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Central Bank Swap Lines
Bahaj, Saleem - 2018
Swap lines between advanced-economy central banks are a new important part of the global financial architecture. This … shows that the swap line mimics discount-window credit from the source central bank to the recipient-country banks using the … shows that the swap-line rate puts a ceiling on deviations from covered interest parity, and finds evidence for it in the …
Persistent link: https://www.econbiz.de/10012912674
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China's Bilateral Currency Swap Lines
Lin, Zhitao - 2016
We study the determinants of China's bilateral local currency swap lines that were established since the recent global … a swap line agreement. Once a swap line agreement decision is made, the size of the swap line is then mainly affected by …
Persistent link: https://www.econbiz.de/10012997246
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Private Monitoring, Collusion and the Timing of Information
Khalil, Fahad; Lawarrée, Jacques; Scott, Troy Joseph - 2015
When a principal’s monitoring information is private (non-verifiable), the agent should be concerned that the principal could misrepresent the information to reduce the agent’s wage or collect a monetary penalty. Restoring credibility may lead to an extreme waste of resources - the so-called...
Persistent link: https://www.econbiz.de/10014043494
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Labor Market Pooling, Outsourcing and Labor Contracts
Picard, Pierre M.; Wildasin, David E. - 2014
Economic regions, such as urban agglomerations, face external demand and price shocks that produce income risk. Workers in large and diversified agglomerations may benefit from reduced wage volatility, while firms may outsource the production of intermediate goods and realize benefits from...
Persistent link: https://www.econbiz.de/10014204210
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Stranded Assets, the Social Cost of Carbon, and Directed Technical Change : Macroeconomic Dynamics of Optimal Climate Policy
van der Ploeg, Rick - 2016
The tractable general equilibrium model developed by Golosov et al. (2014), GHKT for short, is modified to allow for stock-dependent fossil fuel extraction costs and partial exhaustion of fossil fuel reserves, a negative impact of global warming on growth, mean reversion in climate damages,...
Persistent link: https://www.econbiz.de/10012996198
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Adaptive Social Learning
March, Christoph - 2016
The paper investigates social-learning when the information structure is not commonly known. Individuals repeatedly interact in social-learning settings with distinct information structures. In each round of interaction, they use their experience gained in past rounds to draw inferences from...
Persistent link: https://www.econbiz.de/10012996206
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Voluntary Disclosure Schemes for Offshore Tax Evasion : An Analysis
Gould, Matthew - 2016
In recent years tax authorities worldwide have implemented voluntary disclosure schemes to recover tax on offshore investments. Such Schemes are characterized by the acquisition of non-audit information on offshore holdings, and a subsequent opportunity for affected taxpayers to make a voluntary...
Persistent link: https://www.econbiz.de/10012996861
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Mean Univariate-GARCH VaR Portfolio Optimization : Actual Portfolio Approach
Rankovic, Vladimir - 2016
In accordance with Basel Capital Accords, the Capital Requirements (CR) for market risk exposure of banks is a nonlinear function of Value-at-Risk (VaR). Importantly, the CR is calculated based on a bank's actual portfolio, i.e. the portfolio represented by its current holdings. To tackle...
Persistent link: https://www.econbiz.de/10012997323
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Social Security Transfers and the Marginal Cost of Public Funds
Bjertnaes, Geir - 2016
Recent estimates of the marginal cost of public funds differ substantially. Some studies argue that the efficiency cost of taxation counter the welfare gain connected to redistribution of income. Hence, the efficiency cost of taxation should not be included as a cost of public goods provision....
Persistent link: https://www.econbiz.de/10012999769
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The Selection Effect and the Inflation-Output Variability Trade-Off
Kara, Engin - 2016
It has been shown that extending the Calvo model to account for the heterogeneity in price stickiness suggested by the micro-evidence significantly improves the performance of the model. In the new model, price-changing firms are chosen disproportionately from sectors with more flexible prices....
Persistent link: https://www.econbiz.de/10013000448