Showing 1 - 10 of 12
Persistent link: https://www.econbiz.de/10009486313
Market makers learn about asset values as they set intraday prices and absorb portfolio flows. Absorbing these flows causes inventory imbalances. Previous work has argued that market makers change prices to manage incoming flows and offset inventory imbalances. This study argues that they have...
Persistent link: https://www.econbiz.de/10014400144
This study addresses the empirical viability of microstructure models of dealer price setting. New evidence is presented rejecting these models'' specifications of how information asymmetry and inventory accumulation affect dealer pricing. This rejection is consistent with those of other...
Persistent link: https://www.econbiz.de/10014404138
This paper studies the participation and performance of sophisticated versus unsophisticated auction participants in an environment with numerous bidders, uncertainty, and asymmetric information. We examine multi-unit, pay-as-bid, currency auctions conducted by the Central Bank of Venezuela. We...
Persistent link: https://www.econbiz.de/10014404187
A stochastic debt forecasting framework is presented where projected debt distributions reflect both the joint realization of the fiscal policy reaction to contemporaneous stochastic macroeconomic projections, and also the second-round effects of fiscal policy on macroeconomic projections. The...
Persistent link: https://www.econbiz.de/10014399367
Persistent link: https://www.econbiz.de/10009486311
This study measures the impact of changing economic conditions in OECD countries on tourist arrivals to countries/destinations in Latin America and the Caribbean. A model of utility maximization across labor, consumption of goods and services at home, and consumption of tourism services across...
Persistent link: https://www.econbiz.de/10009487105
Persistent link: https://www.econbiz.de/10009425643
The Cuban revolution and the subsequent US embargo on Cuba helped shape the tourism sector in the Caribbean, facilitating the birth and growth of alternative destinations. Therefore, the apprehension of the Caribbean tourism industry towards a change in US travel policy to Cuba is...
Persistent link: https://www.econbiz.de/10011704403
We draw on a newly collected historical dataset of fiscal variables for a large panel of countries—to our knowledge, the most comprehensive database currently available—to gauge the degree of fiscal prudence or profligacy for each country over the past several decades. Specifically, our...
Persistent link: https://www.econbiz.de/10012671014