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Learning, endogenous indexation and disinflation in the New-Keynesian model
Wieland, Volker - Center for Financial Studies - 2008
This paper introduces adaptive learning and endogenous indexation in the New-Keynesian Phillips curve and studies … episode price-setting firms' expect inflation to be highly persistent and opt for backward-looking indexation. As the central … that choose the rate for indexation also re-assess the likelihood that announced inflation targets determine steady …
Persistent link: https://www.econbiz.de/10011200313
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Learning, Endogenous Indexation and Disinflation in the New-Keynesian Model
Wieland, Volker - Center for Financial Studies - 2008
This paper introduces adaptive learning and endogenous indexation in the New-Keynesian Phillips curve and studies … episode price-setting firms’ expect inflation to be highly persistent and opt for backward-looking indexation. As the central … that choose the rate for indexation also re-assess the likelihood that announced inflation targets determine steady …
Persistent link: https://www.econbiz.de/10005007625
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Imperfect knowledge, inflation expectations, and monetary policy
Orphanides, Athanasios; Williams, John C. - Center for Financial Studies - 2003
This paper investigates the role that imperfect knowledge about the structure of the economy plays in the formation of expectations, macroeconomic dynamics, and the efficient formulation of monetary policy. Economic agents rely on an adaptive learning technology to form expectations and to...
Persistent link: https://www.econbiz.de/10010986502
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Imperfect Knowledge, Inflation Expectations, and Monetary Policy
Orphanides, Athanasios; Williams, John C. - Center for Financial Studies - 2003
This paper investigates the role that imperfect knowledge about the structure of the economy plays in the formation of expectations, macroeconomic dynamics, and the efficient formulation of monetary policy. Economic agents rely on an adaptive learning technology to form expectations and to...
Persistent link: https://www.econbiz.de/10005120765
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Monopoly power limits hedging
Muermann, Alexander; Shore, Stephen H. - Center for Financial Studies - 2008
When a spot market monopolist participates in a derivatives market, she has an incentive to deviate from the spot market monopoly optimum to make her derivatives market position more profitable. When contracts can only be written contingent on the spot price, a risk-averse monopolist chooses to...
Persistent link: https://www.econbiz.de/10010958507
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On the economics of crisis contracts
Aptus, Elias; Britz, Volker; Gersbach, Hans - Center for Financial Studies - 2014
We examine the impact of so-called Crisis Contracts on bank managers' risktaking incentives and on the probability of banking crises. Under a Crisis Contract, managers are required to contribute a pre-specified share of their past earnings to finance public rescue funds when a crisis occurs....
Persistent link: https://www.econbiz.de/10010958513
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Weather forecasting for weather derivatives
Campbell, Sean D.; Diebold, Francis X. - Center for Financial Studies - 2004
We take a simple time-series approach to modeling and forecasting daily average temperature in U.S. cities, and we inquire systematically as to whether it may prove useful from the vantage point of participants in the weather derivatives market. The answer is, perhaps surprisingly, yes....
Persistent link: https://www.econbiz.de/10010958801
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Derivatives usage in risk management by U.S. and German non-financial firms: A comparative survey
Bodnar, Gordon M.; Gebhardt, Günther - Center for Financial Studies - 1998
, firms in the two countries differ notably on issues such as the primary goal of hedging, their choice of instruments, and …
Persistent link: https://www.econbiz.de/10010986461
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Weather Forecasting for Weather Derivatives
Campbell, Sean D.; Diebold, Francis X. - Center for Financial Studies - 2004
We take a simple time-series approach to modeling and forecasting daily average temperature in U.S. cities, and we inquire systematically as to whether it may prove useful from the vantage point of participants in the weather derivatives market. The answer is, perhaps surprisingly, yes....
Persistent link: https://www.econbiz.de/10005176448