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Copeland, Adam; Duffie, Darrell; Yang, Yilin - 2021

that repo rate spikes are strongly associated with delayed intraday payments of reserves to these large bank holding …The Federal Reserve's "balance-sheet normalization," which reduced aggregate reserves between 2017 and September 2019 …. Substantially higher aggregate levels of reserves than existed in the period leading up to September 2019 would likely have …

Persistent link: https://www.econbiz.de/10012703467

Informational asymmetries in laboratory asset markets with state-dependent fundamentals

Keser, Claudia; Markstädter, Andreas - 2014

We investigate the formation of market prices in a new experimental setting involving multi-period call-auction asset markets with state-dependent fundamentals. We are particularly interested in two informational aspects: (1) the role of traders who are informed about the true state and/or (2)...

Persistent link: https://www.econbiz.de/10010427139

Bedingte Aktiengeschäfte

Dilger, Alexander - 2016

Bedingte Aktiengeschäfte sind solche, die nur bei Eintritt einer Bedingung wirksam werden, z. B. bei einer Übernahme oder der Wahl eines bestimmten Vorstandsvorsitzenden. Damit lassen sich Alternativen bewerten und Entscheidungen besser treffen.

Persistent link: https://www.econbiz.de/10011536171

A market microstructure analysis of foreign exchange intervention

Vitale, Paolo - 2006

We formulate a market microstructure model of exchange determination we employ to investigate the impact of foreign exchange intervention on exchange rates and on foreign exchange (FX) market conditions. With our formulation we show i) how foreign exchange intervention influences exchange rates...

Persistent link: https://www.econbiz.de/10011604675

Explaining exchange rate dynamics: the uncovered equity return parity condition

Cappiello, Lorenzo; De Santis, Roberto A. - 2005

By employing Lucas’ (1982) model, this study proposes an arbitrage relationship – the Uncovered Equity Return Parity (URP) condition – to explain the dynamics of exchange rates. When expected equity returns in a country/region are lower than expected equity returns in another...

Persistent link: https://www.econbiz.de/10011604575

Revenues and Welfare in Auctions with Information Release

Szech, Nora; Schweizer, Nikolaus - 2015

Auctions are the allocation-mechanisms of choice whenever goods and information in a market are scarce. Therefore, understanding how information in these markets affects welfare and revenues is of fundamental interest. We introduce new mathematical concepts, k- and k-m-dispersion, for...

Persistent link: https://www.econbiz.de/10011301637

Matching with Waiting Times: The German Entry-Level Labour Market for Lawyers

Dimakopoulos, Philipp D.; Heller, C.-Philipp - 2015

We study the allocation of German lawyers to different regional courts for their compulsory legal traineeship. The number of applicants exceeds the number of available positions in a given time period in some regions, so that not all lawyers can be matched simultaneously. As a consequence some...

Persistent link: https://www.econbiz.de/10011301749

Efficient promotion of renewable energy with reverse auctions

Schäfer, Sebastian; Schulten, Lisa - 2015

Despite negative experiences with auctioning off subsidies for renewable energy in some countries, tenders are increasingly used today. We develop a reverse auction which accounts for particularities of intermittent renewable energy sources. Determining the quantity, demanded by the regulator,...

Persistent link: https://www.econbiz.de/10011335496

A quantitative version of Myerson regularity

Schweizer, Nikolaus; Szech, Nora - 2015

In auction and mechanism design, Myerson's classical regularity condition is often too weak for a quantitative analysis of performance. For instance, ratios between revenue and welfare, or sales probabilities may vanish at the boundary of Myerson regularity. This paper introduces L-regularity as...

Persistent link: https://www.econbiz.de/10011403444

The quantitative view of Myerson regularity

Schweizer, Nikolaus; Szech, Nora - 2015

In mechanism design, Myerson regularity is often too weak for a quantitative analysis of performance. For instance, ratios between revenue and welfare, or sales probabilities may vanish at the boundary of Myerson regularity. This paper therefore explores the quantitative version of Myerson...

Persistent link: https://www.econbiz.de/10011406447

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