WORKING PAPER SERIES NO 548 / NOVEMBER 2005: THE LINK BETWEEN INTEREST RATES AND EXCHANGE RATES DO CONTRACTIONARY DEPRECIATIONS MAKE A DIFFERENCE? doc

... specialises in the 18 ECB Working Paper Series No. 548 November 2005 WORKING PAPER SERIES NO. 548 / NOVEMBER 2005 THE LINK BETWEEN INTEREST RATES AND EXCHANGE RATES DO CONTRACTIONARY DEPRECIATIONS ... having a managed ‡oat since 1974, and New Zealand is de…ned as having a managed ‡oat since 1985 and a de facto moving band around the...

Ngày tải lên: 22/03/2014, 23:20

... y ∗ t , the output gap ˜y t , the actual and the natural real rate an d the real rate gap (r t ,r ∗ t and ˜r t ) and i nflation π t . A notable feature of the reported statistics is that the correlation ... correlation between the actual real in terest rate and the real interest rate gap are high an d their standard deviations are roughly identical. In other w or...

Ngày tải lên: 22/03/2014, 23:20

... and Drehmann, 2009), and also changes in the broad stock market indices for non-financial corporations (sm), as calculated by Datastream. Both of these 26 ECB Working Paper Series No 1394 November ... off-load part of their loans from the asset side of their balance sheet to financial market investors. The years 9 Acharya, Mehran and Thakor (2010) show that banks...

Ngày tải lên: 15/03/2014, 10:20

... America’s New Economy , Economica, Paris. Calza, A. , M. Manrique and J. Sousa, 2003, Aggregate loans to euro area private sector, ECB Working Paper, 202. Calza, A. , C. Gartner and J. Sousa, ... retail rates in the euro area is largely due to the difference in maturity between retail bank products and money market interest rates. Long-term market interest rates a...

Ngày tải lên: 15/03/2014, 14:20

... commercial and industrial loans rather than retail credit. 15 ECB Working Paper Series No 1395 November 2011 There are a number of unique characteristics of these data that make them particularly ... 9 ECB Working Paper Series No 1395 November 2011 cards, the amount of funds in these accounts as well as the existence and performance of a prior loan. The...

Ngày tải lên: 22/03/2014, 21:20

... America’s New Economy , Economica, Paris. Calza, A. , M. Manrique and J. Sousa, 2003, Aggregate loans to euro area private sector, ECB Working Paper, 202. Calza, A. , C. Gartner and J. Sousa, ... retail rates in the euro area is largely due to the difference in maturity between retail bank products and money market interest rates. Long-term market interest rates a...

Ngày tải lên: 22/03/2014, 23:20

... information value of monetary aggregates? Since we treat actual output and inflation as observable variables, monetary aggregates have no additional information value. The estimate of potential output, ... strategy proposed by Christiano and Rostagno (2001) and Christiano et al. (2006) that combines monetary targeting with Taylor-style interest rate rules. 10 ECB Working Paper...

Ngày tải lên: 29/03/2014, 13:20

... bank’s information and action set the bank can set (w,π ∗ ) pairs and base her firing/retaining decision about z H , z L and π. (3) The bank can not observe the state of the world and can not provide ... can be small and large, centralized and d ecentralized bank in the economy - while each operating optimally under their respectiv e parameter constraints. 21 ECB Working...

Ngày tải lên: 06/03/2014, 09:22

... see e.g. Draisma et al. (2001), Peng (1999), and Beirlandt and Vandewalle (2002). 14 Minimizing the asymptotic mean-squared error for the Hill estimator by bal- ancing bias and variance renders a nonlinear ... France, German y and the N etherlands and the top Spanish bank. Moreover, as in the case of BNP P aribas, Crédit Agricole and Société Générale, the largest ins...

Ngày tải lên: 06/03/2014, 09:22

... their balance sheet and may indeed exhibit the stability that we document in this paper. The managerial preference approach (Bertrand and Schoar, 2003; Frank and Goyal, 2007) and the explanations ... leverage are similar to those for market leverage in Table V, again comparing to the results in Rajan and Zingales (1995), Frank and Goyal (2004) and the sample of t...

Ngày tải lên: 15/03/2014, 10:20