Similar Search Results

Unspanned macroeconomic factors in the yield curve

Coroneo, Laura; Giannone, Domenico; Modugno, Michele - Federal Reserve Board (Board of Governors of the … - 2014

In this paper, we extract common factors from a cross-section of U.S. macro-variables and Treasury zero-coupon yields. We find that two macroeconomic factors have an important predictive content for government bond yields and excess returns. These factors are not spanned by the cross-section of...

Persistent link: https://www.econbiz.de/10010886225

The Importance of Updating: Evidence from a Brazilian Nowcasting Model

Bragoli, Daniela; Metelli, Luca; Modugno, Michele - Federal Reserve Board (Board of Governors of the … - 2014

How often should we update predictions for economic activity? Gross domestic product is a quarterly variable disseminated usually a couple of months after the end of the quarter, but many other macroeconomic indicators are released with a higher frequency, and financial markets react very...

Persistent link: https://www.econbiz.de/10011075127

Risk Choices and Compensation Design

Carey, Mark S.; Sun, Bo - Federal Reserve Board (Board of Governors of the … - 2015

We analyze the impact of bad-tail risks on managerial pay functions, especially the decision to pay managers in stock or in options. In contrast to conventional wisdom, we find that options are often a superior vehicle for limiting managerial incentives to take bad-tail risks while providing...

Persistent link: https://www.econbiz.de/10011268460

Relative Liquidity and Future Volatility

Valenzuela, Marcela; Zer, Ilknur; Fryzlewicz, Piotr; … - Federal Reserve Board (Board of Governors of the … - 2014

The main contribution of this paper is to identify the strong predictive power of the relative concentration of depth provision, rather than volume of orders, over volatility. To this end, we propose a new measure, relative liquidity (RLIQ), which extracts information from a limit order book...

Persistent link: https://www.econbiz.de/10010787053

Financing Constraints and Unemployment: Evidence from the Great Recession

Duygan-Bump, Burcu; Leykov, Alexey; Montoriol-Garriga, Judit - Federal Reserve Board (Board of Governors of the … - 2014

credit constraints hypothesis. …

Persistent link: https://www.econbiz.de/10011075116

The Replacement of Safe Assets: Evidence from the U.S. Bond Portfolio

Bertaut, Carol C.; Tabova, Alexandra M.; Wong, Vivian - Federal Reserve Board (Board of Governors of the … - 2014

The expansion in financial sector "safe" assets, largely in the form of structured products from the U.S. and the Caribbean, in the lead-up to the global financial crisis has by now been fairly well documented. Using a unique dataset derived from security-level data on U.S. portfolio holdings of...

Persistent link: https://www.econbiz.de/10011075153

Business to Business Credit to Small Firms

Mach, Traci L. - Federal Reserve Board (Board of Governors of the … - 2014

trajectory while small loans outstanding continued to decline. Anecdotal evidence suggests that firms used trade credit to smooth … over cash flow problems. The current paper looks at recent trends in trade credit use by small businesses based on a recent … poll done by the Credit Research Foundation. The results highlight the importance of business to business credit for small …

Persistent link: https://www.econbiz.de/10010886218

Trade credit and credit rationing: a theoretical model

Duca, John - Federal Reserve Board (Board of Governors of the … - 1986

Persistent link: https://www.econbiz.de/10005361163

Decentralized credit markets with intermediaries: a relationship between complete and efficient markets

Benveniste, Lawrence M. - Federal Reserve Board (Board of Governors of the … - 1986

Persistent link: https://www.econbiz.de/10005361195

The role of federal banking agencies in strengthening federal financial consumer protection: testimony before the Committee on Financial Services, U.S. House of Representatives, Ju...

Kroszner, Randall S. - Federal Reserve Board (Board of Governors of the … - 2007

Persistent link: https://www.econbiz.de/10010725227