University of London

Displaying 1-40 of 84 results

  • White Papers // Feb 2012

    A Robust Boundary Detection Algorithm Based on Connectivity Only for 3D Wireless Sensor Networks

    In this paper, the authors develop a distributed boundary detection algorithm, dubbed Coconut, for 3D wireless sensor networks. It first constructs a tetrahedral structure to delineate the approximate geometry of the 3D sensor network, producing a set of "Sealed" triangular boundary surfaces for separating non-boundary nodes and boundary node candidates....

    Provided By University of London

  • White Papers // Jan 2012

    Event-Condition-Action Rule Languages for the Semantic Web

    The Semantic Web is based on XML and RDF as its fundamental standards for exchanging and storing information on the World Wide Web. Event-Condition-Action (ECA) rules are a natural candidate for supporting reactive functionality on XML or RDF repositories. In this paper, the authors describe a language for ECA rules...

    Provided By University of London

  • White Papers // Sep 2011

    Distributed Target Tracking Under Realistic Network Conditions

    Distributed target tracking has been a widely studied problem for different applications, more recently considering distributed particle filter techniques for Wireless Sensor Networks (WSNs). However, the adaptation of distributed tracking filters to sensor networks with limited field-of-view and large raw-data management constraints under realistic networking conditions has not yet received...

    Provided By University of London

  • White Papers // Sep 2011

    WiSE-MNet: An Experimental Environment for Wireless Multimedia Sensor Networks

    The authors propose a simulation environment for networks for Wireless Multimedia Sensor Networks (WMSNs), i.e. networks with sensors capturing complex vectorial data, such as for example video and audio. The proposed simulation environment allows one to model the communication layers, the sensing and distributed applications of a WMSN. This Wireless...

    Provided By University of London

  • White Papers // Jun 2011

    Dynamic Energy Management for IP-Over-WDM Networks

    This paper proposes a new energy management framework for an IP over WDM network. A key constraint of the authors' architecture is to maintain the logical IP topology while saving energy by infrastructure sleeping and virtual router migration. Since the traffic in a network typically has a regular diurnal pattern...

    Provided By University of London

  • White Papers // Jun 2011

    Polly Cracker, Revisited

    In this paper, the authors initiate the formal treatment of cryptographic constructions - commonly known as "Polly Cracker" - based on the hardness of computing remainders modulo an ideal over multivariate polynomial rings. This paper is motivated by the observation that the Ideal Remainder (IR) problem is one of the...

    Provided By University of London

  • White Papers // May 2011

    PFT: A Protocol for Evaluating Video Trackers

    The growing interest in developing video tracking algorithms has not been accompanied by the development of commonly used evaluation criteria to assess and to compare their performance. Researchers often present trackers' results on different datasets and evaluate them with different performance measures thus hindering both formative and summative quality assessment....

    Provided By University of London

  • White Papers // May 2011

    Client-Based CardSpace-OpenID Interoperation

    The authors propose a novel scheme to provide interoperability between two of the most widely discussed identity management systems, namely CardSpace and OpenID. In this scheme, CardSpace users are able to obtain an assertion token from an OpenID-enabled identity provider, the contents of which can be processed by a CardSpace-enabled...

    Provided By University of London

  • White Papers // May 2011

    Delegatable Homomorphic Encryption With Applications to Fully Secure Outsourcing of Computation

    In this paper, the authors propose a new cryptographic primitive called Delegatable Homomorphic Encryption (DHE). This allows a trusted authority to control/delegate the capability to evaluate circuits over encrypted data to untrusted workers/evaluators by issuing tokens. This primitive can be both seen as a public-key counterpart to verifiable computation, where...

    Provided By University of London

  • White Papers // Apr 2011

    Enhancing CardSpace Authentication Using a Mobile Device

    In this paper the authors propose a simple, novel scheme for using a mobile device to enhance CardSpace authentication. During the process of user authentication on a PC using CardSpace, a random and short-lived one-time password is sent to the user's mobile device; this must then be entered into the...

    Provided By University of London

  • White Papers // Apr 2011

    CardSpace-Shibboleth Integration for CardSpace Users

    Whilst the growing number of identity management systems have the potential to reduce the threat of identity attacks, major deployment problems remain because of the lack of interoperability between such systems. In this paper the authors propose a simple, novel scheme to provide interoperability between two of the most widely...

