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The role of bank capital and the transmission mechanism of monetary policy

Sunirand, Pojanart - London School of Economics (LSE) - 2002

This paper is a theoretical study of the transmission mechanism of monetary policy in the presence of an endogenous role of bank capital. The basic framework is a standard Dynamic New Keynesian model with price stickiness modified so as firms as well as banks face endogenous financial frictions...

Persistent link: https://www.econbiz.de/10010884669

What gives? Household consumption patterns and the ‘Big Trade Off’ with public consumption

Bastagli, Francesca; Hills, John - London School of Economics (LSE) - 2013

At the centre of politics in Britain and other countries is what is sometimes called ‘the big trade-off’ – where to strike the balance between private consumption and collective goods and social spending – and hence the sacrifices that would be entailed by the higher taxation required to...

Persistent link: https://www.econbiz.de/10010746039

Eliciting taxpayer preferences increases tax compliance

De Neve, Jan-Emmanuel; Lamberton, Cait; Norton, Michael I. - London School of Economics (LSE) - 2014

Two experiments show that eliciting taxpayer preferences on government spending—providing taxpayer agency--increases tax compliance. We first create an income and taxation environment in a laboratory setting to test for compliance with a lab tax. Allowing a treatment group to express...

Persistent link: https://www.econbiz.de/10011125929

Inflation, inequality and social conflict

Crowe, Christopher - London School of Economics (LSE) - 2004

This paper presents a political economy model of inflation as a result of social conflict. Agents are heterogeneous in terms of income. Agents’ income levels determine their ability to hedge against the effects of inflation. The interaction of heterogeneous cash holdings and preferences over...

Persistent link: https://www.econbiz.de/10010745045

A theory of strategic intermediation and endogenous liquidity

Rahi, Rohit; Zigrand, Jean-Pierre - London School of Economics (LSE) - 2007

Market liquidity is typically characterized by a number of ad hoc metrics, such as depth (or market impact), volume, intermediation costs (such as breadth) etc. No general coherent denition seems to exist, and few attempts have been made to justify the existing metrics on welfare grounds. In...

Persistent link: https://www.econbiz.de/10010745443

Market quality and contagion in fragmented markets

Rahi, Rohit; Zigrand, Jean-Pierre - London School of Economics (LSE) - 2013

Financial market liquidity has become increasingly fragmented across multiple trading platforms. We propose an intuitive welfare-based market quality metric that can properly aggregate local market conditions across both securities and trading venues. Our analysis rests on a general equilibrium...

Persistent link: https://www.econbiz.de/10011171758

Endogenous liquidity and contagion

Rahi, Rohit; Zigrand, Jean-Pierre - London School of Economics (LSE) - 2009

Market liquidity is typically characterized by a number of ad hoc metrics, such as depth, volume, bid-ask spreads etc. No general coherent denition seems to exist, and few attempts have been made to justify the existing metrics on welfare grounds. In this paper we propose a welfare-based...

Persistent link: https://www.econbiz.de/10010884503

Reputation effects in trading on the New York Stock Exchange

Battalio, Robert; Ellul, Andrew; Jennings, Robert - London School of Economics (LSE) - 2005

Theory suggests that reputations, developed in repeated face-to-face interactions, allow nonanonymous, floor-based trading venues to attenuate adverse selection in the trading process. We identify instances when stocks listed on the New York Stock Exchange (NYSE) experience a non-trivial...

Persistent link: https://www.econbiz.de/10010884510

Reforming securities and derivatives trading in the EU: from EMIR to MiFIR

Ferrarini, Guido; Saguato, Paolo - London School of Economics (LSE) - 2013

The financial crisis has generated a deep revision of the regulation of securities and derivatives markets. In this paper, we critically examine the extent to which current reforms, such as the European Market Infrastructure Regulation and the proposed new Markets in Financial Instruments...

Persistent link: https://www.econbiz.de/10011126127

Are there any Animal Spirits behind the Scenes of the Euro area Sovereign Debt Crisis?

Mamatzakis, Emmanuel - London School of Economics (LSE) - 2013

This paper reveals the underlying market’s preferences over the on going Euro area sovereign debt crisis. It builds on … the Emergency Financing Mechanism (EFM) and troika. If anything, market’s reading of Euro area debt crisis points to the …, 3M Eurepo, outstanding debt to GDP, and iTraxx main investment grade index also shape market’s preferences. …

Persistent link: https://www.econbiz.de/10010686658

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