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China's evolving managed float : an exploration of the roles of the fix and broad dollar movements in explaining daily exchange rate changes

Clark, John - 2017

We investigate the drivers of daily changes in the exchange value of the Chinese currency (CNY) since early 2016, when a new regime was introduced for setting the fix - the midpoint of the CNY's daily trading range against the U.S. dollar. Daily changes in the fix, which is announced just prior...

Persistent link: https://www.econbiz.de/10011754330

Human capital and economic activity in urban America

Abel, Jaison R. (contributor); Gabe, Todd M. (contributor) - 2008

We examine the relationship between human capital and economic activity in U.S. metropolitan areas, extending the literature in two ways. First, we utilize new data on metropolitan area GDP to measure economic activity. Results show that a one-percentage-point increase in the proportion of...

Persistent link: https://www.econbiz.de/10003781561

Productivity and the density of human capital

Abel, Jaison R.; Dey, Ishita; Gabe, Todd M. - 2010

We estimate a model of urban productivity in which the agglomeration effect of density is enhanced by a metropolitan area’s stock of human capital. Estimation accounts for potential biases due to the endogeneity of density and industrial composition effects. Using new information on output per...

Persistent link: https://www.econbiz.de/10003948812

Combinatorial growth with physical constraints: evidence from electronic miniaturization

Azar, Pablo D. - 2021

electronics on GDP has been widely studied, the question of how electronic miniaturization affects economic growth has been … unexplored. To quantify the effect of electronic miniaturization on GDP, this paper builds an economic growth model that … model and show that Moore's Law accounts for approximately 3.5 percent of all productivity growth in the 1982-2007 period …

Persistent link: https://www.econbiz.de/10012520312

Measuring the natural rate of interest after COVID-19

Holston, Kathryn; Laubach, Thomas; Williams, John C. - 2023

We modify the Laubach-Williams and Holston-Laubach-Williams models of the natural rate of interest to account for time-varying volatility and a persistent COVID supply shock during the pandemic. Resulting estimates of the natural rate of interest in the United States, Canada, and the Euro Area...

Persistent link: https://www.econbiz.de/10014302828

Run equilibria in a model of financial intermediation

Ennis, Huberto M. (contributor); Keister, Todd (contributor) - 2008

We study the Green and Lin (2003) model of financial intermediation with two new features: traders may face a cost of contacting the intermediary, and consumption needs may be correlated across traders. We show that each feature is capable of generating an equilibrium in which some (but not all)...

Persistent link: https://www.econbiz.de/10003781442

Settlement delays in the money market

Bartolini, Leonardo (contributor); … - 2008

We track 38,000 money market trades from execution to delivery and return to provide a first empirical analysis of settlement delays in financial markets. In line with predictions from recent models showing that financial claims are settled strategically, we document a tendency by lenders to...

Persistent link: https://www.econbiz.de/10003781461

Corporate performance, board structure, and their determinants in the banking industry

Adams, Renée B. (contributor); Mehran, Hamid (contributor) - 2008

The subprime crisis highlights how little we know about the governance of banks. This paper addresses a long-standing gap in the literature by analyzing board governance using a sample of banking firm data that spans forty years. We examine the relationship between board structure (size and...

Persistent link: https://www.econbiz.de/10003781557

The welfare effects of a liquidity-saving mechanism

Atalay, Enghin (contributor); Martin, Antoine (contributor); … - 2008

This paper considers the welfare effects of introducing a liquidity-saving mechanism (LSM) in a real-time gross settlement (RTGS) payment system. We study the planner’s problem to get a better understanding of the economic role of an LSM and find that an LSM can achieve the planner’s...

Persistent link: https://www.econbiz.de/10003781558

A study of competing designs for a liquidity-saving mechanism

Martin, Antoine (contributor); … - 2008

We study two designs for a liquidity-saving mechanism (LSM), a queuing arrangement used with an interbank settlement system. We consider an environment where banks are subjected to liquidity shocks. Banks must make the decision to send, queue, or delay their payments after observing a noisy...

Persistent link: https://www.econbiz.de/10003781648

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