shows how the speed of mean reversion of market liquidity, by affecting the level and the volatility of the overnight market …

for interest rates and volatility. We extend this analysis and investigate the seasonality of market activity and …

volatility. In a first step, we present a theoretical heterogeneous agent model of the oil futures market based on noise trading …. We use the model to study the interaction between the oil futures price, volatility, developments in underlying … that a multiplicity of equilibria can exist. More specifically, on the one hand, if we have high fundamental volatility …

pressure. In the long-run however, such countervailing speculation amounts to signal-jamming, slowing down price discovery …

spot prices, although only in the short run. Moreover, financial activity appears to have exacerbated the volatility in the …

aggregate output across industrial sectors which minimize the economy’s long-term volatility for a given level of long …

I analyze output growth, volatility, and skewness as the joint outcomes of financial openness. Using an industry panel …