Credit spreads are large, volatile and countercyclical, and recent empirical work suggests that risk premia, not expected credit losses, are responsible for these features. Building on the idea that corporate debt, while safe in ordinary recessions, is exposed to economic depressions, this paper...

This report presents a study in which Advanced Traveler Information Systems (ATIS) user benefits are estimated from a survey of commuting behavior undertaken in the San Francisco Bay Area in 1993. Both reported and stated response to unexpected congestion are used to determine the commuters who...

Based on the perceived internal structure of market price movements on appropriate time scales, a series of interrelated pattern recognition techniques were designed and applied to the cyclic analysis of financial futures markets. The research analysis is based on technical analysis which is...

Emissions trading is an attractive candidate for implementing greenhouse gas mitigation, because it can promote both efficiency and equity. This paper analyzes the interregional impacts of alternative allocations of carbon dioxide emission permits within the U.S. The analysis is performed with...