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I use a new technique to derive a closed-form solution for the price of a European call option on an asset with stochastic volatility. The model allows arbitrary correlation between volatility and spotasset returns. I in...

Materias / palabras clave: Discretion; Monetary policy; Unification; Economics; Policy analysis; German; Shock (circulatory); Work (physics); Macroeconomics; Public administration; Political science; Law

We present cross-country evidence consistent with Schumpeter's view that the financial system can promote economic growth, using data on 80 countries over the 1960–1989 period. Various measures of the level of financia...

ABSTRACT This paper documents that strategies which buy stocks that have performed well in the past and sell stocks that have performed poorly in the past generate significant positive returns over 3‐to 12‐month hold...

En el presente trabajo se examinan los efectos que producen distintos shocks monetarios en una economía abierta con tipo de cambio flexible en un contexto de maximización intertemporal. Se estudian los efectos de un in...