Interest rates behaved highly atypically from 2004 to 2006. While the US central bank raised its policy rate at every meeting, long-term interest rates remained so remarkably stable that former Fed Chairman Alan Greenspan described their behaviour as a "conundrum". Comparing long-term rates to...

Commodity prices, especially oil prices, peaked in the aftermath of the financial crisis of 2007 and they have remained highly volatile. All things being equal, the increase in commodity prices may induce a similar tendency of inflation and hence become a monetary policy issue. However, the...

The aim of this paper is to analyze the state of the quantity theory in the United States prior to the publication of Irving Fisher’s Purchasing Power of Money in 1911. We start by presenting the participants in the monetary debate. Next, we analyze the controversies regarding prices,...

The methods England took to restructure its public debt during the British Financial Revolution consisted of improving liquidity. Accordingly, the State sought to reestablish its solvability by basing its debt on tax revenues as well as to homogenize it, reduce its cost and improve the operation...

The methods England took to restructure its public debt during the British Financial Revolution consisted of improving liquidity. Accordingly, the State sought to reestablish its solvability by basing its debt on tax revenues as well as to homogenize it, reduce its cost and improve the...

The organization of securities markets has not benefited from the feigned attempts of reform presented by authorities since the outbreak of the current crisis. However, speculative opportunities like the risks incurred also depend on the markets on which one operates. The Markets in Financial...

We point out that the two and half years of negotiation (1692-1694) between a group of investors and the English government, who led to the establishment of the Bank of England, aimed to guarantee the liquidity of a new public debt and not to establish a bank. We analyze the evolution of the...

We analyze empirically the determinants of Eurozone Treasury bills yields. Market microstructure as well as macroeconomic variables are found to significantly impact yields. Secondary trading in a centralized transparent electronic limit order book enhances liquidity and thus reduce yields....

The trading systems used on financial markets differ in terms of matching procedures, selected norms to write contracts, existence or not of intermediaries to ensure liquidity, market transparency... We are interested in measuring the direct effect on market specifics of a matching procedure...