Recent empirical work indicates that, in a variety of financial markets, both conditional expectations and conditional …

and volatility are negatively related across countries, but show that the relation reverses itself across sectors. This … aggregate volatility that is common across sectors that correlates negatively with aggregate growth. Furthermore, while …

How do firms' sales interact across markets? Are foreign and domestic sales complements or substitutes? Using a large … firms' demand on foreign markets to instrument yearly variations in exports. We use alternatively as instruments product …

Centralized markets with large numbers of buyers and sellers are generally thought of as being competitive and well …-functioning. However, an important role of centralized markets is matching heterogeneous products, such as fish, to buyers of these …

This paper examines the properties of exams and markets as alternative allocation devices under borrowing constraints …. Exams dominate markets in terms of matching efficiency. Whether aggregate consumption is greater under exams than under … markets depends on the power of the exam technology; for a sufficiently powerful test, exams dominate markets in terms of …

This Paper studies how an institution such as markets affects the evolution of mankind. My key point is that the forces …