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
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
Jon Danielsson, Morgane Fouché and Robert Macrae
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....
Opinion Pieces
Oct 2015
Does low volatility in financial markets mean that another financial crisis is more likely? And should we be worried when everything is OK? This column presents the first empirical results that find a strong validation of Minsky's hypothesis...
Discussion Papers
Sep 2015
DP 47
Since increasing a bank's capital requirement to improve the stability of the financial system imposes costs upon the bank, a regulator should ideally be able to prove beyond a reasonable doubt that banks classified as systemically risky really...
Discussion Papers
Sep 2015
DP 46
Emre Ozdenoren and Kathy Yuan
We study effort and risk-taking behaviour in an economy with a continuum of principal-agent pairs where each agent exerts costly hidden effort. When the industry productivity is uncertain, agents have motivations to match the industry average effort...
Discussion Papers
Sep 2015
DP 45
Economics and game theory are replete with examples of parameterized games. We show that all minimal Nash payoff USCOs belonging to the Nash equilibrium correspondence of a parameterized game with payoff functions that are uniformly equicontinuous...
Discussion Papers
Sep 2015
DP 44
For a discounted stochastic game with an uncountable state space and compact metric action spaces, we show that if the measurable-selection-valued, Nash payoff selection correspondence of the underlying one-shot game contains a sub-correspondence...
Discussion Papers
Sep 2015
DP 43
We establish a new fixed point result for measurable-selection-valued correspondences with nonconvex and possibly disconnected values arising from the composition of Caratheodory functions with an upper Caratheodory correspondence. We show that, in...
Opinion Pieces
Aug 2015
The Greek and the Icelandic crisis have much in common, not the least the heavy pressure from foreign countries and the hectoring from their public officials. In Iceland and in Greece this was counterproductive, hardening the opposition to any...

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