The flagship of the Environmental Protection Agency's regulatory reinvention initiative, Project XL has been touted as a "regulatory blueprint" for a site-specific, performance-based pollution control system. But widespread complaints about the costs of the program beg the question of whether...

This research advances four theoretical approaches in an attempt to relate the banking activities to the real economic activities. It starts with the Schumpeter’s circular flow of creditary production that argues that the banks start the production cycle for offering the credits that enable...

This study first shows that a transactions costs band may exist in commodity spot and futures markets and spatially separated markets as a result of the arbitrage process. Then, by using a bivariate vector error correction model (VECM), this thesis shows that the null hypothesis of linearity can...

We introduce a computationally tractable dynamic equilibrium model of the automobile market where new and used cars of multiple types (e.g. makes/models) are traded by heterogeneous consumers. Prices and quantities are determined endogenously to equate supply and demand for all car types and...

A ‘new version’ gravity model, is used to estimate the effect of a full range of de facto exchange rate regimes, as classified by Reinhart and Rogoff (2004), on bilateral trade. The results indicate that, while participation in a common currency union is typically strongly...

Boyle and Vorst work in the framework of the binomial model and derive self-financing strategies perfectly replicating the final payoffs to long and short positions in call and put options, assuming proportional transactions costs on trades in the stock and no transactions costs on trades in the...

We study the interaction between monetary and fiscal policies in a Ramsey-Sidrauski model augmented with environmental capital. Equilibrium solutions are studied through the "Green Golden Rule". Despite the non-separability of money in utility and intertemporally nonseparable preferences, money...

The behaviour of limit order quotes and trading activity are studied using a unique and rich database that includes the identity of market participants from a fully automated derivatives market. The analysis is performed using transactions records for three aggregated trader types and three...

This paper investigates the impact of annual report readability on the corporate bond market. My findings indicate that in the US corporate bond market, firms with less readable annual reports tend to have higher credit spreads, higher credit spread volatilities, higher transaction costs, higher...

We examine the pattern of allowance trades in the European Union Emissions Trading System (EU ETS) using highly disaggregated trading data and identify a significant and robust home market bias. Our results point to informational transactions costs that increase when trading across national...