This paper studies the joint business cycle dynamics of inflation, money growth, nominal and real interest rates and the velocity of money. I extend and estimate a standard cash and credit monetary model by adding idiosyncratic preference shocks to cash consumption as well as a banking sector....

I explain the key failure mechanics of large dealer banks, and some policy implications. This is not a review of the financial crisis of 2007–2009. Systemic risk is considered only in passing. Both the financial crisis and the systemic...

[...]In this article, we provide new evidence of the importance ofthe coordination mechanism that banks use in their normalpayments activity to provide liquidity. We do so by firstoutlining the sources of funding for banks’ payments activity, thus highlighting the role of expected incoming...

[...]In this article, we measure banks’ alternative fundingsources for Fedwire funds transfers throughout the day, usinga data set that includes all banks’ Fedwire funds transfers andFederal Reserve System deposits. This approach allows us togauge the importance of incoming payments as a...

Seit Juli 2000 müssen alle Kredit- und Finanzdienstleistungsinstitute, die über Gelder oder Wertpapiere von Kunden verfügen oder Eigenhandel betreiben, ihre in § 11 KWG geforderte jederzeitige ausreichende Zahlungsbereitschaft - mittels einer monatlich an das Bundesaufsichtsamt für das...

This paper investigates whether firms employing IAS or US GAAP exhibit measurable differences in proxies for information asymmetry and market liquidity. Sample firms are drawn from the "New Market" at the Frankfurt Stock Exchange. All firms listed in this market segment are required to provide...