The effects of a Tobin tax on foreign exchange markets have long been disputed. We present an experiment with currency trading on two markets, where either none, one, or both markets are taxed. Our results confirm the hitherto undisputed issues: a tax reduces trading volume, shifts market share to untaxed markets, and leads to negligible tax revenues if tax havens exist. Concerning the controve...

This note considers Tobin’s average Q in a framework where firms finance investment by equities and debt. The determination of its long-run equilibrium value Qo is based on positing equality of the loan rate and, adjusted for a risk premium, the return on equities. Qo can thus be characterized as a ratio of two rates representing the somewhat modified interest costs and profits of the firms. Th...

Tobin (1958) has argued that in the face of potential capital losses on bonds it is reasonable to hold cash as a means to transfer wealth over time. It is shown that this assertion cannot be sustained taking into account the evolution of wealth of cash holders versus non cash holders. Cash holders will be driven out of the market in the long run by traders who only use a (risky) long-lived asse...

Title: TRANSIENT HYPOXIA INDUCES SEQUESTRATION OF M1 AND M2 mAChRs. Authors: Liping Mou, Alicia Gates, Valerie A. Mosser, Andrew Tobin, and Darrell A. Jackson¶ Department of Biomedical and Pharmaceutical Sciences, University of Montana, Missoula, MT 59812,Morehouse School of Medicine, Atlanta, Georgia 30310-1495. Department of Cell Physiology and Pharmacology, University of Leicester, P.O. Box ...

Tobin (1958) has argued that in the face of potential capital losses on bonds it is reasonable to hold cash as a means to transfer wealth over time. It is shown that this assertion cannot be sustained taking into account the evolution of wealth of cash holders versus non cash holders. Cash holders will be driven out of the market in the long run by traders who only use a (risky) long-lived asse...

This special report looks at the use of natural gas pipeline compressor stations on the interstate natural gas pipeline network that serves the lower 48 States. It examines the compression facilities added over the past 10 years and how the expansions have supported pipeline capacity growth intended to meet the increasing demand for natural gas. Questions or comments on the contents of this art...

These are some notes on a project I am working on as an extension of Williamson (2005b). The basic idea is to explore the implications of market segmentation, where the key novelty involves goods market segmentation and the proximity of connected households to particular goods markets. A connected household is on the receiving end of central bank actions, while an unconnected household is not. ...

We develop a dynamic incomplete-markets model where an entrenched insider, facing imperfect investor protection and non-diversifiable illiquid business risk, makes interdependent consumption, portfolio choice, expropriation, corporate investment, ownership, and business exit decisions. Unlike in the first-best, the insider’s tradeoff between private benefits and under-diversification costs lead...