We estimate a gravity model of the determinants of migration flows using pairwise data from around 160 origin countries to 35 advanced economy destinations over the period 1990–2013. When we interact the various explanatory variables with freedom of movement we find that the elasticities of...

Using exchange rates futures instead of forwards completes the maturity spectrum of the correlation between the spot return and the premium. The correlation decreases with increasing maturity, presumably due to a latent risk premium. We hypothesize that the influence of the unobserved risk...

We use futures instead of forward rates to study the complete maturity spectrum of the forward premium puzzle from two days to six months. At short maturities the slope coeffcient is positive, but these turn negative as the maturity increases to the monthly level. Futures data allow us to...