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Reforming the architecture of EMU: Ensuring stability in Europe
Haan, Jakob de; Hessel, Jeroen; Gilbert, Niels - de Nederlandsche Bank - 2014
This paper analyses the reforms in the architecture of EMU since the eruption of the euro crisis in 2010. We describe major weaknesses in the original set-up of EMU, such as lack of fiscal discipline, diverging financial cycles and competitiveness positions, and a lack of crisis instruments....
Persistent link: https://www.econbiz.de/10010945595
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Indicator and boundaries of financial stability
End, Jan Willem van den - de Nederlandsche Bank - 2006
This paper presents an information variable for financial stability consisting of a composite index and its related critical boundaries. It is an extension of a Financial Conditions Index with information on financial institutions. The indicator is bounded, on one side, by the instability...
Persistent link: https://www.econbiz.de/10005101852
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Equality of Demand and Supply Neither Determines Price Nor Clears the Market
Gani, Mohammad - EconWPA - 2004
The belief that equality of demand and supply determines price and clears the market is universal. Shockingly, this belief is unfounded. It contradicts macro’s claim that equality of demand and supply determines output. It contradicts (new) monetary theory, which claims that equality of demand...
Persistent link: https://www.econbiz.de/10005413280
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The Varieties of Subjectivism: Keynes and Hayek on Expectations
Butos, William N.; Koppl, Roger G. - EconWPA - 1995
J.M. Keynes and F.A. Hayek had different economic ideas even though both were subjectivists seriously engaged with … between their philosophical ideas. Keynes was a Cartesian rationalist and justificationist; Hayek a critical rationalist and … non-justificationist. We draw on Keynes's "A Treatise on Probability," Hayek's "The Sensory Order," and other works to …
Persistent link: https://www.econbiz.de/10005076652
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Determinants of the rate of the Dutch unsecured overnight money market
Heijmans, Ronald; Hernández, Lola; Heuver, Richard - de Nederlandsche Bank - 2013
This paper investigates how changes in the monetary policy framework have affected the overnight money market lending rate for the Dutch segment of the euro area during tranquil and crisis times. We present an EGARCH model on the volatility of the overnight lending rate. The results show that...
Persistent link: https://www.econbiz.de/10011004570
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How to measure the unsecured money market? The Eurosystem's implementation and validation using TARGET2 data
Arciero, Luca; Heijmans, Ronald; Heuver, Richard; … - de Nederlandsche Bank - 2013
This paper develops a methodology, based on Furfine (1999), to identify unsecured interbank money market loans from transaction data of the most important euro processing payment system, TARGET2, for maturity ranging from one day (overnight) up to three months. The implementation has been...
Persistent link: https://www.econbiz.de/10010757281
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An Agent-Based Keynesian Laboratory
Bruun, Charlotte - Society for Computational Economics - SCE - 2005
An agent-based Keynesian laboratory is built with a twofold purpose; to further investigate the ideas of Keynes and …
Persistent link: https://www.econbiz.de/10005343000
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Keynes’ Metaphor of the Newspaper Competition: A Model
Sanyal, Amal - EconWPA - 2005
Keynes’ General Theory provides an interesting metaphor for asset markets: they are like newspaper competitions where … closest to the average preferences. Keynes did not explicitly formalise the metaphor but his observations about the bond … of decision rules from the suggestions in the General Theory and Keynes' QJE(1937) paper, and introduces a concept of …
Persistent link: https://www.econbiz.de/10005126429
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Foreign Banks: Trends, Impact and Financial Stability
Claessens, Stijn; Horen, Neeltje van - de Nederlandsche Bank - 2011
Using a new, comprehensive database on bank ownership, identifying also the home country of foreign banks, for 137 countries over the period 1995-2009, this paper provides an overview of foreign bank activity and its impact of financial development and stability. We document substantial...
Persistent link: https://www.econbiz.de/10009390614
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Systemic risk and bank business models
Oordt, Maarten van; Zhou, Chen - de Nederlandsche Bank - 2014
In this study we disentangle two dimensions of banks' systemic risk: the level of bank tail risk and the linkage between a bank's tail risk and severe shocks in the financial system. We employ a measure of the systemic risk of financial institutions that can be decomposed into two subcomponents...
Persistent link: https://www.econbiz.de/10010945596