working paper series on regional economic integration
Economic Policy Research Institute EPRI Working Paper Series pot
Ngày tải lên :
06/03/2014, 08:20
... selection. Our paper differs both in
its focus on financial innovations, and incorporation of fixed costs of creating contracts.
The remainder of the paper is organized as follows. Section 1.1 ... Competition in
Markets with Adverse Selection.” European Economic Review 31: 3 19–325.
Hunt, Robert A. 2006. “The Development and Regulation of Consumer Credit Re-
porting in America.” In The Economics ... information (Section 3.1).
4 Implications of Financial Innovations
In this section, we analyze the model implications for three channels via which financial
innovations could impact consumer credit:...
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WORKING PAPER SERIES NO 868 / FEBRUARY 2008: PURDAH ON THE RATIONALE FOR CENTRAL BANK SILENCE AROUND POLICY MEETINGS pptx
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... experienced a decade of economic prosperity followed by more than a year of weak
economic conditions. For the past few months we have seen clear indication that economic conditions
are improving ... necessarily constitute a
violation of the purdah guideline by FOMC members. There are a number of reasons why a
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Working Paper Series No 868
February 2008
McDonough, 19.05.99
One day after ... beyond what is sustainable."
"In this environment, continuing to operate beyond potential carries increasing inflation risk, and risk
that this long, benevolent period of U.S. economic...
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Working PaPer SerieS no 1150 / January 2010: Do bank loanS anD creDit StanDarDS have an effect on outPut? a Panel aPProach for the euro area doc
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... knowledge of the dynamic relationships
between the situation of the …nancial sector, credit provision, real economic activity
and in‡ation.
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Working Paper Series No 1150
January 2010
Table ... growth on loans growth
ECB
Working Paper Series No 1150
January 2010
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Working PaPer SerieS
no 1118 / november 2009
DiScretionary
FiScal PolicieS
over the cycle
neW eviDence
baSeD on the ... posi-
tive money demand shock in any one of the euro area member states. If households
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Working Paper Series No 1150
January 2010
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Working Paper Series No 1150
January 2010
Abstract
4
Non-technical...
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Working PaPer SerieS no 1272 / DeCeMBer 2010: THe iMPaCT of PuBliC guaranTeeS on Bank riSk Taking eviDenCe froM a naTural exPeriMenT pptx
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...
electronically, in whole or in part, is
permitted only with the explicit written
authorisation of the ECB or the authors.
Information on all of the papers published
in the ECB Working Paper Series ... risk). We are thus confident that the regressions are not picking
41
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Working Paper Series No 1272
December 2010
Stein, J. C. (2002): “Information Production and Capital Allocation: Decentralized
versus ... Prevention and Resolution,
the European Finance Association Conference, the Reserve Bank of Chicago Conference on Bank Structure and Competition,
the German Finance Association (best paper award) and...
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WORKING PAPER SERIES NO 1332 / APRIL 2011: CENTRAL BANK COMMUNICATION ON FINANCIAL STABILITY docx
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... Standard deviation Returns Standard deviation
non-
parametric
parametric non-
parametric
parametricnon-
parametric
parametric non-
parametric
parametricnon-
parametric
parametric non-
parametric
parametric
Notes: ... dataset contains information on 367 FSRs. The increasing tendency of
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Working Paper Series No 1332
April 2011
Figure 3: Predicted versus actual evolution of stock markets after
communication ... returns on the day prior to the event, the second row on the 2 days prior to the
event, and so on. Standard deviations are calculated for time windows exceeding 3 days. The
non-event comparison...
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Working paper series the phillips curve and long-term unemployment
Ngày tải lên :
24/10/2012, 09:11
... Europe
OECD Non-Europe
OECD Non-Europe Ex. US
OECD Europe
OECD Non-Europe
OECD Non-Europe Ex. US
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ECB
Working Paper Series No. 441
February 2005
Figure 2: Unemployment and the NAIRU (cont.)
Ireland
1979 ... Layard (1991) "Does Long-Term Unemployment Reduce
a Person’s Chance of a Job? A Time Series Test," Economica, Vol. 58(229), pp. 93-106.
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ECB
Working Paper Series No. 441
February 2005
Figure ... explanation to the results in Table 8a is that the estimation is only capturing
the indirect impact of institutions on weights through their impact on long-term unemployment.
That is, the institutions...
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Tài liệu WORKING PAPER SERIES: TRADING EUROPEAN SOVEREIGN BONDS THE MICROSTRUCTURE OF THE MTS TRADING PLATFORMS docx
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16/02/2014, 02:20
... their estimation results. They are available upon request
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Working Paper Series No. 432
January 2005
3
ECB
Working Paper Series No. 432
January 2005
CONTENTS
Abstract 4
Non-technical summary ... Return Response
Accumulated response(low intensity)
Accumulated response (High intensity)
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Working Paper Series No. 432
January 2005
of a one million 'buy' trade on the EuroMTS ... among market makers on the London Stock Exchange. They ¯nd an important role
for inventory control as most of these trades are used to reverse positions. In addition, the mean
reversion component...
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WORKING PAPER SERIES NO. 398 / OCTOBER 2004: MERGERS AND ACQUISITIONS AND BANK PERFORMANCE IN EUROPE THE ROLE OF STRATEGIC SIMILARITIES potx
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... significant.
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Working Paper Series No. 398
October 2004
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Working Paper Series No. 398
October 2004
CONTENTS
Abstract 4
Non-technical summary 5
1. Introduction and motivation 7
2. Strategic ... orientation. These findings fit well with the
process of financial consolidation observed in recent years in the European Union.
