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Risk sharing, finance and institutions in international portfolios
Fratzscher, Marcel; Imbs, Jean - European Central Bank - 2007
investment. Concomitantly, we show that poor institutions hamper risk sharing, but to an extent that decreases with openness. In … particular, risk sharing is prevalent even among economies with poor institutions, provided they are open to international …, capital flows headed for closed economies with poor institutions are designed and constrained so as to limit the cost incurred …
Persistent link: https://www.econbiz.de/10005530957
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On the Real Effects of Private Equity InvestmentEvidence from New Business Creation
Popov, Alexander; Roosenboom, Peter - European Central Bank - 2009
Using a comprehensive database of European firms, we study how private equityaffects the rate of firm entry. We find that private equity investment benefits newbusiness incorporation, especially in industries with naturally higher entry rates andR&D intensity. A two standard deviation increase...
Persistent link: https://www.econbiz.de/10005866482
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House prices, home equity and entrepreneurships
Corradin, Stefano; Popov, Alexander - European Central Bank - 2013
% increase in home equity raises the probability of transition into entrepreneurship by up to 14%. Our results persist when we …
Persistent link: https://www.econbiz.de/10010686820
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The reception of public signals in financial marketswhat if central bank communication becomes stale?
Ehrmann, Michael; Sondermann, David - European Central Bank - 2009
How do financial markets price new information? This paper analyzes price setting atthe intersection of private and public information, by testing whether and how thereaction of financial markets to public signals depends on the relative importance ofprivate information in agents’ information...
Persistent link: https://www.econbiz.de/10005866483
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optimal monetary Policy in a new keynesian model with habits in consumption
Leith, Campbell; Moldovan, Ioana; Rossi, Raffaele - European Central Bank - 2009
While consumption habits have been utilised as a means of generating a hump shapedoutput response to monetary policy shocks in sticky-price New Keynesian economies,there is relatively little analysis of the impact of habits (particularly, external habits) onoptimal policy. In this paper we...
Persistent link: https://www.econbiz.de/10005866485
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Bank risk and monetary policy
Altunbaş, Yener; Gambacorta, Leonardo; Marqués … - European Central Bank - 2009
We find evidence of a bank lending channel for the euro area operating via bank risk.Financial innovation and the new ways to transfer credit risk have tended to diminishthe informational content of standard bank balance-sheet indicators. We show thatbank risk conditions, as perceived by...
Persistent link: https://www.econbiz.de/10005866486
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Near-rational exuberance
Bullard, James; Evans, George W.; Honkapohja, Seppo - European Central Bank - 2005
We study how the use of judgement or “add-factors” in macroeconomic forecasting may disturb the set of equilibrium outcomes when agents learn using recursive methods. We isolate conditions under which new phenomena, which we call exuberance equilibria, can exist in standard macroeconomic...
Persistent link: https://www.econbiz.de/10005079099
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The daily and policy-relevant liquidity effects
Thornton, Daniel L. - European Central Bank - 2008
The phrase “liquidity effect” was introduced by Milton Friedman (1969) to describe the first of three effects on interest rates caused by an exogenous change in the money supply. The lack of empirical support for the liquidity effect using monthly and quarterly data using various monetary...
Persistent link: https://www.econbiz.de/10005079103
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Welfare-based monetary policy rules in an estimated DSGE model of the US economy
Juillard, Michel; Karam, Philippe; Laxton, Douglas; … - European Central Bank - 2006
We develop and estimate a stylized micro-founded model of the US economy. Next we compute the parameters of a simple interest rate policy rule that maximizes the unconditional mean of utility. We show that such a welfare-based rule lies close to the Taylor efficiency frontier. A counterfactual...
Persistent link: https://www.econbiz.de/10005025577
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Explaining monetary policy in press conferences
Ehrmann, Michael; Fratzscher, Marcel - European Central Bank - 2007
The question how best to communicate monetary policy decisions remains a highly topical issue among central banks. Focusing on the experience of the European Central Bank, this paper studies how explanations of monetary policy decisions at press conferences are perceived by financial markets....
Persistent link: https://www.econbiz.de/10005344820