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Banks, markets, and financial stability
Eder, Armin; Fecht, Falko; Pausch, Thilo - 2014
We use a Diamond/Dybvig-based model with two banks operating in separate regions connected by a common asset market in which banks and sophisticated depositors invest. We study the effect of a potential run (crisis) and subsequent fire sales on the asset price in both the crisis and no-crisis...
Persistent link: https://www.econbiz.de/10010433396
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Are there bubbles in the Sterling-dollar Exchange Rate? : new evidence from Sequential ADF Tests
Bettendorf, Timo; Chen, Wenjuan - 2012
There has been mixed evidence regarding the existence of rational bubbles in the foreign exchange markets. Standard … unit root and cointegration tests are criticized for their low power to detect rational bubbles that periodically collapse …. This paper introduces recently developed sequential unit root tests into the analysis of exchange rates bubbles. Our …
Persistent link: https://www.econbiz.de/10009704893
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Point, interval and density forecasts of exchange rates with time-varying parameter models
Abbate, Angela; Marcellino, Massimiliano - 2016
We explore whether modelling parameter time variation improves the point, interval and density forecasts of nine major exchange rates vis-a-vis the US dollar over the period 1976-2015. We find that modelling parameter time variation is needed for an accurate calibration of forecast confidence...
Persistent link: https://www.econbiz.de/10011489395
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Spillovers of U.S. unconventional monetary policy to emerging markets : the role of capital flows
Anaya Longaric, Pablo Andrés; Hachula, Michael; … - 2015 - This version: November 2, 2015
A growing literature stresses the importance of the “global financial cycle”, a common global movement in asset prices and credit conditions, for emerging market economies (EMEs). It is argued that one of the key drivers of this global cycle is monetary policy in the U.S., which is...
Persistent link: https://www.econbiz.de/10011405101
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Dismantling of a breakthrough : the Kyoto Protocol - just symbolic policy!
Böhringer, Christoph; Vogt, Carla - 2002
We show that U.S. withdrawal from the Kyoto Protocol is straightforward under political economy considerations. The reason is that U.S. compliance costs exceed low willingness to pay for dealing with global warming in the U.S. The withdrawal had a crucial impact on the concretion of the Protocol...
Persistent link: https://www.econbiz.de/10001666884
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Gravity redux : measuring international trade costs with panel data
Novy, Dennis - 2012
Persistent link: https://www.econbiz.de/10002561942
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Finding relevant variables in sparse Bayesian factor models : economic applications and simulation results
Kaufmann, Sylvia; Schumacher, Christian - 2012
This paper considers factor estimation from heterogenous data, where some of the variables are noisy and only weakly informative for the factors. To identify the irrelevant variables, we search for zero rows in the loadings matrix of the factor model. To sharply separate these irrelevant...
Persistent link: https://www.econbiz.de/10009674269
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Turbulence, firm decentralization and growth in bad times
Aghion, Philippe; Bloom, Nicholas; Lucking, Brian; … - 2017
Persistent link: https://www.econbiz.de/10011668680
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Market power in international emissions trading : the impacts of U.S. withdrawal from the Kyoto Protocol
Böhringer, Christoph - 2001
This paper investigates the implications of U.S. withdrawal on environmental effectiveness, economic efficiency, and the distribution of compliance costs taking into account market power of the Former Soviet Union (FSU) on emission permit markets. While exercise of market power on behalf of FSU...
Persistent link: https://www.econbiz.de/10013428450
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Knowledge flows, R&D spillovers and innovation
Peri, Giovanni - 2003
Persistent link: https://www.econbiz.de/10013428573