Michel A. Robe

University of Illinois at Urbana-Champaign

The Clearing Corporation Foundation Professor in Derivatives Trading

601 E John St

Champaign, IL 61820

United States

  • University of Illinois at Urbana-Champaign

SCHOLARLY PAPERS

42

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68

Scholarly Papers (42)

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1.

Fundamentals, Trader Activity and Derivative Pricing

EFA 2009 Bergen Meetings Paper
Number of pages: 56 Posted: 02 Mar 2007 Last Revised: 13 Feb 2009
Bahattin Buyuksahin, Michael S. Haigh, Jeffrey H. Harris, James A. Overdahl and Michel A. Robe
CoMeX Consulting and Advising, Standard Chartered Bank, American University - Department of Finance and Real Estate, affiliation not provided to SSRN and University of Illinois at Urbana-Champaign
Downloads 1,826 (12,666)
Citation 37

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Crude Oil Futures, Maturity, Segmentation, Cointegration, Trading Activity, Fundamentals

2.

Commodities and Equities: 'A Market of One'?

Number of pages: 47 Posted: 11 Dec 2007 Last Revised: 12 Nov 2009
Bahattin Buyuksahin, Michael S. Haigh and Michel A. Robe
CoMeX Consulting and Advising, Standard Chartered Bank and University of Illinois at Urbana-Champaign
Downloads 1,476 (17,640)
Citation 15

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Commodities, Equities, Dynamic conditional correlations, DCC, Cointegration, Extreme-events correlations

3.

Does 'Paper Oil' Matter? Energy Markets’ Financialization and Equity-Commodity Co-Movements

Number of pages: 49 Posted: 30 May 2011 Last Revised: 25 Feb 2022
Bahattin Buyuksahin and Michel A. Robe
CoMeX Consulting and Advising and University of Illinois at Urbana-Champaign
Downloads 1,310 (21,081)
Citation 20

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Financialization, Energy-equity return correlations, Market co-movements, DCC

4.

Speculators, Commodities and Cross-Market Linkages

Downloads 1,276 ( 21,943)

Speculators, Commodities and Cross-Market Linkages

Number of pages: 57 Posted: 13 Nov 2010 Last Revised: 14 Nov 2012
Bahattin Buyuksahin and Michel A. Robe
CoMeX Consulting and Advising and University of Illinois at Urbana-Champaign
Downloads 1,276 (21,578)
Citation 37

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Financialization, Cross-Market Linkages, Commodities, Equities, Hedge funds, Index funds, Dynamic conditional correlations (DCC)

Speculators, Commodities and Cross-Market Linkages

Journal of International Money and Finance, Vol. 42, 2014
Posted: 09 Jun 2014
Bahattin Buyuksahin and Michel A. Robe
CoMeX Consulting and Advising and University of Illinois at Urbana-Champaign

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5.

The Impact of Illegal Insider Trading in Dealer and Specialist Markets

Number of pages: 43 Posted: 11 Jul 2001
Raymond P.H. Fishe and Michel A. Robe
University of Richmond - E. Claiborne Robins School of Business and University of Illinois at Urbana-Champaign
Downloads 779 (44,197)

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Insider Trading, Depth, Business Week, Specialist, Dealer Market

6.

Limited Liability Rules, Financial Innovation and Capital Structure Complexity

EFA 2002 Berlin Meetings Presented Paper
Number of pages: 27 Posted: 11 Jan 2002
Michel A. Robe
University of Illinois at Urbana-Champaign
Downloads 608 (61,129)
Citation 1

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Agency, Moral Hazard, Liability Rules, Optimal Capital Structure, Warrants as Financial Innovation

7.

Financial Intermediaries in Periods of Stress: HFTs vs. Manual Electronic & Floor Traders

Number of pages: 55 Posted: 03 Jun 2014 Last Revised: 06 Feb 2022
Vikas Raman, Michel A. Robe and Pradeep K. Yadav
Lancaster University - Department of Accounting and Finance, University of Illinois at Urbana-Champaign and University of Oklahoma Price College of Business
Downloads 469 (84,407)
Citation 11

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Voluntary market-making, Electronic trading, HFT, Liquidity provision under stress

8.

