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.

Discussion Papers
Mar 2015
DP 35
Georgy Chabakauri
We consider a general equilibrium Lucas (1978) economy with one consumption good and two heterogeneous Epstein-Zin investors. The output is subject to rare large drops or, more generally, can have non-lognormal distribution with higher cumulants....
Discussion Papers
Mar 2015
DP 34
Aytek Malkhozov and Andrea Tamoni
We study the importance of anticipated shocks (news) for understanding the comovement between macroeconomic quantities and asset prices. We find that four-quarter anticipated investment shocks are an important source of fluctuations for...
Discussion Papers
Mar 2015
DP 33
Thorsten Beck, Hans Degryse, Ralph De Haas and Neeltje van Horen
Using a novel way to identify relationship and transaction banks, we study how banks’ lending techniques affect credit constraints of small and medium-sized enterprises across emerging Europe. We link the lending techniques that banks use in...
Discussion Papers
Feb 2015
DP 32
Denis Gromb and Dimitri Vayanos
We develop a model of financially constrained arbitrage, and use it to study the dynamics of arbitrage capital, liquidity, and asset prices. Arbitrageurs exploit price discrepancies between assets traded in segmented markets, and in doing so provide...
Discussion Papers
Feb 2015
DP 31
Ben W. Ansell and J. Lawrence Broz
In recent years, global imbalances have channeled the excess savings of surplus countries toward the real estate markets of deficit countries. By consequence, the deficit countries that attracted lots of foreign capital experienced large run-ups in...
Discussion Papers
Jan 2015
DP 30
J. Lawrence Broz
Passage of the Dodd-Frank financial reform bill, in conjunction with a Supreme Court ruling supporting a Freedom of Information Act request, required the Federal Reserve (Fed) to disclose bank-specific information about its emergency lending during...
Discussion Papers
Jan 2015
DP 29
Lucy Goodhart
The Financial Crisis that started in 2007 ushered in new responsibilities for central banks, particularly for what is termed “macro-prudential policy,” or MPP. The goal of this policy is to monitor and contain overall risk in...
Discussion Papers
Jan 2015
DP 28
Jeffrey M Chwieroth and Andrew Walter
How have the politics of banking crises changed over the long run? Unlike existing static accounts, we offer a dynamic theory emphasizing how the emergence of voters’ “great expectations” after the 1930s concerning crisis...
Discussion Papers
Jan 2015
DP 27
How does the change in the creditworthiness of a financial institution or sovereign impact its creditors’ solvency? I address this question in the context of the recent European sovereign debt crisis. Considering the network of Eurozone member...
Discussion Papers
Dec 2014
DP 26
Philippe Mueller, Andreas Stathopoulos and Andrea Vedolin
We document that cross-sectional FX correlation disparity is countercyclical, as exchange rate pairs with high average correlation become more correlated in bad times whereas pairs with low average correlation become less correlated. We show that...

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