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Does it pay to have friends? Social ties and executive appointments in banking
Berger, Allen N.; Kick, Thomas; Koetter, Michael; … - Deutsche Bundesbank - 2011
Social capital theory predicts individuals establish social ties based on homophily, i.e., affinities for similar others. We exploit a unique sample to analyze how similarities and social ties affect career outcomes in banking based on age, education, gender, and employment history to examine if...
Persistent link: https://www.econbiz.de/10010954916
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The performance impact of firm ownership transformation in China
Beirne, John; Liu, Guy S.; Sun, Pei - European Central Bank - 2013
Does firm ownership change affect performance? On the basis of a mean-value analysis and a fixed effects panel analysis of over 1100 Chinese companies during the period of ownership reform (1997-2003), this paper examines the performance impact of firm ownership transformation in China. The data...
Persistent link: https://www.econbiz.de/10010709524
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Fiscal policy in a monetary economy with capital and finite lifetime
Annicchiarico, Barbara; Giammarioli, Nicola; … - European Central Bank - 2006
This paper develops a dynamic stochastic general equilibrium model with nominal rigidities, capital accumulation and finite lifetimes. The framework exhibits intergenerational wealth effects and is intended to investigate the macroeconomic implications of fiscal policy, which is specified by...
Persistent link: https://www.econbiz.de/10005344905
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What accounts for the changes in U.S. fiscal policy transmission?
Bilbiie, Florin O.; Meier, André; Müller, Gernot J. - European Central Bank - 2006
Using vector autoregressions on U.S. time series for 1957-1979 and 1983-2004, we find government spending shocks to have stronger effects on output, consumption, and wages in the earlier sample. We try to account for this observation within a DSGE model featuring price rigidities and limited...
Persistent link: https://www.econbiz.de/10005344962
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Government bond risk premia and the cyclicality of fiscal policy
Christoffel, Kai; Jaccard, Ivan; Kilponen, Juha - European Central Bank - 2011
We introduce a specification of habit formation featuring non-separability between consumption and leisure into an otherwise standard New Keynesian model. The model can be estimated with standard Bayesian techniques and the bond pricing implications are evaluated using higher-order...
Persistent link: https://www.econbiz.de/10009399786
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Fiscal activism and the zero nominal interest rate bound
Schmidt, Sebastian - European Central Bank - 2014
-maker uses government spending more aggressively to stabilise inflation and the output gap in a liquidity trap than an authority …
Persistent link: https://www.econbiz.de/10010753730
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Die Deutsche Bundesbank : geldpolitische Aufgaben und Instrumente
Deutsche Bundesbank - 1985 - 3. Aufl.
Persistent link: https://www.econbiz.de/10004771533
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Die Deutsche Bundesbank : geldpolitische Aufgaben u. Instrumente
Deutsche Bundesbank - 1987 - 4. Aufl.
Persistent link: https://www.econbiz.de/10004055197
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How stressed are banks in the interbank market?
Abbassi, Puriya; Fecht, Falko; Weber, Patrick - Deutsche Bundesbank - 2013
recourse to the LOLR facility (a) to derive banks' willingness-to-pay for liquidity through a one-week repo and (b) to show … results suggest (i) that banks' willingness-to-pay for liquidity indeed reflects refinancing conditions in the interbank …
Persistent link: https://www.econbiz.de/10010957097
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International banking and liquidity risk transmission: Lessons from across countries
Buch, Claudia M.; Goldberg, Linda - Deutsche Bundesbank - 2014
financial crisis. Yet, we know little about the actual magnitudes and mechanisms for transmission of liquidity shocks through … studies conducted in 11 countries to explore liquidity risk transmission. Among the main results is, first, that explanatory … power of the empirical model is higher for domestic lending than for international lending. Second, how liquidity risk …
Persistent link: https://www.econbiz.de/10010957099