Do OPEC Members Know Something the Market Doesn’t? ‘Fair Price’ Pronouncements and the Market Price of Crude Oil

Number of pages: 35 Posted: 06 Aug 2010 Last Revised: 15 Mar 2015
Bahattin Buyuksahin, Celso Brunetti, Michel A. Robe and Kirsten R. Soneson
CoMeX Consulting and Advising, Board of Governors of the Federal Reserve System, University of Illinois at Urbana-Champaign and Commodity Futures Trading Commission (CFTC)
Downloads 411 (98,452)
Citation 6

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Crude oil, OPEC, Fair price, Announcement, Market price, Event study, Kalman filter, Autoregressive Distributed Lag (ADL)

9.

How Costly are Limited Liability Rules?

Number of pages: 39 Posted: 03 May 1999
Michel A. Robe
University of Illinois at Urbana-Champaign
Downloads 391 (104,280)

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10.

Demutualization and Customer Protection at Self-Regulatory Financial Exchanges

Downloads 381 (107,400)
Citation 1

Demutualization and Customer Protection at Self-Regulatory Financial Exchanges

Journal of Futures Markets, Forthcoming, EFA 2007 Ljubljana Meetings Paper
Number of pages: 42 Posted: 01 Mar 2007 Last Revised: 01 May 2010
David Reiffen and Michel A. Robe
U.S. Commodity Futures Trading Commission (CFTC) and University of Illinois at Urbana-Champaign
Downloads 381 (106,551)
Citation 1

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Demutualization, Ownership structure, SRO, Regulation of financial exchanges, Enforcement delegation, Customer protection

Demutualization and Customer Protection at Self-Regulatory Financial Exchanges

Journal of Futures Markets, Vol. 31, No. 2, pp. 126-164, February 2011.
Posted: 04 May 2010 Last Revised: 19 Jan 2011
David Reiffen and Michel A. Robe
U.S. Commodity Futures Trading Commission (CFTC) and University of Illinois at Urbana-Champaign

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Demutualization, Ownership structure, Regulation of financial exchanges, Enforcement delegation, Trade practice Rules, Broker heterogeneity

11.

Who Holds Positions in Agricultural Futures Markets

Number of pages: 62 Posted: 25 Aug 2019
Michel A. Robe and John Spencer Roberts
University of Illinois at Urbana-Champaign and Commodity Futures Trading Commission (CFTC)
Downloads 359 (114,814)
Citation 1

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Agricultural futures, Open interest composition, Term structure, Calendar spreading

12.

Fundamentals, Derivatives Market Information and Oil Price Volatility

Downloads 349 (118,394)

Fundamentals, Derivatives Market Information and Oil Price Volatility

Number of pages: 47 Posted: 05 Oct 2014 Last Revised: 26 Feb 2021
Michel A. Robe and Jonathan Wallen
University of Illinois at Urbana-Champaign and Stanford University, Graduate School of Business
Downloads 349 (117,622)

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Crude oil, Implied volatility, VIX, Output constraints, Inventories, Speculation

Fundamentals, Derivatives Market Information and Oil Price Volatility

Journal of Futures Markets, Vol. 36, No. 4, April 2016
Posted: 09 Jun 2015 Last Revised: 26 Feb 2021
Michel A. Robe and Jonathan Wallen
University of Illinois at Urbana-Champaign and Stanford University, Graduate School of Business

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Implied volatility, Satellite market, Crude oil, VIX, Physical market, Output constraints, Inventories, Speculation

13.

On the Welfare Cost of Business Cycles in Developing Countries

Number of pages: 20 Posted: 10 Sep 2001
Michel A. Robe and Stephane Pallage
University of Illinois at Urbana-Champaign and University of Quebec at Montreal - Department of Economics
Downloads 304 (137,251)
Citation 7

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14.

Does it Matter Who Trades Energy Derivatives?

Downloads 282 (148,400)
Citation 1

Does it Matter Who Trades Energy Derivatives?

FEEM (Fondazione Eni Enrico Mattei), Review of Environment, Energy and Economics (Re3), March 2012
Number of pages: 7 Posted: 28 Mar 2012
Bahattin Buyuksahin and Michel A. Robe
CoMeX Consulting and Advising and University of Illinois at Urbana-Champaign
Downloads 175 (232,332)

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Financial Institutions, Energy Derivatives, Speculation, Financialization, Cross-Market Linkages

Does it Matter Who Trades Energy Derivatives?

