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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

Monetary Policy Committees : Meetings and Outcomes

Berk, Jan Marc; Bierut, Beata K. - 2021

Monetary Policy Committees differ in the way the interest rate proposal is prepared and presented in the policy meeting. In this paper we show analytically how different arrangements could affect the voting behaviour of individual MPC members and therefore policy outcomes. We then apply our...

Persistent link: https://www.econbiz.de/10013316353

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

The Optimal Width of the Central Bank Standing Facilities Corridor and Banks' Day - to - Day Liquidity Management

Bindseil, Ulrich - 2011

Containing short-term volatility of the overnight interest rate is normally considered the main objective of central bank standing facilities. This paper develops a simple stochastic model to show how the width of the central bank standing facilities corridor affects banks' day-to-day liquidity...

Persistent link: https://www.econbiz.de/10013124641

Monetary Policy Deliberations : Committee Size and Voting Rules

Maurin, Vincent - 2012

How large should a monetary policy committee be? Which voting rule should a monetary policy committee adopt? This paper builds on Condorcet's jury threorem to analyse the relationships between committee size and voting rules in a model where policy discussions are subject to a time constraint....

Persistent link: https://www.econbiz.de/10013107003

Central Bank Liquidity Provision, Risk-Taking and Economic Efficiency

Bindseil, Ulrich - 2013

After the Lehman default, but also during the euro area sovereign debt crisis, central banks have tended to extend the ability of banks to take recourse to central bank credit operations through changes of the collateral framework (e.g. CGFS, 2008 – in consistence with previous narratives,...

Persistent link: https://www.econbiz.de/10013083125

Central Bank Collateral, Asset Fire Sales, Regulation and Liquidity

Bindseil, Ulrich - 2013

This paper analyses the potential roles of bank asset fire sales and recourse to central bank credit to ensure banks' funding liquidity and solvency. Both asset liquidity and central bank haircuts are modelled as power functions within the unit interval. Funding stability is captured as...

Persistent link: https://www.econbiz.de/10013073375