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Asymmetric Information and Adverse Selection inMauritian Slave Auctions

Dionne, Georges; St-Amour, Pascal; Vencatachellum, Désiré - 2008

Information asymmetry is a necessary prerequisite for testing adverse selection.This paper applies this sequence of tests to Mauritian slave auctions. Dynamicauction theory with private value highlights more aggressive bidding by uninformedbidders and higher prices when an informed participant...

Persistent link: https://www.econbiz.de/10005868840

The "Kansas City" approach to modern money theory

Wray, Larry Randall - 2020

Modern money theory (MMT) synthesizes several traditions from heterodox economics. Its focus is on describing monetary and fiscal operations in nations that issue a sovereign currency. As such, it applies Georg Friedrich Knapp's state money approach (chartalism), also adopted by John Maynard...

Persistent link: https://www.econbiz.de/10012610189

Outside money: The advantages of owning the magic porridge pot

Wray, L. Randall - 2014

Over the past two decades there has been a revival of Georg Friedrich Knapp's "state money" approach, also known as chartalism. The modern version has come to be called Modern Money Theory. Much of the recent research has delved into three main areas: mining previous work, applying the theory to...

Persistent link: https://www.econbiz.de/10010513039

... and six hundred thousand men were dead

Grossman, Herschel I. - 2003

proximately concerned the geographical expansion of slavery, but ultimately bore on the existence of the institution of slavery … itself. This paper asks why in 1861 after seventy years of artful compromises over slavery Northern and Southern interests … slavery for both Northern and Southern interests in the years leading up to 1861 was the critical development that led to war …

Persistent link: https://www.econbiz.de/10010318898

Immigration and crime in early 20th century America

Moehling, Carolyn; Piehl, Anne Morrison - 2007

Research on crime in the late 20th century has consistently shown, that despite the public rhetoric, immigrants have lower rates of involvement in criminal activity than natives. The earliest studies of immigration and crime conducted at the beginning of the 20th century produced similar...

Persistent link: https://www.econbiz.de/10010266333

Jumps in option prices and their determinants: Real-time evidence from the E-mini S&P 500 option market

Kapetanios, George; Neumann, Michael; Skiadopoulos, George - 2014

We study the real-time characteristics and drivers of jumps in option prices. To this end, we employ high frequency data from the 24-hour E-mini S&P 500 options market. We find that option prices do not jump simultaneously across strikes and maturities and are uncorrelated with jumps in the...

Persistent link: https://www.econbiz.de/10011381002

Why does the yield-curve slope predict recessions?

Benzoni, Luca; Chyruk, Olena; Kelley, David - 2018

Why is an inverted yield-curve slope such a powerful predictor of future recessions? We show that a decomposition of the yield curve slope into its expectations and risk premia components helps disentangle the channels that connect fluctuations in Treasury rates and the future state of the...

Persistent link: https://www.econbiz.de/10012030358

Asset prices and macroeconomic outcomes: A survey

Claessens, Stijn; Kose, M. Ayhan - 2017

This paper surveys the literature on the linkages between asset prices and macroeconomic outcomes. It focuses on three major questions. First, what are the basic theoretical linkages between asset prices and macroeconomic outcomes? Second, what is the empirical evidence supporting these...

Persistent link: https://www.econbiz.de/10012060200

Macroeconomic implications of financial imperfections: A survey

Claessens, Stijn; Kose, M. Ayhan - 2017

This paper surveys the theoretical and empirical literature on the macroeconomic implications of financial imperfections. It focuses on two major channels through which financial imperfections can affect macroeconomic outcomes. The first channel, which operates through the demand side of finance...

Persistent link: https://www.econbiz.de/10012060201

An empirical analysis of Swedish government bond yields

Akram, Tanweer; Yadav, Mahima - 2024

This paper econometrically models the dynamics of Swedish government bond (SGB) yields. It examines whether the short-term interest rate has a decisive influence on long-term SGB yields, after controlling for other macroeconomic and financial variables, such as consumer price inflation, the...

Persistent link: https://www.econbiz.de/10014581759

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