This paper provides new insights into the relationship between the supply of credit and the macroeconomy. We present evidence that credit shocks constitute shocks to aggregate supply in that they have a permanent effect on output and cause inflation to rise in the short term. Our results also...

We study jointly the roles of aggregate and idiosyncratic uncertainty shocks in driving business cycle fluctuations. By decomposing total stock return volatility of over 20,000 publicly-listed US firms from 1962 to 2012, we construct separate indices for aggregate and idiosyncratic uncertainty,...

We have assembled a unique loan-level performance dataset for mortgages originated in the UK to study the differences in default likelihood between loans of varying borrower and loan characteristics. We can broadly confirm the relevance of most commonly known riskfactors and find that most...

By drawing on neurological and psychological theories of learning, our study introduces a new conceptual framework to analyse the role learning plays in knowledge and skill acquisition. Learning is modelled through four mechanisms defined as individuals' participation in formal, non-formal, and...

Assume that two players have strict rankings over an even number of indivisible items. We propose algorithms to find allocations of these items that are maximin—maximize the minimum rank of the items that the players receive—and are envy-free and Pareto-optimal if such allocations exist. We...

In January 1999, Hugo Chavez was sworn like the president of the Republic of Venezuela. In the late 1999 was approved the Bolivarian Constitution and was the beginning of the V Republic. Currently, after 14 years, Venezuela is governed by his politic party. This article starts a research work to...

This paper intends to explore the utilization of entropy through football, generalizing the interpretation of entropy. We consider it as a measure of competitiveness of football leagues and relate it to the UEFA ranking, which ranks yearly the performance of countries in European Cups. We expect...

In this paper we investigate how the different characteristics of European multinational firms affect their decision to locate in different foreign markets. Considering the existence of n geographically separated markets with different attributes, in terms of entry or fixed costs, variable...

This article is concerned with the evolving free movement rights of Turkish nationals in the European Union (‘EU’). The right to move freely represents one of the fundamental freedoms of the internal market, as well as an essential political element of the package of rights linked to the...

This paper investigates the level of debt specialization across European firms relying on a cross-country comparable sample of manufacturing firms. We find that a number of firm characteristics -- such as firm size and age -- help predict the firm composition of the various types of debts (i.e....