The Fundamental Institutions of China's Reforms and Development by Chenggang Xu. Published in volume 49, issue 4, pages 1076-1151 of Journal of Economic Literature, December 2011, Abstract: …

We study the design of futures contracts using the cryptocurrency market as a natu-ral laboratory. In these markets, constrained arbitrage capital and volatile speculative demand frequently drive futures …

The respective interest rates it and rdt on savings and mortgages are exogenous, re ecting that they are primarily controlled by the government. Mortgages are long-term contracts with a minimum down …

Regulators can leave their government position for a job in a regulated firm. Using granular payroll data on 22 million federal employees, we uncover the first system-atic evidence of revolving door …

Abstract We study time-consistent debt policies in a trade-off model of debt in which the firm can freely issue new debt and repurchase existing debt. A debt policy is time-consistent if in any state …

5.1 Malaria Treatment Seeking Behavior in the Absence of a Re-tail ACT Subsidy an ACT subsidy and an RDT subsidy will depend on where people choose to treat malaria across malaria risk levels. This …

Nominal deposits at the financial intermediary, at, which pay an uncontingent nominal gross in-terest rate Rt. Nominal public debt, dt, which yields an uncon-tingent nominal gross return Rdt. Arrow …

A significant fraction of U.S. equity index derivatives expire “a.m.” on the 3rd Friday of each month via constituent stocks’ opening trade price. We show these prices are biased upwards since the advent …

22Since the normalized stock price is St = St dSt dSt Bt , applying integration by parts, we get = St St Hence, we obtain the discounted price evolution by removing the riskless drift term rdt.

It has often been claimed in popular dis- cussions that stock price indexes seem too "volatile," that is, that the movements in stock price indexes could not realisticallybe attributed to any objectivenew …