Publications

We develop a model in which financially constrained arbitrageurs exploit price discrepancies across segmented markets. We show that the dynamics of...

Global or international liquidity has moved to centre stage in recent international policy, research and market discussions. Contrary to the approach...

We present a model of a financial market where some traders are “cursed” when investing in a risky asset, failing to fully appreciate what prices...

We present a new, theoretically motivated, forecasting variable for exchange rates that is based on the prices of quanto index contracts, and show via...

This paper revisits the relationship between firm performance and CEO turnover. We drop the distinction between forced and voluntary turnovers and...

At any point in time, skills gaps, mismatches, and shortages arise because of an imperfect correspondence between the singular sets of skills required...

Policymakers and investors often conceptualize trend growth as simply a medium/long term average growth rate. In practice, these averages are usually...

This paper reviews the theoretical and empirical literature on executive compensation. We start by presenting data on the level of CEO and other top...

Despite the partial realignment of European long-term government bonds after the crisis in 2012, there has been some renewed divergence in yields in...

Using panel data for 189 economies from 2004 to 2016, we show that regulatory reform is associated with periods of fiscal imbalances. This association...

Journal of Finance, 72 (3), 1213-1252

Brexit is likely to cause considerable disruption for financial markets. Some worry that it may also increase systemic risk. This column revisits the...

Do employers in "non-STEM" occupations (e.g. Graphic Designers, Economists) seek to hire STEM (Science, Technology, Engineering, and Mathematics)...

We analyze the implications of increases in the selection of, and information about, derivative financial products in a model in which investors...

In 2016 Charles Goodhart was commissioned by the British Academy to write the Memoir for Mike Artis, an honour that all deceased Fellows are accorded...

This discussion paper examines evidence from 39 economies where cuts in the corporate income tax rate have been implemented since 1986. The paper also...