    Provided By University of London

  • White Papers // Feb 2011

    A Unified Approach to Combinatorial Key Predistribution Schemes for Sensor Networks

    There have been numerous recent proposals for key predistribution schemes for wireless sensor networks based on various types of combinatorial structures such as designs and codes. Many of these schemes have very similar properties and are analysed in a similar manner. The authors seek to provide a unified framework to...

    Provided By University of London

  • White Papers // Feb 2011

    Privacy in Identity & Access Management Systems

    This paper surveys the approaches for addressing privacy in open identity and access management systems that have been taken by a number of current systems. The paper begins by listing important privacy requirements and discusses how three systems that are being incrementally deployed in the Internet, namely SAML 2.0, CardSpace,...

    Provided By University of London

  • White Papers // Feb 2011

    Cryptanalysis of three matrix-based key establishment protocols

    The authors cryptanalyse a matrix-based key transport protocol due to Baum-slag, Camps, Fine, Rosenberger and Xu from 2006. They also cryptanal-yse two recently proposed matrix-based key agreement protocols, due to Habeeb, Kahrobaei and Shpilrain, and due to Romanczuk and Ustimenko. Regular proposals are made to employ groups in cryptography; see...

    Provided By University of London

  • White Papers // Jan 2011

    Policy Compliance in Collaborative Systems

    When collaborating agents share sensitive information to achieve a common goal it would be helpful to them to decide whether doing so will lead to an unwanted release of confidential data. These decisions are based on which other agents are involved, what those agents can do in the given context,...

    Provided By University of London

  • White Papers // Jan 2011

    Breaking an Identity-Based Encryption Scheme Based on DHIES

    The search for Identity-Based Encryption (IBE) schemes having efficient algorithms and proven security has resulted in many proposals for schemes. A recent proposal, due to Chen et al., has very efficient encryption and decryption and claims to have security based on the security of the DHIES public key encryption scheme....

    Provided By University of London

  • White Papers // Jan 2011

    Credit Growth And Instability In Balkan Countries: The Role Of Foreign Banks

    The present paper seeks to examine the role played by foreign banks in the credit growth in Bosnia and Herzegovina, Croatia and Serbia. Fast credit expansion was the main contributor to economic growth in these countries prior to the financial and economic crisis of 2007-2010. This development is associated with...

    Provided By University of London

  • White Papers // Dec 2010

    Scalable RFID Security Protocols Supporting Tag Ownership Transfer

    The authors identify privacy, security and performance requirements for RFID protocols, as well as additional functional requirements such as tag ownership transfer. Many previously proposed protocols suffer from scalability issues because they require a linear search to identify or authenticate a tag. In support of scalability, some RFID protocols, however,...

    Provided By University of London

  • White Papers // Dec 2010

    Implementing PassCard - A CardSpace-Based Password Manager

    The recently-proposed PassCard scheme enables CardSpace to be used as a password manager, thereby both improving the usability and security of passwords as well as encouraging CardSpace adoption. However, this scheme does not work with websites using HTTPS, seriously limiting its practicality. In this paper the authors extend PassCard to...

    Provided By University of London

  • White Papers // Dec 2010

    Partitioning the Wireless Environment for Determining Radio Coverage and Traffic Distribution With User Feedback

    To achieve high data rates and seamless coverage, radio access networks continue to increase in complexity, and the expenditure on operational tasks continues to rise to unprecedented levels. The development of Long Term Evolution (LTE) with Self-Organizing Network (SON) functions is being considered as an effective way to tackle these...

    Provided By University of London

  • White Papers // Dec 2010

    How Green Should Environmental Regulators Be?

    The extent to which environmental regulatory institutions are either 'Green' or 'Brown' impacts not just the intensity of regulation at any moment, but also the incentives for the development of new pollution-control technologies. The authors set up a strategic model of R&D in which a polluter can deploy technologies developed...

    Provided By University of London

  • White Papers // Nov 2010

    Inflation Targeting In Brazil, Chile And South Africa: An Empirical Investigation Of Their Monetary Policy Framework

    This paper tackles the monetary policy performance in Brazil, Chile and South Africa under inflation targeting framework. Furthermore, it provides an empirical assessment through using the unrestricted Vector Auto-Regression (VAR) and Structural Vector Auto-Regression (SVAR) approaches depending on data spans the period from the first quarter of 1970 to the...

