics of the onshore market and important liberalization steps. It also describes recent trends in debt portfolio investment flows into China by non-resident investors. The simple theoretical framework for push...

Topics: - Market Liquidity and Funding Liquidity - Liquidity Aspects of Corporate Finance - Liquidity Aspects of Systemic Risk - Game Theoretic Aspects of Liquidity and Financial Markets - Global Liquidity (both Public and Private) and Regulations - Leverage and Macroeconomic Determinants -...

Labor productivity – real market output per unit of labor input - is a central measure of an economy's standard of living and stands at the intersection of macro and labor economics, relating phenomena as diverse as human capital formation, technological change, dynamics of and trends in the...

The conference will feature once more an impressive academic line-up and, as last year, will be in virtual format. The three conference sessions will tackle issues related to monetary policy, credit and financial crises, the role of financial markets in monetary policy transmission as well as...

Climate change is one of the greatest economic challenges of our time. Given the scale of the problem, the question of whether a carbon tax should be introduced is hotly-debated in policy circles. This paper studies the design of a carbon tax when environmental factors, such as air...

Highly interconnected global supply chains make countries vulnerable to supply chain disruptions. In this paper, we estimate the macroeconomic effects of global supply chain shocks for the euro area. Our empirical model combines business cycle variables with data from international container...

We invite academics and professionals to submit papers related to derivative markets and products. The conference will feature a special issue of the Journal of Futures Markets.