Similar Search Results

Employment stickiness in small manufacturing firms

Vermeulen, Philip - 2006

adjustment costs and indivisibility of labor in the employment stickiness of manufacturing firms with less than 75 employees …. When small firms have to adjust employment in units of at least one employee, indivisibility becomes an important source of … explains around 50% of the stickiness of employment, adjustment costs explain the other 50%. …

Persistent link: https://www.econbiz.de/10011604686

Cross-border diversification in bank asset portfolios

Buch, Claudia M.; Driscoll, John C.; Ostergaard, Charlotte - 2005

Taking the mean-variance portfolio model as a benchmark, we compute the optimally diversified portfolio for banks located in France, Germany, the U.K., and the U.S. under different assumptions about currency hedging. We compare these optimal portfolios to the actual cross-border assets of banks...

Persistent link: https://www.econbiz.de/10011604475

Interest rates and output in the long-run

Aksoy, Yunus; León-Ledesma, Miguel A. - 2005

In this paper we argue that both statistics and economic theory-based evidence largely indicate the absence of long run relationships between the real output and the most relevant monetary indicator for the U.K. and the U.S, short term interest rates. These findings are not only a full sample...

Persistent link: https://www.econbiz.de/10011604480

Communication and decision-making by central bank committees: different strategies, same effectiveness?

Ehrmann, Michael; Fratzscher, Marcel - 2005

The paper assesses the communication strategies of the Federal Reserve, the Bank of England and the European Central Bank and their effectiveness. We find that the effectiveness of communication is not independent from the decisionmaking process in the committee. The paper shows that the Federal...

Persistent link: https://www.econbiz.de/10011604534

Unions, wage setting and monetary policy uncertainty

Grüner, Hans Peter; Hayo, Bernd; Hefeker, Carsten - 2005

Recent theoretical research has studied extensively the link between wage setting and monetary policymaking in unionized economies. This paper addresses the question of the role of monetary uncertainty from both an empirical and theoretical point of view. Our analysis is based on a simple model...

Persistent link: https://www.econbiz.de/10011604536

How should central banks communicate?

Ehrmann, Michael; Fratzscher, Marcel - 2005

The paper shows that central bank communication is a key determinant of the market’s ability to anticipate monetary policy decisions and the future path of interest rates. Comparing communication policies by the Federal Reserve, the Bank of England and the ECB since 1999, we find that...

Persistent link: https://www.econbiz.de/10011604603

The timing of central bank communication

Ehrmann, Michael; Fratzscher, Marcel - 2005

This paper explores whether there are systematic patterns as to when members of the decision-making committees of the Federal Reserve, the Bank of England and the European Central Bank communicate with the public, and under what circumstances such communication has the ability to move financial...

Persistent link: https://www.econbiz.de/10011604611

Are internet prices sticky?

Lünnemann, Patrick; Wintr, Ladislav - 2006

This paper studies the behaviour of Internet prices. It compares price rigidities on the Internet and in traditional brick-and-mortar stores and provides a cross-country perspective. The data set covers a broad range of items typically sold over the Internet. It includes more than 5 million...

Persistent link: https://www.econbiz.de/10011604691

Public debt and long-term interest rates: the case of Germany, Italy and the USA

Paesani, Paolo; Strauch, Rolf; Kremer, Manfred - 2006

macroeconomic consequences of government debt accumulation. Focusing on the USA, Germany and Italy over the 1983-2003 period, the …

Persistent link: https://www.econbiz.de/10011604702

The behaviour of the real exchange rate: evidence from regression quantiles

Nikolaou, Kleopatra - 2006

We test for mean reversion in real exchange rates using a recently developed unit root test for non-normal processes based on quantile autoregression inference in semi-parametric and non-parametric settings. The quantile regression approach allows us to directly capture the impact of different...

Persistent link: https://www.econbiz.de/10011604713