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Law Enforcement under Incomplete Law: Theory and Evidence from Financial Market Regulation

Pistor, Katharina; Xu, Cheng-Gang - C.E.P.R. Discussion Papers - 2003

the history of financial market regulation. …

Persistent link: https://www.econbiz.de/10005504579

Multinational Banking in Europe: Financial Stability and Regulatory Implications Lessons from the Financial Crisis

Barba Navaretti, Giorgio; Calzolari, Giacomo; Levi, Micol; … - C.E.P.R. Discussion Papers - 2010

This paper examines whether multinational banks have a stabilising or a destabilising role during times of financial distress. With a focus on Europe, it looks at how these banks’ foreign affiliates have been faring during the recent financial crisis. It finds that retail and corporate lending...

Persistent link: https://www.econbiz.de/10008468703

UK Phillips Curves and Monetary Policy

Haldane, Andrew; Quah, Danny - C.E.P.R. Discussion Papers - 1999

This paper documents some stylized facts on evolving UK Phillips curves, and shows how these differ from their US versions. We interpret UK Phillips curve dynamics in a positive theory of monetary policy - how policy-maker attitudes on the Phillips curve have evolved since the 1950s - rather...

Persistent link: https://www.econbiz.de/10005067633

Robust Learning Stability with Operational Monetary Policy Rules

Evans, George W.; Honkapohja, Seppo - C.E.P.R. Discussion Papers - 2008

We consider "robust stability" of a rational expectations equilibrium, which we define as stability under discounted … exhibit robust stability. We consider a variety of interest-rate rules, including instrument rules, optimal reaction functions … Honkapohja (2003, 2006) deliver robust learning stability. In contrast, many proposed alternatives become unstable under learning …

Persistent link: https://www.econbiz.de/10005498187

The `Walters' Critique of the EMS: A Case of Inconsistent Expectations

Miller, Marcus; Sutherland, Alan - C.E.P.R. Discussion Papers - 1990

Alan Walters has suggested that the European Monetary System will prove dynamically unstable when capital controls are removed. The argument is analysed within a model that includes overlapping contracts. It is found that the short-run effects predicted by Walters only arise when the credibility...

Persistent link: https://www.econbiz.de/10005504500

The Dynamic Stability of the European Monetary System

Melitz, Jacques; Michel, Philippe - C.E.P.R. Discussion Papers - 1986

make an attempt to explain the dynamic stability of the system. This attempt gives a central place to movements in desired …

Persistent link: https://www.econbiz.de/10005656230

The Structure of Simple 'New Economic Geography' Models

Robert-Nicoud, Frédéric - C.E.P.R. Discussion Papers - 2004

This paper shows that the mathematical structure of the most widely used New Economic Geography models is the same, irrespective of the underlying agglomeration mechanism assumed (factor migration, input-output linkages, endogenous capital accumulation). This enables us to provide analytical...

Persistent link: https://www.econbiz.de/10005114389