Narrow search
Showing 1 - 10 of 120
Cover Image
Aggregation-theoretic monetary aggregation over the euro area, when countries are heterogeneous
Barnett, William A. - 2003
aggregation over countries. Our theory permits monitoring the effects of policy at the aggregate level over the euro area, while …We derive fundamental new theory for measuring monetary service flows aggregated over countries within the European … aggregation across countries over the heterogeneous representative agents, and we derive the resulting formulas for stochastic …
Persistent link: https://www.econbiz.de/10009635917
Cover Image
Indeterminacy of rational expectations equilibria in sequential financial markets
Donati, Paola - 2003
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...
Persistent link: https://www.econbiz.de/10009635915
Cover Image
Equilibrium unemployment, job flows and inflation dynamics
Trigari, Antonella - 2004
general equilibrium model that integrates a theory of equilibrium unemployment into a monetary model with nominal price …
Persistent link: https://www.econbiz.de/10009636527
Cover Image
Corporate bond spreads and real activity in the euro area
Buchmann, Marco - 2011
This paper aims at providing a detailed analysis of the leading indicator properties of corporate bond spreads for real economic activity in the euro area. In- and out-of-sample predictive content of corporate bond spreads are examined along three dimensions: the bonds’ quality , their term to...
Persistent link: https://www.econbiz.de/10009640612
Cover Image
Reform of the European Investment Bank: How to Upgrade the EIB’s Role in Development
Griffith-Jones, Prof. Stephany; Tyson, Judith - 2010
In this briefing paper we evaluate the performance of the EIB in its external lending and policies in relation to developing economies including its response to the financial crisis. We recommend policy changes including greater absolute levels of lending to developing economies and greater risk...
Persistent link: https://www.econbiz.de/10010487957
Cover Image
Raising rival's costs in the securities settlement industry
Holthausen, Cornelia; Tapking, Jens - 2004
The competition between a central securities depository (CSD) and a custodian bank is analysed in a Stackelberg model. The CSD sets its prices first, the custodian bank follows. There are many investor banks each of which has to decide whether to use the service of the CSD or of the custodian...
Persistent link: https://www.econbiz.de/10009639430
Cover Image
Liquidity requirements and payment delays
Schulz, Christian - 2011
The paper presents an analysis of the trade-offs of participants of different type between payment delay and liquidity requirement on the basis of synthetically generated data. The generation of the synthetic transaction data set for a simple RTGS system is described and calibrated using real...
Persistent link: https://www.econbiz.de/10009640617
Cover Image
Is the demand for euro area M3 stable?
Bruggeman, Annick; Donati, Paola; Warne, Anders - 2003
This paper re-examines two data issues concerning euro area money demand: aggregation of national data and measurement … be useful in forecasting exercises.F inally, the conclusions are robust for the aggregation method and the choice of …
Persistent link: https://www.econbiz.de/10009635921
Cover Image
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 entry by banks that are more efficient in screening...
Persistent link: https://www.econbiz.de/10009639463
Cover Image
An empirical study of liquidity and information effects of order flow on exchange rate
Breedon, Francis; Vitale, Paolo - 2004
We propose a simple structural model of exchange rate determination which draws from the analytical framework recently proposed by Bacchetta and van Wincoop (2003) and allows us to disentangle the liquidity and information effects of order flow on exchange rates. We estimate this model employing...
Persistent link: https://www.econbiz.de/10009639485