    Provided By University of London

  • White Papers // Nov 2010

    Debt Valuation And Chapter 22

    Numerous studies have examined the effect on credit spreads of renegotiation. These studies have generally focused on the impact on spread levels in general, and not on how renegotiation influences the relative pricing of senior versus junior debt claims. In this paper, the authors show that the scope for sequential...

    Provided By University of London

  • White Papers // Nov 2010

    The Bank Of Japan's Monetary Policy During The Global Financial Crisis

    The global financial crisis forced the world's central banks to adopt non-traditional and unconventional policy measures, in addition to lowering their policy interest rates. The Bank Of Japan (BOJ), which has been seeking steps to normalize interest rates since it ended its policy of quantitative easing in 2006, has been...

    Provided By University of London

  • White Papers // Nov 2010

    The Financial Crisis Of 2007-9 And Emerging Countries: The Political Economy Analysis Of Central Banks In The Brazilian And Korean Economies

    Insofar as the global crisis of 2007-9 can be understood as a fully-fledged crisis of the financialisation era, it has presented new challenges for central banks. However, this paper argues the central banks' interventions in key middle income countries (Brazil and Korea) have reinforced the main characteristics of financialisation and...

    Provided By University of London

  • White Papers // Oct 2010

    The Theory And Empirical Credibility Of Commodity Money

    The recent instability in financial markets demonstrated the inadequacy of the mainstream treatment of money and the underlying production base. This has stimulated interest in the possible role of a money commodity. The author demonstrates that the fundamental function of monetary theory, an explanation of the general level of prices,...

    Provided By University of London

  • White Papers // Sep 2010

    Entrepreneurship: Self-Employment, Franchising And Freelancing

    Does the idea of working for oneself seem appealing? Many people are attracted to the potential financial and lifestyle rewards of running a business. Along with the independence of being wholly self reliant rather than depending on an employer for the income, one's timetable is own and one only have...

    Provided By University of London

  • White Papers // Sep 2010

    Foreign Exchange Reserves In A Credit Constrained Economy

    The authors discuss the role of foreign exchange reserves as precautionary savings under an imperfect market framework due to the presence of endogenously determined borrowing constraints. They show that cost of holding reserves is higher in borrowing constrained economies than unconstrained ones as a result of the leverage effect of...

    Provided By University of London

  • White Papers // Sep 2010

    Central Bank Independence, Bureaucratic Corruption And Fiscal Responses - Empirical Evidence

    This paper analyses the impact of bureaucratic corruption on fiscal policy outcomes for economies that have constituted to a greater or lessen extent independent central banks. The adverse implications of corruption on debt accumulation are verified using a cross-sectional setting of 77 developed and developing countries. Approximating central bank independence...

    Provided By University of London

  • White Papers // Aug 2010

    An Auto-Delegation Mechanism for Access Control Systems

    Delegation is a widely used and widely studied mechanism in access control systems. Delegation enables an authorized entity to nominate another entity as its authorized proxy for the purposes of access control. Existing delegation mechanisms tend to rely on manual processes initiated by end-users. The authors believe that systems in...

    Provided By University of London

  • White Papers // Jul 2010

    Using CardSpace as a Password Manager

    In this paper the authors propose a novel scheme that allows Windows CardSpace to be used as a password manager, thereby improving the usability and security of password use as well as potentially encouraging CardSpace adoption. Usernames and passwords are stored in personal cards, and these cards can be used...

    Provided By University of London

  • White Papers // Jul 2010

    NGO Accountability And The Sharing Of Knowledge

    Accountability mechanisms offer the opportunity for sharing knowledge, through their role in the synthesis, contextualisation and transmission of information. Through an examination and analysis of both the different types of knowledge possessed by NGO fieldworkers in a developing country, and the extent and effectiveness that these knowledge types are incorporated...

    Provided By University of London

  • White Papers // Jul 2010

    Web Server on a SIM Card

    In this paper the authors discuss the integration of a web server on a SIM card and the authors attempt an analysis from a security, management, operation and personalization perspective. A brief representation of the Smart Card Web Server (SCWS) will take place, along with a use case that will...

