Search
Now showing items 1-4 of 4
Liquidity Effects and the New Economy
(Vanderbilt University, 2001)
U.S. Treasury securities are nominal assets that are subject to two sources of risk: inflation risk, and bond-supply risk. Inflation risk is well-known, but supply risk has received little attention. For reasons we shall ...
Stock Markets in the New Economy
(Vanderbilt University, 2001)
The term "new economy" has, more than anything, come to mean a technological transformation, and in particular its embodiment in the computer and the internet. These technologies are more human capital intensive than earlier ...
Financial Systems, Economic Growth, and Globalization
(Vanderbilt University, 2001)
This paper brings together two strands of the economic literature -- that on the finance-growth nexus and that on capital market integration -- and explores key issues surrounding each strand through both institutional/country ...
Mergers and Technological Change: 1885-1998
(Vanderbilt University, 2001)
We analyze mergers over the past century in a growth model that emphasizes technological change. We explain the positive relation between mergers and stock prices, the positive relation between internal growth of firms and ...