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Did the founding of the Federal Reserve affect the vulnerability of the interbank system to systemic risk?

Carlson, Mark; Wheelock, David C. - 2016 - Draft: July 18, 2016

during the 19th century to facilitate interregional payments and flows of liquidity and credit. Vast sums moved through the … the system's resilience to solvency and liquidity shocks and whether these shocks might have been contagious. We find that … the interbank system became more resilient to solvency shocks but less resilient to liquidity shocks as banks sharply …

Persistent link: https://www.econbiz.de/10011578151

Second liens and the holdup problem in mortgage renegotiation

Agarwal, Sumit; Amromin, Gene; Ben-David, Itzhak; … - 2014

When borrowers are delinquent, senior debtholders prefer liquidation whereas junior debtholders prefer to maintain their option value by delaying resolution or modifying the loan. In the mortgage market, a conflict of interest (“holdup”) arises when servicers of securitized senior liens are...

Persistent link: https://www.econbiz.de/10010353293

Decentralized Lending : Empirical Analysis of Interest and Liquidation Mechanisms

Schaible, Matthias - 2022

This book deals with the concept of Decentralized Lending on the Blockchain. In order to familiarize with the topic, the basic principles of the underlying technology, such as blockchain, smart contracts or the general architecture of Decentralized Finance, are highlighted. More specific points...

Persistent link: https://www.econbiz.de/10013349762

A new approach to identifying the real effects of uncertainty shocks

Shin, Minchul; Zhong, Molin - 2016 - This version: April 25, 2016

This paper proposes a multivariate stochastic volatility-in-vector autoregression model called the conditional autoregressive inverse Wishart-in-VAR (CAIW-in-VAR) model as a framework for studying the real effects of uncertainty shocks. We make three contributions to the literature. First, the...

Persistent link: https://www.econbiz.de/10011500382

Incentives for Collaboration and Competition : Experimental Evidence on Innovation, Behavior and Performance

Heite, Jonas - 2020 - 1st ed. 2020.

Subsidized R&D collaboration: The effect of innovation vouchers on innovation activity and performance -- Choking under pressure: The effect of asymmetric contests on effort, stress and performance -- Performance in contests: The role of risk and confidence.

Persistent link: https://www.econbiz.de/10012399250

Gesundheitsökonomische Bewertung von Präventionsmaßnahmen : Eine Markov-Modellierung zur Analyse der Kosten-Effektivität juveniler Bewegungsförderung

Liersch, Sebastian - 2016

Wirtschaftlichkeitsuntersuchungen und gesundheitsökonomische Evaluation -- Methodik der Entscheidungsanalyse -- Entwicklung eines Markov-Modells -- Ergebnisse der Basisfallbetrachtung, Sensitivitäts- und Szenarioanalysen des Fallbeispiels.

Persistent link: https://www.econbiz.de/10013414512

The risky steady state and the interest rate lower bound

Hills, Timothy S.; Nakata, Taisuke; Schmidt, Sebastian - 2016 - This draft: January 2016

Even when the policy rate is currently not constrained by its effective lower bound (ELB), the possibility that the policy rate will become constrained in the future lowers today's inflation by creating tail risk in future inflation and thus reducing expected inflation. In an empirically rich...

Persistent link: https://www.econbiz.de/10011499709

The role of learning for asset prices, business cycles, and monetary policy

Winkler, Fabian - 2016

Persistent link: https://www.econbiz.de/10011499837

The impact of unconventional monetary policy on firm financing constraints : evidence from the maturity extension program

Foley-Fisher, Nathan; Ramcharan, Rodney; Yu, Edison - 2016

This paper investigates the impact of unconventional monetary policy on firm financial constraints. It focuses on the Federal Reserve's maturity extension program (MEP), intended to lower longer-term rates and flatten the yield curve by reducing the supply of long-term government debt....

Persistent link: https://www.econbiz.de/10011500206

Monetary policy, real activity, and credit spreads : evidence from Bayesian proxy SVARs

Caldara, Dario; Herbst, Edward P. - 2016

This paper studies the interaction between monetary policy, financial markets, and the real economy. We develop a Bayesian framework to estimate proxy structural vector autoregressions (SVARs) in which monetary policy shocks are identified by exploiting the information contained in high...

Persistent link: https://www.econbiz.de/10011500415