Despite their widespread use as predictors of the spot price of oil, oil futures prices tend to
be less accurate in the mean‐squared prediction error sense than no‐change forecasts …

We use a dynamic general equilibrium model featuring a banking sector to assess the
interaction between macroprudential policy and monetary policy. We find that in “normal” …

Global monetary conditions are often cited as a driver of commodity prices. This paper
investigates the empirical relationship between US monetary policy and commodity prices …

We model an open economy where macroeconomic variables fluctuate in response to oil
supply shocks, as well as aggregate demand and supply shocks generated domestically …

This study examines the predictive content of futures prices for energy, agricultural, precious
and base metal commodities. In particular, we examine whether futures prices are (1) …

A substantial literature has investigated the role of relationship lending in shielding
borrowers from idiosyncratic shocks. Much less is known about how lending relationships …

The paper argues that the traditional difficulty encountered in finding evidence on the effects
of credit availability on economic activity depends on the fact that these effects are powerful …

To evaluate the effect of an R&D subsidy, one needs to know what the subsidized firms
would have done without the incentive. This article studies an Italian program of subsidies …

The cost-effective public provision of high-quality goods and services is crucial for longterm
growth. We study the determinants of public-sector efficiency (PSE) and in particular the role …

Futures markets are a potentially valuable source of information about market expectations.
Exploiting this information has proved difficult in practice, because the presence of a time …