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Kahn, Charles M.; Oordt, Maarten R. C. van - 2022

This paper studies the desirability of programmable payments where transfers are automatically executed conditional … of economic relationships between two parties. Our framework stacks the cards in favor of programmable payments by … relationships consist predominantly of simple direct payments. Direct payments increase the surplus by avoiding the liquidity cost …

Persistent link: https://www.econbiz.de/10013413524

Assessing autonomous algorithmic collusion : Q-learning under short-run price commitments

Klein, Timo - 2018 - Revision: September 2018

A novel debate within competition policy and regulation circles is whether autonomous machine learning algorithms may learn to collude on prices. We show that when fims face short-run price commitments, independent Q-learning (a simple but well-established self-learning algorithm) learns to...

Persistent link: https://www.econbiz.de/10011869980

Nonlinear time series and neural-network models of exchange rates between the US Dollar and major currencies

Allen, David E.; McAleer, Michael; Peiris, Shelton; … - 2015

This paper features an analysis of major currency exchange rate movements in relation to the US dollar, as constituted in US dollar terms. Euro, British pound, Chinese yuan, and Japanese yen are modelled using a variety of non-linear models, including smooth transition regression models,...

Persistent link: https://www.econbiz.de/10011378229

Possibly ill-behaved posteriors in econometric models

Hoogerheide, Lennart; Dijk, Herman K. van - 2008

Highly non-elliptical posterior distributions may occur in several econometric models, in particular, when the likelihood information is allowed to dominate and data information is weak. We explain the issue of highly non-elliptical posteriors in a model for the effect of education on income...

Persistent link: https://www.econbiz.de/10011374406

History-dependent monetary regimes : a lab experiment and a HENK model

Arifovic, Jasmina; Salle, Isabelle; Truong, Hung - 2023

Price-level targeting (PLT) is optimal under the fully-informed rational expectations (FIRE) benchmark but lacks empirical support. Given the hurdles to the implementation of macroeconomic field experiments, we utilize a laboratory group experiment - where expectations are elicited from human...

Persistent link: https://www.econbiz.de/10014280056

Bankruptcy codes and risk sharing of currency unions

Wang, Xuan - 2021

Since the Eurozone Crisis of 2010-12, a critical debate on the viability of a currency union has focused on the role of a fiscal union in adjusting for country heterogeneity. However, a fully-fledged fiscal union may not be politically feasible. This paper develops a two-country general...

Persistent link: https://www.econbiz.de/10012421007

Unsecured and secured funding

Di Filippo, Mario; Ranaldo, Angelo; Wrampelmeyer, Jan - 2018

We empirically investigate why wholesale funding is fragile by providing the first study of how individual banks borrow and lend in the euro unsecured and secured interbank market. Consistent with theories in which lenders enforce market discipline by monitoring counterparty credit risk and...

Persistent link: https://www.econbiz.de/10011818292

An empirical study of cash payments

Kippers, Jeanine; Nierop, Johannes Erjen Maurice van; … - 2002

Anytime an individual makes a cash payment, s/he needs to think about theamount to be paid, the coins and notes which are available, and the amount ofchange. For central banks and retail stores, for example, it is of interest to un-derstand how this individual choice process works. The...

Persistent link: https://www.econbiz.de/10011327547

An empirical study of cash payments

Kippers, Jeanine; Nierop, Erjen van; Paap, Richard; … - 2002

Persistent link: https://www.econbiz.de/10001689354

Utility maximization and mode of payment

Koning, Ruud Hans - 1997

Persistent link: https://www.econbiz.de/10000970052

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