Similar Search Results

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

Education, wage uncertainty and the 'flat tax debate'

Schindler, Dirk; Yang, Hongyan - 2009

Persistent link: https://www.econbiz.de/10003893574

Self-selection and wage-tenure profiles for heterogeneous labor

Amann, Roland A. (contributor) - 2004

Persistent link: https://www.econbiz.de/10003439083

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

A Stable Model for Euro Area Money Demand : Revisiting the Role of Wealth

Beyer, Andreas - 2009

In this paper we present an empirically stable money demand model for Euro area M3. We show that housing wealth is an important explanatory variable of long-run money demand that captures the trending behaviour of M3 velocity, in particular its shift in the first half of this decade. We show...

Persistent link: https://www.econbiz.de/10013155103

Endogenous TFP, Business Cycle Persistence and the Productivity Slowdown in the Euro Area

Spitzer, Martin - 2020

This paper analyses the endogeneity of euro area total factor productivity and its role in business cycle amplification by estimating a medium-scale DSGE model with endogenous productivity mechanism on euro area data. In this framework, total factor productivity evolves endogenously as a...

Persistent link: https://www.econbiz.de/10012834776

1
2
3
4
5
6
7
8
9
Next
Last