The paper analyses the transmission of liquidity shocks and risk shocks to global financial markets. Using a Global VAR … strong during the 2010-11 sovereign debt crisis, with risk shocks driving down bond yields in key advanced economies. The …

, when the fraction of qualified owners is smaller, or when risk aversion, volatility, or hedging demand are larger. Supply …

trend in yield differentials, which is correlated with a measure of aggregate risk. In contrast, liquidity differentials … differentials should increase in both liquidity and risk, with an interaction term of the opposite sign. Testing these predictions … on daily data, we find that the aggregate risk factor is consistently priced, liquidity differentials are priced for a …

finds that common shocks--key crisis events as well as changes to global liquidity and risk--have exerted a large effect on … risk and the strength of domestic macroeconomic fundamentals. Comparing and quantifying these effects shows that common …

The paper analyses and compares the role that the tightening in liquidity conditions and the collapse in risk appetite … empirical exercise with a Global VAR approach, the findings highlight the diversity of the transmission process. While liquidity … shocks have had a more severe impact on advanced economies, it was mainly the decline in risk appetite that affected emerging …

We analyse the welfare consequences of an increase in the commissions charged by intermediaries in auction markets. We … treatment in auction markets. We show that an increase in commissions makes sellers worse off, but buyers may strictly gain. The … method used to distribute compensations in the class action against auction houses Christie’s and Sotheby’s was misguided. …

politically important. I illustrate with some disastrous government auctions, but also show the value of economic theory. …

address risk-aversion, affiliation, asymmetries, entry, collusion, multi-unit auctions, double auctions, royalties, incentive …This paper provides an elementary, non-technical, survey of auction theory, by introducing and describing some of the … critical papers in the subject. The most important of these are reproduced in a companion book, The Economic Theory of Auctions …

in Seattle in August 2000. We discuss the strong connections between auction theory and 'standard' economic theory, and … argue that auction-theoretic tools and intuitions can provide useful argument and insights in a broad range of mainstream … economic settings that do not, at first sight, look like auctions. We also discuss some more obvious applications, especially …