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Lessons from the European financial crisis
Pagano, Marco - Center for Financial Studies - 2014
This paper distils three lessons for bank regulation from the experience of the 2009-12 euro-area financial crisis … fiscal distress, and inquires how the regulation of banks' sovereign exposures in the euro area should be changed to mitigate … new regulatory framework of the euro-area "banking union" can be expected to mitigate excessive forbearance and facilitate …
Persistent link: https://www.econbiz.de/10010961638
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Inflation targeting as a monetary policy rule
Svensson, Lars E. O. - Center for Financial Studies - 1998
The purpose of the paper is to survey and discuss inflation targeting in the context of monetary policy rules. The paper provides a general conceptual discussion of monetary policy rules, attempts to clarify the essential characteristics of inflation targeting, compares inflation targeting to...
Persistent link: https://www.econbiz.de/10010958497
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Robustly optimal monetary policy with near-rational expectations
Woodford, Michael - Center for Financial Studies - 2005
The paper considers optimal monetary stabilization policy in a forward-looking model, when the central bank recognizes that private-sector expectations need not be precisely modelconsistent, and wishes to choose a policy that will be as good as possible in the case of any beliefs that are close...
Persistent link: https://www.econbiz.de/10010958613
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Bayesian and adaptive optimal policy under model uncertainty
Svensson, Lars E. O.; Williams, Noah - Center for Financial Studies - 2006
We study the problem of a policymaker who seeks to set policy optimally in an economy where the true economic structure is unobserved, and policymakers optimally learn from their observations of the economy. This is a classic problem of learning and control, variants of which have been studied...
Persistent link: https://www.econbiz.de/10010958767
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Robustly Optimal Monetary Policy with Near-Rational Expectations
Woodford, Michael - Center for Financial Studies - 2007
The paper considers optimal monetary stabilization policy in a forward-looking model, when the central bank recognizes that private-sector expectations need not be precisely model-consistent, and wishes to choose a policy that will be as good as possible in the case of any beliefs that are close...
Persistent link: https://www.econbiz.de/10005022441
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Bayesian and Adaptive Optimal Policy under Model Uncertainty
Svensson, Lars E.O.; Williams, Noah - Center for Financial Studies - 2007
We study the problem of a policymaker who seeks to set policy optimally in an economy where the true economic structure is unobserved, and policymakers optimally learn from their observations of the economy. This is a classic problem of learning and control, variants of which have been studied...
Persistent link: https://www.econbiz.de/10005600452
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The European Central Bank
Binder, Michael; Wieland, Volker - Center for Financial Studies - 2006
The establishment of the ECB and with it the launch of the euro has arguably been a unique endeavor in economic history …
Persistent link: https://www.econbiz.de/10010958537
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The euro and international capital markets
Detken, Carsten; Hartmann, Philipp - Center for Financial Studies - 2000
a special emphasis on the first year of the euro. A contribution is made as to how to measure these roles, both for … identification of changes in the role of the euro during 1999 compared to the aggregate of euro predecessor currencies, net of intra … -euro area assets/liabilities, before stage 3 of EMU. A number of key factors determining the currency distribution of …
Persistent link: https://www.econbiz.de/10010958704
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Private equity returns and disclosure around the world
Walz, Uwe; Cumming, Douglas - Center for Financial Studies - 2004
We study the returns the venture capital and private equity investment from 221 venture capital and private equity funds that are part of 72 venture capital and private equity firms, 5040 entrepreneurial firms (3826 venture capital and 1214 private equity), and spanning 32 years (1971 2003) and...
Persistent link: https://www.econbiz.de/10010986361
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The future of securitization
Franke, Günter; Krahnen, Jan Pieter - Center for Financial Studies - 2008
Securitization is a financial innovation that experiences a boom-bust cycle, as many other innovations before. This paper analyzes possible reasons for the breakdown of primary and secondary securitization markets, and argues that misaligned incentives along the value chain are the primary cause...
Persistent link: https://www.econbiz.de/10010986376