Review of Environment, Energy and Economics, March 2012
Number of pages: 8 Posted: 28 Mar 2012 Last Revised: 01 May 2012
Bahattin Buyuksahin and Michel A. Robe
CoMeX Consulting and Advising and University of Illinois at Urbana-Champaign
Downloads 107 (341,273)
Citation 1

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Financial Institutions, Energy Derivatives, Speculation, Financialization, Cross-Market Linkages

15.

The Financialization of Food?

Downloads 274 (152,720)
Citation 7

The Financialization of Food?

Number of pages: 50 Posted: 17 Mar 2015 Last Revised: 10 Feb 2016
Valentina Bruno, Bahattin Buyuksahin and Michel A. Robe
American University - Department of Finance and Real Estate, CoMeX Consulting and Advising and University of Illinois at Urbana-Champaign
Downloads 274 (152,056)
Citation 7

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Financialization, Fundamentals, Grains, Livestock, Equities, Co-movements, ADCC, Structural VAR

The Financialization of Food?

American Journal of Agricultural Economics 99 (1): 243-264, January 2017
Posted: 22 Oct 2016 Last Revised: 20 Sep 2017
Valentina Bruno, Bahattin Buyuksahin and Michel A. Robe
American University - Department of Finance and Real Estate, CoMeX Consulting and Advising and University of Illinois at Urbana-Champaign

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Financialization, Fundamentals, Grains, Livestock, Equities

16.

Penalties and Optimality in Financial Contracts: Taking Stock

Number of pages: 50 Posted: 14 Jan 2006
Michel A. Robe, Eva-Maria Steiger and Pierre-Armand Michel
University of Illinois at Urbana-Champaign, Max Planck Institute of Economics, Strategic Interaction Group and University of Liege - HEC Management School
Downloads 267 (156,839)
Citation 8

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Limited Liability, Bankruptcy, Debt Bondage, Debtors' Prison, History

17.

Market Incompleteness and the Equity Premium Puzzle: Evidence from State-Level Data

Downloads 249 (168,065)
Citation 3

Market Incompleteness and the Equity Premium Puzzle: Evidence from State-Level Data

Number of pages: 23 Posted: 05 Apr 2005
Kris Jacobs, Stephane Pallage and Michel A. Robe
University of Houston - C.T. Bauer College of Business, University of Quebec at Montreal - Department of Economics and University of Illinois at Urbana-Champaign
Downloads 249 (167,462)
Citation 3

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Heterogeneity, idiosyncratic consumption risk, incomplete markets, consumption-based model, risk aversion, equity premium puzzle

Market Incompleteness and the Equity Premium Puzzle: Evidence from State-Level Data

Journal of Banking & Finance, Vol. 37, No. 2, pp. 378-388, 2013
Posted: 15 Jan 2013
Kris Jacobs, Stephane Pallage and Michel A. Robe
University of Houston - C.T. Bauer College of Business, University of Quebec at Montreal - Department of Economics and University of Illinois at Urbana-Champaign

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heterogeneity, idiosyncratic consumption risk, incomplete markets, consumption-based asset pricing model, risk aversion, equity premium puzzle

18.

Canary in the Coal Mine: COVID-19 and Soybean Futures Market Liquidity

Number of pages: 57 Posted: 10 Feb 2021 Last Revised: 16 Apr 2021
Kun Peng, Zhepeng Hu, Michel A. Robe and Michael Adjemian
University of Illinois at Urbana-Champaign - Department of Agricultural and Consumer Economics, China Agricultural University, University of Illinois at Urbana-Champaign and University of Georgia - Department of Agricultural & Applied Economics
Downloads 242 (172,654)
Citation 1

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COVID-19, Financial Market Liquidity, Agricultural Commodities, China, Precursor

19.

Shock Propagation Across the Futures Term Structure: Evidence from Crude Oil Prices

Downloads 242 (172,654)

Shock Propagation Across the Futures Term Structure: Evidence from Crude Oil Prices

Number of pages: 42 Posted: 30 Apr 2014 Last Revised: 18 May 2018
Delphine Lautier, Franck Raynaud and Michel A. Robe
University Paris Dauphine, Lausanne University, Swiss Institute of Bioinformatics and University of Illinois at Urbana-Champaign
Downloads 242 (172,113)

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Mutual information, Market integration, Shocks propagation, Information entropy, Shock Propagation, Directed graphs, Term structure, Futures, Crude oil, WTI

Shock Propagation Across the Futures Term Structure: Evidence from Crude Oil Prices

The Energy Journal 40(3): 125-153, 2019
Posted: 24 Jun 2019 Last Revised: 06 Sep 2019
Delphine Lautier, Michel A. Robe and Franck Raynaud
University Paris Dauphine, University of Illinois at Urbana-Champaign and Lausanne University, Swiss Institute of Bioinformatics

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20.