    Provided By University of London

  • White Papers // Jun 2010

    An Authorization Framework Resilient to Policy Evaluation Failures

    In distributed computer systems, it is possible that the evaluation of an authorization policy may suffer unexpected failures, perhaps because a sub-policy cannot be evaluated or a sub-policy cannot be retrieved from some remote repository. Ideally, policy evaluation should be resilient to such failures and, at the very least, fail...

    Provided By University of London

  • White Papers // Jun 2010

    Ethnic Parity In Labour Market Outcomes For Benefit Claimants In Great Britain

    Accurate estimates of the extent of ethnic parity amongst benefit claimants are very important for policymakers who provide interventions for these groups. The authors use new administrative data on benefit claimants in Great Britain to document differences in labour market outcomes between Ethnic Minority and White claimants, both before and...

    Provided By University of London

  • White Papers // Jun 2010

    The Price Impact Of Economic News, Private Information And Trading Intensity

    In this paper the authors use three years high-frequency data to investigate the role played by public and private information in the process of price formation in two secondary government bond markets. As public information they examine the impact of regularly scheduled macroeconomic news announcements. They identify those announcements with...

    Provided By University of London

  • White Papers // May 2010

    Regulating Altruistic Agents

    Altruism or 'Regard for others' can encourage self-restraint among generators of negative externalities, thereby mitigating the externality problem. The authors explore how introducing impure altruism into standard regulatory settings alters regulatory prescriptions. They show that the optimal calibration of both quantitative controls and externality taxes are affected. It also leads...

    Provided By University of London

  • White Papers // Apr 2010

    Time-Specific Encryption and Its Applications

    This paper introduces and explores the new concept of Time-Specific Encryption (TSE). In (Plain) TSE, a Time Server broadcasts a key at the beginning of each time unit, a Time Instant Key (TIK). The sender of a message can specify any time interval during the encryption process; the receiver can...

    Provided By University of London

  • White Papers // Apr 2010

    Metadata-Based Adaptive Sampling for Energy-Efficient Collaborative Target Tracking in Wireless Sensor Networks

    The increasingly complex roles for which Wireless Sensor Networks (WSNs) are being employed have driven the desire for energy-efficient reliable target tracking. In this paper, a biologically inspired, adaptive energy-efficient multi-sensor scheme is proposed for collaborative target tracking in WSNs. Behavioural data gleaned whilst tracking the target is recorded as...

    Provided By University of London

  • White Papers // Apr 2010

    Life-cycle, Effort And Academic Deadwood

    It has been observed that university professors sometimes become less research active in their mature years. This paper models the decision to become inactive as a utility maximising problem under conditions of uncertainty and derives an age-dependent inactivity condition for the level of research productivity. The economic analysis is applicable...

    Provided By University of London

  • White Papers // Nov 2009

    Trade, Technology And Skills: Evidence From Turkish Microdata

    In this paper, the authors report evidence on the relationship between trade openness, technology adoption and the relative demand for skilled labour in the Turkish manufacturing sector, using firm level data over the period 1980-2001. In a dynamic panel data setting, using a unique database comprising data from 17,462 firms,...

    Provided By University of London

  • White Papers // Aug 2009

    The Global Financial Crisis And Countercyclical Fiscal Policy

    What began as a financial crisis concentrated in the United States of America spread through major developed countries and into the middle income countries of Latin America, Asia and North Africa. Initially there was hope that low income countries, because of their underdeveloped financial sectors, might be spared from the...

    Provided By University of London

  • White Papers // Jun 2010

    An Authorization Framework Resilient to Policy Evaluation Failures

    In distributed computer systems, it is possible that the evaluation of an authorization policy may suffer unexpected failures, perhaps because a sub-policy cannot be evaluated or a sub-policy cannot be retrieved from some remote repository. Ideally, policy evaluation should be resilient to such failures and, at the very least, fail...

    Provided By University of London

  • White Papers // Jan 2011

    Policy Compliance in Collaborative Systems

    When collaborating agents share sensitive information to achieve a common goal it would be helpful to them to decide whether doing so will lead to an unwanted release of confidential data. These decisions are based on which other agents are involved, what those agents can do in the given context,...

    Provided By University of London

  • White Papers // Jan 2011

    Credit Growth And Instability In Balkan Countries: The Role Of Foreign Banks

    The present paper seeks to examine the role played by foreign banks in the credit growth in Bosnia and Herzegovina, Croatia and Serbia. Fast credit expansion was the main contributor to economic growth in these countries prior to the financial and economic crisis of 2007-2010. This development is associated with...

