We provide a general characterization of the structure of rational expectations equilibria of any degree of revelation for pure exchange, sequential economies, with deffinitely many states of private information, an incomplete financial market and nominal assets. We estimate the dimension of the...

This paper estimates the factors underlying the volatility of the euro overnight interest rate and its transmission along the euro area money market yield curve. A new multivariate unobserved components model is proposed allowing for both long-memory and stationary cyclical dynamics. Using...

Four years after the introduction of the euro, this paper provides an overview of the current structure and integration of the euro area financial systems and related policy initiatives. We first compare the euro area financial structure with that of the United States and Japan. Using new and...

The classical Bagehotu0092s conception of a Lender of Last Resort (LOLR) that lends to illiquid banks has been criticized on two grounds: on the one hand, the distinction between insolvency and illiquidity is not clear cut; on the other a fully collateralized repo market allows Central Banks to...

Structures of education, vocational training and adult education systems in Europe For anyone trying to understand the general organisation of education systems in Europe, these monographs set out in some 40 pages for each country, full basic and regularly updated information on its own...

This report is made with the aim to lay out the general structure of the Finnish legislation concerning marriage and other kind of partnerships relevant from the point of view of law and legal institutions. The method used is the classical method of jurisprudence: an analysis based on legal...