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National Representation in Multinational Institutions: The Case of the European Central Bank

Badinger, Harald; Nitsch, Volker - CESifo - 2011

Multinational institutions face an important trade-off when hiring personnel. On the one hand, hiring decisions are based, as in most organizations, on a candidate’s professional qualifications. On the other hand, multinational institutions often aim for broad national representation....

Persistent link: https://www.econbiz.de/10009294095

Optimal Central Bank Conservatism and Monopoly Trade Unions

Berger, Helge; Hefeker, Carsten; Schöb, Ronnie - CESifo - 2001

OPTIMThe “conservative central banker” has come under attack recently. Explicitly modeling the interaction of a trade union with monetary policy, it has been argued that the standard solution to the inflationary bias in monetary policy might actually be welfare reducing if the trade union...

Persistent link: https://www.econbiz.de/10005181631

Back to Keynes?

Ploeg, Frederick Van der - CESifo - 2005

After a brief review of classical, Keynesian, New Classical and New Keynesian theories of macroeconomic policy, we assess whether New Keynesian Economics captures the quintessential features stressed by J.M. Keynes. Particular attention is paid to Keynesian features omitted in New Keynesian...

Persistent link: https://www.econbiz.de/10005181517

Outside versus Inside Bonds: A Modigliani-Miller Type Result for Liquidity Constrained Economies

Berentsen, Aleksander; Waller, Christopher - CESifo - 2010

When agents are liquidity constrained, two options exist — sell assets or borrow. We compare the allocations arising in …

Persistent link: https://www.econbiz.de/10008799751

Collateral and its Substitutes in Emerging Markets' Lending

Menkhoff, Lukas; Neuberger, Doris; Rungruxsirivorn, Ornsiri - CESifo - 2011

Due to opaque information and weak enforcement in emerging loan markets, the need for collateral is high, whereas … borrowers lack adequate assets to pledge as collateral. How is this puzzle solved? We find for a representative sample from … Northeast Thailand that indeed most loans do not include any tangible assets as collateral. Instead, lenders enforce collateral …

Persistent link: https://www.econbiz.de/10009320789

Financial Frictions and Foreign Direct Investment: Theory and Evidence from Japanese Microdata

Raff, Horst; Ryan, Michael; Stähler, Frank - CESifo - 2015

identify two possible transmission channels from financial shocks to FDI: (i) a collateral channel, whereby changes in the … value of collateral affect investors’ ability to borrow; and (ii) a lending channel, whereby changes in bank health affect …

Persistent link: https://www.econbiz.de/10011205374

Does Central Bank Communication really Lead to better Forecasts of Policy Decisions? New Evidence Based on a Taylor Rule Model for the ECB

Sturm, Jan-Egbert; Haan, Jakob de - CESifo - 2009

Nowadays, it is widely believed that greater disclosure and clarity over policy may lead to greater predictability of central bank actions. We examine whether communication by the European Central Bank (ECB) adds information compared to the information provided by a Taylor rule model in which...

Persistent link: https://www.econbiz.de/10005013956

ECB Interventions in Distressed Sovereign Debt Markets: The Case of Greek Bonds

Trebesch, Christoph; Zettelmeyer, Jeromin - CESifo - 2014

This paper analyses the determinants and effects of ECB interventions in times of severe distress. We focus on the Greek government bond market in mid-2010 and use a unique new dataset to show, for the first time, what type of bonds the ECB bought. We then explore the short-term effects of ECB...

Persistent link: https://www.econbiz.de/10010756163

Central Banking and Financial Stability in the Long Run

Cao, Jin; Chollete, Lorán - CESifo - 2013

Most theoretical central bank models use short horizons and focus on a single tradeoff. However, in reality central banks play complex, long horizon games and face more than one tradeoff. We account for these issues in a simple infinite horizon game with a novel tradeoff: higher rates deter...

Persistent link: https://www.econbiz.de/10010667416

How Should Large and Small Countries Be Represented in a Currency Union?

Berger, Helge; Mueller, Till - CESifo - 2004

The likely extension of the euro area has triggered a debate on the organization of the ECB, in particular on the apparent mismatch between relative economic size and voting rights in the Council. We present a simple model of optimal representation in a federal central bank addressing this...

Persistent link: https://www.econbiz.de/10005094239

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