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The relevance of primary dealers for public bond issues

Breuer, Wolfgang - Center for Financial Studies - 1999

maximize its revenues from public bond issuances. Some of these interventions can be thought of as characteristics of a primary … market turnover requirements for primary dealers with respect to bond sales seem to be in general more adequate than the … definition of maximum bid-ask-spreads or minimum turnover requirements with respect to bond purchases. Moreover, official price …

Persistent link: https://www.econbiz.de/10010958554

Fiscal consolidation strategy

Cogan, John F.; Taylor, John B.; Wieland, Volker; … - Center for Financial Studies - 2012

In the aftermath of the global financial crisis and great recession, many countries face substantial deficits and growing debts. In the United States, federal government outlays as a ratio to GDP rose substantially from about 19.5 percent before the crisis to over 24 percent after the crisis. In...

Persistent link: https://www.econbiz.de/10010958681

Risk aversion under preference uncertainty

Kräussl, Roman; Lucas, André; Siegmann, Arjen - Center for Financial Studies - 2010

We show that if an agent is uncertain about the precise form of his utility function, his actual relative risk aversion may depend on wealth even if he knows his utility function lies in the class of constant relative risk aversion (CRRA) utility functions. We illustrate the consequences of this...

Persistent link: https://www.econbiz.de/10010986389

Escapist policy rules

Bullard, James; Cho, In-Koo - Center for Financial Studies - 2003

We study a simple, microfounded macroeconomic system in which the monetary authority employs a Taylor-type policy rule. We analyze situations in which the self-confirming equilibrium is unique and learnable according to Bullard and Mitra (2002). We explore the prospects for the use of large...

Persistent link: https://www.econbiz.de/10010986393

Monetary policy, indeterminacy and learning

Evans, George W.; McGough, Bruce - Center for Financial Studies - 2003

both lagged and expected inflation in the Phillips Curve, and both expected inflation and inertial elements in the policy …

Persistent link: https://www.econbiz.de/10010986495

Learning and Equilibrium Selection in a Monetary Overlapping Generations Model with Sticky Prices

Adam, Klaus - Center for Financial Studies - 2003

We study adaptive learning in a monetary overlapping generations model with sticky prices and monopolistic competition for the case where learning agents observe current endogenous variables. Observability of current variables is essential for informational consistency of the learning setup with...

Persistent link: https://www.econbiz.de/10010958494

A general approach to recovering market expectations from futures prices with an application to crude oil

Baumeister, Christiane; Kilian, Lutz - Center for Financial Studies - 2014

Futures markets are a potentially valuable source of information about market expectations. Exploiting this information has proved difficult in practice, because the presence of a timevarying risk premium often renders the futures price a poor measure of the market expectation of the price of...

Persistent link: https://www.econbiz.de/10010958503

Household economic decisions under the shadow of terrorism

Christelis, Dimitris; Georgarakos, Dimitris - Center for Financial Studies - 2009

We investigate, using the 2002 US Health and Retirement Study, the factors influencing individuals' insecurity and expectations about terrorism, and study the effects these last have on households' portfolio choices and spending patterns. We find that females, the religiously devout, those...

Persistent link: https://www.econbiz.de/10010958603

Privacy or Publicity - Who Drives the Wheel?

Bannier, Christina E. - Center for Financial Studies - 2003

Financial markets are to a very large extent influenced by the advent of information. Such disclosures, however, do not only contain information about fundamentals underlying the markets, but they also serve as a focal point for the beliefs of market participants. This dual role of information...

Persistent link: https://www.econbiz.de/10010958606

The diversity of forecasts from macroeconomic models of the U.S. economy

Wieland, Volker; Wolters, Maik H. - Center for Financial Studies - 2010

This paper investigates the accuracy and heterogeneity of output growth and inflation forecasts during the current and the four preceding NBER-dated U.S. recessions. We generate forecasts from six different models of the U.S. economy and compare them to professional forecasts from the Federal...

Persistent link: https://www.econbiz.de/10010958731