    Provided By University of London

  • White Papers // Nov 2010

    The Financial Crisis Of 2007-9 And Emerging Countries: The Political Economy Analysis Of Central Banks In The Brazilian And Korean Economies

    Insofar as the global crisis of 2007-9 can be understood as a fully-fledged crisis of the financialisation era, it has presented new challenges for central banks. However, this paper argues the central banks' interventions in key middle income countries (Brazil and Korea) have reinforced the main characteristics of financialisation and...

    Provided By University of London

  • White Papers // May 2011

    Delegatable Homomorphic Encryption With Applications to Fully Secure Outsourcing of Computation

    In this paper, the authors propose a new cryptographic primitive called Delegatable Homomorphic Encryption (DHE). This allows a trusted authority to control/delegate the capability to evaluate circuits over encrypted data to untrusted workers/evaluators by issuing tokens. This primitive can be both seen as a public-key counterpart to verifiable computation, where...

    Provided By University of London

  • White Papers // Jun 2011

    Polly Cracker, Revisited

    In this paper, the authors initiate the formal treatment of cryptographic constructions - commonly known as "Polly Cracker" - based on the hardness of computing remainders modulo an ideal over multivariate polynomial rings. This paper is motivated by the observation that the Ideal Remainder (IR) problem is one of the...

    Provided By University of London

  • White Papers // Apr 2011

    CardSpace-Shibboleth Integration for CardSpace Users

    Whilst the growing number of identity management systems have the potential to reduce the threat of identity attacks, major deployment problems remain because of the lack of interoperability between such systems. In this paper the authors propose a simple, novel scheme to provide interoperability between two of the most widely...

    Provided By University of London

  • White Papers // Apr 2011

    Enhancing CardSpace Authentication Using a Mobile Device

    In this paper the authors propose a simple, novel scheme for using a mobile device to enhance CardSpace authentication. During the process of user authentication on a PC using CardSpace, a random and short-lived one-time password is sent to the user's mobile device; this must then be entered into the...

    Provided By University of London

  • White Papers // Feb 2010

    Enhancing User Authentication in Claim-Based Identity Management

    In Claim-Based Identity Management (CBIM) systems, users identify themselves using security tokens that contain personally identifiable information, and that are signed by an identity provider. However, a malicious identity provider could readily impersonate any user by generating appropriate tokens. The growing number of identity theft techniques raises the risk of...

    Provided By University of London

  • White Papers // Dec 2010

    Implementing PassCard - A CardSpace-Based Password Manager

    The recently-proposed PassCard scheme enables CardSpace to be used as a password manager, thereby both improving the usability and security of passwords as well as encouraging CardSpace adoption. However, this scheme does not work with websites using HTTPS, seriously limiting its practicality. In this paper the authors extend PassCard to...

    Provided By University of London

  • White Papers // Mar 2010

    Is Security a Lost Cause?

    The authors examine two key issues for future information security, namely: what do current technological trends mean for future information security, and what effect do conflicts between security/privacy requirements and economic and technological pressures have on the future prospects for a more secure Internet? They consider the effects on security...

    Provided By University of London

  • White Papers // Jan 2010

    Parsing Ambiguities in Authentication and Key Establishment Protocols

    A new class of attacks against authentication and authenticated key establishment protocols is described, which the authors call parsing ambiguity attacks. If appropriate precautions are not deployed, these attacks apply to a very wide range of such protocols, including those specified in a number of international standards. Three example attacks...

    Provided By University of London

  • White Papers // Feb 2011

    Privacy in Identity & Access Management Systems

    This paper surveys the approaches for addressing privacy in open identity and access management systems that have been taken by a number of current systems. The paper begins by listing important privacy requirements and discusses how three systems that are being incrementally deployed in the Internet, namely SAML 2.0, CardSpace,...

    Provided By University of London

  • White Papers // Dec 2010

    Scalable RFID Security Protocols Supporting Tag Ownership Transfer

    The authors identify privacy, security and performance requirements for RFID protocols, as well as additional functional requirements such as tag ownership transfer. Many previously proposed protocols suffer from scalability issues because they require a linear search to identify or authenticate a tag. In support of scalability, some RFID protocols, however,...

