Publications

Artificial intelligence (AI) is rapidly changing how financial institutions are operated and regulated. The authors discuss the benefits and danger...

We present a new, theoretically motivated, forecasting variable for exchange rates that is based on the prices of quanto index contracts, and show via...

This paper presents a methodology to infer multivariate densities that characterize the asset values for a system of financial institutions, and...

The Review of Economic Studies, Volume 84, Issue 4, Pages 1789–1817.

This paper provides an explanation for the variety of contracts offered by competitive firms for seemingly identical products or services. I show that...

Predicting stock market crashes is a focus of interest for both researchers and practitioners. Several prediction models have been developed, mostly...

Policymakers and investors often conceptualize trend growth as simply a medium/long term average growth rate. In practice, these averages are usually...

At any point in time, skills gaps, mismatches, and shortages arise because of an imperfect correspondence between the singular sets of skills required...

Despite the partial realignment of European long-term government bonds after the crisis in 2012, there has been some renewed divergence in yields in...

Brexit is likely to cause considerable disruption for financial markets. Some worry that it may also increase systemic risk. This column revisits the...

Do employers in "non-STEM" occupations (e.g. Graphic Designers, Economists) seek to hire STEM (Science, Technology, Engineering, and Mathematics)...

This Paper continues the study of the Optimal Consumption Function in a Brownian Model of Accumulation, see Part A [2001] and Part B  [2014]; a...

This paper investigates how the withdrawal of banks from their cross-border business impacted the borrowing costs of European firms since the crisis...

Financial instability and its destructive effects on the economy can lead to financial crises due to its contagion or spillover effects to other parts...

Economic research has often relied on a measure of external financial dependence that is constructed using U.S. data and applied to other countries...

The Canadian 6/49 Lotto©, despite its unusual payout structure, is one of the few government sponsored lotteries that has the potential for a...