Market Uncertainty and Sentiment around USDA Announcements

Downloads 211 (196,652)

Market Uncertainty and Sentiment around USDA Announcements

2020 Agricultural & Applied Economics Association, Annual Meeting, Kansas City, MO, July 26-28, 2020 (Updated March 2021)
Number of pages: 58 Posted: 16 Apr 2021
An Cao and Michel A. Robe
Institute for Food and Resource Economics (ILR), Faculty of Agriculture, University of Bonn and University of Illinois at Urbana-Champaign
Downloads 211 (196,410)

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Commodities, Scheduled News, Forward-Looking Volatility, Uncertainty, Market Sentiment

Market Uncertainty and Sentiment Around USDA Announcements

Journal of Futures Markets, Vol. 42, No. 2, pp. 250-275, Feb. 2022
Posted: 23 Feb 2022 Last Revised: 25 Feb 2022
An Cao and Michel A. Robe
Institute for Food and Resource Economics (ILR), Faculty of Agriculture, University of Bonn and University of Illinois at Urbana-Champaign

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Commodities, scheduled news, forward-looking volatility, surprise, dispersion, market sentiment

21.

The Dollar's 'Convenience Yield'

Number of pages: 8 Posted: 21 Sep 2017 Last Revised: 06 Dec 2021
Michel A. Robe
University of Illinois at Urbana-Champaign
Downloads 193 (213,439)

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CIP, Cross-Currency Basis, Scarcity, Convenience Yield, Commodities

22.

The Third Dimension of Financialization: Intraday Institutional Financial Traders and Commodity Market Quality

Number of pages: 62 Posted: 10 Nov 2017 Last Revised: 05 Apr 2021
Vikas Raman, Michel A. Robe and Pradeep K. Yadav
Lancaster University - Department of Accounting and Finance, University of Illinois at Urbana-Champaign and University of Oklahoma Price College of Business
Downloads 163 (246,461)
Citation 3

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Financialization, Commodities, Competition, Intraday activity, Liquidity, Pricing efficiency, HFT

23.

Corn Futures Deliveries: Why? When? So What?

Number of pages: 59 Posted: 21 Jan 2022
Vitor M. O. Fernandes, Eugene Kunda and Michel A. Robe
The University of Illinois at Urbana-Champaign, Chicago Board of Trade and University of Illinois at Urbana-Champaign
Downloads 139 (280,388)

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Commodity futures, Deliveries, DVE, Certificate, Registration, DCUR, Price impact

24.

The States vs. The States: On the Welfare Cost of Business Cycles in the U.S.

Number of pages: 23 Posted: 10 Oct 2002
Michel A. Robe and Stephane Pallage
University of Illinois at Urbana-Champaign and University of Quebec at Montreal - Department of Economics
Downloads 137 (283,507)
Citation 1

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Business Cycles, Regional Volatility, Growth, Welfare

25.

The Welfare Costs of Macroeconomic Fluctuations Under Incomplete Markets: Evidence from State-Level Consumption Data

CIRPEE Working Paper No. 05-24
Number of pages: 26 Posted: 24 Aug 2005
Kris Jacobs, Stephane Pallage and Michel A. Robe
University of Houston - C.T. Bauer College of Business, University of Quebec at Montreal - Department of Economics and University of Illinois at Urbana-Champaign
Downloads 117 (318,613)

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Incomplete markets, consumption volatility, growth, welfare

26.

Man vs. Machine: Liquidity Provision and Market Fragility

Number of pages: 47 Posted: 02 Feb 2021
Vikas Raman, Michel A. Robe and Pradeep K. Yadav
Lancaster University - Department of Accounting and Finance, University of Illinois at Urbana-Champaign and University of Oklahoma Price College of Business
Downloads 104 (345,464)

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Voluntary market-making, Algorithmic traders, Liquidity, Fragility

27.

