R ISK transfer and price discovery are two of the major contributions of futures markets to
the organization of economic activity (Working (1962), Evans (1978, p. 80), and Silber (1981)). …

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 …

Background Before 1972, futures trading was dominated by agricultural commodities. The
introduction of foreign currency futures in 1972, interest rate contracts in 1975, and stock index …

… Indeed, William L. Silber argues, it was only Volcker's toughness on monetary policy that" …
Noted scholar and finance expert Silber draws on hours of candid personal interviews and …

… It traces Treasury Secretary William Gibbs McAdoo's triumph over a monetary crisis at the …
William McAdoo stepped in with courageous action, we read in Silber's gripping account. He …