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Ranking, Risk-Taking and Effort : An Analysis of the ECB's Foreign Reserves Management

Scalia, Antonio; Sahel, Benjamin - 2021

The investment of the ECB reserves in US dollars and yen, delegated to a network of portfolio managers in the …. Employing a new data set on individual portfolio variables during 2002-2009, we study this peculiar tournament and show the … existence of risk-shifting behaviour by reserve managers related to their year-to-date ranking: interim losers increase relative …

Persistent link: https://www.econbiz.de/10013315986

Market-Based Compensation, Price Informativeness and Short-Term Trading

Calcagno, Riccardo - 2007

This paper shows that there is a natural trade-off when designing market-based executive compensation. The benefit of market-based pay is that the stock price aggregates speculators' dispersed information and therefore takes a picture of managerial performance before the long-term value of a...

Persistent link: https://www.econbiz.de/10012777574

The bail-out! Positive political economics of greek-type crises in the EMU

Fahrholz, Christian; Wójcik, Cezary - 2010

The Greek bail-out was highly controversial. An oft-heard assessment is that i) the bail-out was a mistake, ii) the political haggling over it was irrational and iii) the bail-out will create a moral hazard problem. Contrary to this view, our analysis suggests that, given EMU's present...

Persistent link: https://www.econbiz.de/10010274897

The Impact of Council's Internal Decision-Making Rules on the Future EU

Widgren, Mika - 2021

This paper deals with the voting rules in the EU Council. Both internal and external impact of the voting rules are evaluated. Internal impact affects the distribution of power among the member states and external impact affects power relations between the main decision-making bodies in the EU....

Persistent link: https://www.econbiz.de/10013316612

Uniform and nonuniform staggering of wage contracts

Danziger, Leif - 2010

This paper provides a model that can account for the almost uniform staggering of wage contracts in some countries as well as for the markedly nonuniform staggering in others. In the model, short and long contracts as well as long contracts concluded in different periods are strategic...

Persistent link: https://www.econbiz.de/10010270522

Managerial payoff and gift exchange in the field

Englmaier, Florian; Leider, Stephen G. - 2012

We conduct a field experiment where we vary both the presence of a gift exchange wage and the effect of the worker's effort on the manager's payoff. The results indicate a strong complementarity between the initial wage gift and the agent's ability to repay the gift. We collect information on...

Persistent link: https://www.econbiz.de/10010280811

The ECB's New Multi-Country Model for the Euro Area : NMCM - With Boundedly Rational Learning Expectations

Dieppe, Alistair - 2011

Rational expectations has been the dominant way to model expectations, but the literature has quickly moved to a more realistic assumption of boundedly rational learning where agents are assumed to use only a limited set of information to form their expectations. A standard assumption is that...

Persistent link: https://www.econbiz.de/10013128293

Corporate Bond Spreads and Real Activity in the Euro Area - Least Angle Regression Forecasting and the Probability of the Recession

Buchmann, Marco - 2011

This paper aims at providing a detailed analysis of the leading indicator properties of corporate bond spreads for real economic activity in the euro area. In- and out-of-sample predictive content of corporate bond spreads are examined along three dimensions: the bonds' quality, their term to...

Persistent link: https://www.econbiz.de/10013131847

The Business Cycle Implications of Banks' Maturity Transformation

Andreasen, Martin M. - 2012

This paper develops a DSGE model where banks use short-term deposits to provide firms with long-term credit. The demand for long-term credit arises because firms borrow in order to finance their capital stock which they only adjust at infrequent intervals. Within an RBC framework, we show that...

Persistent link: https://www.econbiz.de/10013099027

Below the Zero Lower Bound : A Shadow-Rate Term Structure Model for the Euro Area

Lemke, Wolfgang - 2017

We propose a shadow-rate term structure model for the euro area yield curve from 1999 to mid-2015, when bond yields had turned negative at various maturities. Yields in the model are constrained by a lower bound, but - as a special feature of our specification - the bound is allowed to change...

Persistent link: https://www.econbiz.de/10012963943

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