The misevaluation of risk in securitized financial products is central to understanding the financial crisis of 2007 - 8. This paper characterizes the evolution of factors affecting collateralized debt obligations based on subprime mortgages. A key feature of subprime-mortgage backed indices is...

We survey the theories of why banks promise to pay par on demand and examine evidence about the conditions under which banks have promised to pay the par value of deposits and banknotes on demand when holding only fractional reserves. The theoretical literature can be broadly divided into four...

Conventional economic policy models focus only on selected elements of the central bank balance sheet, in particular monetary liabilities and sometimes foreign reserves. The canonical model of an independent central bank assumes that it chooses money (or an interest rate) unconstrained by a need...

Correlations of inflation with the growth rate of money increase when data are averaged over longer time periods. Correlations of inflation with the growth of money also are higher when high-inflation as well as low-inflation countries are included in the analysis. We show that serial...

This paper presents the results of a grounded theory study on the automobile industry aimed at developing a concept of aging workforce management by identifying and constructing its constituting elements. Through an in-depth research investigation, it answers the question of how the challenge of...

This study updates and expands the reviews of empirical studies on training transfer published by Salas and Cannon-Bowers (2001), Cheng and Ho (2001) and Cheng and Hampson (2008). The authors identified 58 empirical studies since 1998 and integrate all transfer variables that have been subject...

This paper evaluates the impact of economic and legal variables on wage differentials between men and women. Since Becker (1957) economists have argued that competitive markets eliminate discrimination in the long run. On the other hand, practically all countries have enacted some sort of law...

The seaborne steam coal market changed in recent years. Trade volumes grew dynamically, important players emerged and since 2007 prices increased significantly and remained relatively high since then. In this paper we analyse market equilibria in the years 2006 and 2008 by testing for two...