Similar Search Results

Declining valuations and equilibrium bidding in central bank refinancing operations

Ewerhart, Christian (contributor); Cassola, Nuno (contributor) - 2006

It is argued that bidders in liquidity-providing central bank operations should typically possess declining marginal valuations. Based on this hypothesis, we construct an equilibrium in central bank refinancing operations organised as variable rate tenders. In the case of the discriminatory...

Persistent link: https://www.econbiz.de/10003358659

Migration in an enlarged EU : a challenging solution?

Kahanec, Martin (contributor); … - 2008

analysis of the available literature and empirical evidence shows that (i) EU enlargement had a significant impact on migration … hard to detect, (iv) post-enlargement migration contributes to growth prospects of the EU, (v) these immigrants are … out the difficulties that restrictions on the free movement of workers bring about. -- Migration ; migration effects ; EU …

Persistent link: https://www.econbiz.de/10003793577

Lessons from migration after EU enlargement

Kahanec, Martin; Zaiceva, Anzelika; Zimmermann, Klaus F. - 2009

The Eastern enlargement of the EU was an institutional impetus to the migration potential in Europe. While the overall … numbers of migrants from the new member states in the EU15 increased between 2003 and 2007, this increase was distributed … unevenly among countries. The proportion of these migrants in the EU15 remains smaller than that of non-EU27 migrants. The …

Persistent link: https://www.econbiz.de/10003863171

Modelling short-term interest rate spreads in the euro money market

Cassola, Nuno; Morana, Claudio - 2008

In the framework of a new money market econometric model, we assess the degree of precision achieved by the European Central Bank ECB) in meeting its operational target for the short-term interest rate and the impact of the U.S. sub-prime credit crisis on the euro money market during the second...

Persistent link: https://www.econbiz.de/10003826033

Labor market outcomes of immigrants and non-citizens in the EU : an East-West comparison

Kahanec, Martin (contributor); Zaiceva, Anzelika (contributor) - 2008

The starkly different histories and institutions in the eastern and western member states of the European Union (EU … importance in the western EU member states, both immigrant status and citizenship matter in the eastern EU member states, their … the relationships between being non-citizen and labor market outcomes that we find in the eastern EU member states …

Persistent link: https://www.econbiz.de/10003684464

Structural econometric approach to bidding in the main refinancing operations of the Eurosystem

Cassola, Nuno (contributor); Ewerhart, Christian (contributor) - 2007

This paper contributes to the existing literature on central bank repo auctions. It is based on a structural econometric approach, whereby the primitives of bidding behavior (individual bid schedules and bid-shading components) are directly estimated. With the estimated parameters we calibrate a...

Persistent link: https://www.econbiz.de/10003516661

The Euro overnight interbank market and ECB's liquidity management policy during tranquil and turbulent times

Cassola, Nuno; Huetl, Michael - 2010

We analyze the impact of the recent financial market crisis on the Euro Overnight Index Average (EONIA) and interbank market trading and assess the effectiveness of the ECB liquidity policy between 07/2007 - 08/2008. We extend the model of [QM06] by (i) incorporating the microstructure of the...

Persistent link: https://www.econbiz.de/10008659390

The 2007 subprime market crisis through the lens of European Central Bank auctions for short-term funds

Cassola, Nuno; Hortaçsu, Ali; Kastl, Jakub - 2011

We study European banks’ demand for short-term funds (liquidity) during the summer 2007 subprime market crisis. We use bidding data from the European Central Bank's auctions for one-week loans, their main channel of monetary policy implementation. Our analysis provides a high-frequency,...

Persistent link: https://www.econbiz.de/10009380433

Pitfalls of immigrant inclusion into the European welfare state

Kahanec, Martin; Kim, Anna Myunghee; Zimmermann, Klaus F. - 2011

experts from organizations working on immigrant integration in the EU is analyzed using simple comparative statistical methods …

Persistent link: https://www.econbiz.de/10009529276

High-skilled immigration policy in Europe

Kahanec, Martin; Zimmermann, Klaus F. - 2010

Whether Europe will be able to stand up to its internal and external challenges crucially depends on its ability to manage its internal mobility and inflows of international migrants. Using a unique expert opinion survey, we document that Europe needs skilled migrants, and skill mismatch is to...

Persistent link: https://www.econbiz.de/10009314270