High-quality assets play an important role as collateral for a wide range of transactions and activities in wholesale financial markets. Regulatory changes since the global financial crisis are increasing the demand for high-quality assets, thereby raising concerns about possible collateral...

We develop a model of favor exchange in a network setting where the cost of performing favors is stochastic. For any given favor exchange norm, we allow for the endogenous determination of the network structure via a link deletion game. We characterize the set of stable as well as equilibrium...

House prices are intrinsically difficult to measure due to changes in the composition of properties sold through time and changes in the quality of housing. I provide an overview of the theoretical nature of these issues and consider how regression-based measures of house prices – hedonic and...

Data collection methods that were appropriate for China's centrally-planned economy have not evolved rapidly enough to accommodate changing economic and political incentives. Consequently, several inconsistencies have appeared in China's macroeconomic and agricultural data In this paper we...

This report examines China’s recent emergence as a major agricultural importer and its implications for global markets. It analyzes trade patterns employing U.S. and Chinese trade statistics, summarizes alternative projections of future imports, and discusses how Chinese officials are...

We document some new stylised facts about how Australian homeowners value their homes using household panel data and unit-record data on home sale prices. We find that homeowners' price beliefs are unbiased at the postcode level, on average, although there is considerable dispersion in the...

Using dwelling prices in Australia's two largest cities, we consider whether the way in which a property is sold, either through an auction or a private-treaty negotiation, is informative for predicting dwelling prices. We find evidence to suggest that average prices of dwellings sold at auction...

This study assesses the role of energy prices in determining cross-commodity and cross- country projections of production costs, area harvested and production of four major commodities and ethanol and biofuels production. The analysis is conducted using a dynamic global partial equilibrium model...

House prices are difficult to measure due to changes in the composition of properties sold through time and changes in the quality of housing. I explore whether these issues affect simple measures of house prices, and whether regression-based measures provide an accurate alternative to measuring...