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On the Real Effects of Monetary Policy: A Central Banker's View

Vallés Liberal, Javier; Viñals, José - C.E.P.R. Discussion Papers - 1999

This paper is an attempt to provide an updated assessment of what we know and what do not know about the impact of monetary policy on the economy and what implications follow for the conduct of monetary policy in today's world. Firstly, we discuss the conditions under which monetary policy can...

Persistent link: https://www.econbiz.de/10005114302

Real Effects of the Sovereign Debt Crisis in Europe: Evidence from Syndicated Loans

Acharya, Viral V; Eisert, Tim; Eufinger, Christian; … - C.E.P.R. Discussion Papers - 2014

This paper shows that the sovereign debt crisis and the resulting credit crunch in the periphery of the Eurozone lead to negative real effects for borrowing firms. Using a hand matched sample of loan information from Dealscan and accounting information from Amadeus, we show that firms with a...

Persistent link: https://www.econbiz.de/10011083702

Corporate Bond Valuation and Hedging with Stochastic Interest Rates and Endogenous Bankruptcy

Acharya, Viral V; Carpenter, Jennifer - C.E.P.R. Discussion Papers - 2002

This Paper analyses corporate bond valuation and optimal call and default rules when interest rates and firm value are stochastic. It then uses the results to explain the dynamics of hedging. Bankruptcy rules are important determinants of corporate bond sensitivity to interest rates and firm...

Persistent link: https://www.econbiz.de/10005123555

Is Historical Cost Accounting a Panacea? Market Stress, Incentive Distortions, and Gains Trading

Ellul, Andrew; Jotikasthira, Chotibhak; Lundblad, … - C.E.P.R. Discussion Papers - 2015

regulations, alter financial institutions’ trading behavior. The insurance industry provides a natural laboratory to explore these …

Persistent link: https://www.econbiz.de/10011186617

Insider Trading in the Bond Market: Evidence from Loan Sale Events

Massa, Massimo; Schmidt, Daniel - C.E.P.R. Discussion Papers - 2015

We investigate the pricing implications of the parallel trading of loans and bonds of the same firm. We show that loan, by making lenders share sensitive information about the borrower with the loan market participants, lower the information advantage of the asset managers affiliated to the...

Persistent link: https://www.econbiz.de/10011186624

Carry

Koijen, Ralph; Moskowitz, Tobias J; Pedersen, Lasse Heje; … - C.E.P.R. Discussion Papers - 2013

Any security’s expected return can be decomposed into its “carry” and its expected price appreciation, where carry is a model-free characteristic that can be observed in advance. While carry has been studied almost exclusively for currencies, we find that carry predicts returns both in the...

Persistent link: https://www.econbiz.de/10011083673

Partial Insurance and Investments in Children

Carneiro, Pedro; Ginja, Rita - C.E.P.R. Discussion Papers - 2015

partial insurance of parental investments against permanent income shocks, but the magnitude of the estimated responses is … small. We cannot reject the hypothesis full insurance against temporary shocks. Another interpretation of our findings is … that there is very little insurance available, but the fact that skill is a non-separable function of parental investments …

Persistent link: https://www.econbiz.de/10011266538

A Structural Non-Stationary Model of Job Search: Stigmatization of the Unemployed by Job Offers or Wage Offers?

Lollivier, Stefan; Rioux, Laurence - C.E.P.R. Discussion Papers - 2005

We develop a structural non-stationary model of job search in the fashion of van den Berg (1990). Non-stationarity comes from the duration-dependence in benefits, in the arrival rate of job offers, and in wage offers. The model is then estimated using the French sample of the ECHP Survey...

Persistent link: https://www.econbiz.de/10005662101

Designing a Cheaper and More Effective Unemployment Benefit System

Coles, Melvyn G - C.E.P.R. Discussion Papers - 1996

unemployed is particularly costly, this policy provides insurance equivalent to that provided by the current system. By reducing …

Persistent link: https://www.econbiz.de/10005662357

Insurance and Information: Firms as a Commitment Device

Bovenberg, A Lans; Teulings, Coen N - C.E.P.R. Discussion Papers - 2002

explicit contracts to crowd out implicit insurance provided by the firm, even though the latter yields higher welfare. We …

Persistent link: https://www.econbiz.de/10005667043