    Provided By University of London

  • White Papers // Jul 2010

    Using CardSpace as a Password Manager

    In this paper the authors propose a novel scheme that allows Windows CardSpace to be used as a password manager, thereby improving the usability and security of password use as well as potentially encouraging CardSpace adoption. Usernames and passwords are stored in personal cards, and these cards can be used...

    Provided By University of London

  • White Papers // May 2011

    Client-Based CardSpace-OpenID Interoperation

    The authors propose a novel scheme to provide interoperability between two of the most widely discussed identity management systems, namely CardSpace and OpenID. In this scheme, CardSpace users are able to obtain an assertion token from an OpenID-enabled identity provider, the contents of which can be processed by a CardSpace-enabled...

    Provided By University of London

  • White Papers // Feb 2010

    Social Capital, Poverty And Social Exclusion In Italy

    The paper investigates whether social capital can affect the standard living of the Italian households based on poverty and social exclusion. The analysis is developed at the regional level through cross-sections based in the year 2002 and in the year 2003. The indices of social capital that the authors use...

    Provided By University of London

  • White Papers // Jan 2010

    Social Capital, Community Governance And Credit Market

    Financial contracts represent an exchange of financial resources today, such as money, for a promise to return more financial resources tomorrow. The aim of the paper is to test whether cheating or respecting a promise, in particular a "Financial one", is also a matter of community norms in which the...

    Provided By University of London

  • White Papers // Dec 2009

    US Fiscal Indicators, Inflation And Output

    In this paper the authors explore the information content of a large set of fiscal indicators for US real output growth and inflation. They provide evidence that fluctuations in certain fiscal variables contain valuable information to predict fluctuations in output and prices. The distinction between federal and state-local fiscal indicators...

    Provided By University of London

  • White Papers // Nov 2009

    Employment And Asset Prices

    A medium-term relationship exists between share prices, normalised by labour productivity, and the rate of unemployment in the OECD countries. A similar relationship appears to exist between unemployment and house prices. This helps explain decadal changes in mean unemployment, such as the shift to higher mean unemployment in the Continental...

    Provided By University of London

  • White Papers // Nov 2009

    Survey Evidence On Customer Markets

    This paper uses survey data from Iceland on 884 firms to test for the theory of customer markets proposed by Phelps and Winter (1970) and Okun (1981). The results provide support for the customer market theory in that managers agree that customers are valuable to firms - they rank them...

    Provided By University of London

  • White Papers // Nov 2009

    An Essay On The Generational Effect Of Employment Protection

    This paper provides an explanation for the observed positive relationship between youth unemployment and the cost of firing workers. When the cost of firing workers is high, firms only fire when the present discounted value of future losses is high, in which case they gain little by postponing the firing...

    Provided By University of London

  • White Papers // Nov 2009

    The Relationship Between The Volatility Of Returns And The Number Of Jumps In Financial Markets

    The contribution of this paper is two-fold. First the authors show how to estimate the volatility of high frequency log-returns where the estimates are not affected by microstructure noise and the presence of Levy-type jumps in prices. The second contribution focuses on the relationship between the number of jumps and...

    Provided By University of London

  • White Papers // Oct 2009

    Volatility And Covariation Of Financial Assets: A High-frequency Analysis

    Using high frequency data for the price dynamics of equities the authors measure the impact that market microstructure noise has on estimates of the: volatility of returns; and variance-covariance matrix of n assets. They propose a Kalman-filter-based methodology that allows them to deconstruct price series into the true efficient price...

    Provided By University of London

  • White Papers // Oct 2009

    Lending Relationships And Monetary Policy

    Financial intermediation and bank spreads are important elements in the analysis of business cycle transmission and monetary policy. The authors present a simple framework that introduces lending relationships, a relevant feature of financial intermediation that has been so far neglected in the monetary economics literature, into a dynamic stochastic general...

    Provided By University of London

  • White Papers // Oct 2009

    Measuring The Natural Output Gap Using Actual And Expected Output Data

    An output gap measure is suggested based on the Beveridge-Nelson decomposition of output using a vector-autoregressive model that includes data on actual output and on expected output obtained from surveys. The paper explains the advantages of using survey data in business cycle analysis and the gap is provided economic meaning...

