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Incentive Pay and Bank Risk-Taking : Evidence from Austrian, German, and Swiss Banks
Efing, Matthias - 2014
We use payroll data on 1.2 million bank employee years in the Austrian, German, and Swiss banking sector to identify incentive pay in the critical banking segments of treasury/capital market management and investment banking for 66 banks. We document an economically significant correlation of...
Persistent link: https://www.econbiz.de/10012458200
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Institutional Requirements for Effective Imposition of Fines
Piehl, Anne Morrison - 2010
A long theoretical literature in economics addresses the heavy reliance of the U.S. criminal justice system on very expensive forms of punishment - prison - when cheaper alternatives - such as fines and other sanctions - are available. This paper analyzes the role of fines as a criminal sanction...
Persistent link: https://www.econbiz.de/10012462181
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Criminal Sentencing in Nineteenth Century Pennsylvania
Bodenhorn, Howard - 2008
How law is interpreted and enforced at a particular historical moment reflects contemporary social concerns and prejudices. This paper investigates the nature of criminal sentencing in mid-nineteenth-century Pennsylvania. It finds that extralegal factors, namely place of conviction and several...
Persistent link: https://www.econbiz.de/10012464363
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I'd rather be Hanged for a Sheep than a Lamb : The Unintended Consequences of 'Three-Strikes' Laws
Iyengar, Radha - 2008
Strong sentences are common "tough on crime" tool used to reduce the incentives for individuals to participate in … participating in crime may adjust. I use California's Three Strikes law to identify several effects of a large increase in the … combined with the high cost of violent crime relative to non-violent crime implies that Three Strikes may not be a cost …
Persistent link: https://www.econbiz.de/10012464863
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Crime and Punishment in the "American Dream"
Tella, Rafael Di - 2006
We observe that countries where belief in the "American dream" (i.e., effort pays) prevails also set harsher punishment for criminals. We know from previous work that beliefs are also correlated with several features of the economic system (taxation, social insurance, etc). Our objective is to...
Persistent link: https://www.econbiz.de/10012466020
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A Statistical Analysis of Crime Against Foreigners in Unified Germany
Krueger, Alan B. - 1996
Germany has experienced a high and rising rate of anti-foreigner violence during the early 1990s. To analyze the … determinants of crime against foreigners we assembled a new data set on the number and nature of such crimes at the county level … the country. The incidence of anti- foreigner crime is higher in the east and rises with distance from the former west …
Persistent link: https://www.econbiz.de/10012473374
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Exchange Rates and Prices : Evidence from the 2015 Swiss Franc Appreciation
Auer, Raphael A.; Burstein, Ariel T.; Lein-Rupprecht, … - National Bureau of Economic Research - 2021
We dissect the impact of a large and sudden exchange rate appreciation on Swiss border import prices, retail prices, and consumer expenditures on domestic and imported non-durable goods, following the removal of the EUR/CHF floor in January 2015. Cross-sectional variation in border price changes...
Persistent link: https://www.econbiz.de/10012482622
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Central Bank Behavior and the Strategy of Monetary Policy : Observations From Six Industrialized Countries
Bernanke, Ben - 1992
Using a simple case study approach. this paper compares the conduct and performance of monetary policy in six Industrialized countries since the breakup of the Bretton Woods system. Our purpose is to develop fruitful hypotheses that might usefully be explored in subsequent, more formal research....
Persistent link: https://www.econbiz.de/10012474897
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A Multi-Country Comparison of Term Structure Forecasts at Long Horizons
Jorion, Philippe - 1991
besides the United states, using a newly constructed data set for 1 to 5 year interest rates from Britain, West Germany and … Switzerland. Even with wide differences in inflation processes across these countries, there is we find strong evidence that the …
Persistent link: https://www.econbiz.de/10012475446
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Central Banks : Evolution and Innovation in Historical Perspective
Bordo, Michael D. - 2017
Central banks have evolved for close to four centuries. This paper argues that for two centuries central banks caught up to the strategies followed by the leading central banks of the era; the Bank of England in the eighteenth and nineteenth centuries and the Federal Reserve in the twentieth...
Persistent link: https://www.econbiz.de/10012453864