[...]Our first suggestion is to reduce the fragmentation oftrading in STRIPS by assigning the same CUSIP number to allSTRIPS maturing on a common date—thus making thoseSTRIPS fungible with each other. In addition to enhancing theliquidity of the STRIPS market, this action would ensure...

This paper describes a new and intuitive methodfor answering these technical questions by tabulating theexact loss distribution arising from correlated credit eventsfor any arbitrary portfolio of counterparty exposures, downto the individual contract level, with the losses measuredon a...

We present a dynamic framework for the interaction between borrowing (liquidity) constraints and deviationsof actual hours from desired hours, both measured by discrete-valued indicators, and estimate it as a systemof dynamic binary and ordered probit models with panel data from the Panel Study...

There is plenty of evidence across the EU to suggest that young people from poorerbackgrounds are less likely to attend tertiary education than their better-off peers. Thiscorrelation is often used to justify monetary transfers to families with students. It isnot clear, however, that these...

The global financial crisis that began in mid-2007 has renewedconcerns about financial instability and focused attention onthe fundamental role of central banks in preventing andmanaging systemic crises. In response to the turmoil, centralbanks have made extensive use of both new and existing...