    Provided By University of London

  • White Papers // Sep 2009

    Real-time Inflation Forecast Densities From Ensemble Phillips Curves

    A popular macroeconomic forecasting strategy takes combinations across many models to hedge against model instabilities of unknown timing; see (among others) Stock and Watson (2004) and Clark and McCracken (2009). In this paper, the authors examine the effectiveness of recursive-weight and equal-weight combination strategies for density forecasting using a time-varying...

    Provided By University of London

  • White Papers // Oct 2009

    Measuring Output Gap Uncertainty

    The authors propose a methodology for producing density forecasts for the output gap in real time using a large number of vector autoregessions in inflation and output gap measures. Density combination utilizes a linear mixture of expert's framework to produce potentially non-Gaussian ensemble densities for the unobserved output gap. In...

    Provided By University of London

  • White Papers // Oct 2009

    Informed Trading In Parallel Bond Markets

    In this paper the authors investigate the presence of asymmetric information in the parallel trading of ten-year government fixed rate bonds (BTP) on two secondary electronic platforms: the Business-to-Business (B2B) MTS platform and the Business-to-Customer (B2C) Bond Vision one. The two platforms are typified by a different degree of transparency....

    Provided By University of London

  • White Papers // Dec 2010

    How Green Should Environmental Regulators Be?

    The extent to which environmental regulatory institutions are either 'Green' or 'Brown' impacts not just the intensity of regulation at any moment, but also the incentives for the development of new pollution-control technologies. The authors set up a strategic model of R&D in which a polluter can deploy technologies developed...

    Provided By University of London

  • White Papers // Nov 2010

    Debt Valuation And Chapter 22

    Numerous studies have examined the effect on credit spreads of renegotiation. These studies have generally focused on the impact on spread levels in general, and not on how renegotiation influences the relative pricing of senior versus junior debt claims. In this paper, the authors show that the scope for sequential...

    Provided By University of London

  • White Papers // Sep 2010

    Foreign Exchange Reserves In A Credit Constrained Economy

    The authors discuss the role of foreign exchange reserves as precautionary savings under an imperfect market framework due to the presence of endogenously determined borrowing constraints. They show that cost of holding reserves is higher in borrowing constrained economies than unconstrained ones as a result of the leverage effect of...

    Provided By University of London

  • White Papers // Sep 2010

    Central Bank Independence, Bureaucratic Corruption And Fiscal Responses - Empirical Evidence

    This paper analyses the impact of bureaucratic corruption on fiscal policy outcomes for economies that have constituted to a greater or lessen extent independent central banks. The adverse implications of corruption on debt accumulation are verified using a cross-sectional setting of 77 developed and developing countries. Approximating central bank independence...

    Provided By University of London

  • White Papers // Jun 2010

    The Price Impact Of Economic News, Private Information And Trading Intensity

    In this paper the authors use three years high-frequency data to investigate the role played by public and private information in the process of price formation in two secondary government bond markets. As public information they examine the impact of regularly scheduled macroeconomic news announcements. They identify those announcements with...

    Provided By University of London

  • White Papers // May 2010

    Regulating Altruistic Agents

    Altruism or 'Regard for others' can encourage self-restraint among generators of negative externalities, thereby mitigating the externality problem. The authors explore how introducing impure altruism into standard regulatory settings alters regulatory prescriptions. They show that the optimal calibration of both quantitative controls and externality taxes are affected. It also leads...

    Provided By University of London

  • White Papers // Apr 2010

    Life-cycle, Effort And Academic Deadwood

    It has been observed that university professors sometimes become less research active in their mature years. This paper models the decision to become inactive as a utility maximising problem under conditions of uncertainty and derives an age-dependent inactivity condition for the level of research productivity. The economic analysis is applicable...

    Provided By University of London

  • White Papers // Mar 2010

    Liquidity Preference And Information

    This paper explores the link between anticipated information and a preference for liquidity in investment choices. Given a subjective ordering of investment portfolios by their liquidity, the authors identify a sufficient condition under which the prospect of finer resolution of uncertainty creates a preference for more liquid positions. They then...

    Provided By University of London

  • White Papers // Mar 2010

    Wage Subsidies And International Trade: When Does Policy Coordination Pay?

    National labour market institutions interact across national boundaries when product markets are global. Labour market policies can thus entail spill-overs, a fact widely ignored in the academic literature. This paper studies the effects of wage subsidies in an international duopoly model with unionised labour markets. The authors document both positive...

    Provided By University of London