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Enhancing the Liquidity of U.S. Treasury Securities in an Era of Surpluses

Bennett, Paul; Garbade, Kenneth; Kambhu, John - Federal Reserve Bank <New York, NY>; Leonard N. Stern …; … - 2000

[...]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...

Persistent link: https://www.econbiz.de/10005870027

The Case for TIPS: An Examination of the Costs and Benefits

Dudley, William C.; Roush, Jennifer E.; Ezer, Michelle … - London School of Economics and Political Science - 2009

[...]Importantly, these studies rely entirely on ex post analysis.In other words, the studies ask, Given the actual inflationoutcome, did the costs of TIPS issuances exceed the costs ofnominal Treasury issuances of similar durations? Thisapproach depends on the actual inflation outcome, which...

Persistent link: https://www.econbiz.de/10005869398

The Anglo-German Productivity Puzzle, 1895-1935: A Restatement and a Possible Resolution

Ritschl, Albrecht - London School of Economics and Political Science - 2008

Recent research on international productivity comparisons has focused on the discrepancies between benchmark … comparisons and time series extrapolations from other benchmarks. For a 1907 benchmark, Stephen Broadberry and Carsten Burhop … benchmark is consistent with their 1907 benchmark, provided that a traditional but disputed industrial production series of …

Persistent link: https://www.econbiz.de/10005870508

Status Incentives

Besley, Timothy; Ghatak, Maitreesh - London School of Economics and Political Science - 2008

When economists study incentives in organizations,the main focus has been on using monetary paymentsin exchange for performance on specific measurabledimensions. But organizations use a wide varietyof means to motivate their workers. One suchmethod which has not been studied much to date, isthe...

Persistent link: https://www.econbiz.de/10008860721

US real interest rates and default risk in emerging economies

Nathan Foley-Fisher; Guimarães, Bernardo - London School of Economics and Political Science - 2009

We empirically analyse the appropriateness of indexing emerging market sovereign debt to USreal interest rates. We find that policy-induced exogenous increases in US rates raise default riskin emerging market economies, as hypothesised in the theoretical literature. However, we also findevidence...

Persistent link: https://www.econbiz.de/10008911503

Monetary policy, default risk and the exchange rate

Gonçalves, Carlos Eduardo Soares; Guimarães, Bernardo - London School of Economics and Political Science - 2010

In a country with high probability of default, higher interest rates may render the currency lessattractive if sovereign default is costly. This paper develops that intuition in a simple model andestimates the effect of changes in interest rates on the exchange rate in Brazil using data from...

Persistent link: https://www.econbiz.de/10008911505

Macro Markets and Financial Security

Athanasoulis, Stefano; Shiller, Robert J.; Van Wincoop, Eric - Yale University <New Haven, Conn.> / Department of Economics; … - 1999

[...]We address several questions in this paper. First,how could macro markets be useful to the average person?Second, how large are the potential benefits from diversificationif these markets were to be introduced andused optimally? Third, can existing financial marketsachieve a similar degree...

Persistent link: https://www.econbiz.de/10005870065

Assessing the Impact of Prompt Corrective Action on Bank Capital and Risk

Aggarwal, Raj; Jacques, Kevin T. - London School of Economics and Political Science - 1998

[...]This paper examines the impact that the PCAstandards had on bank portfolios following the passage ofFDICIA in 1991. To do this, the simultaneous equationsmodel developed by Shrieves and Dahl (1992), and latermodified by Jacques and Nigro (1997) to study the impactof risk-based capital, is...

Persistent link: https://www.econbiz.de/10005870068

Towards a new Architecture for Financial Stability: Seven Principles

Garicano, Luis; Lastra, Rosa M - London School of Economics and Political Science; Queen …

In this paper we use insights from organizational economics and financialregulation to study the optimal architecture of supervision. We suggest that thenew architecture should revolve around the following principles: (i) banking,securities and insurance supervision should be further integrated;...

Persistent link: https://www.econbiz.de/10008860683

Autarkic Policy and Efficiency in the Spanish Industrial Sector.An Estimate of Domestic Resource Cost in 1958

Martínez Ruiz, Elena - London School of Economics and Political Science - 2003

The impact that the francoist autarkic economic policy had on the Spanish economy is assessed using the Domestic Resource Cost (DRC) as an indicator. This indicator compares the real opportunity cost of the primary factors used in the production of a certain good with its aggregated value at...

Persistent link: https://www.econbiz.de/10005870595