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network on November 29-30, 2007, hosted by Santander at its corporate headquarters in Madrid, Spain. In intensive discussions …
Persistent link: https://www.econbiz.de/10009638487
network on November 29u009630, 2007, hosted by Santander at its corporate headquarters in Madrid, Spain. In intensive …
Persistent link: https://www.econbiz.de/10009638489
network on November 29u009630, 2007, hosted by Santander at its corporate headquarters in Madrid, Spain. In intensive …
Persistent link: https://www.econbiz.de/10009638490
network on November 29u009630, 2007, hosted by Santander at its corporate headquarters in Madrid, Spain. In intensive …
Persistent link: https://www.econbiz.de/10009638491
network on November 29u009630, 2007, hosted by international bank Santander at its corporate headquarters in Madrid, Spain. In …
Persistent link: https://www.econbiz.de/10009638492
one operation. We show that such vertical silos can prevent efficiency gains from horizontal consolidation of trading and … information, there is no mechanism that achieves the merger of the vertical silos in a way that trading and settlement are … produced efficiently after the merger. Furthermore, we show that such an ex-post efficient merger can always be implemented by …
Persistent link: https://www.econbiz.de/10009639429
protection, accounting standards and capital market development in the partner exchange’s country, the higher the merger and …
Persistent link: https://www.econbiz.de/10009640339
We determine optimal monetary policy under commitment in a forwardlooking New Keynesian model when nominal interest rates are bounded below by zero. The lower bound represents an occasionally binding constraint that causes the model and optimal policy to be nonlinear. A calibration to the U.S....
Persistent link: https://www.econbiz.de/10009639431
We determine optimal discretionary monetary policy in a New-Keynesian model when nominal interest rates are bounded below by zero. Nominal interest rates should be lowered faster in response to adverse shocks than in the case without bound. Such ‘preemptive easing’ is optimal because...
Persistent link: https://www.econbiz.de/10009639434
We show how to use a simple perturbation method to solve non-linear rational expectation models. Drawing from the applied mathematics literature we propose a method consisting of series expansions of the non-linear system around a known solution. The variables are represented in terms of their...
Persistent link: https://www.econbiz.de/10009640275