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Working Paper Series No. 398
October 2004
35
ECB
Working Paper Series ... evolution of post-acquisition practices in the U.S. banking industry,
University of Pennsylvania, The Wharton School Working Paper Series 10.
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Working Paper Series No. 398
October 2004
References
Acharya,...
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WORKING PAPER SERIES NO. 407 / NOVEMBER 2004: BANKING CONSOLIDATION AND SMALL BUSINESS LENDING potx
Ngày tải lên :
06/03/2014, 09:22
... satisfied.
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Working Paper Series No. 407
November 2004
5.1.1 Banking consolidation
Banking consolidation can be understood in the model as a large bank buying one or more
several small banks. The consequences ... action and information set.
The Frankfurt or London policy contracts are indeed constrained optimal. T he intuition
is that the bank can not compensate the credit officer in a stationary context ... proposition, consequently the same result
arises in the constrained optimal contract. The following proposition formally summarizes the
result:
Proposition 2 (Constrained Optimal Contract) The solution...
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WORKING PAPER SERIES NO. 527 / SEPTEMBER 2005: BANKING SYSTEM STABILITY A CROSS-ATLANTIC PERSPECTIVE pptx
Ngày tải lên :
06/03/2014, 09:22
... and Polonchek (1999) find regional “com peti-
tive effects” in response to dividend reduction a n d regulatory action
announcements. Non-monotonicity of contamination functions might
also occur for ... emerged from consolidation. And the risk seems to pic k up aroun d
1997, similar to our bre ak points. Hence, banking con solidation ma y
be one important explanation for a higher con tagion risk w ... the conditioning set on the
righ t-h and side. For example, the conditioning b anks do not necessarily
ha ve to be a subset of the bank set on the left-hand side. M oreover,
the cond itioning...
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WORKING PAPER SERIES NO 845 / DECEMBER 2007: RUN-PRONE BANKING AND ASSET MARKETS doc
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... 34?>B8C>AB C> <>=8C>A 10=:4AB
WORKING PAPER SERIES
NO 845 / DECEMBER 2007
RUN-PRONE BANKING
AND ASSET MARKETS
by Marie Hoerova
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Working Paper Series No 845
December 2007
B>;4;H ...
specialize into liquidity provision, which constitutes their comparative advantage.
Also, banks economize on liquid asset holdings.
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ECB
Working Paper Series No 845
December 2007
825 “What ... 2007.
834 “International frictions and optimal monetary policy cooperation: analytical solutions” by M. Darracq Pariès,
November 2007.
835 “US shocks and global exchange rate confi gurations” by M. Fratzscher,...
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WORKING PAPER SERIES NO 898 / MAY 2008: CENTRAL BANK COMMUNICATION AND MONETARY POLICY A SURVEY OF THEORY AND EVIDENCE doc
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...
communication matter: nonstationarity (whether of the economy or the policy rule), the
learning that is a natural concomitant of such an environment, and either non-rational
expectations or asymmetric ... Journal of Monetary Economics, 53(8): 1815-
55.
Angeriz, Alvaro, and Philip Arestis. Forthcoming. “Assessing inflation targeting through
intervention analysis.” Oxford Economic Papers.
Archer, ... Disinflations.” NBER Working Paper 12982.
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May 2008
3. Central bank communication in practice
Many central banks with similar monetary policy objectives nonetheless...
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Working PaPer SerieS no 1075 / July 2009: Bank riSk anD MoneTary PoliCy ppt
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... interaction with monetary policy is no longer
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Working Paper Series No 1075
July 2009
Kashyap A.K., Stein J. C. and Wilcox D.W. (1993), “Monetary Policy and Credit
Conditions: Evidence ... Inference and its Applications, New York, John Wiley
and Sons.
Romer C.D. and Romer D.H. (1990), “New Evidence on the Monetary Transmission
Mechanism”, Brooking Paper on Economic Activity, No. 1, ...
H.S., (2001), “An Academic Response to Basel II”, Working Paper, FMG and ESRC,
London.
Danielsson, J., Shin H.S. and Zigrand J.P. (2004), “Impact of Risk Regulation on Price
Dynamics”, Journal...
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Working Paper Series no 1096 / September 2009: The determinants of Bank capital structure potx
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... correlations correspond to those
typically found for non-financial firms.
Table III (Correlations)
9
See also Table 1 in Lemmon et al. (2008) for similar information.
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ECB
Working Paper Series ... Demirguc-Kunt, E. Kane and L.
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Working Paper Series No 1096
Septembre 2009
Appendix II. Macroeconomic controls and U.S EU differences
Macroeconomic effects may be more important for ... managers on firm
policies, Quarterly Journal of Economics 118, 1169-1208.
Blundell, R. and Bond, S. (1998) Initial conditions and moment restrictions in dynamic panel
data models, Journal of Econometrics...
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Working PaPer SerieS no 1160 / FeBrUarY 2010: evidence For SUrveY maTTerS The eUro area Bank lending emPirical crediT and oUTPUT groWTh pptx
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15/03/2014, 10:20
... real economic variables: GDP,
investment, non-residential investment, residential investment and private consumption (not reported).
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Working Paper Series No 1160
February 2010
Working PaPer ... bond market (de Bondt,
2004), we use also as control variable the BBB non-financial corporate bond spread. One should keep in
mind that this variable, in contrast to the BLS responses, is only ... and maturity. These non-price conditions and terms capture non-price loan supply-related
factors. The use of this information distinguishes this paper from the papers mentioned earlier featuring...
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