On the Potential of Foreign Aid as Insurance

Number of pages: 20 Posted: 20 Jul 2006
Michel A. Robe, Stephane Pallage and Catherine Berube
University of Illinois at Urbana-Champaign, University of Quebec at Montreal - Department of Economics and Ontario Ministry of Finance
Downloads 91 (376,321)

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Macroeconomic fluctuations, Welfare, Foreign aid, Consumption smoothing

28.

Foreign Central Bank Activities in U.S. Futures Markets

Downloads 82 (400,596)
Citation 2

Foreign Central Bank Activities in U.S. Futures Markets

Number of pages: 54 Posted: 12 Sep 2014
Raymond P.H. Fishe, Michel A. Robe and Aaron Smith
University of Richmond - E. Claiborne Robins School of Business, University of Illinois at Urbana-Champaign and University of California, Davis - Department of Agricultural and Resource Economics
Downloads 82 (404,616)
Citation 2

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Central Banks, Reserve management, Interest-rate derivatives, Hedging, Speculation, Financial crisis, Synchronized trading

Foreign Central Bank Activities in U.S. Futures Markets

Journal of Futures Markets, Vol. 36, No. 1, pp. 3-29, January 2016
Posted: 09 Jun 2015 Last Revised: 10 Feb 2016
Raymond P.H. Fishe, Michel A. Robe and Aaron Smith
University of Richmond - E. Claiborne Robins School of Business, University of Illinois at Urbana-Champaign and University of California, Davis - Department of Agricultural and Resource Economics

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Central Banks, Reserve management, Interest-rate derivatives, Hedging, Speculation, Financial crisis, Synchronized trading

29.

Counterpart Funds and the Foreign Aid Procyclicality Puzzle

Number of pages: 23 Posted: 16 Jan 2015
Stephane Pallage and Michel A. Robe
University of Quebec at Montreal - Department of Economics and University of Illinois at Urbana-Champaign
Downloads 76 (418,417)
Citation 3

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Foreign aid, Adverse selection, Contracts, Matching grants, Capital flows, Business cycles

30.

Incorporating Uncertainty Into USDA Commodity Price Forecasts

Downloads 75 (421,415)

Incorporating Uncertainty Into USDA Commodity Price Forecasts

Number of pages: 37 Posted: 07 Jul 2019
Michael Adjemian, Valentina Bruno and Michel A. Robe
University of Georgia - Department of Agricultural & Applied Economics, American University - Department of Finance and Real Estate and University of Illinois at Urbana-Champaign
Downloads 75 (426,250)

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USDA, forecasting, derivatives markets, option-implied volatility, WASDE, situation and outlook, grains and oilseeds

Incorporating Uncertainty into USDA Commodity Price Forecasts

American Journal of Agricultural Economics, Vol. 102, Issue 2, pp. 696-712, 2020
Number of pages: 17 Posted: 24 Mar 2020
Michael Adjemian, Valentina G. Bruno and Michel A. Robe
University of Georgia - Department of Agricultural & Applied Economics, American University and University of Illinois at Urbana-Champaign
Downloads 0

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derivatives markets, forecasting, grains, option‐implied volatility, situation and outlook, USDA, WASDE

Incorporating Uncertainty into USDA Commodity Price Forecasts

American Journal of Agricultural Economics, Forthcoming
Posted: 06 Dec 2019
Michael Adjemian, Valentina Bruno and Michel A. Robe
University of Georgia - Department of Agricultural & Applied Economics, American University - Department of Finance and Real Estate and University of Illinois at Urbana-Champaign

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USDA, forecasting, derivatives markets, option-implied volatility, situation and outlook, WASDE, grains

31.

The Financialization of Food?

American Journal of Agricultural Economics, Vol. 99, Issue 1, pp. 243-264, 2017
Number of pages: 22 Posted: 16 Apr 2020
Valentina G. Bruno, Bahattin Büyükşahin and Michel A. Robe
American University, Government of Canada - Bank of Canada and University of Illinois at Urbana-Champaign
Downloads 0 (875,962)
Citation 4

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Financialization, fundamentals, grains, livestock, equities

32.

Counterpart Funding Requirements and the Foreign Aid Procyclicality Puzzle

Oxford Review of Public Policy, Vol. 31, No. 3-4, pp. 462-80, Fall-Winter 2015
Posted: 11 Feb 2016
Stephane Pallage and Michel A. Robe
University of Quebec at Montreal - Department of Economics and University of Illinois at Urbana-Champaign

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Foreign aid, Adverse selection, Contracts, Counterpart funding requirements, Matching grants, Capital flows, Business cycles

33.

