Publications

The Centre has a regular discussion paper series dedicated to academic research, as well as a special paper series focused on policy analysis. In addition, affiliated researchers publish a variety of books, reports and opinion pieces.

Special Papers
Jan 2016
SP 11
This special paper discusses the inclusion of the Chinese Renminbi in the international reserve asset Special Drawing Right (SDR) created by the International Monetary Fund. 
Discussion Papers
Jan 2016
DP 53
Many debt claims, such as bonds, are resaleable, whereas others, such as repos, are not. There was a fivefold increase in repo borrowing before the 2008 crisis. Why? Did banks’ dependence on non-resaleable debt precipitate the crisis? In this...
Discussion Papers
Jan 2016
DP 52
The Kelly Capital Growth Investment Strategy maximizes the expected utility of final wealth with a Bernoulli logarithmic utility function. In 1956 Kelly showed that static expected log maximization yields the maximum asymptotic long run growth. Good...
Discussion Papers
Dec 2015
DP 51
Guillaume Plantin and Jean Tirole
While the debate on cost and market-value accounting has been raging for years, economists lack a framework allowing a comparison of their relative merits. This paper considers an agency model in which the measurement of an asset can be based on...
Discussion Papers
Nov 2015
DP 50
Briana Chang and Shengxing Zhang
This paper proposes a theory of intermediation in which intermediaries emerge endogenously as the choice of agents. In contrast to the previous trading models based on random matching or exogenous networks, we allow traders to explicitly choose...
Discussion Papers
Nov 2015
DP 49
Fabio Caccioli, Imre Kondor and Gábor Papp
The contour maps of the error of historical resp. parametric estimates for large random portfolios optimized under the risk measure Expected Shortfall (ES) are constructed. Similar maps for the sensitivity of the portfolio weights to small changes...
Special Papers
Oct 2015
SP 10
Eddie Gerba and Corrado Macchiarelli
The European Union has pursued a number of initiatives to create a safer and sounder financial sector for the single market. In parallel, bold unconventional monetary policies have been implemented in order to combat low inflation, foster risk...
Special Papers
Oct 2015
SP 9
Eddie Gerba and Corrado Macchiarelli
In March, the Eurosystem started to purchase on the secondary market euro-denominated bonds issued by governments, agencies and European institutions. The total amount of bond purchases is estimated to 1.14 trillion EUR until September 2016, or 60...
Opinion Pieces
Oct 2015
There has always been conflict between macro- and microeconomic regulation. Microeconomic policy reigns supreme during good times, and macro during bad. This column explains that while the macro and micro objectives have always been present in...
Discussion Papers
Oct 2015
DP 48
Lorenzo Bretscher, Christian Julliard and Carlo Rosa
We study the implications of human capital hedging for international portfolio choice. First, we document that, at the household level, the degree of home country bias in equity holdings is increasing in the labor income to financial wealth ratio....

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