vulnerabilities. Further, the paper presents operational issues faced by debt managers, including the need to develop a risk …

relations between solvency shocks and liquidity shocks. These relations are then used to model liquidity and solvency risk in a …. We define the concept of 'Liquidity at Risk', which quantifies the liquidity resources required for a financial …

story that many ignore or claim it cannot be replicated. Using a theory and empirical evidence, we argue that one can learn …

traces the sources of TFP growth in the UK over the last two decades through the lens of a structural model of innovation …, using registry data on the universe of firms. The dominant innovation source in the pre-GFC decade were improvements by … recovery, survey data suggests that creative destruction (i.e., innovation replacing other firms' products) is expected to gain …

This paper extends the Schumpeterian model of creative destruction by allowing followers' cost of innovation to …

&D), which are endogenized through financial institutions. The theory and its results shed lights on the debate of convergence …

We augment a linearized dynamic stochastic general equilibrium (DSGE) model with a tractable endogenous risk mechanism … their conditional distributions. In particular, the model matches the key stylized facts of growth at risk. Accounting for …

financial support to member countries lacks credibility. Some form of fiscal risk sharing is indeed better than none, especially … in presence of increasing sovereign default risk of some EU member countries. The moral hazard created by risk sharing …, depends on its costs. When these are low, risk sharing and delegation are substitutes and it is optimal to opt for high …