Search-Based Endogenous Illiquidity and the Macroeconomy

Asymmetric Information, Endogenous Illiquidity, and Asset Pricing With Imperfect Competition∗

We use a novel framework that integrates standard asset pricing and microstructure models to study how asymmetric information, imperfect competition among market makers, and risk aversion affect equilibrium illiquidity and asset pricing. All the main results are obtained in closed-form. In our model, market power, asymmetric information, and market-making cost drive market illiquidity. This mod...

the search for the self in becketts theatre: waiting for godot and endgame

this thesis is based upon the works of samuel beckett. one of the greatest writers of contemporary literature. here, i have tried to focus on one of the main themes in becketts works: the search for the real "me" or the real self, which is not only a problem to be solved for beckett man but also for each of us. i have tried to show becketts techniques in approaching this unattainable goal, base...

Globalisation and the macroeconomy

Although the topic of globalisation has received considerable attention in many circles, it remains a phenomenon that we are still striving to understand. Not only can globalisation not be captured in a single measure or index, but its economic impacts are also difficult to isolate given the complexities in disentangling globalisation from other important structural changes that have occurred i...

Oil and the Macroeconomy

Agriculture and the Macroeconomy

It is argued that from the viewpoint of efficiency, agriculture should not be taxed relative to other sectors, and neither should it be favored. Nevertheless, developing countries have traditionally taxed the agricultural sector while developed countries have protected it, and both have incurred efficiency losses. Based on Schiff and Valdes (1992), it was shown that the taxation of agriculture ...