Discussion Papers

We examine how the tail risk of currency returns over the past 20 years were impacted by central bank (monetary and liquidity) measures across the...

As the financial authorities increase their use of artificial intelligence (AI), micro regulations, such as consumer protection and routine banking...

We propose the CoJPoD, a novel framework explicitly linking the cross-sectional and cyclical dimensions of systemic risk. In this framework, banking...

Using hand-collected data spanning more than a decade on European banks’ sovereign debt portfolios, we show that the trust of residents of a bank’s...

Does the increased prevalence of algorithmic trading (AT) produce real economic effects? We find that AT contributes to managerial learning by...

Innovativity – an economy's ability to produce the innovations that drive total factor productivity (TFP) growth – requires both ideas and the ability...

We find some evidence of regulatory convergence in four distinct areas of business activity over the 2005-2019 period. This convergence is most...

We study the evolution of pay in US bank holding companies since 1986. We first set out the main empirical characteristics in both cross-section and...

We show that all discounted stochastic games DSGs satisfying the usual assumptions have Nash payoff selection correspondences having fixed points. Our...

We develop a model in which long-term swap spreads are determined by end users’ demand for swaps, constrained dealers’ supply of swaps, and the risk...

We ask whether epidemic exposure leads to a shift in financial technology usage and who participates in this shift. We exploit a dataset combining...

An important aspect of network dynamics that has been missing from our understanding of network dynamics in various applied settings is the influence...

Under mild assumptions on primitives, we show that all parameterized state-contingent games (PSGs) have upper Caratheodory (uC) Nash (equilibrium)...

We show that any measurable selection valued correspondence induced by the composition of an m-tuple of real-valued Caratheodory functions with an...

Using a comprehensive panel of 2,969,829 stock-day data provided by the Securities and Exchange Commission (MIDAS), we find that HFT activity in the...

Does enhanced shareholder liability reduce bank failure? We compare the performance of around 4,200 state-regulated banks of similar size in...