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Monetary policy implications of state-dependent prices and wages

Costain, James; Nakov, Anton; Petit, Borja - 2019

We study the effects of monetary shocks in a model of state-dependent price and wage adjustment based on "control costs". Suppliers of retail goods and of labor are both monopolistic competitors that face idiosyncratic productivity shocks and nominal rigidities. Stickiness arises because precise...

Persistent link: https://www.econbiz.de/10011997540

Bank mergers, competition and liquidity

Carletti, Elena; Hartmann, Philipp; Spagnolo, Giancarlo - 2003

We model the impact of bank mergers on loan competition, banks' reserve holdings and aggregate liquidity. Banks compete …

Persistent link: https://www.econbiz.de/10009635892

Tracking global economic uncertainty : implications for the euro area

Bobasu, Alina; Geis, André; Quaglietti, Lucia; Ricci, … - 2021

This paper sheds light on the impact of global macroeconomic uncertainty on the euro area economy. We build on the methodology proposed by Jurado et al. (2015) and estimate global as well as country-specific measures of economic uncertainty for fifteen key euro area trade partners and the euro...

Persistent link: https://www.econbiz.de/10012503567

Optimal dynamic risk sharing when enforcement is a decision variable

Koeppl, Thorsten V. - 2003

Societies provide institutions that are costly to use, but able to enforce long-run relationships. We study the optimal decision problem of using self-governance for risk sharing or governance through enforcement provided by these institutions. Third-party enforcement is modelled as a costly...

Persistent link: https://www.econbiz.de/10009635888

Risk sharing through financial markets with endogenous enforcement of trades

Köppl, Thorsten V. - 2004

When people share risk in financial markets, intermediaries provide costly enforcement for most trades and, hence, are an integral part of financial marketsu0092 organization. We assess the degree of risk sharing that can be achieved through financial markets when enforcement is based on the...

Persistent link: https://www.econbiz.de/10009636542

Guess what

Koeppl, Thorsten V.; Monnet, Cyril - 2004

Exchanges and other trading platforms are often vertically integrated to carry out trading, clearing and settlement as one operation. We show that such vertical silos can prevent efficiency gains from horizontal consolidation of trading and settlement platforms to be realized. Independent of the...

Persistent link: https://www.econbiz.de/10009639429

Price rigidity

Baudry, Laurent; Le Bihan, Hervé; Sevestre, Patrick; … - 2004

Based upon a large fraction of the price records used for computing the French CPI, we document consumer price rigidity in France. We first provide a methodological discussion of issues involved in estimating average price duration with micro-data. The average duration of prices in the sectors...

Persistent link: https://www.econbiz.de/10009639438

Financial market integration and loan competition

Kaas, Leo - 2004

The paper analyzes how the removal of barriers to entry in banking affect loan competition, bank stability and economic … welfare. We consider a model of spatial loan competition where a market that is served by less efficient banks is opened to …

Persistent link: https://www.econbiz.de/10009639463

Cross-country price and inflation dispersion : retail network or national border?

Messner, Teresa; Rumler, Fabio; Strasser, Georg - 2023

(Why) do prices and inflation rates differ within the euro area? We study the relevance of a national border for grocery prices in the otherwise homogenous and highly integrated border region of Austria and Germany. Using transaction data on prices and quantities from a large household panel, we...

Persistent link: https://www.econbiz.de/10013552597

Competition among high-frequency traders, and market quality

Breckenfelder, Johannes - 2019

We study empirically how competition among high-frequency traders (HFTs) affects their trading behavior and market …-frequency competition, and contains an exogenous event - a tick size reform - which we use to disentangle the effects of the rising share of … high-frequency trading in the market from the effects of high-frequency competition. We find that when HFTs compete, their …

Persistent link: https://www.econbiz.de/10012016546

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