Market efficiency has been in the spotlight for more than 50 years, since Fama introduced the Efficient Market Hypothesis. This is especially important from the point of view of information asymmetry, as stock market investors have information disadvantage compared to insiders which may result...

The U.S. prewar output series exhibit smaller shock-persistence than postwar-series. Some studies suggest that this may be due to linear interpolation used to generate missing prewar data. Monte Carlo simulations that support this view generate large standard-errors, making such inference...

Central banks have been pursuing an expansionary monetary policy since before the pandemic, although the health and economic crisis of COVID-19 has boosted asset purchase programmes. After the Great Recession, a new phase began, characterised by low interest rates and liquidity injections. These...