Showing 1 - 10 of 12
The ECB has accepted increasing amounts of rubbish collateral since the crisis started leading to exposure to serious private sector credit risk (i.e. default risk) on its collateralised lending and reverse operations ("repo"). This has led some commentators to argue that the ECB needs "fiscal...
Persistent link: https://www.econbiz.de/10008535997
After the dramatic rescue package for the euro area, the governing council of the European Central Bank decided to purchase European government bonds - to ensure an “orderly monetary policy transmission mechanism”. Many observers argued that, by bond purchases, national fiscal policies could...
Persistent link: https://www.econbiz.de/10008492948
This paper studies the impact of credit rating agency (CRA) announcements on the value of the Euro and the yields of French, Italian, German and Spanish long-term sovereign bonds during the culmination of the Eurozone debt crisis in 2011-2012. The employed GARCH models show that CRA downgrade...
Persistent link: https://www.econbiz.de/10011128878
Many commonly used treatment effects estimators rely on the unconfoundedness assumption (“selection on observables") which is fundamentally non-testable. When evaluating the effects of labor market policies, researchers need to observe variables that affect both treatment participation and...
Persistent link: https://www.econbiz.de/10011266602
-in-difference matching strategy based on firm level panel data. In addition, we implement a more structural approach with a tax rate …
Persistent link: https://www.econbiz.de/10009651334
It has previously been shown that civil conflict influences many economic factors, including education, which play an important role in development and economic growth. Previous authors working on the influence of conflict on education have, however, always focused strongly on the supply-side...
Persistent link: https://www.econbiz.de/10008461824
We investigate the matching algorithm used by the German central clearinghouse for university admissions (ZVS) in … criteria applied for admission they all make use of priority matching. In priority matching schemes, it is not a dominant … applicants, we are able to detect some amount of strategic behaviour which can lead to inefficient matching. Alternative ways to …
Persistent link: https://www.econbiz.de/10004963710
Having close linkages with the counterfactual concept of causality, nonparametric matching estimators have recently … causal model (RCM), the paper discusses the implementation of counterfactual analyses by propensity score matching methods … underlying matching methods relative to standard regression analysis. We then illustrate the application of matching estimators …
Persistent link: https://www.econbiz.de/10004963893
Matching has become a popular approach to estimate average treatment effects. It is based on the conditional … matching estimators are not robust. We address this problem with the bounding approach proposed by Rosenbaum (2002), where … to undermine the implications of the matching analysis. …
Persistent link: https://www.econbiz.de/10004963910
propensity score matching methods we extend the picture that has been sketched in previous studies by estimating treatment …
Persistent link: https://www.econbiz.de/10005068721