working paper series on regional economic integration
Economic Policy Research Institute EPRI Working Paper Series pot
... selection. Our paper differs both inits 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 inMarkets 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 InnovationsIn this section, we analyze the model implications for three channels via which financialinnovations 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
... 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 26ECB Working Paper Series No 868February 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
... knowledge of the dynamic relationshipsbetween the situation of the …nancial sector, credit provision, real economic activityand in‡ation.19ECB Working Paper Series No 1150January 2010Table ... growth on loans growthECB Working Paper Series No 1150January 201027 Working PaPer SerieS no 1118 / november 2009DiScretionary FiScal PolicieS over the cycleneW eviDence baSeD on the ... posi-tive money demand shock in any one of the euro area member states. If households5ECB Working Paper Series No 1150January 20103ECB Working Paper Series No 1150January 2010Abstract 4Non-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
... 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 picking41ECB Working Paper Series No 1272December 2010Stein, J. C. (2002): “Information Production and Capital Allocation: Decentralizedversus ... 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
... Standard deviation Returns Standard deviationnon-parametricparametric non-parametricparametricnon-parametricparametric non-parametricparametricnon-parametricparametric non-parametricparametricNotes: ... dataset contains information on 367 FSRs. The increasing tendency of 29ECB Working Paper Series No 1332April 2011Figure 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
... EuropeOECD Non-EuropeOECD Non-Europe Ex. USOECD EuropeOECD Non-EuropeOECD Non-Europe Ex. US10ECB Working Paper Series No. 441February 2005Figure 2: Unemployment and the NAIRU (cont.)Ireland1979 ... Layard (1991) "Does Long-Term Unemployment Reducea Person’s Chance of a Job? A Time Series Test," Economica, Vol. 58(229), pp. 93-106.36ECB Working Paper Series No. 441February 2005Figure ... explanation to the results in Table 8a is that the estimation is only capturingthe 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
... their estimation results. They are available upon request23ECB Working Paper Series No. 432January 20053ECB Working Paper Series No. 432January 2005CONTENTSAbstract 4Non-technical summary ... Return Response Accumulated response(low intensity) Accumulated response (High intensity) 44ECB Working Paper Series No. 432January 2005of a one million 'buy' trade on the EuroMTS ... among market makers on the London Stock Exchange. They ¯nd an important rolefor inventory control as most of these trades are used to reverse positions. In addition, the meanreversion 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
... significant.20ECB Working Paper Series No. 398October 20043ECB Working Paper Series No. 398October 2004CONTENTSAbstract 4Non-technical summary 51. Introduction and motivation 72. Strategic ... orientation. These findings fit well with theprocess of financial consolidation observed in recent years in the European Union.26ECB Working Paper Series No. 398October 200435ECB Working Paper Series ... evolution of post-acquisition practices in the U.S. banking industry,University of Pennsylvania, The Wharton School Working Paper Series 10.30ECB Working Paper Series No. 398October 2004ReferencesAcharya,...
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WORKING PAPER SERIES NO. 407 / NOVEMBER 2004: BANKING CONSOLIDATION AND SMALL BUSINESS LENDING potx
... satisfied.13ECB Working Paper Series No. 407November 20045.1.1 Banking consolidationBanking consolidation can be understood in the model as a large bank buying one or moreseveral small banks. The consequences ... action and information set.The Frankfurt or London policy contracts are indeed constrained optimal. T he intuitionis that the bank can not compensate the credit officer in a stationary context ... proposition, consequently the same resultarises in the constrained optimal contract. The following proposition formally summarizes theresult: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
... and Polonchek (1999) find regional “com peti-tive effects” in response to dividend reduction a n d regulatory actionannouncements. Non-monotonicity of contamination functions mightalso occur for ... emerged from consolidation. And the risk seems to pic k up aroun d1997, similar to our bre ak points. Hence, banking con solidation ma ybe one important explanation for a higher con tagion risk w ... the conditioning set on therigh t-h and side. For example, the conditioning b anks do not necessarilyha 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
... 34?>B8C>AB C> <>=8C>A 10=:4AB WORKING PAPER SERIES NO 845 / DECEMBER 2007RUN-PRONE BANKINGAND ASSET MARKETSby Marie Hoerova35ECB Working Paper Series No 845December 2007B>;4;H ... specialize into liquidity provision, which constitutes their comparative advantage. Also, banks economize on liquid asset holdings. 39ECB Working Paper Series No 845December 2007825 “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
... 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-rationalexpectations 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. 18ECB Working Paper Series No 898May 20083. 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
... interaction with monetary policy is no longer 23ECB Working Paper Series No 1075July 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
... 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. 12ECB Working Paper Series ... Demirguc-Kunt, E. Kane and L. 46ECB Working Paper Series No 1096Septembre 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
... real economic variables: GDP, investment, non-residential investment, residential investment and private consumption (not reported). 15ECB Working Paper Series No 1160February 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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