We examine the implications of all three major ECB’s unconventional monetary policies, LTRO, asset purchase programs and deposit facility rate for bank investments among loans, government securities and cash deposited in central banks. Our results highlight that unconventional policies...

Recent innovations have made it feasible to transfer private digital currency without the intervention of an institution. A digital currency must prevent users from spending their balances more than once, which is easier said than done with purely digital currencies. Current digital currencies...

We provide substantial evidence that the futures market for West Texas Intermediate crude oil increased the short-term volatility of the cash price of crude oil. We show that the variability of prices increased using both published posted prices and transaction prices for producers. This...

We examine the output costs associated with 150 banking crises using cross country data for years after 1970. Many banking crises do not lead to contractions and most banking crises do not lead to large contractions, a result that holds for developed and developing economies. We examine which...

Research provides evidence that the method chosen to elicit value has an important effect on a person's valuation. We hypothesize that role has a crucial effect on decision makers' elicited values: Buyers prefer to pay less and sellers prefer to collect more. We conduct experimental sessions and...