… 80), and Silber (1981)). Risk transfer refers to hedgers using futures con-tracts to shift
price risk to others. Price discovery refers to the use of futures prices for pricing cash market …

We often think of technological changes, such as the telegraph or xerography, as de novo
events. That is no doubt true in some cases, but most evidence suggests that innovative …

A simple statistical model explains price differences between securities that differ in resale
provisions-in particular, restricted securities, which can be sold only after a two-year holding …

MOST THEORETICAL and empirical investigations of the behavior of securities prices implicitly
assume that the price at which an asset trades at any moment of time is determined by a …

In this paper we show that the two aspects of liquidity just noted, the number of market
participants and equilibrium price volatility, are important determinants of the structural …

The innovation of new production processes and the development of new products has long
been recognized as a key ingredient to improvements in economic welfare. Economists …

This paper presents an analysis of the short-run be-havior of prices on identical assets
trading in different market centers. Based on a taxonomic classification, such price behavior is …

… Silber argues, it was only Volcker's toughness on monetary policy that" forced Reagan to
be Reagan" and to rein in America's deficit. Noted scholar and finance expert Silber draws on …

… Kenneth Garbade and William Silber showed that price dispersion among government
securities dealers leads to higher execution costs for public traders in Treasuries.Thus, nondealer …

… William McAdoo stepped in with courageous action, we read in Silber's gripping account.
He shut the New York Stock Exchange for more than four months to prevent Europeans from …