Physical Markets, Paper Markets and the WTI-Brent Spread

Energy Journal, Vol. 34, No. 3, 2013
Posted: 07 Oct 2013
Bahattin Buyuksahin, Thomas K Lee, James T. Moser and Michel A. Robe
CoMeX Consulting and Advising, Energy Information Administration - US DOE, American University - Kogod School of Business and University of Illinois at Urbana-Champaign

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Crude Oil, Brent, WTI, LLS, Spread, Fundamentals, Inventories, Cushing, Paper Markets, Commodity Index Trading (CIT)

34.

OPEC 'Fair Price' Pronouncements and the Market Price of Crude Oil

Energy Journal, Vol. 34, No. 4, 2013
Posted: 17 Nov 2012 Last Revised: 06 Oct 2013
Celso Brunetti, Bahattin Buyuksahin, Michel A. Robe and Kirsten R. Soneson
Board of Governors of the Federal Reserve System, CoMeX Consulting and Advising, University of Illinois at Urbana-Champaign and Commodity Futures Trading Commission (CFTC)

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Crude oil, OPEC, Fair price, Market price, Event study, Autoregressive Distributed Lag (ADL)

35.

Commodities and Equities: Ever a 'Market of One'?

Journal of Alternative Investments, Vol. 12, No. 3, Winter 2010
Posted: 14 Nov 2009
Bahattin Buyuksahin, Michael S. Haigh and Michel A. Robe
CoMeX Consulting and Advising, Standard Chartered Bank and University of Illinois at Urbana-Champaign

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Commodity, Equity, DCC, Cointegration, Extreme events

36.

The Potential of Foreign Aid as Insurance

IMF Staff Papers, Vol. 53, No. 4, October 2006
Posted: 18 Jul 2006
Stephane Pallage, Michel A. Robe and Catherine Berube
University of Quebec at Montreal - Department of Economics, University of Illinois at Urbana-Champaign and Ontario Ministry of Finance

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Macroeconomic fluctuations, Welfare, Foreign aid, Consumption smoothing

37.

The Impact of Illegal Insider Trading in Dealer and Specialist Markets: Evidence from a Natural Experiment

Journal of Financial Economics, Vol.71, No.3, pp. 461-88, March 2004
Posted: 29 Aug 2003
Raymond P.H. Fishe and Michel A. Robe
University of Richmond - E. Claiborne Robins School of Business and University of Illinois at Urbana-Champaign

Abstract:

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Insider Trading, Depth, Liquidity, Specialist and Dealer Markets

38.

On the Welfare Cost of Economic Fluctuations in Developing Countries

Posted: 13 Sep 2002
Michel A. Robe and Stephane Pallage
University of Illinois at Urbana-Champaign and University of Quebec at Montreal - Department of Economics

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Volatility, Welfare Cost, Business Cycles, Developing Countries, Africa

39.

What Can We Learn from Simulating a Standard Agency Model?

Posted: 07 Jan 2002
Michel A. Robe
University of Illinois at Urbana-Champaign

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Moral Hazard, Numerical Analysis, Reduced-Form Equation, Limited Liability, Performance target

40.

Dividend Signaling Costs: Coarse vs. Separating Equilibria

Posted: 26 Aug 1999
Michel A. Robe
University of Illinois at Urbana-Champaign

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41.

Optimal Versus Traditional Securities Under Moral Hazard

Journal of Financial and Quantitative Analysis, Vol. 34, No. 2, June, 1999
Posted: 22 Mar 1999 Last Revised: 13 Nov 2009
Michel A. Robe
University of Illinois at Urbana-Champaign

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42.

Foreign Aid and the Business Cycle

Downloads 0 (875,962)

Foreign Aid and the Business Cycle

CREFE Research Paper No. 63
Posted: 19 Sep 1998
Michel A. Robe and Stephane Pallage
University of Illinois at Urbana-Champaign and University of Quebec at Montreal - Department of Economics

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Foreign Aid and the Business Cycle

Posted: 18 Jan 2002
Michel A. Robe and Stephane Pallage
University of Illinois at Urbana-Champaign and University of Quebec at Montreal - Department of Economics

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Foreign aid, business cycles, volatility, empirical regularities